MIRA
INFORM REPORT
|
Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ENSEVAL
PUTERA MEGATRADING Tbk |
|
|
|
|
Registered Office : |
|
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|
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Country : |
|
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Date of Incorporation : |
26 October 1988 |
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|
Legal Form : |
Public Listed Company |
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|
Line of Business : |
Trading and Sole Distribution of Pharmaceutical
and Basic Materials, Medical Equipments, Animal Health Products and Consumer
Products |
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$ 5,500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
Correct Name
of Company
P.T. ENSEVAL PUTERA MEGATRADING Tbk
Address
Head Office
Jalan Pulo Lentut
No. 10
Kawasan Industri
Pulogadung
Phone -
(62-21) 4682 2422 (Hunting)
Fax. - (62-21) 4682 2412
Land Area - 15,500 sq.
meters
Building Space - 8,500 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
a. 26 October 1988 as P.T. ARYA GUPTA CEMPAKA
b. 6 August 1993 as P.T. ENSEVAL PUTREA MEGATRADING
c. 30 June 1997 as P.T. ENSEVAL PUTERA MEGATRADING Tbk
Legal Form
P.T. Tbk
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-15186.HT.01.04.TH.1999
Dated 19 August
1999
Company Status
Private Company
Permit by the
Government Department
The Department of Trade and Industry
- SIUP No. 5525/09-01/PB/IX/93
Dated 31 August 1993
- TDP No. 09051625209
Dated 10 September 1993
The Department of Health
No. 31035/PBF/PP-1/IX/93
Dated 14 September 1993
Related Company
The KALBE FARMA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
300,000,000,000.-
Issued Capital : Rp.
114,000,000,000.-
Paid up Capital : Rp.
114,000,000,000.-
Shareholders/Owners :
a. P.T. KALBE
FARMA Tbk -
Rp. 66,832,300,000.-
b. HSBC FUND
SERVICE CLIENTS -
Rp. 8,779,400,000.-
c. Publics -
Rp. 38,388,300,000.-
BUSINESS ACTIVITIES
Lines of Business:
Trading and Sole Distribution of
Pharmaceutical and Basic Materials, Medical Equipments, Animal Health Products
and Consumer Products
Pharmaceutical
Products of :
-
P.T. KALBE FARMA Tbk
-
P.T. BUANA INTI CEMERLANG
-
P.T.
-
P.T. PFIMMER INFUSOL
-
P.T. EISAI
-
P.T. PFIZER
-
P.T. TRANSFARMA MEDICA INDAH
Basic
Material of :
-
LONZA Ltd., of
-
PHARMACHIM Co. Ltd., of
-
SUPER ELEPHANT Co. Ltd., of
-
TAKEDA VITAMIN & FOOD of
-
YUNG ZIP CHEMICAL Co. Ltd., of
Medical
Equipment of :
-
PHARMA PLAST INT’L of
-
BIODYNAMIC INT’L of
-
SEIN ELECTRONIC Co. Ltd., of
-
-
TOYODA MEDICAL Co. Ltd., of
-
KRETZTECHNIK Aktiengelschaft of
-
MEDAS SPA of
-
UNION MEDICAL ENG. Co. Ltd., of
-
PHILIP MEDICAL SYSTEM of
-
P.T. KAGEO IGAR JAYA Tbk of
-
ANSEL INTERNATIONAL of
-
DAIKYO MEDICAL INSTRUMENT Co. Ltd., of
-
FUKUDA SONGYO Co. Ltd., of
-
KIMURA MEDICAL INSTRUMENT Co. Ltd., of
-
LIFE SCIENCES INTERNATIONAL Ltd., of the
-
NAKAMURA MEDICAL INDUSTRY of
-
OHMEDA of
-
REAGENT APPLICATION INC., of the
-
WINKING MFG., INC., of
Consumer
Products of :
-
P.T. KHONG GUAN BISKUIT
-
P.T. OTSUKA
-
P.T. HEXAPHARM JAYA
-
P.T. GIZI PROSANA
-
P.T. SAJANG HEULANG
-
P.T. MANFUL INDUSTRIAL CORP.,
-
P.T. BUKIT MANIKAM SAKTI
-
P.T. SANGHIANG PERKASA
b.
Investment Holding
Production Capacity
None
Total Investment
Owned Capital - Rp. 300.0
billion
Started Operation
1989
Brand Name
ENSEVAL
Technical Assistance
None
Number of Employee
4,035 persons
Marketing Area
Domestic - 100%
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. P.T. Bank PERMATA Tbk
Wisma Bank Permata
Jalan Jend. Sudirman Kav.
26-27
b. P.T. Bank LIPPO Tbk
Jalan Sukarjo Wiryopranoto No. 9
c. P.T. Bank
DANAMON
Jalan Jend. Sudirman Kav. 33
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 4,496.5
billion
2005 – Rp. 5,323.9
billion
2006 – Rp. 5,522.3
billion
2007 – Rp. 2,974.5
billion (As per 30 June)
Net Profit (Loss)
:
2004 – Rp. 178.0 billion
2005 – Rp. 203.3 billion
2006 – Rp. 209.2
billion
2007 – Rp. 105.8
billion (As per 30 June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Vidjongtius
Directors - a. Mr. Ridwan Arifin
b. Mr. Djamarwie
c. Mrs. Lusy Andajani
d. Mr. Bernadus Karmin Winata
Board of Commissioners :
President Commissioner - Mr. Drs. Haji Soekaryo
Commissioners -
a. Mrs. Dra. Nina Gunawan
b. Mr. Ferdinand Aryanto
c. Mr. Jozef Darmawan Angkasa
Signatories :
President Director (Mr. Vidjongtius) or
one of the Directors (Mr. Ridwan Arifin, Mr. Djamarwie, Mrs. Lusy Andajani or
Mr. Bernadus Karmin Winata) 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$ 5,500,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. ARYA GUPTA CEMPAKA, the company was established in October 1988 with an authorized capital of Rp 25,000,000.-, issued and paid up capital of Rp 5,000,000.-. The initial founding shareholders were Mr. Frans Limas and Mrs. Hilda Kushon, both are Chinese origins Indonesian business persons. In August 1993, the company was renamed P.T. ENSEVAL PUTERA MEGATRADING, and by the same time its authorized capital was raised to Rp 100,000,000,000.-, issued and paid up capital to Rp 48,000,000,000.-. In June 1994, 20% of its shares were sold to public through the Jakarta Stock Exchange (BEJ). In May 1995, the authorized capital was raised to Rp 300,000,000,000.- the issued and paid up capital to Rp 114,000,000,000.-. In June 1997, behind the name was added by the word Tbk (Terbuka) to comply with the new law on publicly listed company and renamed P.T. ENSEVAL PUTERA MEGATRADING Tbk., (P.T. EPMT). In October 2005, P.T. ENSEVAL merged to P.T. ENSEVAL PUTERA MEGATRADING Tbk (surviving company). We observe that majority business stakes of P.T. EMPT namely P.T. KALBE FARMA Tbk., is a publicly listed company which the majority shares is controlled by Mr. Franciscus Bing Aryanto AKA Khouw Lip Bing and his brother Dr. Boenjamin Setiawan AKA Khow Lp Boen. P.T. KALBE FARMA Tbk is the parent company of the KALBE Group, a large business group in industry and distribution of pharmaceuticals, cosmetics and consumer products.
P.T. EPMT had been operating since 1989 trading, sole
distribution of pharmaceutical and basic materials, medical equipments, animal
health products and consumer products. P.T. EPMT is currently a distributor of
pharmaceutical products and basic materials, animal health products, medical
equipment and consumer goods both imported and domestic made as quoted in this
profile of this report. P.T. EPMT has 38 branches spread over 35 major cities
in
The operation of P.T. EPMT had been growing in the last five
years. Besides, P.T. EPMT controls 99,99% shares of P.T. TRI SAPTA JAYA engaged
in the distribution of pharmaceutical products produced by its sister company
P.T. BINTANG TUJUH. P.T. EPMT controls 70% of the shares of
ENSEVAL MEGATRADING (M) Sdn., Bhd., in
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. EPMT is a sufficiently good for controlling marketing network in the big cities.
