Attachment 1
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Report
Update On |
2nd August, 2001 |
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Report on |
P. T. CAPSUGEL INDONESIA |
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Registered Office |
Jalan Raya Bogor Km. 42, Cibinong, Bogor, West Java, Indonesia |
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Tel. No. |
(021) 8752226 (Hunting) |
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Fax No. |
(021) 8752227 |
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E-Mail |
-- |
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Telex |
-- |
Attachment 2
SUMMARY
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Incorporated |
1996 |
Status |
Good |
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Registration No. |
C-3.546.HT. 01.04.Th.99 |
Chief Executive |
Mr. John Swiss |
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Capital (US$) |
7,500,000 |
Payments |
Regular |
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Sales (US$) |
7.2 millions |
Litigation |
-- |
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Net Worth |
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Banking Reputation |
Satisfactory |
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No. of Employees |
200 |
Auditors |
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Credit Rating |
Ba (See attachment 3) |
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BACKGROUND / OFFICIAL DATA
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1. Address |
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Head
Office & Factory Jalan Raya Bogor Km. 42 Cibinong, Bogor West Java, Indonesia Tel. (021) 8752226 (Hunting) Fax. (021) 8752227 |
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2. Established |
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14 February 1996 |
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3. Organization Style |
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P.T. (Perseroan Terbatas) or Private Limited Liability Company |
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4. Legalization |
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No. C-3.546.HT.01.04.Th.99 Dated 4 March 1999 |
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5. Government Permit(s) |
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a. Presidential
Approval No. B-64/Pres/I/1996 Dated 29 January 1996 b. Investment
Coordinating Board No. 1.646/III/PMA/1998 Dated 19 November 1998 c. Department
of Finance NPWP : 1.071.418.7-052 |
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6. Capitalization |
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Authorized Capital - US$ 7,500,000 Issued Capital - US$ 7,500,000 Paid-up Capital - US$ 7,500,000 |
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7. Shareholder(s) |
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a. Warner Lambert Co. of USA - 90% b. International Affiliated Corp. of USA - 10% |
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8. Supervisory Board |
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Chairman - Mr. John Swiss Member(s) - a. Mr. Edward Allan Gabor b. Drs. Thomas Dharmasaputra |
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9. Management Board |
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President Director - Mr. Luthfi Mardiansyah Director(s) - a. Mr. Charles Edward Hoover b. Mr. Charles Robert Danjaut c. Mrs. Kartini Muljadi, SH d. Mr. Rogelio Paulino Castillo La’O Junior |
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10. Registered Activities |
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Gelatine Capsule Manufacturing |
OPERATIONAL
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11. Started Operation |
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1996 |
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12. Business Category |
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Manufacturer |
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13. Line of Business |
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Gelatine Capsule Manufacturing |
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14. Product & Capacity (Annual) |
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Gelatine Capsule - 3.3 billion pieces |
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15. Status of Investment |
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Foreign Investment (PMA) |
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16. Sales Territory |
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Local - 75% Export - 25% |
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17. Number of Employee(s) |
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200 |
FINANCIAL INFORMATION
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18. Sales Turnover |
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1998 - US$ 3.5 million 1999 - US$ 5.6 million 2000 - US$ 7.2 million |
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19. Total Asset |
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US$ 10 million |
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20. Investment |
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US$ 13 million |
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21. Banker(s) |
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a] American Express Bank Jakarta Branch b] Citibank NA Jakarta Branch c] P.T. Bank Central Asia Jakarta Branch |
CREDITWORTHINESS
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22. Operating Trend |
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Steady |
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23. Industrial Trend |
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Medium |
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24. Banking Relation |
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Good |
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25. Financial Condition |
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Medium |
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26. Commercial Morality |
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Good |
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27. Management Capability |
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Good |
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28. Payment Manner |
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Medium |
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29. Authorized Signatories |
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President Director or Director which must be approved by Chairman or Member of Supervisory Board |
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30. Credit Opinion |
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No caution should be needed in granting credit |
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31. Affiliate(s)/ Associate(s) |
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a] P.T. Warner-Lambert Indonesia (Pharmaceutical Manufacturing) b] Other(s) |
BACKGROUND
Subject was established on February 14, 1996 with an authorized capital of US$ 3,500,000 that was entirely issued and paid-up. The founding shareholders are Warner-Lambert Company (90%) and International Affiliated Corporation (10%) - both are of USA. On December 15, 1998, subject’s notarial deed was changed as its authorized capital was raised up to US$ 7,500,000 that was entirely issued and paid-up. The notarial deed that stated such change has been legalized by the Ministry of Justice No. C-3.546.HT.01.04.Th.99 dated 4 March 1999.
Subject is a member of Warner-Lambert Group, a USA-based business group in pharmaceutical industry. Other than subject, this business group also shelters other company in Indonesia namely P.T. Warner-Lambert Indonesia that active in pharmaceutical manufacturing.
OPERATIONS OUTLOOK
As mentioned in its notarial deed, subject is active in gelatine capsule manufacturing. It started commercial operation since 1997. Subject’s factory is located at Jalan Raya Bogor Km. 2 Cibinong, Bogor (West Java). In this business, it has obtained permit from Investment Coordinating Board (BKPM) to produce 3.3 billion pieces of gelatine capsule per year. In the last two years, subject‘s realized production is about 80%-90% from the installed capacity. About 75% of the products are marketed locally. While the rest 25% are exported to several countries in Southeast Asian countries. For local market, most of the products are directly consumed by the above affiliate, P.T. Warner-Lambert Indonesia, while the rest are distributed to several other pharmaceutical manufacturers. In running the business, subject is fully supported by its above parent company, Warner-Lambert Company in terms of technical assistance and know-how. In 1998, subject was awarded the ISO 9002 Certificate and in early 2001, subject obtains the ISO 14001 Certificate for Environment Management System.
In general, the market demand of gelatine capsule in Indonesia is fairly big in volume. However, the demand has been declining in the last several years because of the economic crisis in the country since mid 1997. After reaching the bottom line in 1998, since 1999 the demand of the above product has started to show a recovery. Meanwhile, the market is very competitive.
Subject’s position in this business is quite strong, especially since it has acquired wide captive market. The management has long experience in the above business.
FINANCIAL CONDITION
Subject’s sales turnover has increased in the last three years. It was US$ 3.5 million in 1998, US$ 5.6 million in 1999 and US$ 7.2 million in 2000. Meanwhile, its current total asset is US$ 10 million.
MANAGEMENT
Leading the management team is Mr. Luthfi Mardiansyah as the president director. In managing the daily activities, he is assisted by Mr. Charles Edward Hoover, Mr. Charles Robert Danjaut, Mrs. Kartini Muljadi, SH and Mr. Rogelio Paulino Castillo La’O Junior as the directors as well as several other capable staffs. They have long experience and competent in the business. They also maintain wide and good business relationship with related entrepreneurs from inside and outside the country.
CREDITWORTHINESS
Referring to the above facts, we conclude that subject’s business has been running relatively stable in the last two years as it has secured wide captive market. The management team has long experience in the business. In its operations, subject receives full support from its foreign parent company, Warner-Lambert Company. Principally, subject is evaluated to be capable to maintain the business up to the shortcoming time. However, considering the uncertainties in the country so far, we suggest caution in granting credit new credit to Indonesian companies.
Attachment 3
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SCORE SHEET |
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SCORE |
CREDIT RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an
extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. Maybe drawn to slightly
difficult position as unfavourable conditions arise. Minimal assurance for
timely payment on interest and principal sums |
Moderate |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability to
overcome financial difficulties seems comparatively limited or considered not
known. Capability to pay both interest and principal sums is doubtful |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
Attachment 4
ACKNOWLEDGEMENT
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Company’s Stamp &
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