MIRA
INFORM REPORT
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Report Date : |
16.07.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. DARYA VARIA
LABORATORIA Tbk. |
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Registered Office : |
Graha Darya-Varia Bldg., 2nd Floor, Jl. Melawai
Raya No. 93, |
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Country : |
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Date of Incorporation : |
15 February 1976 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Pharmaceutical Manufacturing Investment Holding |
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$ 8,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. DARYA VARIA
LABORATORIA Tbk.
Registration
Address
Head Office
GRAHA DARYA-VARIA Bldg., 2nd Floor
Jl. Melawai Raya No. 93
Phones - (62-021) 7257973 (hunting),
7258009-10, 7257960
Fax. - (62-021)
7258001
E-mail - info@darya-varia.com
Website - http://www.darya-varia.com
Building Area - 4 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Owned
Factory
Jl. Mercedes No. 105
Cicadas, Gunung Putri
Phones - (62-021)
8670488 (hunting)
Fax. - (62-021) 8672758
Land Area - 24,000 sq.
meters
Building Space - 9,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Establishment
a.
15
February 1976 as P.T. DARYA-VARIA LABORATORIA
b.
12
June 1997 as P.T. DARYA-VARIA LABORATORIA Tbk.
Legal Form
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Department
of Law and Human Rights
No.
C2-6421.HT.01.04.TH.98
Dated 15 June 1998
Company Status
Private and Domestic Investment Company (PMDN)
Permit by the
Government Department
a. The Capital Investment
Coordinating Board
No. 37/A/Sp.01/BKPM/IV/1997
Dated 9 April 1977
b. The Department of Health
Dated 0780/AA/1976
Dated 19 February 1976
Subsidiary Companies
a.
P.T.
PRADJA PHARIN (Pharmaceutical Manufacturing)
b.
P.T.
Pabrik OBAT DUPA (Pharmaceutical Manufacturing)
c.
P.T.
KENROSE
d.
All
Companies are members of the WIGO Group.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital -
Rp. 280,000,000,000.-
Issued
Capital - Rp.
280,000,000,000.-
Paid up
Capital - Rp.
280,000,000,000.-
Shareholders/Owners
a. BLUE SPHERE
b. The Publics (each below 5%) -
Rp. 20,549,772,000.- ( 7.34%0
BUSINESS ACTIVITIES
Lines of Business :
a.
Pharmaceutical
Manufacturing
b.
Investment
Holding
Production Capacity
A. Initial
Units
a. Soft Capsules -
100,000,000 pcs. p.a.
b. Hard Capsules - 10,000,000 pcs. p.a.
c. Taplests - 70,000,000 pcs. p.a.
d. Liquid Drugs - 150,000 bottles p.a.
e. Ointments - 125,000 tubes p.a.
f. Medicated Tulles - 720,000 envelopes p.a.
g. Injection Liquids - 8,500,000 vials p.a.
h. Contact Lens Solution - 900,000 litres p.a.
B. Initial
Units
a. Soft Capsules -
150,000,000 pcs. p.a.
b. Liquid Drugs - 650,000 bottles p.a.
c. Tonic Drink - 15,000,000 sachets p.a.
d. Medicated Tulles - 650,000 envelopes p.a.
Total Investment
a. Owned Capital -
Rp. 280.0 billion
b. Loan Capital -
Rp. -- billion
c. Total Investment -
Rp. 280.0 billion
Started Operation
1977
Trade/Brand Name
Stop Cold,
Witral, Dalfarol, Bausch & Lomb, Nutrotal 55 and many others.
Total Employees
1,201 persons
Marketing Area
Domestic (Local) – 100%
Market Situation
Very Competitive
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. The Hongkong and Shanghai Bank Corp.
World Trade Centre
Jl. Jend. Sudirman Kav. 29-31
b. PT. Bank
Jl. Jend. Sudirman Kav. 22-23
c. The Express Banking Corp.
Gedung Arthaloka
Jl. Jend. Sudirman No. 2
d. ABN AMRO Bank
Jl. Ir. H. Juanda No. 23-24
Auditor :
Purwwantono, Sarwoko & Sandjaja (member of Ernst & Young Global)
Litigation Checks :
No Litigation record in our database and the local courts
Bankrupcty Checks
No Bankruptcy filing was recorded at the local courts
FINANCIAL FIGURE
Total Sales :
2003 – Rp. 390.3 billion
2004 – Rp. 426.8 billion
2005 – Rp. 540.4 billion
2006 – Rp. 576.7 billion
Net Profit :
2003 – Rp. 46.4 billion
2004 – Rp. 49.8 billion
2005 – Rp. 71.6 billion
2006 – Rp. 52.5 billion
Total Assets (per 31 December 2006) :
a. Fixed Assets - Rp. 404.5 billion
b. Current Assets - Rp. 152.8 billion
c. Total Assets - Rp. 557.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Manuel P. Engwa
Directors - a.
