|
Report No. : |
321646 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GALIC BINA MADA |
|
|
|
|
Registered Office : |
Jalan Inspeksi Kalimalang RT. 002/RW.001, Desa Sukadanau, Cikarang Barat Bekasi 17520, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of
Incorporation : |
12.08.1971 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-33156 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
· Trading, Import and
Distribution of Industrial Chemical · Investment Holding |
|
|
|
|
No. of Employees : |
55 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
Name
of Company :
P.T.
GALIC BINA MADA
Address
:
Head Office
Jalan Inspeksi Kalimalang RT. 002/RW.001
Desa Sukadanau, Cikarang Barat
Bekasi 17520
West
Java
Indonesia
Phones -
(62-21) 8900850 (Hunting)
Fax -
(62-21) 8900849
E-mail - sales@galicbinamada.com
Website - http://www.galicbinamada.com
Building Area - Factory
Office Space - 4,500 sq. meters
Region - Industrial
Zone
Status - Owned
Branches
a.
Jalan Mohammad Toha No. 353
Bandung 40255
West Java
Indonesia
Phones - (62-22) 5200003, 5202252
Fax -
(62-22) 5200730
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial Building
Status - Rent
b.
Jalan Siwalan No. 130
Kerten, Solo 57143
Central Java
Indonesia
Phones - (62-271) 716004 (Hunting)
Fax -
(62-271) 718767
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial Building
Status - Rent
c. Jalan Kalianak Barat No. 55 PJ
Surabaya 60182
East Java
Indonesia
Phones - (62-31) 7491550
(Hunting)
Fax - (62-31) 7481440
Building Area - 2 storey
Office Space - 120 sq.
meters
Region - Commercial
Building
Status - Rent
Date of Incorporation :
a. 1967 as C.V. GALIC
b. 12 August 1971 as
P.T. GALIC BINA MADA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-3409.HT.01.04.TH.98
Dated 8 April 1998
- No. AHU-17835.AH.01.02.TH.2008
Dated 10 April 2008
- No. AHU-AH.01.10-10397
Dated 2 May 2008
- No. AHU-AH.01.10-03034
Dated 05 February 2010
- No. AHU-AH.01.10-13594
Dated 19 April 2012
- No. AHU-36549.AH.01.02.TH.2013
Dated 5 July 2013
- No. AHU-AH.01.10-33156
Dated 15 August 2013
Company Status :
National Private
Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.309.254.9-431.000
b. The Department of Industry and Trade
SIUP No. 597/0636/09-03/PB/86/3
Related Companies :
a. P.T. BINA PLASPAC
INDONESIA (Plastic Packaging Manufacturing)
b. P.T. GALIC ARTA
BAHARI (Semi Refined Carragenan Industry)
c. P.T. GANI INVESTA MAKMUR
(Investment Holding)
d. P.T. JELLANEKA
MEGA INDUSTRIES (Water Dessert Jelly and Confectioneries Industry)
e. P.T. MULTIKIMIA INTIPELANGI (Cellulosic
Reactive Dyes and Disperse Dyes Industry)
f. P.T. TANSRI GANI
(Plastic Packaging Manufacturing)
Capital Structure :
Authorized Capital : Rp. 50,000,000,000.-
Issued Capital : Rp.
17,500,000,000.-
Paid up Capital : Rp.
17,500,000,000.-
Shareholders/Owners :
a. P.T. GANI INVESTA MAKMUR - Rp. 5,250,000,000.-
Address : Jl. Gajah Mada No. 194
Jakarta Barat
Indonesia
b. Mrs. Eliana Iskandar - Rp.
3,675,000,000.-
Address : Jl. Pasir Putih VII No. 12
Jakarta Utara
Indonesia
c. Mr. Antonius Kuswandi - Rp. 1,526,000,000.-
Address : Jl. Cipinang Elok
Block Y No. 26
Jakarta Timur
Indonesia
d. Mr. Tohir Sutanto -
Rp. 1,473,000,000.-
Address : Jl. Pasir Putih VII
No. 12
Jakarta Utara
Indonesia
e. Mrs. Heine Santoso
Gani -
Rp. 891,000,000.-
Address
: Jl. Hang Lekir XII No. 90
Jakarta Selatan
Indonesia
f. Mrs. Erawati Sukma
Gani -
Rp. 891,000,000.-
Address : Jl. Hang Lekir VII
No. 90B
Jakarta Selatan
Indonesia
g. Mr. Thomas Mintarja
Gani -
Rp. 891,000,000.-
Address : Jl. Hang Lekir VII
No. 90C
Jakarta Selatan
Indonesia
h. Mr. Krestijanto
Pandji -
Rp. 884,000,000.-
Address : Jl. Bhineka 1
No. 35-37
Jakarta Timur
Indonesia
i. Mr. Setiawan Mardjuki -
Rp. 715,000,000.-
Address
: Jl. Logam Block E.3
Jakarta Selatan
Indonesia
j. Mrs. Karolina Lestiadi -
Rp. 700,000,000.-
Address : Jl. Hang Lekir VII
No. 90C
Jakarta Selatan
Indonesia
k. Mr. Harryanto Surjadiredja - Rp.
