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MIRA INFORM REPORT
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Report No. : |
498461 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. GALIC BINA MADA |
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|
|
|
Formerly Known As : |
C.V. GALIC |
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|
|
|
Registered Office : |
Jalan Inspeksi Kalimalang
RT. 002/RW.001, Desa
Sukadanau, Cikarang Barat, Bekasi 17520, West Java |
|
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Country : |
Indonesia |
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|
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Date of Incorporation : |
1967 |
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|
|
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Com. Reg. No.: |
AHU-AH.01.03-0276616 |
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Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
a. Trading, Import
and Distribution of Industrial Chemical b. Investment
Holding |
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|
|
|
No. of Employees : |
55 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, has seen a slowdown in
growth since 2012, mostly due to the end of the commodities export boom. During
the global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian
financial crisis in 1999 to 33% today. While Fitch and Moody's Investors
upgraded Indonesia's credit rating to investment grade in December 2011,
Standard & Poor’s has yet to raise Indonesia’s rating to this status amid
several constraints to foreign direct investment in the country, such as a high
level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in
July 2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical
power generation capacity. Fuel subsidies were significantly reduced in early
2015, a move which has helped the government redirect its spending to
development priorities. Indonesia, with the nine other ASEAN members, will
continue to move towards participation in the ASEAN Economic Community, though
full implementation of economic integration has not yet materialized.
|
Source
: CIA |
BASIC
SEARCH
|
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
Land Area - 6,000 sq.
meters
Building 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
- No. AHU-AH.01.03-0073100
Dated 20 August 2016
- No. AHU-AH.01.03-0276616
Dated 24 May 2017
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
Carrageenan 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
AND OWNERSHIP
|
Capital Structure :
Authorized Capital : Rp. 50,000,000,000.-
Issued Capital : Rp.
45,000,000,000.-
Paid up Capital : Rp.
45,000,000,000.-
Shareholders/Owners :
a. P.T. GANI INVESTA MAKMUR - Rp. 11,863,000,000.- (26.36%)
b. Mrs. Eliana Iskandar - Rp. 8,303,000,000.- (18.45%)
c. Mr. Antonius Kuswandi - Rp. 3,448,000,000.-
( 7.66%)
d. Mr. Tohir Sutanto -
Rp. 3,328,000,000.- ( 7.40%)
e. Mr. Heine Santoso Gani -
Rp. 3,151,000,000.- ( 7.01%)
f. Mrs. Erawati Sukma
Gani - Rp. 2,432,000,000.-
( 5.41%)
g. Mrs. Fifi Helena Gani -
Rp. 2,103,000,000.- ( 4.68%)
h. Mr. Thomas Mintarja Gani - Rp.
2,014,000,000.- ( 4.47%)
i. Mr. Krestijanto Pandji -
Rp. 1,997,000,000.- ( 4.44%)
j. Mr. Setiawan Mardjuki -
Rp. 1,616,000,000.- ( 3.59%)
k. Mrs. Karolina Lestiadi -
Rp. 1,582,000,000.- ( 3.51%)
l. Mr. Sandy Rusli -
Rp. 900,000,000.- ( 2.00%)
m. Mr. Vicky Victor Lao Tambuwun - Rp. 900,000,000.-
( 2.00%)
n. Mr. Harryanto Surjadiredja - Rp.
825,000,000.- ( 1.83%)
o. Mr. Tjahjadi Rahardja -
Rp. 538,000,000.- ( 1.19%)
BUSINESS
ACTIVITIES
|
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
j. Etc.
Production Capacity :
None
Total Investment :
Owned Capital - Rp. 40.0 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
f. Etc.
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
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s :
a.
P.T. Bank PAN INDONESIA Tbk
Jalan Jend. Sudirman 1
Jakarta Selatan
Indonesia
b. STANDARD
CHARTERED Bank Jakarta Branch
Jalan Prof. DR. Satrio No. 164
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2015
– Rp. 188.0 billion
2016
– Rp. 202.0 billion
2017
– Rp. 212.0 billion
Net
Profit (estimated) :
2015
– Rp. 12.2 billion
2016
– Rp. 13.1 billion
2017
– Rp. 14.0 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Heine Santoso Gani
Directors -
a. Mr. Sandy Rusli
b. Mrs. Shilvy Natalia Lao Tambuwun
Board of Commissioners :
President Commissioner - Mr. Thomas Mintarja Gani
Commissioners - a. Mrs. Catharina Butet
Surdjadiredja
b. Mr. Antonius Kuswandi
c. Mrs. Jane Sukmawati Gani
Signatories :
President
Director (Mr. Heine Santoso Gani) or one of the Directors (Mr. Sandy Rusli or
Mrs. Shilvy Natalia Lao Tumbuwun) which must be approved by Board of
Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
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, Mr. 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 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. Later based on revision of notary deed Mrs. Tjoa Karina Juwita,
SH., no. 97 dated 25 June 2016 the company issued capital was raised to Rp.
40,000,000,000 entirely paid up. Lastly based on revision notary deed Mrs. Tjoa
Karina Juwita, SH., no. 88 dated 29 March 2017 Mr. Vicky Victor Lao Tambuwun
entered into the company as new shareholder. With this time the composition of
its shareholders as depicted on profile of this report. The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AHU-AH.01.03-0276616 dated May 24, 2017.
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:
Ø Paint and Coating
-
Titanium
Dioxide
-
Nitrocellulose
-
Pigment
& Dyes
-
Resin
-
Additives
-
General
Chemicals
Ø Food and Cosmetics
-
Hydrocolloids
-
Food
Colours
-
Cosmetic
Colours
-
Flavours
-
Thickeners
-
Oleoresin
-
General
Chemicals
Ø 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 Liquor for Leather Industry of Italy, LAMBERTI Thickener for
Textiles of Italy, KERR-McGEE Titanium Diocide of the USA
and etc.
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, etc.
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, 2008-2016*
|
Year |
Food and Beverages
Mainly for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
|||
|
|
Primary |
Processed |
Primary |
Processed |
|
|
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 |
53,409.0 |
|
|
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 |
|
|
2014 |
7,218.0 |
4,642.2 |
9,011.0 |
85,794,8 |
|
|
2015 |
5,080.4 |
2,730.5 |
4,672,6 |
50,845.5 |
|
|
2016 |
3,706.8 |
2,268.4 |
3,227.7 |
39,655.8 |
|
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 2015 amounted to Rp. 188.0 billion increases to Rp.
202.0 billion in 2016 rose again to Rp. 212.0 billion in 2017 and projected to
go on rising by at least 5% in 2018. The operation in 2017 yielded an estimated
net profit of at least Rp. 14.0 billion and the company has an estimated total
net worth of at least Rp. 62.5 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 Mr. Heine Santoso
Gani (45) a professional managers with experience in trading, import and
distribution of industrial chemicals. But we believed that the prime-mover of the
company is Mr. Thomas Mintardja Gani (80), 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 |
INR 65.04 |
|
|
1 |
INR 90.55 |
|
Euro |
1 |
INR 79.77 |
|
IDR |
1 |
INR 0.0046 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.