MIRA
INFORM REPORT
|
Report Date : |
15th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. BUANA INTI CEMERLANG |
|
|
|
|
Registered Office : |
Jalan Rawa Gatel Block III S Kav. 37-38 Kawasan Industri Pulogadung Jakarta Timur, 13930 Indonesia |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
30 June 2005 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing of
pharmaceutical |
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 : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. BUANA INTI CEMERLANG
A d d r e s s
Head
Office & Factory
Jalan Rawa Gatel Block III S Kav. 37-38
Kawasan Industri Pulogadung
Jakarta Timur, 13930
Indonesia
Phone - (62-21) 4600-158 (Hunting)
Fax. - (62-21) 4611-301
Building Area - Factory
Factory Space - 18,000 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
30 June 2005
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-01481 HT.01.04.2006
Dated 18 January 2006
Company Status
Private Company
Permit by the Government Department
The Department of Finance
NPWP No. 02.189.321.9-004.000
Dated 20 December 2005
Related Company
The KALBE FARMA Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 80,000,000,000.-
Issued Capital : Rp. 20,000,000,000.-
Paid up Capital : Rp. 20,000,000,000.-
Shareholders/Owners :
a.
P.T. KALBE FARMA Tbk -
Rp. 19,995,000,000.-
Address : Jalan Kawasan Industri Delta Silicon
Jalam M.H. Thamrin Blok A3-1
Lippo Cikarang, Bekasi
17550
West Java, Indonesia
b.
P.T. FINUSOLPRIMA FARMA
INTERNATIONAL - Rp. 5,000,000.-
Address : Jalan Kawasan Industri Pulogadung
Jalan Rawa Gelam V Blok
O.R. No. 3 B
Jakarta Timur, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Pharmaceutical Manufacturing
Production Capacity :
a. Tablets - 1,124,000,000 pcs p.a.
b. Soft Capsules - 11,000,000 pcs p.a.
c. Hard Capsules - 63,000,000 pcs p.a.
d. Liquid Injection - 3,000,000 vials p.a.
e. Powder Injection - 4,000,000 vials p.a.
Total Investment :
a. Owned Capital - Rp.20.0 billion
b. Loan Capital - None______
c. Total Investment - Rp. 20.0 billion
Started Operation :
October 2005
Brand Name :
Fatigon, Fiber, Mixagrip, Cefazol, Cefizoxm Clacine, etc.
Technical Assistance :
None
Number of Employee :
360 persons
Marketing Area :
Domestic - 85%
Export - 15%
Main Customer :
Buyers in Asian countries and P.T. ENSEVAL PUTRA MEGATRADING Tbk
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DEXA MEDICA
b. P.T. KIMIA FARMA Tbk
c. P.T. INDOFARMA Tbk
d. P.T. SANBE FARMA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
b.
CITIBANK N.A.
Landmark Center
Jalan Jend. Sudirman No. 1
Jakarta 12910
c. JP
MORGAN CHASE Bank
Chase Plaza
Jalan Jend. Sudirman Kav. 21
Jakarta 12920
d.
DEUTSCHE Bank AG
Deutsche Bank Building
Jalan Imam Bonjol 80
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 25.0 billion (October – December)
Net Profit (Loss) :
2005 – None
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board
of Management :
President
Director - Mr. Drs. Purnosulianto
Managers - a. Mr. Budi Prayogi
b. Mrs. Dewi Erlinda
c. Mrs. Widiawati Rahayu
Board
of Commissioners :
President
Commissioner - Mr. Drs. Johannes Setijono
Commissioners - a. Mrs. Dra. Nina Gunawan
b. Mr. Santoso Oen
c. Mrs. Dra. Sri Arum Sutedjobroto
d. Mr. Drs. Slamet Susilo
Signatories
:
President
Director (Mr. Drs. Purnosulianto) which must be approved by Supervisory Board.
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Below
Average
Credit
Recommendation :
Credit
can be proceeded normally
Proposed Credit Limit :
Moderate
amount
Maximum
Credit Limit :
US$ 336,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. BUANA INTI CEMERLANG (P.T. BIC) was established in Jakarta on 30 June 2005 with an authorized capital of Rp. 1,000,000,000.- issued capital of Rp. 500,000,000.- entirely paid up. The founding shareholders are P.T. KALBE FARMA Tbk and P.T. FINUSOLPRIMA FARMA INTERNATIONAL, both are private company of the KALBE FARMA Group. The articles of association has been changed. In January 2006, the authorized capital was increased to Rp. 80,000,000,000.- issued capital of Rp. 20,000,000,000.- entirely paid up. The deed of amendment was made by Mrs. Tjoa Kartina Juwita, SH., a public notary in Jakarta under Company Registration Number C-01481 HT.01.04.TH. 2006, dated January 18, 2006.
