MIRA
INFORM REPORT
|
Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. KIMIA FARMA Tbk |
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|
|
Registered Office : |
Jalan Veteran No. 9, Gambir, Jakarta Pusat, 10110 |
|
|
|
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2006 |
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|
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Date of Incorporation : |
1817 |
|
|
|
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Legal Form : |
Public Listed
Company |
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Line of Business : |
Pharmaceutical and Cosmetic Manufacturing,
Distribution, Wholesaler and Retailer Sole Agent and Distribution of
Pharmaceutical Investment Holding |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 7,100,000 |
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|
|
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Status : |
Good |
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|
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Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
Correct Name of
Company
P.T. KIMIA FARMA Tbk
Address
Head Office
Jalan Veteran No.
9
Gambir
Jakarta Pusat, 10110
Indonesia
Phone - (62-21) 384 7709
(Hunting)
Fax. - (62-21) 345 4338
E-mail - ipo@kimiafarma.co.id
Website - http :
//www.kimiafarma.co.id
Building Area - 2 storey
Office Space - 1,600 sq.
meters
Region - Commercial
Building
Status - Owned
Factories
a. Jalan Rawa
Gelam V
Gambir
Jakarta Pusat, 10110
Indonesia
Phone - (62-21) 460 9354 (Hunting)
Fax. -
(62-21) 460 3143
Land Area - 9,600 sq. meters
Factory Space - 7,500 sq. meters
Region - Industrial Estate
Status - Owned
b. Jalan Cicendo No.
43
Bandung 40171
West Java
Indonesia
Phone - (62-22) 420 4044 (Hunting)
Fax. -
(62-22) 420 4662
Land Area - 7,600 sq. meters
Factory Space - 5,500 sq. meters
Region - Industrial Zone
Status - Owned
c. Jalan Medan
Tanjung Morawa Km. 9
Medan, North Sumatera
Indonesia
Phone - (62-61) 765 744, 767022
Fax. -
(62-61) 765 744
Land Area - 8,600 sq. meters
Factory Space - 6,500 sq. meters
Region - Industrial Estate
Status - Owned
d. Jalan Watudakon
Mokokerto 61301
East Java
Indonesia
Phone - (62-31) 397 300-2
Fax. -
(62-31) 397 303
Land Area - 7,600 sq. meters
Factory Space - 5,700 sq. meters
Region - Industrial Zone
Status - Owned
e. Jalan Pajajaran
No. 29-31
Bandung 40171
Indonesia
Phone - (62-22) 420 4043 (Hunting)
Fax. -
(62-22) 437 7070
Land Area - 8,700 sq. meters
Factory Space - 7,000 sq. meters
Region - Industrial Zone
Status -
Owned
f. Jalan Simongan
Semarang 50148
Central Java
Indonesia
Phone - (62-24) 604 060, 605 273
Fax. -
(62-24) 605 265
Land Area - 7,500 sq. meters
Factory Space - 6,000 sq. meters
Region - Industrial Zone
Status -
Owned
Date of Incorporation
a. 1817 as N.V. CHEMICALIEN HANDELRATHKAMP & CO.
b. 1865 as N.V. PHARMACEUTISCHE HANDEL VERENEGING J.VAN GORKOM & CO.
c. 1960 as P.N. FARMASI DAN ALAT-ALAT KESEHATAN BHINEKA KIMIA FARMA
d. 16 August 1971 as P.T. KIMIA FARMA
e. 27 April 2001 as P.T. KIMIA FARMA Tbk
Legal Form
P.T. (Perseroan
Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C-00458.HT.01.04.TH.2001
Dated 1 May 2001
Company Status
State Owned Enterprise and Domestic Investment (PMDN) Company
Permit by the
Government Department
The Capital
Investment Coordinating Board
No. 74/II/PMDN/1985
Dated 14 October 1985
The
Department of Health
No. 13/Ph/54/b
Dated 21 January 1954
Related Company
a. P.T. RIASIMA ABADI (Pharmaceutical Manufacturing)
b. P.T. KIFA GEMA SARANA HUSADA (Office Building Development &
Management)
c. P.T. SINKONA INDONESIA LEATARI (Quinine Industry)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
2,000,000,000,000.-
Issued Capital : Rp. 555,400,000,000.-
Paid up Capital : Rp. 555,400,000,000.-
Shareholders/Owners :
a. The Government of the Republic of Indonesia - Rp. 500,000,000,000.-
b. Koperasi Karyawan P.T. KIMIA FARMA Tbk - Rp. 5,400,000,000.-
c. The Publics -
Rp. 50,000,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
a. Pharmaceutical and Cosmetic Manufacturing,
Distribution, Wholesaler and Retailer
b. Sole Agent and Distribution of
Pharmaceutical
c. Investment Holding
Production
Capacity :
a. Liquids -
48,000 litres p.a.
