MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDOFARMA (Persero) Tbk. |
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Registered Office : |
Jalan Tambak No. 2, |
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Country : |
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Date of Incorporation : |
11 July 1981 |
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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$ 9,500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name
of Company
P.T. INDOFARMA (Persero) Tbk.
Address
Head Office
Jalan Tambak No. 2
Phones - (021) 8517222 (Hunting)
Fax - (021) 8517223
E-mail - general@indofarmagroup.com
Website - http://www.indofarmagroup.com
Land Area - 11,000 sq.
meters
Office Space - 7,850 sq. meters
Region - Commercial
Status - Owned
Factory
I
Jalan Indofarma No. 1
Cibitung - Bekasi 17520
Phones - (021) 88323975, 88323971
Fax. - (021) 88323972-3
Land Area - 2.4 hectares
Factory Space - 1.2 hectares
Region - Industrial
Zone
Status - Owned
Factory II
Block H No. 25
Kawasan Lippo Cikarang
Bekasi 17550
Phone - (021) 8974243
Fax. - (021) 8972041
Land Area - 18.5 hectares
Factory Space - 5.5 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 11 July 1981
as Perum
b. 02 January 1996 as P.T. INDOFARMA (Persero)
c. 15 March 2001 as P.T. INDOFARMA (Persero) Tbk.
Legal Form
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-2122.HT.01.01.TH'96
Dated 13 February
1996
Company Status
Sate Owned Company
Permit by the
Government Department
a. The Department of Health
-
No. PO.01.01.2.01487
Dated 8 June 1995
- No. 1789/PAK/99
Dated 14 May 1999
- No.0042/Kanwil/IKOT/1994
Dated 26 September 1994
b. The Department of Industry & Trade
- No. SIUP 1236/PI/09-05/PB/VIII/99
Dated 26 August 1999
- No. 013/Kanwil.10.18.05/IHPK/b/12.00.03/7/99
Dated 20 July 1999
Related Companies
a. P.T. INDOFARMA
GLOBAL MEDIKA (Distribution of Pharmaceutical Products and Medicare Equipment)
b. P.T. RIASIMA ABADI FARMA (Manufacturing of Raw Material of the
Pharmaceutical Products)
c. P.T. ASINDO HUSADA BHAKTI (Drug Store Management)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp.
1,000,000,000,000.-
Issued Capital - Rp. 250,000,000,000.-
Paid up Capital - Rp. 250,000,000,000.-
Shareholders/Owners :
a. The Government of the
b. The Publics -
Rp 119,625,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
a. Pharmaceutical
Manufacturing
b. Investment Holding
Production Capacity
a. Tablets - 3,350.0 million pcs p.a.
b. Capsules - 465.0 million pcs p.a.
c. Ointments - 10.5 million pcs p.a.
d. Powders - 18.0 million sachets p.a.
e. Liquid Injections - 36.0 million ampules p.a.
f. Vials - 3.0 million bottles p.a.
g. Eye-drops - 3.0 million bottles p.a.
Total Investment
a. Owned
Capital - Rp. 250.0 billion
b. Loan Capital - Rp. 120.0 billion
c. Total Investment - Rp. 370.0 billion
Started Operation
1983
Brand Name
INDOFARMA
Technical Assistance
BAYER AG of
Number of Employee
1,230 persons
Marketing Area
Domestic - 100%
Main Customer
Hospital, Drug
Stores (Dispensaries), Public Health Centers,
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. P.T. PHAROS
g. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank Negara
Jalan Jend. Sudirman Kav. 1
b. P.T. Bank Mandiri Tbk
Jalan Lapangan Stasiun No. 1
c. P.T. Bank
Wisma BCA
Jalan Jend. Sudirman Kav.
22-23
Auditor :
HLB Hadori & Rekan, public accountant
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 498.2 billion
2004 – Rp. 689.5 billion
2005 – Rp. 684.0 billion
2006 – Rp.
1,026.7 billion
Net Profit (Loss)
:
2003 – (Rp. 130.6 billion)
2004 – Rp. 7.2 billion
2005 – Rp. 9.6 billion
2006 – Rp.
15.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Syamsul Arifin
Directors - a. Mr. Sudibyo Placidus
b. Mrs. Yuliarti R. Merati
c. Mr. M. Munawaroh
d. Mr. Deden Edi Soetrisna
Board of Commissioners :
President Commissioner - Mr. Drs. Azrul Azwar
Commissioner - a. Mr. M. Ichsani
b. Mr. Dwidjo Susana
Independent Commissioner - Mr. Wahyudi Tuwiyanto
Signatories :
President Director (Mr. Syamsul Arifin)
or one of the Directors (Mr. Sudibyo Placidus, Mrs. Yliarti R. Merati, Mr. M.
Munawaroh and Mr. Deden Edi Soetrisna) which must be approved by the Board of
Commissioners
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$ 9,500,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named Perusahaan Umum (Perum) INDONESIA FARMA (Perum
INDOFARMA), it was established in 1981
in lieu of the government regulation (PP) No. 20/1981. Its entire business stakes had been
taking over by the government of the
End of March 2001, P.T. INDOFARMA Tbk (Persero)gone public by selling 19.27% shares to the public through Jakarta Stock Exchange and Surabaya Stock Exchange. As per 30 June 2001, the authorized capital increased to Rp. 1,000,000,000,000.- issued and paid capital to Rp. 309,687,500,000.- Indonesian government will release its 51% shares at P.T. INDOFARMA Tbk through public offering, but it has yet to realize to date due to financial dispute.
P.T. INDOFARMA has been in operation as from 1983 in
pharmaceutical products manufacturing whose plant is located at Jalan Tambak
No. 2,
P.T. INDOFARMA Tbk is one of a pharmaceutical companies acquiring license from the Department of Health to produce the so called generik (low price) drugs including Amocycllin, Cefotaxim, Tramadol, Cyproflaxacine, Glibenclamide and Cenfuramin. Beside that P.T. INDOFARMA Tbk also produces over the counter drugs and traditional herb including drugs for stomach, fever, influenza, dizzy, eye irritation and others. Most of its products are sold to the domestic market through various dispensaries, drug stores, supermarkets especially for otc drugs.
At present P.T. INDOFARMA Tbk is also engaged in investment holding by respectively controlling 99.99% shares of P.T. INDOFARMA GLOBAL MEDIA dealing with pharmaceutical products and health equipment manufacturing, 43.5% shares of P.T. RIASIMA ABADI FARMA dealing with the production of drugs basic material like paracetamol, salisilamid, etoxybenzamid and guafenesin and 20.0% shares of P.T. ASINDO HUSADA BHAKTI engaging in dispensaries management and drugstores chains.
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. INDOFARMA 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. INDOFARMA Tbk. having been audited by a public accountant, total sales turnover of the company in 2004 amounted to Rp. 689.5 billin with a net profit of Rp. 7.2 billion, declined to Rp. 684.0 billion with a net profit of Rp. 9.6 billion in 2005 and rose again to Rp 1,026.7 billion with a net profit of Rp. 15.2 billion in 2006 with a total assets of Rp. 686.9 billion. A brief financial report of P.T. INDOFARMA Tbk., 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 |
1,026.7 |
684.0 |
689.5 |
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Operating Profit |
62.2 |
35.1 |
50.6 |
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Net Profit |
15,2 |
9.6 |
7.2 |
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Total Assets |
686.9 |
518.8 |
523.9 |
Source
: P.T. Indofarma Tbk.
Originally the company was led by Mr. Drs Eddy Pramono but as from August 2001, he was replaced by Mr. Drs. Gunawan Pranoto and replaced again by Mr. Mr. Dani Pratomo as the president director as from February 2004. In September 2006 Mr. Dani Pratomo replaced again by Mr. Syamsul Arifin as president director. In day-to-day activities, he is assisted by Mr. Sudibyo Placidus as financial director, Mrs. Yuliarti R. Merati as production director, Mr. M. Munawaroh as marketing director and Mr. Deden Edi Soetrisna as human resources and general director. The quick change in P.T. INDOFARMA Tbk management due to the bad performance of its financial condition since 2002 to 2004. The management maintains wide relation with home and overseas private businessmen as well as with government sectors.
PT. INDOFARMA Tbk. 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.
Attachment :
FINANCIAL STATEMENT OF P.T. INDOFARMA (Persero)
Tbk.
Per
31 December 2004, 2005 and 2006
A. BALANCE SHEETS
STATEMENT
(in Rp million)
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D e s c r I p t I o n |
31 December |
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2006 |
2005 |
2004 |
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A. Current
Assets |
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- Cash and Cash Equivalent |
90,873 |
24,833 |
57,589 |
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- Short Term Investment |
8,385 |
10,081 |
12,280 |
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- Trade Receivable |
120,959 |
143,687 |
101,742 |
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- Other Receivable |
4,615 |
4,255 |
3,339 |
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- Inventories |
128,929 |
117,225 |
109,985 |
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- Prepaid Tax |
43,631 |
51,127 |
54,989 |
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- Advance and Prepaid
Expanse |
73,631 |
22,547 |
29,762 |
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Total Current Assets |
563,170 |
373,756 |
369,686 |
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B. Non Current
Assets |
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- Deferred Tax Assets |
29,292 |
41,125 |
47,569 |
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- Long Term Investment |
0 |
0 |
0 |
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- Fixed Assets |
89,495 |
98,435 |
100,404 |
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- Other Current Assets |
4,980 |
5,508 |
6,264 |
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Total Non Current Assets |
123,767 |
145,067 |
154,237 |
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TOTAL ASSETS = TOTAL LIABILITIES &
EQUITY |
686,937 |
518,824 |
523,923 |
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C. Current
Liabilities |
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- Bank Loan |
0 |
14,976 |
0 |
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- Trade payable |
57,616 |
171,119 |
152,641 |
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- Other Payable |
6,673 |
9,843 |
3,521 |
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- Advance from Sales |
29,824 |
12,500 |
44,691 |
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- Tax Liabilities |
8,879 |
1,840 |
2,373 |
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- Prepaid Expense |
22,471 |
12,292 |
20,876 |
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- Other Current Liabilities
|
1,518 |
1,251 |
1,288 |
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- Current Maturity of Bank
Loan |
0 |
6,500 |
15,500 |
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Total Current Liabilities |
379,342 |
230,255 |
240,889 |
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D. Non Current
Liabilities |
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- Long Term Bank Loan |
0 |
0 |
6,000 |
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- Provision for Employee
Benefit |
27,110 |
23,255 |
21,383 |
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Total Non Current Liabilities |
27,110 |
23,255 |
27,383 |
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- Minority Interest |
1 |
0 |
0 |
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E. Equity |
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- Issued and Paid up
Capital |
309,927 |
309,927 |
309,927 |
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- Additional Paid-in
Capital |
75,100 |
75,100 |
75,100 |
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- Retained Earnings
(Deficit) |
(104,542) |
(119,782) |
(129,377) |
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Total Stockholder’s Equity |
280,486 |
265,245 |
255,650 |
B. PROFIT &
LOSS STATEMENT
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D e s c r I p t I o n |
31 December |
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2006 |
2005 |
2004 |
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INCOME STATEMENT |
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a. Net Sales |
1,026,676 |
684,040 |
689,522 |
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b. Cost of Goods Sold |
(770,719) |
(484,769) |
(472,968) |
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c. Gross Profit |
255,957 |
199,271 |
216,554 |
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d. Operational Expenses |
(193,724) |
(164,190) |
(165,928) |
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e. Operational Profit |
62,233 |
35,081 |
50,626 |
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f. Other Income (Expenses) |
(22,169) |
(19,042) |
(25,065) |
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g. Profit Before Income Tax |
40,064 |
16,039 |
25,561 |
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h. Income Tax |
(24,823) |
(6,444) |
(18,322) |
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i. Profit before Minority
Interest |
15,241 |
9,595 |
7,239 |
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j. Minority Interest |
0 |
0 |
0 |
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k. Net Profit |
15,241 |
9,595 |
7,239 |
Remarks : Audited by HLB Hadori & Rekan, a public
accountant
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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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%)