366,000,000.-
Address : Jl. Pasir Putih
VII/12
Jakarta Utara
Indonesia
l. Mr. Tjahjadi Rahardja -
Rp. 238,000,000.-
Address
: Jl. Puri Kencana L 7 No. 3
Jakarta Barat
Indonesia
Lines of Business :
a. Trading, Import
and Distribution of Industrial Chemical
b. Investment Holding
Agent for :
a. BIOCATALYSTS Specialty and Industrial Enzymes
for Foods and Textiles of the UK
b. ELLIS & EVERARD Colors for Foods,
Cosmetics and Personal Care of the UK
c. ICI EXPLOSIVES Nitrcelluloses of the UK
d. MYEONG SHIN Carrageenan Jelly Powder of Korea
e. ZENECA BIOCIDES Preservation for Aqueous
Solutions of the UK
f. STAUFFER CHEMICAL Chemicals Intermediates of
Switzerland
g. SODA INDUSTRIALE Fat Liqour for Leather Industry of Italy
h. LAMBERTI Thickener for Textiles of Italy
i. KERR-McGEE Titanium Diocide of the USA
Production Capacity :
None
Total Investment :
Owned Capital - Rp. 10.0 billion
Started Operation :
1967
Brand Name :
Galic Bina Mada
Technical Assistance
:
None
Number of Employee :
55 persons
Marketing Area :
Local - 100%
Main
Customers :
a.
P.T. ARGO PANTES
b.
P.T. ICI PAINT INDONESIA
c.
P.T. INDAH KIAT PULP AND PAPER Tbk
d. P.T. SUGIARTA
e. P.T. TEXMACO TAMAN SYNTHETICS
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. DOW CHEMICAL INDONESIA
b.
P.T. INDOKEMIKA JAYATAMA
c.
P.T. MAKMUR JAYA KHARISMA
d. P.T. MULYA ADHY PARAMITA
Business
Trend :
Growing
Bankers
:
a.
Bank P.T. PAN INDONESIA Tbk
Panin Centre
Jalan Jend. Sudirman 1
Jakarta Selatan
Indonesia
b. STANDARD
CHARTERED Bank Jakarta Branch
Menara
Standard Chartered
Jalan Prof. DR. Satrio No. 164
Jakarta Selatan
Indonesia
c. ABN-AMRO Bank
N.V.
Jalan Ir. H. Juanda No. 23-24
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 154.0 billion
2013
– Rp. 161.0 billion
2014
– Rp. 172.0 billion
Net
Profit (estimated) :
2012
– Rp. 10.1 billion
2013
– Rp. 10.5 billion
2014
– Rp. 11.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Shilvy Natalia Lao Tambuwun
Director -
Mrs. Monita Saduawan Kongoasa
Board of Commissioners :
President Commissioner - Mr. Thomas Mintarja Gani
Commissioners - a. Mrs. Catharina Butet
Surdjadiredja
b. Mr. Antonius Kuswandi
c. Mr. Urip Hidayat
Signatories :
President
Director (Mrs. Shilvy Natalia Lao Tambuwun) or the Director (Mrs. Monita
Saduawan Kongoasa) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
The company was established in 1967, originally under
name of C.V. GALIC with the legal status of C.V. (Commanditaire Vennootschap) or
partnership with sleeping partner. The founding owners are Mr. Thomas Mintardja
Gani and his younger brother Mr. Gan Kiong Pin AKA Lim Tjong Pin. They are
Indonesian businessmen of Chinese extraction. In August 1971 the company’s
legal status was converted to P.T. (Perseroan Terbatas) or Limited Liability
Company and the company renamed P.T. GALIC BINA MADA (P.T. GBM). According to
the company’s notarial act, the company started with an authorized capital of
Rp. 500,000,000 of which Rp. 250,000,000 was issued and paid up. The founding
shareholders are Mr. Thomas Mintardja Gani, Mr. Tan Hong Wan and Mr. Antonius
Kuswandi. They are all Indonesian
businessmen of Chinese extraction. The company's notary act has frequently been
revised. In June 1993 the authorized capital was raised to Rp. 10,000,000,000
issued and paid up capital to Rp. 2,000,000,000.
In May 1999 Mr. Tan Hong Wan passed away and his shares
entirely went over to his heirs. In October 1997 whole its authorized capital
of Rp. 10,000,000,000 has been fully issued and paid-up. Concurrently all
shareholders pulled out and changed by a number shareholders namely P.T. GANI
INVESTA MAKMUR, P.T. PANCAPERSADA INVESTINDO, P.T. MAGNALIA INDAH PERSADA, P.T.