b. Suspensions - 48,000 litres p.a.
c. Tablets - 240 million pcs. p.a.
d. Capsules - 240 million pcs. p.a.
e. Syrups - 120,000 litres p.a.
f. Injections - 30 million vials p.a.
g. Powders - 120,000 Kgs. p.a.
h. Drops - 12,000 litres p.a.
i. Ointments - 12,000 Kgs. p.a.
j. Creams - 12,000 Kgs. p.a.
k. Crystals - 24,000 Kgs. p.a.
l. Granulars - 12,000 Kgs. p.a.
m. Condoms - 300,000 pcs. p.a.
o. Infusions - 300,000 litres p.a.
p. Injection for Family Planning -
300,000 litres p.a.
q. Iodines - 100,000 Kgs. p.a.
As Agent for :
- AIRSHIELDS Suction Units, Respirator & Ventilator Equipment of the
USA
- ALASWERK WETHEIM Glasswares and other Laboratory Apparatus of Germany
- ANSELL Gloves, Face Mask & Surgical Drops of Australia
- AQUA LOGISTIC Oxygen Therapy Equipment of the USA
- BECTON DICKSON Histopathology Equipment of the USA
- CORNING General
Chemicals, Reagent, Radio Chemicals, Glassware and Laboratory Apparatus
- KARL HECHT Culture Media of Germany
- NUCLETRON Radiotherapy Equipment of the USA
- OLYMPUS Microscope & Photomicrographic Equipment of the USA
- RUD RUSTER Sphygmomanometers and Stethoscopes of Germany
- SHIMADZU Radiodiagnostic & Radiotheraphy Equipment of Japan
- STOPLER General Medical Equipment of the Netherlands
- STORZ Endoscope & Fibre Optic Equipment of Germany
- TECNICON Hematology Equipment and Encephalograph of Germany
- NIHON KOHDEN Cardiology Equipment of Japan
- ROBERT MATHYS Orthopedic Implants & Related Instruments of
Switzerland
- Others
Total Investment
a. Equity Capital - Rp. 300.0
billion
b. Loan Capital - Rp. 160.0
billion
c. Total
Investment - Rp. 460.0 billion
Started Operation
1960
Brand Name
Zidovudin,
Lamivudin, Nevirapin, etc.
Technical Assistance
None
Number of Employee
5,644 persons
Marketing Area
Domestic - 85%
Export - 15%
Main Customer
Hospital, Medical Check
Up, Drug Store, Dispensaries, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. KALBE
FARMA Tbk.
b. P.T. DEXA
MEDICA
c. P.T. PHAPROS
Tbk.
d. P.T. INDOFARMA
Tbk.
e. P.T. SANBE
FARMA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Ir. H. Juanda No. 25
Jakarta Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46-Kota BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 1,925.9
billion
2005 – Rp. 1,816.4
billion
2006 – Rp. 2,189.7
billion
Net Profit (Loss)
:
2004 – Rp. 77.7 billion
2005 – Rp. 52.8 billion
2006 – Rp. 43.9
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Drs. Gunawan Pranoto
Directors - a. Mr. Handoyo A.S.
b. Mr. Sofiarman Tarmizi
c. Mr. H. Warsito Triatmojo
Board of Commissioners :
President Commissioner - Dr. E. Sutarto
Commissioners - a.