We
figure out the majority shareholder of P.T. BIC namely P.T. KALBE FARMA Tbk.,
is a publicly listed company which the majority shares is controlled by Mr.
Franciscus Bing Aryanto AKA Khouw Lip Bing and his brother Dr. Boenjamin
Setiawan AKA Khow Lp Boen. P.T. KALBE FARMA Tbk is the parent company of the
KALBE Group, a large business group in industry and distribution of
pharmaceuticals, cosmetics and consumer products.
P.T. BIC has been operating since October 2005 in pharmaceutical manufacturing by taking over factory, brand name and factory employee of P.T. DANKOS LABORATORIES Tbk. The plant located at Jalan Rawa Gatel Blok III S Kav. 37-38, Pulogadung Industrial Estate, East Jakarta, where it stands on a some 18,800 sq. meters landsite. The plants produce various types of over-the counter and ethical (prescription) medical products. The company produce of tablets 1,124,000,000 pcs, soft capsules of 11,000,000 pcs, hard capsules of 63,000,000 pcs, liquid injection of 3,000,000 vials and powder injection of 4,000,000 vials respectively per annum. About 85% of its production is marketed in the country, with the rest being exported to Hong Kong, Malaysia, Myanmar, Mongolia, Singapore, Srilangka and Thailand with the marketing being handled by its sister company P.T. ENSEVAL PUTRA MEGA TRADING Tbk. The company’s over-the counter drugs (pharmaceuticals) use the Fatigon, Fiber, Mixagrip and other brands, while its strong or ethical drugs use Cefazol, Cefizoxm Clacine, Climadan, Danoflox, Fixef, Foxim, Reskuin, Spiradan, Topcillin, Neurotam, Zonal, Emineton, Zinkovit, Digest, Hexer, Hexilon, Nexa and other brands. We observed that P.T. BIC’s operation has been growing in the last one year.
Generally
outlook we find the demand for pharmaceuticals and medical equipment in the
country kept declining as the impact of the prolonged economic crisis since
mid-1997. The crisis has weakened the demand for pharmaceutical products and
medical equipment and limited the government’s financial condition in many
sectors including health sector. A sharp Rupiah depreciation against foreign
currencies has increased production cost in Rupiah because large portion of
basic materials is imported. It is estimated the demand will keep on rising
within the coming two years. But in the long run, pharmaceutical business has a
very good prospect in the country owing to consumption rate of medicine per
capita in Indonesia is the lowest in Asian countries, while it has a potential
market with total population of 210 million people and about 2% population
growth per year. The competition is very tight on account many similar
companies operating in the country. The business position of P.T. BIC is not in
a critical for its has already controlled a wide marketing network at home.
Until
this time P.T. BIC has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. We observed
that total sales turnover of the company in the first operation as from October
to December 2005 amounted to Rp. 25.0 billion. We presumed that the company has
no profit in 2005 due to the operation newly. It is forecasted that total sales
turnover of the company will increase at least 10%n 2006. We observe that P.T.
BIC is supported by financially fairly strong behind it. So far, we have never
heard of the company having been black listed by the Central Bank (Bank
Indonesia). Mrs. Ina, the export import staff of the company disclosed that the
company usually pays its debts punctually to suppliers.
P.T. BIC’s management is led by Mr. Drs. Purnosulianto (49), with experience for some 12 years in pharmaceutical manufacturing. But the company prime mover is Dr. Boenjamin Setiawan, M.D. Ph.D. (72), one of the founders and top-figures of the KALBE FARMA Group. He obtained a doctoral degree from University of Indonesia and Pharmacology Ph.D. from University of California in San Francisco. Lecturer at the Faculty of Medicine, University of Indonesia from 1961-1986. P.T. BIC’s management is well experienced and they are comprising of professional managers in pharmaceutical manufacturing and distribution.
They are widely connected with private
businessmen both in the country and overseas and with government sectors. P.T.
BUANA INTI CEMERLANG is feasible for business transaction. However, in view of the unstable
economic condition in the country we recommend to treat prudently in extending
a loan to the company.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |