MIRA
INFORM REPORT
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Report Date : |
01.06.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. BAYER |
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Registered Office : |
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Country : |
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Date of Incorporation : |
14 March 1969 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Agrochemical and Pharmaceutical
Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 12,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name of
Company
P.T. BAYER
Address
Head Office
Jalan Jend.
Sudirman Kav. 10-11
Phone -
(62-21) 570 3661(Hunting)
Fax. - (62-21) 570 3660
Building Area - 26 storey
Office Space - 1,600 sq.
meters
Region -
Status - Rent
Factory
1
Jalan Raya
Jakarta-Bogor Km. 28
Cibubur-Gandaria
Phone -
(62-21) 871 0421, 871 1052, 871 1154
Fax. - (62-21) 871 1154
Land Area - 5,500 sq.
meters
Factory Space - 3,600 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Surbaya Industrial
Estate Rungkut
Jalan Rungkut
Industri Raya 1/12
Phone -
(62-31) 843 8627-28
Fax. - (62-31) 843 9541
Land Area - 10,200 sq.
meters
Factory Space - 7,200 sq. meters
Region - Industrial
Zone
Status - Owned
Factory III (ex. P.T.
SCHERING
Jalan TB.
Simatupang, Kelurahan Gedong
Kecamatan Pasar
Rebo
Phone -
(62-21) 3001 4200 (Hunting)
Fax. - (62-21) 3001 4383
Land Area - 6,300 sq.
meters
Factory Space - 3,700 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 14 March 1969 as P.T. BAYER FARMA
b. 18 May 1982 as P.T. BAYER
c. June 1997 as P.T. BAYER
d. June 2003 as P.T. BAYER
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
W7-HT.01.10-6716
Dated 10 May 2007
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital
Investment Coordinating Board
- No. 46/V/PMA/1982
Dated 05 June 1982
- No. 214/II/PMA/2004
Dated 08 December 2004
- No. 151/III/PMA/2006
Dated 08 February 2006
- No. 413/III/PMA/2006
Dated 05 April 2006
The
Department of Finance
NPWP No. 01.000.076.8-092.000
Related Company
a. P.T. BAYER MATERIALSCIENCE (Trading and Investment Holding)
b. The BAYER AG Group,
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
64,000,000,000.-
Issued Capital : Rp.
61,976,000,000.-
Paid up Capital : Rp.
61,976,000,000.-
Shareholders/Owners :
a. BAYER AKTIENGESELLSCHAFT of
Address : 51368
b. P.T. BAYER MATERIALSCIENCE of
Address : Midplaza 1, 12-17th Floor
Jl. Jend. Sudirman Kav.
10-11
c. MLPFSI SECURITIES ACCOUNT - Rp.
8,000,000.-
Address : c/o
Jl. Jend. Sudirman Kav.
29-31
d. Others (169 persons) all of
BUSINESS ACTIVITIES
Lines of Business:
Agrochemical and Pharmaceutical
Manufacturing
Production Capacity
Cibubur Factory
a. Agrochemicals -
23,000 tons p.a.
b. Tablet, Capsules -
1,430 million pcs. p.a.
c. Liquids (in bottles) -
49 million pcs. p.a.
d. Oinments, Cream (in tubes) -
23 million pcs. p.a.
e. Vetinary products -
375 tons p.a.
f. Ampoule/vial -
4 million vial p.a.
g. Tablet sugar coated (tablet,
tablet salur & effervescent) - 777 million pcs. p.a.
h. Syrup Lotion -
25,000 ltrs. p.a.
a. Powder -
2,500 tons p.a.
b. Granulars -
6,000 tons p.a.
c. Dust -
2,000 tons p.a.
d. Liquids -
3,100 Klt. p.a.
Pasar Rebo Factory
a. Tablets - 82.7 million pcs. p.a.
b. Capsules - 7.7 million pcs. p.a.
c. