MIRA
INFORM REPORT
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Report Date : |
27.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. ACTAVIS INDONESIA |
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Registered Office : |
Jalan Raya Bogor Km. 28, Cimanggis, Pasar Rebo, Jakarta Timur, 13710 |
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Country : |
Indonesia |
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Date of Incorporation : |
15 February 1968 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Pharmaceutical Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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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Maximum Credit Limit : |
US$
1100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. ACTAVIS INDONESIA
Address
Head Office &
Factory
Jalan Raya Bogor Km. 28
Cimanggis, Pasar Rebo
Jakarta Timur, 13710
Indonesia
Phone - (62-21) 871 0311(Hunting)
Fax. - (62-21) 871 0044, 871 1382
E-mail - trunkel@actavis.com
Land Area - 9,500 sq. meters
Factory Space - 5,600 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 15 February 1968 as P.T. DUMEX INDONESIA
b. 25 September 1996 as P.T. DUMEX ALPHARMA INDONESIA
c. 6 October 2000 as P.T. ALPHARMA
d. 23 March 2006 as P.T. ACTAVIS INDONESIA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. W7-HT.01.10-5204
Dated 19 December 2006
Company Status
Foreign Investment (PMA) Company
Permit by the Government Department
The Capital Investment Coordinating Board
- No. 29/VI/PMA/1982
Dated 19 April 1982
- No. 1014/III/PMA/2001
Dated 2 August 2001
The
Department of Finance
NPWP No. 01.000.525.4-052
Related Company
The
ACTAVIS Group, Iceland
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : US$ 1,900,000.-
Issued Capital : US$ 1,900,000.-
Paid up Capital : US$ 1,900,000.-
Shareholders/Owners
a. ACTAVIS GROUP HF - US$ 1,425,000.-
Address
: Reykjavikurvegur, 76-78, 220
Hafnarfjorour
Islandia
b. ACTAVIS NORDIC A/S - US$ 475,000.-
Address : Hammervej 7, Denmark 2970
Horsholm, Denmark
BUSINESS ACTIVITIES
Lines
of Business:
Pharmaceutical Manufacturing
Production Capacity
a. Capsules - 129,000,000 pcs. p.a.
b. Tablet - 536,000,000 pcs. p.a.
c. Liquids - 400,000 liters p.a.
d. Injectibles - 12,00,000 vials/amp p.a.
e. Syrups - 240,000 liters p.a.
Total Investment
a. Equity Capital - US$ 2.0 million
b. Loan Capital - US$ 3.0 million
c. Total Investment - US$ 5.0 million
Started Operation
August 1969
Brand Name
Durol, Koftex, Dumin Tabs
Technical Assistance
ACTAVIS NORDIC A/S of Denmark
Number of Employee
329 persons
Marketing Area
Domestic - 85%
Export - 15%
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. The Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, 12930
Indonesia
b.
DEUTSCHE Bank AG
Wisma Deutsche Bank
Jalan Imam Bonjol 85
Jakarta Pusat
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 74.0 billion
2005 – Rp. 80.0 billion
2006 – Rp. 85.0 billion
Net Profit (Loss) :
2004 – Rp. 5.9 billion
2005 – Rp. 6.4 billion
2006 – Rp. 6.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr.
Thomas Artur Runkel
Directors -
a. Mr. Henryadi Sudjana
b. Mr. Leiman Sutanto
Board of Commissioners :
President Commissioner - Mr. Jonas Tryggvason
Commissioners - a.
Mr. Aidan Kavanagh
b. Mr. Reiner Lenz
Signatories :
President Director (Mr. Thomas Artur Runkel) or one
of the Directors (Mr. Henryadi Sudjana, or Mr. Leiman Sutanto) 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$
1,100,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. DUMEX INDONESIA, the company was established in 1968 with an authorized capital of US$ 1,000,000.- entirely was issued and paid up. The original founding shareholders are The EAST ASIATIC Co., Ltd., of Denmark and P.T. ASEAM INDONESIA of Indonesia. The notarial act has frequently been revised. In September 1996 the company was renamed P.T. DUMEX ALPHARMA INDONESIA and the authorized capital was raised to US$ 1,900,000.- entirely issued and paid up. By the same time The EAST ASIATIC Co., Ltd., pulled out and replaced by DUMEX ALPHARMA A/S, Copenhagen of Denmark, while local partner has unchanged. The latest in October 2000 the company was renamed to P.T. ALPHARMA. Lastly, in March 2006, the company was renamed P.T. ACTAVIS INDONESIA (P.T. AI). Concurrently the latest shareholders are ACTAVIS HF of Islandia and ACTAVIS NORDIC A/S of Denmark. The deed of amendment was made by Mr. Benny Kristianto, SH., a public notary in Jakarta under Company Registration Number W7-HT.01.10-5204, dated December 19, 2006.
P.T. ACTAVIS INDONESIA (P.T. AI) had been operating since 1969 in pharmaceutical industry, producing both OTC and ethical/prescription medicines. Its plant is located at Jalan Raya Jakarta-Bogor Km.28, Cimanggis, East Jakarta. The medicines produced are in capsule, tablet, liquid, injection and syrup. The basic materials used are imipramine hydrochloridum, imipramine oxide chloridium, triasolam and furosemide those mostly imported from Denmark and Germany. The products are distributed by a number of wholesalers like P.T. VENTA VALENT, P.T. SAWAH BESAR FARMA, P.T. MULTI HUSADA FARMA, P.T. GARUDA SAKTI FARMINDO, etc with DUROL, KOFTEX, DUMIN Tabs brands. Some 15% of the products is exported to Australia, Asian countries, South Africa, India and Latin America in drug stuff for amphicillin & amoxillin. The operation has 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
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Year |
Export (US$
Million) |
Import (US$
Million) |
National Sales (Rp.
Trilliun) |
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1998 |
44.40 |
196.51 |
5.01 |
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1999 |
61.03 |
194.91 |
7.56 |
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2000 |
59.87 |
234.15 |
10.0 |
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2001 |
69.92 |
195.62 |
13.0 |
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2002 |
80.00 |
200.00 |
15.2 |
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2003 |
98.80 |
210.00 |
17.0 |
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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. AI is a sufficiently good for controlling marketing network in the big cities.
Until this time P.T. AI 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.
74.0 billion increased to Rp. 80.0 billion in 2005 and to Rp. 85.0 billion in
2006. The operation in 2006 yielded an estimated net profit at least Rp. 6.8
billion and the company has an estimated total net worth at Rp. 100.0 billion.
It is projected that total sales turnover of the company will increase at least
8% in 2007. We observe that P.T. AI 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. AI is led by Mr. Thomas Artur Runkel (44) with 12
years of experience in the pharmaceutical 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 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. ACTAVIS 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
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RATING |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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