MIRA
INFORM REPORT
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Report Date : |
23.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. KONIMEX |
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Registered Office : |
Desa Sanggarahan, Grogol, Sukoharjo, Surakarta 57552, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1952 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Pharmaceutical and Confectionery 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$ 5,000,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. KONIMEX
Address
Head Office &
Factory
Desa Sanggarahan
Grogol, Sukoharjo
Surakarta 57552
Central Java
Indonesia
Phone - (62-271) 716246 (Hunting)
Fax. - (62-271) 716247
E-mail - konimex@indo.net.id
Website - http : //www.konimexpt.com
Land Area - 2.5 hectares
Building Area - 1905.3 sq. meters
Region - Industrial Zone
Status - Owned
Branch
Jalan Taman Tanah Abang III No. 31
Jakarta Pusat, 10160
Indonesia
Phone - (62-21) 719956 (Hunting)
Fax. - (62-21) 716247
Building Area - 2 storey
Office Space - 600 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation
a. 1952 as N.V. Persekutuan Andil Maskapai Dagang dan Industri Djawa, Sulawesi dan Kalimantan
b. 8 June
1967 as P.T. KONIMEX
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-16292.HT.01.04.TH.98
Dated 29 September 1998
Company Status
Private and Domestic Investment (PMDN) Company
Permit by the Government Department
The Department of Health
No. 3657/D.Prod/SK/PAB/69
Dated 16 July 1969
The Capital Investment Coordinating Board
- No. 33/Sekr/Sp.PMDN/71
Dated 12 January 1971
- No. 76/II/PMDN/1978
Dated 18 December 1978
- No. 101/II/PMDN/1993
Dated 7 June 1993
- No. 65/II/PMDN/1996
Dated 7 March 1996
Related Company
The KONIMEX Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 7,600,000,000.-
Issued Capital : Rp. 7,600,000,000.-
Paid up Capital : Rp. 7,600,000,000.-
Shareholders/Owners :
a. P.T. KONIMEX KARYA
UTAMA -
Rp. 7,500,000,000.-
Address : Jl. Sanggrahan, Grogol
Sukoharjo, Surakarta
Central Java, Indonesia
b. Mr. Djunaedi Joesoef
AKA Joe Djioe Liang - Rp. 50,000,000.-
Address : Jl. Jend. Urip Sumohardjo No. 96-98
Surakarta, Central Java
Indonesia
c. Mrs. Juniati AKA Sie
Jauw Nio -
Rp. 50,000,000.-
Address : Jl. Jend. Urip Sumohardjo No. 96-98
Surakarta, Central Java
Indonesia
BUSINESS ACTIVITIES
Lines
of Business:
Pharmaceutical and Confectionery Manufacturing
Production Capacity
a. Tablets - 1.4 billion pcs. p.a.
b. Capsules - 30.0 million pcs. p.a.
c. Ointments - 3.0 million tubes p.a.
d. Eye and Nose Drops - 20,304,000 bottles p.a.
e. Syrups - 6,600,000 bottles p.a.
f. Powders - 2,400,000 sachets p.a.
g. Body & Baby Talks - 240 tons p.a.
h. Plasters - 57,600,000 strips p.a.
i. Medicated Candies - 645,000,000 pcs. p.a.
j. Other Candies - 5,450 tons p.a.
k. Biscuits & Wafers - 6,977 tons p.a.
l. Chocolates - 405 tons p.a.
Total Investment
a. Owned Capital - Rp. 82.2 billion
b. Loan Capital - Rp. 30.0 billion
c. Total Investment - Rp. 112.2 billion
Started Operation
1952
Brand Name
Pimplex, Feminax, Paramex, Konidin, Koniform, Napacin, Inza, Insana, Migran, Askomex, etc.
Technical Assistance
None
Number of Employee
1,480 persons
Marketing Area
Domestic - 100%
Main Customer
Distributed by distributorship P.T. SINAR INTERMARK
Market Situation
Very Competitive
Main Competitors
a. P.T. KALBE FARMA Tbk
b. P.T. KIMIA FARMA Tbk
c. P.T. INDOFARMA Tbk
d. P.T. SANBE FARMA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Brigjend Slamet Ryadi No. 2
Sole, Central Java
Indonesia
b. P.T.