According financial statement of P.T. EPMT which audited by
Purwantono, Sarwoko & Sandjaja that sales turnover of the company in 2004
amounted to Rp. 4,496.5 billion with a net profit of Rp. 178.0 billion,
increased to Rp. 5,323.9 billion with a net profit of Rp. 203.3 billion in 2005
to Rp. 5,522.3 billion with a net profit of Rp. 209.2 billion in 2006. As per
30 June 2007 the total sales turnover amounted to Rp. 2,974.5 billion with a
net profit of Rp. 105.8 billion. It’s projected the total sales turnover will
be higher by at least 8% in 2008. The financial statements as per 31 December
2004, 2005, 2006 and as per 30 June 2007 are attached in this report. So far,
we did not hear that the company having been black listed by the Central Bank (Bank
P.T. EPMT’s management is led by Mr. Drs. Vidjongtius (53),
with experience for some 16 years in trading and sole distribution of
pharmaceutical products, basic materials, medical equipments, animal health
products and consumer products. But the company prime mover is Mr. Boenjamin
Setiawan, M.D. Ph.D. (72), one of the founders and top-figures of the KALBE
FARMA Group. He obtained a doctoral degree from
Attachment :
FINANCIAL STATEMENT OF P.T. ENSEVAL PUTERA
MEGATRADING Tbk.
Per 31
December 2004, 2005, 2006 and per 30 June 2007
A. BALANCE SHEETS
STATEMENT
(in Rp million)
|
D e s c r i p t i o n |
30 June 2007 |
31 December |
||
|
2006 |
2005 |
2004 |
||
|
A. Current
Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
263,945 |
235,342 |
121,657 |
191,063 |
|
- Short Term Investment |
19,591 |
1,256 |
348,907 |
282,549 |
|
- Trade Receivable |
|
|
|
|
|
* Related Parties |
41,373 |
17,099 |
24,607 |
19,347 |
|
* Third Parties |
561,246 |
498,103 |
440,036 |
392,874 |
|
- Other Receivable |
65,961 |
40,773 |
37,370 |
36,414 |
|
- Accrued Income |
0 |
0 |
2,133 |
895 |
|
- Inventories |
1,000,441 |
662,994 |
638,687 |
533,473 |
|
- Advance Payment |
5,412 |
25,177 |
20,028 |
13,896 |
|
- Prepaid Taxes |
43,385 |
28,241 |
1,157 |
378 |
|
- Prepaid Expenses |
8,573 |
12,247 |
13,769 |
6,984 |
|
Total Current Assets |
2,009,926 |
1,519,232 |
1,648,351 |
1,477,873 |
|
B. Non Current
Assets |
|
|
|
|
|
- Due to Related Parties |
41,510 |
33,590 |
10,024 |
7,511 |
|
- Other Long Term
Liabilities |
0 |
0 |
0 |
0 |
|
- Deferred Tax Assets |
12,673 |
11,776 |
3,140 |
231 |
|
- Investment in Shares of Stock |
0 |
0 |
0 |
27,334 |
|
- Fixed Assets - net |
244,002 |
228,432 |
177,176 |
135,221 |
|
- Asset for sale |
0 |
0 |
0 |
0 |
|
- Asset in Progress |
0 |
0 |
0 |
0 |
|
- Deferred Expense |
0 |
0 |
0 |
0 |
|
- Computer Software |
0 |
0 |
0 |
0 |
|
- Intangible Assets |
9,338 |
8,499 |
4,529 |
2,997 |
|
- Other Assets |
14,414 |
13,265 |
15,514 |
821 |
|
Total Non Current Assets |
321,936 |
295,562 |
210,383 |
174,115 |
|
TOTAL ASSETS |
2,331,862 |
1,814,794 |
1,858,734 |
1,651,988 |
|
C. Current
Liabilities |
|
|
|
|
|
- Notes Payable |
0 |
0 |
0 |
0 |
|
- Bank Loans |
0 |
0 |
4 |
507 |
|
- Trade Account Payable |
|
|
|
|
|
* Related Parties |
969,159 |
577,929 |
550,152 |
490,868 |
|
* Third Parties |
191,426 |
209,737 |
151,908 |
177,868 |
|
- Due from related parties |
0 |
0 |
0 |
0 |
|
- Dividend Payable |
57,000 |
0 |
0 |
0 |
|
- Tax Liabilities |
56,301 |
19,524 |
25,252 |
59,645 |
|
- Accrued Expenses |
13,837 |
1,276 |
25,949 |
16,032 |
|
- Other Payable |
18,244 |
16,191 |
30,647 |
14,177 |
|
- Deferred Income |
0 |
0 |
0 |
0 |
|
- Current Maturity of long
term Liabilities |
238 |
0 |
38,869 |
103,193 |
|
Total Current Liabilities |
1,306,205 |
824,657 |
822,781 |
862,290 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Long Term Liabilities |
|
0 |
235,487 |
187,241 |
|
- Deferred Tax Assets |
601 |
601 |
476 |
569 |
|
- Provision for Employee
Benefit |
22,135 |
22,135 |
18,372 |
10,010 |
|
- Due from related parties |
1,249 |
14,517 |
14,228 |
12,576 |
|
Total Non Current
Liabilities |
23,985 |
37,253 |
268,563 |
210,396 |
|
E. Negative
Goodwill |
373 |
395 |
439 |
484 |
|
F. Minority
Interest |
2 |
1,674 |
3,256 |
2,654 |
|
G. Stockholders’
Equity |
|
|
|
|
|
- Paid up Capital |
114,000 |
114,000 |
114,000 |
114,000 |
|
- Difference Foreign
Exchange Currently |
0 |
0 |
908 |
1,586 |
|
- Unrealized Gain on
Available for Sales Sec. |
(38) |
(12) |
8,052 |
11,748 |
|
- Retained Earnings |
887,335 |
838,498 |
640,735 |
448,830 |
|
Total Stockholders’ Equity |
1,001,297 |
952,486 |
763,695 |
576,164 |
|
TOTAL LIABILITIES
& STICJGIKDERS’ EQUITY |
2,331,862 |
1,814,794 |
1,858,734 |
1,651,988 |
B. PROFIT &
LOSS STATEMENT
(in
Rp million)
|
D e s c r I p t I o n |
31 June 2007 |
31 December |
||
|
2006 |
2005 |
2004 |
||
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
2,974,512 |
5,522,289 |
5,323,993 |
4,496,559 |
|
b. Cost of Goods Sold |
(2,607,338) |
(4,822,845) |
(4,670,292) |
(3,939,544) |
|
c. Gross Profit |
367,174 |
699,444 |
653,701 |
557,015 |
|
d. Profit from Investment in Shares of Stock |
0 |
0 |
0 |
0 |
|
e. Operating Expenses |
229,749 |
427,844 |
(369,715) |
(313,494) |
|
f. Operating Profit |
137,425 |
271,599 |
283,986 |
243,521 |
|
g. Other Income (Expenses) |
10,483 |
22,893 |
579 |
2,223 |
|
h. Operating Profit Before Income Tax |
147,907 |
294,492 |
284,565 |
245,744 |
|
i. Income Tax |
(42,978) |
(85,328) |
(80,840) |
(67,197) |
|
j. Operating Profit Before
Extraordinary Post |
105,837 |
209,164 |
203,725 |
178,547 |
|
k. Extraordinary Post |
0 |
0 |
0 |
(234) |
|
l. Profit Before Minority
Interest |
105,837 |
209,164 |
203,725 |
178,313 |
|
m. Minority Interest |
0 |
0 |
(421) |
(290) |
|
i. Net Profit |
105,837 |
209,164 |
203,304 |
178,023 |
Remarks : Audited by Hans Tuanakotta, Mustofa & Halim
(a member of Deloitte Touche Tohmatsu)
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. |
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%)