MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. NOVELL PHARMACEUTICAL LABORATORIES |
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Registered Office : |
Gedung Pharos, Jalan Limo 40, Permata Hijau, Senayan, |
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Country : |
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Date of Incorporation : |
9 September 1982 |
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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$ 1,780,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of company
P.T. NOVELL PHARMACEUTICAL LABORATORIES
Address
Head Office
Gedung Pharos
Jalan Limo 40
Permata Hijau, Senayan
Phones -
(021) 7244110 (hunting)
F a x - (021) 7244082
Land Area -
8,200 sq. meters
Office Space - 360 sq. meters
Region -
Commercial
Status -
Rent
Factory
Jl. Wanaherang No. 35
Tlajung Udik, Gunung Putri
Phones -
(62-21) 8672448-9
Fax. - (62-21)
8670351
Land Area - 20,000 sq.
meters
Office Space - 8,160 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 9 September 1982 as P.T. WELLCOME
b. 1 September 1983 as P.T. BURROUGHS WELLCOME
c. 12 September 1998 as P.T. NOVELL PHARMACEUTICAL LABORATORIES
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-04923.HT.01.04.TH.2004
Dated 1 March 2004
Company Status
Foreign Investment Company (PMA)
Permit by the
Government Department
The Capital Investment Coordinating Board
a. No. 17/II/PMA/1987
Dated16 March 1987
b. No. 127/II/PMA/1993
Dated 24 December 1993
Related Companies
a. P.T. PHAROS
b. P.T. ANTARMITRA SEMBADA Ltd.
(Import, Export and Distribution)
c. P.T. CENTURY FRANCHISINDO UTOMO (Distribution of Pharmaceutical &
Medical Products)
d. P.T. IMPAC INDO MITRASEMBADA (Creative Management Engineering)
e. P.T. LAHAN ASPRINDO LESTARI (Sole Agent of Consolid Products for
f. P.T. ADMORE CORPORATION
(Investment Holding)
g. CONSOLIDATED
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$.
5,572,000.-
Issued Capital : US$.
5,572,000.-
Paid up Capital : US$.
5,572,000.-
Shareholders/Owners :
a. Phoenix Healthcare International Ltd. - US$ 5,212,000.-
Address :
The Republic of
b. P.T. Pharos
Address : Jl. Limo No. 40
Kel. Kebayoran Lama
BUSINESS ACTIVITIES
Lines of Business:
Pharmaceutical Manufacturing
Production Capacity
a. Tables - 61,0 million pcs. p.a.
c. Syrups/Liquid s -
254.0 thousand liters p.a.
d. Creams - 404.0 tons p.a.
e. Hygiene Fluids - 4.0 thousand liters p.a.
f. Liquid Cosmetics - 218.0 thousand liters p.a.
g. Calmic Hygiene - 12.0 thousand units p.a.
h. Tremethoprin - 4.0 tons p.a.
Total Investment
a. Owned Capital - US$. 4.8 million
b. Loan
Capital - US$. 1.8 billion
c. Total
Investment - US$. 6.6
billion
Started Operation
1983
Brand Name
a. FOLERIN
b. MECLOVELL
c. RYVEL
d. etc.
Technical Assistance
Phoenix Healthcare International Ltd., of
Number of Employee
382 persons
Marketing Area
a. Domestic
(Local) - 80%
b. Export -
20%
Main Customer
a. Hospitals
b. Drugstores
c. Dispensaries
d. Retail Shops
e. etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. Kalbe
Farma
b. P.T. Enseval
c. P.T. Abbot
Indonesia
d. P.T. Kimia
Farma
e. P.T. Bintang Toejoeh
f. P.T. Tempo Scan Pacific
g. Etc.
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank
Jalan Permata Hijau Blok D/27
b. P.T. Bank NEGARA
Jalan Gatot Subroto 95, Kav. 22
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 88.0 billion
2004 – Rp. 102.0
billion
2005 – Rp. 120.0
billion
2006 – Rp. 128.0
billion
Net Profit (Loss)
:
2003 – Rp. 5.5 billion
2004 – Rp. 6.3 billion
2005 – Rp. 7.8 billion
2006 – Rp. 8.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director - Mr. Roy Rachmat Lembong
General
Manager -
Mr. Hartono Surya
Board of
Commissioner :
Chairman -
Mr. Eddie Lembong
Commissioner -
Mrs. Melly Saliman
Signatories
:
The Director (Mr.
Roy Rachmat Lembong) which must be
approved by the Chairman of Commissioner Board (Mr. Drs. Eddie Lembong) or
Commissioner Board (Mrs. Melly Saliman)
CAPABILITIES
Management
Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit
Limit
Moderate Amount
Maximum Credit Limit
US$ 1,780,000.- on the 90 days of payments
OVERALL PERFOMANCE
Formerly this company was named by P.T. WELLCOME INDONESIA which
was established in September 1982 with the authorized capital as much as US$
800,000.-, all of it has been fully subscribed and paid up. The founders and
the shareholders of the Company are P.T. Pharos
Deed of notary of the company has been amended for several
times. In September 1983, the company’s name was changed to P.T. BURROUGHS
WELLCOME INDONESIA. In 1993, the company’s capital was raised to be US$
4,800,000.-, all of it has been fully subscribed and paid up. And then in 1998,
the company’s name was re-changed to P.T. NOVELL PHARMACEUTICAL LABORATORIES
(P.T. NPL). In October 2002, the authorized capital was raised to be US$
5,572,000.-. At the same time The Wellcome Foundation Ltd., resigned as the
shareholder and replaced by Phoenix Healthcare International Ltd., from
P.T. NPL obtained Foreign Capital Investment (PMA) in
pharmaceutical industry. Its plant located at Jalan Wanaherang No. 35, Desa
Tlajung Udik, Citeureup, Gunung Putri,
Generally outlook we find the demand for pharmaceutical products had been rising by 6% to 7% per year until mid-1997. It declined since then due to economic crisis and a sharp Rupiah depreciation against US$, DM, Yen and other hard foreign currencies making the price increased by 150% to 200%, while the public purchasing power was very weak. But since the end 1999 the demand rose again in line with the amelioration of economic condition in the country. Business prospect in the long run for pharmaceutical products is quite promising once unstable economic condition starts recovery. But competition is very tight due to a large number of similar companies operating in the country. Business position of P.T. NPL is quite well for it has established a wide marketing network at home.
Until this time P.T. NPL have not been listed in the Indonesian Stock Exchange so that the company shall not obliged to announce its financial statement to the public. We estimate that total sales turnover of P.T. PIL in 2004 was estimated at Rp 102.0 billion increased to Rp 120.0 billion in 2005 and rose again to Rp 128.0 billion in 2006. The operation in 2006 yielded an estimated net profit at Rp 8.2 billion and the company has an estimated total net worth at around Rp 85.0 billion. It is projected the total sales turnover in 2007 will be higher by 10%.
The company is headed by Mr. Roy Rachmat Lembong (36), a son of Mr. Drs. Eddie Lembong (71), a businessman with experience for more than 33 years in pharmaceutical industry and trade. Daily, he is assisted by Mr. Hartono Surya as General Manager and some professional managers with long experience in pharmaceutical industry. It seems the second generation is quite dynamic. The management has maintained a wide business relation among private businessmen at home and abroad as well as among government sectors. 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 relation in banking sector is good enough and P.T. NPL has not registered with the black list of Bank of Indonesia.
We appraise that P.T. NPL is good enough for normally business transaction. But owing to economic condition in the country to remain unfavorable, we recommend to treat prudently in extending any loans 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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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%)