MIRA INFORM REPORT
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Report Date : |
5th April
2006 |
IDENTIFICATION DETAILS
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Name : |
P.T.
PHAROS INDONESIA LTD. |
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Registered Office : |
Gedung Pharos Jalan Limo 40 Permata Hijau,
Senayan Jakarta
12220 |
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Date of Incorporation : |
30
September 1971 |
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Com. Reg. No.: |
C2-10.786.HT.01.04.TH.97 |
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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 |
The Correct Name of company
P.T. PHAROS INDONESIA LTD.
A d d r e s s
Head Office & Factory
Gedung
Pharos
Jalan
Limo 40
Permata
Hijau, Senayan
Jakarta
12220
Phones -
(021) 7244415, 7200981
F
a x - (021) 7260788
Cable - PHAROS JAKARTA
Telex - 44036 PHAROS IA
P.O.
Box - 1502/Jkt 10015
Website - http://www.pharos.co.id
E-Mail -
dir@pharos.co.id
Land Area - 8,200 sq. meters
Office Space - 4,650 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
30 September 1971
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-10.786.HT.01.04.TH.97
Dated 16 October 1997
Company Status
Domestic Capital Investment Company (PMDN)
Permit by the Government Department
The Department of Health
a. No. 7643/D/SK/PAB/74
Dated 29 August 1974
b. No. 3515/AA/III/77
Dated 9 June 1977
Related Companies
a. P.T. ANTARMITRA SEMBADA Ltd. (Import, Export and Distribution)
b. P.T. NOVELL PHARMACEUTICAL LABORATORIES (Pharmaceutical Manufacturing)
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)
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CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital : Rp. 300,000,000.-
Issued Capital : Rp. 300,000,000.-
Paid up Capital : Rp. 300,000,000.-
Shareholders/Owners :
a. Mr. Drs. Eddie Lembong -
Rp. 3,000,000.-
Address : Jl. Permata Intan B/8
Kel. Permata Hijau
Jakarta Barat
b. P.T. ADMORE CORPORATION -
Rp. 297,000,000.-
Address : Jl. Limo No. 40
Kel. Kebayoran Lama
Jakarta Selatan
BUSINESS ACTIVITIES |
Lines of Business:
Pharmaceutical Manufacturing
Production Capacity :
a. Capsules - 35.0 million pcs. p.a.
b. Tables - 140,0 million pcs. p.a.
c. Syrups - 280.0 thousand liters p.a.
d. Creams - 20.0 tons p.a.
e. Powders - 40.0 tons p.a.
Total Investment :
a. Owned Capital - Rp. 60.0 billion
b. Loan Capital - Rp. 10.0 billion
c. Total Investment - Rp. 70.0 billion
Started Operation :
January 1973
Brand Name :
PHAROS
Technical Assistance :
a. Smith & French Overseas Co., of the USA
b. B.Y.K. Gulden of Germany
c. SYNTHELABO Pharmaceutical S.A., of France
d. B-HEPAVAC II MSD. INT of the USA
e. BOEHRINGER MANNHEIN of Germany
f. SCHWARZ PHARMA of Germany
Number of Employee :
687 persons
Marketing Area :
Domestic (Local) - 100 %
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 LIPPO Tbk.
Jalan Permata Hijau Blok
Jakarta Pusat
c.
JP MORGAN CHASE Bank
Jalan Jend. Sudirman Kav. 21
Jakarta Selatan
d.
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. 115.0 billion
2002 – Rp. 129.0 billion
2003 – Rp. 148.0 billion
2004 – Rp. 167.0 billion
2005 – Rp. 190.0 billion
Net Profit (Loss) :
2001 – Rp. 8.2 billion
2002 – Rp. 9.7 billion
2003 – Rp. 11.9 billion
2004 – Rp. 14.6 billion
2005 – Rp. 15.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
President
Director - Mr. Drs. Eddie
Lembong
Directors - a. Mr. Andre Arief Lembong
b.
Mr. Roy Rachmat Lembong
Board of Commissioner :
Commissioner - Mrs. Melly Saliman
Signatories :
President Director (Mr. Drs. Eddie
Lembong) or one of Directors (Mr. Andre Arief Lembong or Mr. Roy Rachmat
Lembong) which must be approved by the Board of Commissioner (Mrs. Melly
Saliman)
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CAPABILITIES |
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$ 2,580,000.- on the 90 days of payments
OVERALL PERFOMANCE |
P.T. PHAROS INDONESIA LTD. (P.T. PIL)
was established in 1971 with an authorized capital of Rp 300,000,000.-,
entirely was issued and paid up. The initial founding shareholders are Mr. Wim
Kalona AKA Liem Tjae Ho and Mr. Drs. Eddie Lembong AKA Ong Sioe Hong, both Chinese-Indonesian
businessmen. In 1973 Mr. Wim Kalona resigned and he was replaced by Mr. Dr.
Albert Lembong, a younger brother of Mr. Eddie Lembong. In March 1997 Mr. Dr.
Albert Lembong pulled out and he was replaced by P.T. ADMORE CORPORATION, a
national private company which the majority shares is controlled by Mr. Eddie
Lembong. He is a leading indigenous
businessman in pharmaceutical product industry in Indonesia.
P.T. PIL has been operating since 1973
in pharmaceutical industry with its plant located at Jalan Limo No. 40,
Kebayoran Lama, South Jakarta. The plant produces tablet, capsule, caplet,
syrup, cream and powder medicines using Pharos brand under the licenses of
SMITH & FRENCH OVERSEAS CO., of the USA, B.Y.K. GULDEN AND BOEHRINGER
MANNHEIN of Germany, SYNTHELABO PHARMACEUTICAL S.A. of France, etc. Mr.
Pangestu, the R&D manager of P.T. PIL, said that 80% of the product is
ethycal drugs and 20% over the counter drugs.
The products are distributed by a
number of pharmaceutical wholesalers, such as, P.T. BALI FARMA, P.T. BHAKTI
FARMA, P.T. KRESHNA FARMA, P.T. LABORA NUSANTARA GANI and P.T. PENHIBU UTAMA.
Besides, P.T. PIL is also dealing with investment holding, it controls 20%
shares of P.T. NOVELL PHARMACEUTICAL LABORATORIES, also in pharmaceutical
industry under the license of the WELLCOME FOUNDATION Ltd., of the UK. The
operation of P.T. PIL has been growing within the last 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. PIL is quite well
for it has established a wide marketing network at home.
Until this time P.T. WA 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 148.0 billion increased to Rp
167.0 billion in 2004 and rose again to Rp 190.0 billion in 2005. The operation in 2005 yielded an estimated
net profit at Rp 15.2 billion and the company has an estimated total networth
at around Rp 120.0 billion. It is
projected the total sales turnover in 2006 will be higher by 12%.
The president director of P.T. PIL is
Mr. Drs. Eddie Lembong (70), a businessman with experience for more than 32
years in pharmaceutical industry and trade. Daily, he is assisted by his two
sons namely Mr. Andre Arief Lembong (40), a Pharmaceutical Doctor, and Mr. Roy
Rachmat Lembong BSc, (35). 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. PIL
has not registered with the black list of Bank of Indonesia.
We appraise that P.T. PIL 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 |