Prof. Dr. Azrul Azwar
b. Prof. Dr. M. Ryaas Rasyid, MA.
Signatories :
President Director (Mr. Drs. Gunawan
PRanoto) or one of the Directors (Mr. Handoyo A.A., Mr. Sofiarman Tarmizi or
Mr. H. Warsito Triatmojo) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 7,100,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named N.V. CHEMICALIEN HANDEL RATHKAMP & CO., established in 1817. The previous founding shareholders are a number of Dutchmen. In 1865 it was renamed N.V. PHARMACEUTISCHE HANDEL VERENEGING J. VAN GORKOM & CO. In 1954 after the independence of the Republic of Indonesia, it had been taken over by the state and in 1960 the name was changed to P.N. Alat-Alat Kesehatan BHINEKA KIMIA FARMA. In 1971 the name was changed again to P.T. KIMIA FARMA (P.T. KF) with a legal status of P.T. (Perseroan Terbatas) or Limited Liability Company. According to the latest notarial act in April 2001 the authorized capital was raised to Rp. 2,000,000,000,000.-, issued and paid up capital to Rp. 555,400,000,000.- The whole shares of P.T. KF is controlled by the government. To comply with the new law on public listed company, behind PT KIMIA FARMA, a new word Tbk., (Terbuka) was added. In July 2001, the company became a public listed company by selling 9% its shares to the public through Jakarta Stock Exchange (BEJ). P.T. KFT is a state-owned enterprise (BUMN) under the Department of Health. The deed of amendment was made by Mrs. Imas Fatimah, SH., a public notary in Jakarta under Company Registration Number C-00458 HT.01.04.TH.2001, dated May 1, 2001.
P.T. KF continues the operation of a company founded in the Dutch colonial era dealing with pharmaceutical industry (ethical and OTC). In the restructurization and development P.T. KF has acquired a Domestic Capital Investment (PMDN) facility. The company manages 6 plants consisting of 3 formulating plants and 3 manufacturing plants. The formulating plants are each located at Kawasan Industri Pulogadung, East Jakarta, 1 unit; Cicendo, Bandung, West Java, 1 unit and in Medan, North Sumatra, 1 unit. The manufacturing plants are each located at Watudakon, Mojokerto, East Java, 1 unit for iodine processing; in Bandung, West Java, 1 unit, and in Semarang, Central Java, 1 unit. The drugs produced by the company are including seven OTC, Six ethical and 14 generics. Besides that, P.T. KF is the only company in producing iodine and iodized oil in soft capsule as well as scientific Indonesian traditional drugs. Besides,P.T. KF is also an agent for health, laboratory and hospital equipment.
To support the activities P.T. KF has managed 180 dispensaries spread over major cities in the country, 7 units of distribution and marketing offices each located at Jakarta, Medan, North Sumatra, Palembang, South Sumatra, Bandung, West Java, Semarang, Central Java, Surabaya, East Java and Ujung Pandang, South Sulawesi, for Indonesian Eastern part marketing area. Some 15% of the products of P.T. KFT is exported to Asian countries and the USA, 85% is marketed to government sectors and the rest is distributed to dispensaries and drug stores throughout the country. P.T. KF and other state-owned company P.T. INDOFARMA are appointed by the government to produce generic medicines and the basic materials mostly imported is subsidized by the government. The management of the company got penalty from the Capital Market Supervisory Agency (Bapepam) on the profit mark up case in its book of 2001. The Bapepam also gave sanction to a public accountant HANS TUANAKOTTA & MUSTOFFA, as a public accountant of P.T. KF. In December 2003, P.T. KFT launched its new product namely antiretrovival generic, a medicine for HIV/AIDS. The product is not for sale but for social and humanism purposes. Besides, the company plans to produce medicines of zidovudin, lamivudin and nevirapin types.
Beside the above activities, P.T. KF has also engaged in the investment holding, it controls 23.44% shares of P.T. RIASIMA ABADI FARMA dealing with pharmaceutical 30% shares of P.T. KIFA GEMA SARANA HUSADA in office block development and management, 15% shares of P.T. SINKONA INDONESIA LESTARI in quinine industry. P.T. KF is included in the ten pharmaceutical producers in the country by controlling 2.57% of the market shares. The company has the superiority of managing and developing dispensaries. In September 2006, P.T. KF was in cooperation with Indonesian Science Institution (LIPI) to produce Human Erythropoietetin (HEPA) for increasing protein in blood cells. The products will be marketed in domestic market in the near time. Besides, P.T. KF is the largest State Owned Company (BUMN) dealing with pharmaceutical industry. The company managed to survive amid the economic crisis battering the country of which the operation has gained a profit.
Generally, demand for various pharmaceutical products had been growing in the last five years up to the end 2004 as pictured in sales value of national pharmaceutical products, import value and export value issued by the Food and Drug Controlling Board (BPOM). According the BPOM that national pharmaceutical sales, import and export value of pharmaceutical products as shown are as the following table.
Export and Import value of
pharmaceutical products and basic material
|
Year |
Export (US$ Million) |
Import (US$ Million) |
National Sales (Rp. Trilliun) |
|
1998 |
44.40 |
196.51 |
5.01 |
|
1999 |
61.03 |
194.91 |
7.56 |
|
2000 |
59.87 |
234.15 |
10.0 |
|
2001 |
69.92 |
195.62 |
13.0 |
|
2002 |
80.00 |
200.00 |
15.2 |
|
2003 |
98.80 |
210.00 |
17.0 |
|
2004 |
100.0 |
215.00 |
20.0 |
Source : Food and Drug
Controlling Board (BPOM)
The national pharmaceutical sales, export and import value of products are estimated to be rising by 6% to 8% in the next year. The competition is very tight on account many similar companies operating in the country. The business position of P.T. KF is a sufficiently good for controlling marketing network in the big cities.
The total sales turnover of P.T. KF in 2004 amounted to Rp. 1,925.9 with a net profit of Rp. 77.7 billion, declined to Rp. 1,816.4 billion with a net profit of Rp. 52.8 billion in 2005 and rose to Rp. 2,189.7 billion with a net profit of Rp. 43.9 billion in 2006. It is projected that total sales turnover of the company will increase at least 8% in 2007. The financial statement as per 31 December 2004, 2005 and 2006 is attached below. We observe that P.T. KF 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). The company usually pays its debts punctually to suppliers.
The management of P.T. KF is led by Mr. Drs. Gunawan Pranoto (56). He is a pharmacist graduated from Gajah Mada University, a leading university in the country. He is the chairman of Pharmaceutical Marketing Ethic Code Council, Indonesian Pharmaceutical Manufacturers Federation, and Indonesian Medicinal Herbs Company Federation. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. 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 litigation record is clean and it has not registered with the black list of Bank of Indonesia.
PT. KIMIA FARMA Tbk is fairly good 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.
Attachment :
FINANCIAL STATEMENT OF P.T. KIMIA FARMA Tbk.
Per
31 December 2003, 2004, 2005 and 2006
A. BALANCE SHEETS
STATEMENT
(in Rp
million)
|
D e s c r i p t i o n |
31 December |
|||
|
2006 |
2005 |
2004 |
2003 |
|
|
A. Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
210,381 |
132,865 |
158,755 |
316,593 |
|
- Trade Receivable |
207,342 |
220,655 |
201,742 |
160,457 |
|
- Other Receivables |
3,357 |
1,611 |
2,562 |
- |
|
- Inventories |
220,258 |
242,344 |
221,377 |
307,510 |
|
- Prepaid Taxes |
94,278 |
64,376 |
68,807 |
67,682 |
|
- Advance |
1,550 |
9,401 |
2,604 |
13,158 |
|
- Prepaid Expenses |
10,738 |
6,610 |
5,801 |
5,579 |
|
Total Current Assets |
747,904 |
677,862 |
661,648 |
870,979 |
|
B. Non Current
Assets |
|
|
|
|
|
- Due to related Parties |
5,329 |
4,339 |
4,128 |
2,096 |
|
- Deferred Tax Assets |
17,086 |
17,247 |
13,611 |
12,160 |
|
- Long Term Investment |
737 |
737 |
4,725 |
4,250 |
|
- Fixed Assets |
403,826 |
411,316 |
412,820 |
411,984 |
|
- Non Used Assets |
9,121 |
9,122 |
9,122 |
9,122 |
|
- Deferred Expenses - Land |
20,896 |
21,584 |
25,127 |
28,744 |
|
- Other Non Current Assets |
56,326 |
35,396 |
42,258 |
27,431 |
|
Total Non Current Assets |
513,321 |
499,741 |
511,791 |
495,787 |
|
TOTAL ASSETS |
1,261,225 |
1,177,603 |
1,173,439 |
1,366,766 |
|
C. Current
Liabilities |
|
|
|
|
|
- Loan from Government |
- |
14,479 |
59,774 |
15,542 |
|
- Bank Loan |
74,188 |
83,871 |
24,309 |
41,368 |
|
- Trade Payable |
189,617 |
146,211 |
173,999 |
216,325 |
|
- Tax Liabilities |
11,741 |
17,392 |
30,387 |
37,932 |
|
- Advance Selling |
39,358 |
8,552 |
10,992 |
223,739 |
|
- Deferred Payables |
30,064 |
22.696 |
19,139 |
22,985 |
|
- Other Current
Liabilities |
7,703 |
7,583 |
7,034 |
15,157 |
|
Total Current Liabilities |
352,671 |
300,784 |
325,634 |
573,048 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Allowance for Employees Services |
37,900 |
32,598 |
27,246 |
17,547 |
|
- Loans from Government |
- |
- |
- |
21,715 |
|
- Other Non Current
Liabilities |
- |
- |
5,975 |
- |
|
Total Non Current Liabilities |
37,900 |
32,598 |
33,221 |
39,262 |
|
E. Equity |
|
|
|
|
|
- Issued and Paid up
Capital |
555,400 |
555,400 |
555,400 |
555,400 |
|
- Additional Paid up
Capital |
43,579 |
43,580 |
43,580 |
43,580 |
|
- Other option Capital |
- |
- |
216 |
217 |
|
- Revaluated of Fixed
Assets |
44,852 |
44,852 |
44,852 |
44,852 |
|
- Retained Earnings |
226,823 |
200,389 |
170,536 |
110,408 |
|
Total Equity (Deficit Equity) |
870,654 |
844,221 |
814,584 |
754,455 |
|
TOTAL LIABILITIES & DEFICIT EQUITY |
1,261,225 |
1,177,603 |
1,173,439 |
1,366,766 |
B. PROFIT &
LOSS STATEMENT
(in Rp million)
|
D e s c r I p t I o n |
31 December |
|||
|
2006 |
2005 |
2004 |
2003 |
|
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
2,189,715 |
1,816,433 |
1,925,990 |
1,816,384 |
|
b. Cost of Goods Sold |
(1,595,252) |
(1,239,311) |
(1,279,340) |
(1,273,698) |
|
c. Gross Profit |
594,463 |
577,122 |
646,650 |
542,685 |
|
d. Operational Expenses |
(533,832) |
(492,404) |
(521,941) |
(454,029) |
|
e. Operational Profit |
60,631 |
84,718 |
124,709 |
88,657 |
|
f. Other Income (Expenses) |
6,997 |
(2,234) |
(1,152) |
(12,121) |
|
g. Profit Before Income Tax |
67,628 |
82,484 |
123,557 |
76,536 |
|
h. Income Tax |
(23,638) |
(29,657) |
(41,042) |
(33,607) |
|
i. Extraordinary loss after
deducted with tax |
- |
- |
(4,760) |
- |
|
i. Net Profit |
43,990 |
52,827 |
77,755 |
42,929 |
Remarks : a. 31 December 2003, 2004 & 2006 audited
by Prasetio, Sarwoko and Sanjaya
b. 31 December
2006 audited by Rasin, Ichwan & Partner
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)