Bank NIAGA Tbk
Jalan Brigjend Slamet Ryadi No. 2
Solo, Central Java
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 435.0 billion
2005 – Rp. 450.0 billion
2006 – Rp. 475.0 billion
Net Profit (Loss) :
2004 – Rp. 21.7 billion
2005 – Rp. 22.5 billion
2006 – Rp. 23.7 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Edijanto Joesoef, MBA
Director -
Mr. Rachmandi Joesoef
General Manager -
Mr. Kimmy Haryanto
Board of Commissioners :
President Commissioner - Mr. Djunaedi
Joesoef
Commissioner - Mrs. Juniati
Signatories :
President Director (Mr. Edijanto Joesoef, MBA) or
the Diector (Mr. Rachmadi Joesoef) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded
normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 5,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named N.V. Persekutuan Andil Maskapai Dagang dan Industri
DJAWA, SULAWESI and KALIMANTAN, it was established in 1952 by Mr. Djoenaedi
Joesoef AKA Joe Djioe Liang and his wife Mrs. Juniati AKA Sie Jauw Nio, they
are Chinese origins Indonesian business family. In June1967 the company was
renamed P.T. KONIMEX, and the company's notarial act has frequently been
revised, the latest in July 1995 where the authorized capital was raised to Rp.
7,600,000,000.-, entirely issued and paid up. The latest shareholders are P.T.
KONIMEX KARYA UTAMA, a national private company, Mr. Djoenaedi Joesoef and his
wife Mrs. Juniati. They are owners of majority business stakes and prime mover
of KONIMEX Group, medium scale and rapid developing business group in
Indonesia. The deed of amendment was made by Mr. Hendra Karyadi, SH, a
public notary in Surakarta, Central Java under Company Registration Number
C2-16292 HT.01.04.TH. 1998, dated September 29, 1998.
P.T. KONIMEX has been operating since 1952 in pharmaceutical industry.
Its plant is located at Desa Sanggrahan, Grogol, Sukohardjo, Central Java, and
frequently expanded. Since 1978, it had been producing confectioneries/candies
beside drugs, and then followed by biscuits and wafers in 1994. Its present
production capacity is as depicted in point 8 of this report. In pharmaceutical
products it has, PIMPLEX, FEMINAX, PARAMEX, KONIDIN, KONIFORM, NAPACIN, INZA,
INSANA, MIGRAN, ASKOMEX,TERMOREX and other brands, in candy products it has
NANO-NANO, Mr. SARMENTO, CIGGY., NIMM'S, HEXOS, FROZZ, GESIT, MIN SCOTH, BUTTER
SCOTH, SWEET CRYSTALS, CHEAVY CHEW, NIKNAK and other brands. In biscuits it has
SNIP and SNAP, LEKKER brand, Health Drink it has FIT-UP, TAVITA and WAFERO in
wafer products. The whole pharmaceutical
products are entirely marketed locally and the distribution is handled
by P.T. SINAR INTERMARK. Some 95% of
non- pharmaceutical products (candies, chocolates, biscuits, health
drink and wafers) is marketed locally and the distribution is handled by P.T.
MARGA NUSANTARA JAYA, while the other 5% being exported to Malaysia, Singapore
and Hong Kong.
P.T. KONIMEX is included in ten large sized pharmaceutical companies in
the country. In 2004, the company was in the ninth position by controlling
2.10% of market shares in 2005 and 2006 was in the eighth position by
controlling 2.34% of the market shares. We observed that P.T. KONIMEX’s
operation has been growing in the last one year.
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. KONIMEX is a
sufficiently good for controlling marketing network in the big cities.
Until this time P.T. KONIMEX 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. 435.0 billion rose to Rp. 450.0 billion in 2005 and to Rp.
475.0 billion in 2006. We estimated the operation of the company has yielded a
net profit of Rp. 23.7 billion in 2006. It is projected that total sales
turnover of the company will be higher by at least 10%n 2007. We observe that
P.T. KONIMEX 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 disclosed that the company usually pays its debts
punctually to suppliers.
P.T. KONIMEX’s management is led by Mr. Edijanto Joesoef (45), with
experience for some 17 years in pharmaceutical manufacturing. He is a
professional manager and top figure of the KONIMEX Group. But the prime mover
of the company is his father Mr. Djoenaedi Joesoef AKA Joe Djie Liang (74), he
is a businessman with a wide experience in various business fields. 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. P.T. KONIMEX is feasible 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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