MIRA INFORM REPORT
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Report Date : |
5th April
2006 |
IDENTIFICATION DETAILS
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Name : |
P.T.
NOVELL PHARMACEUTICAL LABORATORIES |
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Registered Office : |
Gedung Pharos Jalan Limo 40 Permata Hijau,
Senayan Jakarta
12220 |
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Date of Incorporation : |
9
September 1982 |
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Com. Reg. No.: |
C-04923.HT.01.04.TH.2004 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturers
of Pharmaceutical |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of company
P.T. NOVELL PHARMACEUTICAL LABORATORIES
A d d r e s s :
Head Office
Gedung
Pharos
Jalan
Limo 40
Permata
Hijau, Senayan
Jakarta
12220
Phones -
(021) 7244110 (hunting)
F
a x - (021) 7244082
Land Area - 8,200 sq. meters
Office Space - 360 sq. meters
Region - Commercial
Status - Rental
Factory
Jl. Wanaherang No. 35
Tlajung Udik, Gunung Putri
Bogor 16962
West Java
Phones - (62-21) 8672448-9
Fax. - (62-21) 8670351
Land Area - 12,000 sq. meters
Office Space - 960 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 9 September 1982 as P.T. WELLCOME INDONESIA
b. 1 September 1983 as P.T. BURROUGHS WELLCOME INDONESIA
c. 12 September 1998 as P.T. NOVELL PHARMACEUTICAL LABORATORIES
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No. C-04923.HT.01.04.TH.2004
Dated 1 March 2004
Company Status
Foreign Investment Company (PMA)
Permit by the Government Department
The Capital
Investment Coordinating Board
a. No. 17/II/PMA/1987
Dated16 March 1987
b. No. 127/II/PMA/1993
Dated 24 December 1993
Related Companies
a. P.T. PHAROS INDONESIA (Pharmaceutical Manufacturing
b. P.T. ANTARMITRA SEMBADA Ltd. (Import, Export and Distribution)
c. P.T. CENTURY FRANCHISINDO UTOMO (Distribution of Pharmaceutical & Medical Products)
d. P.T. IMPAC INDO MITRASEMBADA (Creative Management Engineering)
e. P.T. LAHAN ASPRINDO LESTARI (Sole Agent of Consolid Products for Indonesia)
f. P.T. ADMORE CORPORATION (Investment Holding)
g. CONSOLIDATED ASIA Pte. Ltd. Singapore (Distribution of Soil Stabilization)
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital : US$. 5,572,000.-
Issued Capital : US$. 5,572,000.-
Paid up Capital : US$. 5,572,000.-
Shareholders/Owners :
a. Phoenix Healthcare International Ltd. - US$ 5,212,000.-
Address : Hong Kong
The Republic of China
b. P.T. Pharos Indonesia -
US$ 360,000.-
Address : Jl. Limo No. 40
Kel. Kebayoran Lama
Jakarta Selatan
BUSINESS ACTIVITIES |
Lines of Business:
Pharmaceutical Manufacturing
Production Capacity :
a. Tables - 61,0 million pcs. p.a.
c. Syrups/Liquid s - 254.0 thousand liters p.a.
d. Creams - 404.0 tons p.a.
e. Hygiene Fluids - 4.0 thousand liters p.a.
f. Liquid Cosmetics - 218.0 thousand liters p.a.
g. Calmic Hygiene - 12.0 thousand units p.a.
h. Tremethoprin - 4.0 tons p.a.
Total Investment :
a. Owned Capital - US$. 4.8 million
b. Loan Capital - US$. 1.8 billion
c. Total Investment - US$. 6.6 billion
Started Operation :
1983
Brand Name :
a. FOLERIN
b. MECLOVELL
c. RYVEL
d. etc.
Technical Assistance :
Phoenix Healthcare International Ltd., of Hong Kong
Number of Employee :
382 persons
Marketing Area :
a. Domestic (Local) - 80%
b. Export - 20%
Main Customer :
a. Hospitals
b. Drugstores
c. Dispensaries
d. Retail Shops
e. etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Kalbe Farma
b. P.T. Enseval
c. P.T. Abbot Indonesia
d. P.T. Kimia Farma
e. P.T. Bintang Toejoeh
f. P.T. Tempo Scan Pacific
g. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a.
P.T. Bank CENTRAL ASIA Tbk.
Jalan
Permata Hijau Blok D/27
Jakarta
Selatan
b.
P.T. Bank NEGARA INDONESIA Tbk.
Jalan
Gatot Subroto 95, Kav. 22
Jakarta
Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2001 – Rp. 74.0 billion
2002 – Rp. 80.0 billion
2003 – Rp. 88.0 billion
2004 – Rp. 102.0 billion
2005 – Rp. 120.0 billion
Net Profit (Loss) :
2001 – Rp. 4.6 billion
2002 – Rp. 4.9 billion
2003 – Rp. 5.5 billion
2004 – Rp. 6.3 billion
2005 – Rp. 7.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
Director -
Mr. Roy Rachmat Lembong
General Manager - Mr. Hartono
Surya
Board of Commissioner :
Chairman -
Mr. Eddie Lembong
Commissioner - Mrs.