Mr. Eric Albert Gotuaco
b. Mr. Carlos C.Ejercito
c. Mr. Mariano John L. Tan, Jr.
d. Mr. Apolonio J. Matic
e. Mrs. Maria Hayati Gustam
Board of Commissioner :
President Commissioner - Mrs. Jocelyn Camposs Hess
Vice Pres. Commissioner - Mr. Sunarto Prawirosujanto
Commissioner
- Mr. Clinton Andrew Hess
Senior Advisor
- a. Mr. Sonny Kalona, MBA
b. Mr.
Admiral (ret) Soedibyo Rahardjo
Signatories :
President Director (Mr. Manuel P.
Engwa) or one of the directors (Mr. Eric Albert Gotuaco, Mr. Carlos C.
Ejercito, Mr. Mariano John Tan, Jr., Mr. Apolonio J. Matic and Mrs. Maria
Hayati Gustam) which must be approved by President Commissioners (Mrs. Jocelyn
Camposs Hess) or one of the Senior Advisor (Mr. Sonny Kalona, MBA., and Mr.
Admiral (ret) Soedibyo Rahardjo)
CAPABILITIES
Management
Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 8,000,000.- on the 90 days D/A term of payment
OVERALL PERFOMANCE
PT. DARYA VARIA LABORATORIA Tbk. (P.T. DVL) was established in April 30, 1976 by Mr. Wim Kalona (90%) and his brother in-law, Mr. Robianto (10%), with an authorized capital of Rp. 800 million which was fully issued and paid up. Capital and shareholder’s composition of PT. DVL has been frequently changed. In December 1993, Mr. Sonny registered as holder of 7% shares of PT. DVL and his elder sister, Mrs. An Kalona (7%), but in December 1995, his shares was granted to PT. Jasatama Lestari Mukti (company of Mr. Sonny and Mrs. An Kalona). Thereafter, shareholder’s structure of the company was frequently changed.
According to financial statement per 31
December 2005, shareholders of PT. DVL
are DVL Investment Ltd., (89.5%), Far East Drug (BVI) Ltd., (3.2%) and the
publics (7.3%). On July 8, 2006, DVL Investment sold all of their shares in PT.
DVL to BLUE SPHERE Singapore Pte.Ltd., a company domiciled in
In
November 2006, through the general
meeting of shareholder (RUPS), it was approved plan of PT. DVL to go private
and to delete registration of it shares in the stocks exchange. Documents of go
private plan have been submitted by PT. DVL to the Capital Market Supervisory
Board (Bapepam). PT. DVL will purchase the public’s shares at the price of Rp.
2,200.- per share that meant 40,1% higher than the highest market price of the
company’s shares. Three months before announcement of go private (October 17, 2006), price of PT. DVL’s shares
was Rp. 1,570.- per share. Since that time price of PT. DVL’s shares increased
as slowly.
P.T. DVL obtained
a domestic investment (PMDN) license from Investment Coordinating Board (BKPM)
for developing a soft capsule and hard
capsule manufacturing plant.
P.T. DVL operates a plant located at Jalan Mercedes Benz No.
105, Gunung Putri,
In its operation, P.T. DVL tied-up
cooperation with several overseas companies like BANNER GELATIN CORPORATION,
ELI LILLY, ALLERGAN PHARMACEUTICALS, the three are of the
In investment holding, P.T. DVL controls 100% shares of P.T.
PRADJA PHARIN (P.T. PRAFA), 100% shares of P.T. Pabrik Obat DUPA (P.T. DUPA)
and 100% shares of P.T. KENROSE
Previously, PT. DVL ever had owned 100%
shares of PT. WIGO DISTRIBUSI FARMASI (Ex. PT. Wigo Manufacturing Pharmacist
Ltd.), but on July 30, 2002, 70% shares of PT. WIGO was sold to ZUELLIG Pharma
Holdings Ltd., from
The demand for pharmaceutical products had
still been rising by 7% to 8% on the average per year within the last five
years until mid-1997, in line with the growth of hospitals, public health centre
(Puskesmas) development and economic condition.
But since the economic crisis and tight money policy as told above the
demand dropped drastically within the last three years due to lack of purchasing power while the sales
price of pharmaceutical products highly increased. It is estimated the demand will remain to
decline within the coming two years.
Competition is very tight due to a lage number of similar companies
opeatin the country. Business position
of P.T. DVL in this case is not so critical for it has controlled a wide
marketing network at home and the products have been widely known among
consumers.
According to the financial statement of P.T. DVL having been audited by a public accountant, total sales turnover of the company in 2004 amounted to Rp. 426.8 billin with a net profit of Rp. 49.8 billion, increased to Rp. 540.4 billion with a net profit of Rp. 71.6 billion in 2005 and rose again to Rp 576.7 billion with a net profit of Rp. 52.5 billion in 2006 with a total assets of Rp. 557.3 billion. A brief financial report of P.T. DVL as below :
(in Rp. billion)
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Description |
31 December 2006 |
31 Desember 2005 |
31 Desember 2004 |
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Total Net Sales |
576.7 |
540.4 |
426.8 |
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Operating Profit |
78.5 |
76.2 |
80.1 |
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Net Profit |
52.5 |
71.6 |
49.8 |
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Total Assets |
557.3 |
550.6 |
431.2 |
Source
: P.T. DVL
The management of the company is headed by Mr. Manuel P. Engwa (55), a professional manager in pharmaceutical industry and trade, who replaced Mr. Sonny Kalona (54), son of the late Mr. Wim Kalona. In daily operation he is assited by Mr.Eric Albert Gotuaco, Mr. Carlos C. Ejercito, Mr. Mariano John L. Tan, Jr., Mr. Apolonio J. Matic and Mrs. Maria Hayati Gustam respectively as directors. The management also has wide relation with overseas and national private businessmen as well as with the government sectors. So far, we have never heard that the management has been involved in business malpractice. We believed that P.T. DVL is good for normal 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. DARIA VARIA LABORATORIA
Tbk.
Per
31 December 2004, 2005 and 2006
A. BALANCE SHEETS
STATEMENT
(in Rp million)
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Description |
31 December |
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2006 |
2005 |
2004 |
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A. Current
Assets |
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- Cash and Cash Equivalent |
167,709 |
166,456 |
90,484 |
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- Trade Receivable |
153,310 |
139,913 |
108,769 |
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- Other Receivable |
6,398 |
4,926 |
5,535 |
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- Inventoris – Net |
65,633 |
68,506 |
58,302 |
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- Prepaid Expense |
4,967 |
3,329 |
3,213 |
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- Tax Expanse |
2,305 |
3,666 |
1,440 |
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- Advance |
2,501 |
4,008 |
4,137 |
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- Prepayment Board of Management, Employee
and Other Current Assets |
1,741 |
1,714 |
1,593 |
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Total Current Assets |
404,563 |
392,518 |
273,473 |
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B. Non Current
Assets |
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- Fixed Assets – Net |
104,042 |
107,466 |
100,210 |
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- Account Liabilities from
Related Parties |
0 |
0 |
0 |
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- Deferred Tax Assets |
18,485 |
17,707 |
15,078 |
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- Investment in Associated Companies |
0 |
0 |
7,494 |
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- Advance Board of Management and
Employee |
2,045 |
2,253 |
1,770 |
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- Goodwil – Net |
20,101 |
22,556 |
25,012 |
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- Other Current Assets |
8,100 |
8,128 |
8,137 |
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Total Non Current Assets |
152,774 |
158,110 |
157,701 |
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TOTAL ASSETS = TOTAL LIABILITIES &
EQUITY |
557,338 |
550,629 |
431.174 |
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C. Current
Liabilities |
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- Trade Payable |
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* Third parties |
28,740 |
32,127 |
20,676 |
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* Related parties |
0 |
0 |
0 |
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- Other Payable |
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* Third parties |
7,673 |
15,224 |
16,588 |
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* Related parties |
79 |
1,836 |
2,430 |
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- Tax Payable |
14,323 |
24,427 |
10,919 |
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- Expanse Payable |
34,303 |
37,262 |
19,135 |
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- Current Maturity of Long
term Liabilities |
1,091 |
1,199 |
1,078 |
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Total Current Liabilities |
86,209 |
112,075 |
70,826 |
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D. Non Current
Liabilies |
|
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- Long Term Liabilities |
2,045 |
2,253 |
1,771 |
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- Allowance for
Compensation Employee |
56,772 |
45,697 |
39,550 |
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Total Non Current Liabilities |
58,817 |
47,950 |
41,321 |
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E. Equity |
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- Issued and Paid up Capital |
280,000 |
280,000 |
280,000 |
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- Agio Shares |
77,828 |
77,828 |
77,828 |
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- Revaluation to the Fixed
Assets |
304 |
304 |
304 |
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- Deficit |
54,179 |
32,471 |
(39,105) |
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Total Stockholder’s Equity |
412,312 |
390,604 |
319,027 |
B. PROFIT &
LOSS STATEMENT
|
Description |
31 December |
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|
2006 |
2005 |
2004 |
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|
INCOME STATEMENT |
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a. Net Sales |
576,669 |
540,437 |
426,796 |
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b. Cost of Goods Sold |
(196,173) |
(184,890) |
(143,411) |
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c. Gross Profit |
380,496 |
355,547 |
283,385 |
|
d. Operational Expenses |
(301,971) |
(279,292) |
(203,323) |
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e. Operational Profit |
78,525 |
76,255 |
80,062 |
|
f. Other Income (Expenses) |
4,851 |
29,795 |
(4,303) |
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g. Profit Before Income Tax |
83,376 |
106,051 |
75,759 |
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h. Income Tax |
(30,867) |
(34,474) |
(25,948) |
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i. Net Profit |
52,509 |
71,576 |
49,811 |
Remarks : Audited by Prasetio, Sarwoko & Sanjdja
(member of Ernst & Ypung Global)
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 |
|
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 |
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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 |
|
<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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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%)