DHARMA SETYANUGRAHA INVESTA, P.T. DIANTI MITRA INVESTA, P.T. SOTAN JAYA, P.T.
SRIPANJI JAYA, P.T. SUBUR LAHAN KOMALA, P.T. PANCA RAHARDJA INVESTA, P.T.
DWITUNGGAL ABADI SENTOSA, P.T. PACIFIC CONTINENTAL INVESTINDO and P.T. SUMBER
SADA ABADI, all private national company.
In April 2008, the whole shareholders pulled out and the
latest shareholders are P.T. GANI INVESTA MAKMUR, Mrs. Heine Santoso Gani, Mr.
Piet Surjadiredja, Mr. Setiawan Mardjuki, Mr. Tjahjadi Rahardja, Mr.
Krestijanto Pandji, Mrs. Karolina Lestiadi, Mr. Tohir Sutanto, Mrs. Sri
Herlinawaty Gani, Mr. Antonius Kuswandi, Mrs. Erawati Sukma Gani and Mr. Thomas
Mintarja Gani. Then in December 2009, Mr. Piet Surjadiredja and Mrs. Sri
Herlinawaty Gani pulled out and replaced by Mrs. Eleiana Iiskandar and Mr.
Harryanto Surjadiredja as new shareholders. Then according to the latest
revision of notary deed Mrs. Tjoa Karina Juwita, SH., no. 19 dated 8 April 2013
the company authorized capital was increased to Rp. 50,000,000,000 issued
capital to Rp. 17,500,000,000 fully and paid up. The latest composition of its
shareholders as listed on profile of this report. The latest according to
revision of notary deed Mrs. Tjoa Karina Juwita, SH., the company board of
director and the board of commissioner had been changed. The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-33156 dated August 15, 2013.
We observe the majority shareholder namely P.T. GANI
INVESTA MAKMUR is a private national company dealing with investment holding
and majority business stakes is controlled by Mr. Thomas Mintardja Gani and his
family members.
They also founder and majority business stakes owners of
P.T. BINA PLASPAC INDONESIA engaged in plastic packaging manufacturing, P.T.
GALIC ARTA BAHARI in semi refined carrageenan industry, P.T. JELLANEKA MEGA
INDUSTRIES in water dessert jelly and confectioneries industry, P.T. MULTIKIMIA
INTIPELANGI in cellulosic reactive dyes and disperse dyes industry, P.T. TANSRI
GANI in plastic packaging manufacturing.
P.T. GBM has been operating since 1967 in the trading,
import and distribution of industrial chemicals. The merchandising good
products are food color (colours, thickeners, carrageenan, additives); coating
(pigments, resin, thickeners, additives); leather (beam house products,
degreasing agent, auxiliaries agent, fat liquor); paper (chloramines &
chlora dyes, additives); households (surfactants for cleaners, acid cleaners,
alkaline cleaners); cosmetics (colours, shade illustration, organic pigment);
pharmaceutical (colours, thickeners/stabilizer) and ceramics (fritz for wall
tile and floor tiles).
Products:
Ř Paint and Coating
-
Titanium
Dioxide
-
Nitrocellulose
-
Pigment
& Dyes
-
Resin
-
Additives
-
General
Chemicals
Ř Food and Cosmetics
-
Hydrocolloids
-
Food
Colours
-
Cosmetic
Colours
-
Flavours
-
Thickeners
-
Oleoresin
-
General
Chemicals
Ř Paper and Leathers
-
Paper
Dyes
-
Leather
Dyes
-
Leather
Retanning
-
Leather
Finishing
The
company is an agent for BIOCATALYSTS Speciality and Industrial for Foods and
Textiles, ELLIS & EVERARD Coulors for Foods, Cosmetics and Personal Care,
ICI EXPLOSIVES Nitrcelluloses, ZENECA BIOCIDES Preservation for Aqueous
Solutions of the UK (the four imported from the UK), MYEONG SHIN Carrageenan
Jelly Powder of Korea, STAUFFER CHEMICAL Chemical Intermediates of Switzerland, SODA INDUSTRIALE Fat Liqour for
Leather Industry of Italy, LAMBERTI Thickener for Textiles of Italy, KERR-McGEE
Titanium Diocide of the USA. The products are sold to textile industries
P.T. TEXMACO TAMAN SYNTHETICS, P.T. ARGO PANTES, to paper industry P.T. INDAH
KIAT PULP & PAPER Tbk., to imitation leather industry P.T. SUGIARTA, to
paint industry P.T. ICI PAINT INDONESIA, P.T. INDO PRIMA FOODS, P.T.
TRIDINAMIKA MAKMUR, P.T. DAYA POLA UNGGUL, P.T. KILAP COBRA, P.T. ABDI KWALITA
LARAS PEMBANGUNAN, P.T. WILSON MITRA PERKASA, C.V. CITRA PANGAN MANDIRI, P.T.
ADITYADASA CIPTAMANUNGGAL.
Besides, P.T. GBM is also dealing with investment holding
by controlling 40% of P.T. BINA PLASPAC INDONESIA dealing with plastic
packaging manufacturing having been in commercial operation since 2002. We
observe the operation of P.T. GBM has been growing slowly in the last three
years as the impact of global economic slowdown.
The domestic demand for various types of chemical
products had been rising by 8% to 10% on the average per annum in the last five
years in line with the rapid growth of various industrial sectors including
textile chemical in the above period of times as the consumers. But, later
dwindled as the global economic slowdown since October 2008, followed by tight
money policy imposed by Indonesian Central Bank (Bank Indonesia) and also
heated by political issue in the country. The demand growth started to awake in
June 2009 in line with the amelioration of economic condition in the country.
Market competition is very tough on account of large number of other similar
companies operating in the country. P.T. GBM business position in this case is
not too badly because it has built regular customers and extensive marketing
network all across the country.
Imports of Raw Materials
and Auxiliary Goods, 2007-2013
|
Year |
Food and Beverages
Mainly for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
|
2013 |
3,863,7 |
3,381,5 |
5,737.6 |
52,871.5 |
|
Source: Central
Bureau of Statistic (BPS)
Until this time P.T. GBM has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. GBM is
very reclusive towards outsiders and rejected to disclose its financial
condition. We estimated that total sales turnover of the company in 2012
amounted to Rp. 154.0 billion increases to Rp. 161.0 billion in 2013 rose again
to Rp. 172.0 billion in 2014 and projected to go on rising by at least 5% in
2015. The operation in 2014 yielded an estimated net profit of at least Rp.
11.2 billion and the company has an estimated total net worth of at least Rp.
60.0 billion. So far, we did not heard that the company having been black
listed by the Central Bank (Bank Indonesia).
On December 29, 2010, P.T. GBM announced in one
local newspaper, that the company had uncollectible receivable from some
company debtors in book period (January 1, to December 31, 2007). P.T. GBM has
conducted all maximum collection efforts and measures required to recover or payment of the receivables, but until recently the
receivables may not be collected from the debtors by the Company. The company’s
uncollectible receivables as mentioned above are as follows:
|
No. |
Name of Debtor |
Address |
NPWP No. |
Total Debt (Rp) |
|
1. |
PT. Oilgreen
Indohici |
Jl. Kamal Raya No.
11, Jakarta Barat |
01.691.582.9-034.000 |
715,710,940.10 |
|
2. |
PT. Multi Cocoa |
Jl. Raya Gado Bangkong No.66A Bandung Barat |
02.002.224.0-421.000 |
23,180,131.20 |
|
3. |
PT. Wisma Sandang
Jaya Textile Mill |
Jl. Raya Ujung Berung Km. 14,5, Bandung |
01.118.567.5-429.000 |
43,568,402.00 |
|
4. |
PT. Melvin
International Synthetics |
Jl. Raya Nanjung
No. 192, Bandung |
01.494.598.4-421.000 |
42,485,702.50 |
|
5. |
CV. Bahari Food
Makmur Abadi |
Jl. Paguyuban No.
50, RT.008, RW.019, Cimahi, Bandung |
02.238.033.1-421.000 |
13,624,212.00 |
|
|
T O T A L |
838,569,387.80 |
||
This announcement was made to meet the Decree of Minister of Finance No. 105/PMK.03/2009 dated June
10, 2009 on the receivables, which apparently are not recoverable, which can be
deducted from Gross Income in conjunction with Regulation of Minister of
Finance No. 57/PMK.03/2010 dated March 9, 2010 on the Amendment to the Minister
of Finance Regulation No. 105/PMK.03/2009 dated June 10, 2009, on Receivables
Apparently Uncollectible Deducted from Gross Income.
The management of P.T. GBM is led by Mrs. Shilvy Natalia
Lao Tambuwun (43) a professional managers with experience in trading, import
and distribution of industrial chemicals. Daily operation he is assisted by
Mrs. Monita Saduawan Kongoasa (66) as a director. But we believed that the
prime-mover of the company is Mr. Thomas Mintardja Gani (77), a businessman
with more than 44 years experience in trading and distribution of industrial
chemical products. The company's management is handled by professional staff in
the above business. They have wide relations with private businessmen within
and outside the country. So far, we did not hear that
the management of the company being filed to the district court for detrimental
cases or involved in any business malpractices. The company’s litigation
record is clean and it has not registered with the black list of Bank of
Indonesia. P.T. GALIC BINA MADA is sufficiently fairly good for business
cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.