Melly Saliman
Signatories :
The
Director (Mr. Roy Rachmat Lembong)
which must be approved by the Chairman of Commissioner Board (Mr. Drs.
Eddie Lembong) or Commissioner Board (Mrs. Melly Saliman)
CAPABILITIES
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Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below
Average
Credit Recommendation :
Credit
should be proceeded normally
Proposed Credit Limit :
Moderate
Amount
Maximum Credit Limit :
US$ 1,630,000.- on the 90 days of payments
OVERALL PERFOMANCE |
Formerly this company was
named by P.T. WELLCOME INDONESIA which was established in September 1982 with
the authorized capital as much as US$ 800,000.-, all of it has been fully
subscribed and paid up. The founders and the shareholders of the Company are
P.T. Pharos Indonesia, a national private company and The Wellcome Foundation
Ltd., from U.K.
Deed of notary of the
company has been amended for several times. In September 1983, the company’s
name was changed to P.T. BURROUGHS WELLCOME INDONESIA. In 1993, ta company’s
capital was raised to be US$ 4,800,000.-, all of it has been fully subscribed
and paid up. And then in 1998, the company’s name was re-changed to P.T. NOVELL
PHARMACEUTICAL LABORATORIES (P.T. NPL). In October 2002, the authorized capital
was raised to be US$ 5,572,000.-. At the same time The Wellcome Foundation
Ltd., resigned as the shareholder and replaced by Phoenix Healthcare International
Ltd., from Hong Kong.
P.T.
NPL obtained Foreign Capital Investment (PMA) in pharmaceutical industry. Its
plant located at Jalan Wanaherang No. 35, Desa Tlajung Udik, Citeureup, Gunung
Putri, Bogor, Jawa Barat. The plant erected on the land extending of 12,000
square meters. The plant has been operated since 1983. Extensions of plant and
production capacity have been made for several times. For more information,
production capacity of the company as described in point 8 of this report. In
its business operation, the company produced free drug and strong drug, under
supervisory and license of its foreign partner, Phoenix Healthcare
International from Hong Kong. Mr. Hartono Surya, General Manager of the company, explained that about 80% of its products
are marketed for domestic market and the rest, 20% is exported to the ASEAN
countries such as, among others Singapore, Malaysia, Brunei Darussalam, and
Philippine. We observed that P.T. NPL is classified as medium pharmaceutical
company in the country. Its business operation has grown up slowly in the past
five years.
Generally
outlook we find the demand for pharmaceutical products had been rising by 6% to
7% per year until mid-1997. It declined since then due to economic crisis and a
sharp Rupiah depreciation against US$, DM, Yen and other hard foreign
currencies making the price increased by 150% to 200%, while the public
purchasing power was very weak. But since the end 1999 the demand rose again in
line with the amelioration of economic condition in the country. Business
prospect in the long run for pharmaceutical products is quite promising once
unstable economic condition starts recovery. But competition is very tight due
to a large number of similar companies operating in the country. Business
position of P.T. NPL is quite well for it has established a wide marketing
network at home.
Until
this time P.T. NPL have not been listed in the Indonesian Stock Exchange so
that the company shall not obliged to announce its financial statement to the
public. We estimate that total sales turnover of P.T. PIL in 2003 was estimated
at Rp 88.0 billion increased to Rp 102.0 billion in 2004 and rose again to Rp
120.0 billion in 2005. The operation in
2005 yielded an estimated net profit at Rp 7.8 billion and the company has an
estimated total net worth at around Rp 80.0 billion. It is projected the total sales turnover in 2006 will be higher
by 12%.
The
company is presided over by Mr. Roy Rachmat Lembong (35), a creative and
dynamic young businessman. He is son of Mr. Drs. Eddie Lembong (70), an
indigenous businessman experienced for more than 32 years in pharmaceutical
industry. He is founder of P.T. PHAROS INDONESIA, a private pharmaceutical
company, which was established in 1971. Everyday, Mr. Roy Rachmat Lembong is
assisted by Mr. Hartono Surya and many professional managers in the field of
industry and trading of pharmaceutical products. The company’s management has
wide relation with the private businessmen inside and outside the country. The
company’s relation with the government if fairly good.
The
company is headed by Mr. Roy Rachmat Lembong (35), a son of Mr. Drs. Eddie
Lembong (70), a businessman with experience for more than 32 years in
pharmaceutical industry and trade. Daily, he is assisted by Mr. Hartono Surya
as General Manager and some professional managers with long experience in
pharmaceutical industry. It seems the second generation is quite dynamic. The
management has maintained a wide business relation among private businessmen at
home and abroad as well as among government sectors. So far, we have never
heard that the company’s management involved in a dirty business practice or
detrimental cases that settled in the country. The company’s relation in
banking sector is good enough and P.T. NPL has not registered with the black
list of Bank of Indonesia.
We
appraise that P.T. NPL is good enough for normally business transaction. But
owing to economic condition in the country to remain unfavorable, we recommend
to treat prudently in extending any loans to the company.
RATING EXPLANATIONS
RATING
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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. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |