MIRA INFORM REPORT

 

 

Report Date :

03.08.2007

 

IDENTIFICATION DETAILS

 

Name :

P.T. BEIERSDORF INDONESIA

 

 

Registered Office :

Bina Mulia Building II, 3rd Floor, Jalan H.R. Rasuna Said Kav. 11, Jakarta Selatan, 12920

 

 

Country :

Indonesia

 

 

Date of Incorporation :

6 May 1978

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Pharmaceutical Manufacturing 

 

 

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

 

Maximum Credit Limit :

US$ 2,400,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Correct Name of Company

 

P.T. BEIERSDORF INDONESIA

 

 

Address

 

Head Office

Bina Mulia Building II, 3rd Floor

Jalan H.R. Rasuna Said Kav. 11

Jakarta Selatan, 12920

Indonesia

Phone               - (62-21) 520 1971(Hunting)

Fax.                  - (62-21) 520 7406

Building Area     - 12,500 storey

Office Space      - 800 sq. meters

Region              - Commercial Building

Status               - Rent

 

Factory

Jalan Raya Randuagung Km. 75

Desa Randuagung, Kecamatan Singosari

Malang, East Java

Indonesia

Phone               - (62-341) 458 624

Fax.                  - (62-341) 458 623

Land Area         - 40,000 storey

Factory Space   - 27,000 sq. meters

Region              - Industrial Zone

Status               - Owned

 

 

Date of Incorporation

 

6 May 1978

 

                                  

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

                                                       

Company Reg. No.

 

The Ministry of Justice and Human Rights

No. Y.A.5/20/10

Dated 25 January 1979

 

 

 

 

 

Company Status 

 

Foreign Investment (PMA) Company

 

           

Permit by the Government Department

 

The President of the Republic of Indonesia

No. B-18/Pres/3/1975

Dated 20 March 1975

 

The Capital Investment Coordinating Board 

- No. 15/III/PMA/1978

  Dated 8 March 1978

- No. 06/II/PMA/1987

  Dated 6 February 1987

- No. 4/II/PMA/1993

  Dated 26 January 1993

- No. 147/A.5/1996

  Dated 26 January 1996

- No. 33/II/PMA/1996

  Dated 6 February 1996

- No. 56/II/PMA/2004

  Dated 21 April 2004

 

The Directorate of General Tax

NPWP No. 1.002.091.5-052

 

 

Related Company

 

The TEMPO Group Members

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                             : US$ 5,000,000.-

Issued Capital                                   : US$ 4,000,000.-

Paid up Capital                                  : US$ 4,000,000.-

 

Shareholders/Owners :

a. BEIERSDORF AG of Germany                      - US$ 2,760,000.- 

b. Mrs. Dian Paramita Tanzil of Indonesia       - US$    960,000.-

c. P.T. NAGAMUKTI ADI of Indonesia               - US$    280,000.- 

                  

   

BUSINESS ACTIVITIES

                             

Lines of Business:       

Pharmaceutical Manufacturing 

 

 

Production Capacity

 

a. First Aid Strips                       - 860,000,000 pcs. p.a.

b. Surgical Tapes                       - 9,000,000 rolls p.a.

c. Tablet & Drugs                       - 10,000,000 pcs. p.a.

d. Cream Emulsions                   - 280 tons p.a.

e. Lotion Emulsions                   - 750,000 kg. p.a.

f. Lip Cares/Lip Conditioners       - 2,000,000 stick p.a.

g. Wound Pads                          - 9,000,000 mtrs. p.a.

h. Baby Oils                              - 50,000 kg. p.a.

i. Baby Powders                        - 20,000 kg. p.a.

j. Shampoo                                - 160 tons p.a.  

k. Soaps                                   - 220,000 kg. p.a.

l. Medical Catletries Technical     - 300,000 pcs. p.a.

m. Adhesive Tapes                     - 400,000 cu.mtrs. p.a.

n. Oinments                              - 25 tons p.a.

o. Medicated Plasters                -168 tons p.a.

p. Maskers                                - 150,000 pcs. p.a.

q. Tonic/eaude toilettes              - 45 tons p.a.

 

           

Total Investment

 

a. Equity Capital                                - US$   5.0 million

b. Reinvested Profit                            - US$   0.3 million

c. Loan Capital                                  - US$ 14.2 million

d. Total Investment                            - US$ 19.5 million

 

 

Started Operation

 

1980

 

 

Brand Name

 

Hansaplast, NIVEA

 

 

Technical Assistance

 

BEIERSDORF AG of Germany

 

 

Number of Employee

 

240 persons                                     

 

 

Marketing Area

 

Domestic    - 90%

Export         - 10%                            

 

 

Main Customer

 

Hospital, Medical Check Up etc.

 

 

Market Situation

 

Very Competitive

 

 

Main Competitors

 

a. P.T. KALBE FARMA Tbk.

b. P.T. KIMIA FARMA Tbk.

c. P.T. PHAPROS Tbk.

d. P.T. INDOFARMA Tbk.

e. P.T. SANBE FARMA

f. Etc.,

 

 

Business Trend

 

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. DEUTSCHE Bank AG

    Wisma Deutsche Bank

    Jalan Imam Bonjol 85

    Jakarta Pusat

    Indonesia

b. The Hongkong and Shanghai Banking Corp. Ltd.

    World Trade Center

    Jalan Jend. Sudirman Kav. 29-31

    Jakarta Selatan, 12930

    Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2004 – Rp. 174.0 billion

2005 – Rp. 180.0 billion

2006 – Rp. 185.0 billion

 

Net Profit (Loss) :

2004 – Rp. 13.9 billion

2005 – Rp. 14.4 billion

2006 – Rp. 14.8 billion

           

 

Payment Manner

 

Average

 

 

Financial Comments

 

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                      - Mrs. Dian Paramita Tanzil

Director                                     - Mrs. Yenni Susanti

 

Board of Commissioners :

President Commissioner - Mr. Ir. Irawan Roousheroou

Commissioners                          - a. DR. Pieter Knappert Spusch

                                                  b. Mr. Viveka Nanda Leimena

                                                           

Signatories :

President Director (Mrs. Dian Paramita Tanzil) or the Director (Mrs. Yenni Susansi) 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$ 2,400,000.- on the 90 days of payments

 

 

OVERALL PERFOMANCE

 

P.T. BEIERSDORF INDONESIA (P.T. BI) was established in May 1978 in Jakarta with an authorized capital of US$ 500,000 entirely issued and paid up. The company was founded by Mrs. Kenny Nur'aini Abdullah, P.T. FARITEX TRADING COMPANY (formerly P.T. FARITEX), both of Indonesia, and BEIERSDORF A.G. of Germany as the original shareholders. P.T. FARITEX is a member of the FARITEX Group, a business group operating in the pharmaceutical industry and distribution business. The company's notarial act was since revised a couple of times. Under the latest revision, the authorized capital was increased to US$ 5,000,000.- issued capital of US$ 4,000,000.- wholly paid up. The deed of amendment was made by Mr. Adrian Djuaini, SH., a public notary in Jakarta under Company Registration Number Y.A.5/20/10, dated January 25, 1979. We note that part of the company's business stakes is now controlled by the TEMPO Group, a big business group with main activities in the manufacture and distribution of pharmaceuticals and cosmetics

 

P.T. BI is a Foreign Capital Investment Company (PMA) dealing with pharmaceutical and cosmetic industry. Its plant is located at Desa Randuagung, Singosari, Malang, East Java, on a land of some 4.0 hectares and had been operating since 1980. The plant has frequently been expanded to increase production capacity. It produces household and personal care products like bathing-soap, powder, hair cream, plaster, baby oil, etc. The products are marketed and using brands like Nivea, Hansaplast (previously Handyplast), a well-known brands in local market. The products are marketed and distributed by P.T. TEMPO, a professional company with a wide marketing network in many major cities at home. Some of the products has also been exported to Singapore, Malaysia, the Philippines, and China.  P.T. BI belongs to a medium-sized company of its kind and the operation had been growing within the last five years.

     

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. BI is a sufficiently good for controlling marketing network in the big cities.

 

Until this time P.T. BI 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 2004 amounted to Rp. 174.0 billion increased to Rp. 180.0 billion in 2005 and to Rp. 185.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 14.8 billion and the company has an estimated total net worth at Rp. 135.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. BI is supported by foreign partner who has financially strong behind it. So far, we did not hear that 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. BI is led by Mrs. Dian Paramita Tanzil (46) with 15 years of experience in the pharmaceutical, cosmetics manufacturing and trade. 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 did not hear 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.

 

P.T. BEIERSDORF INDONESIA 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.

 

                                                                                                                      


 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions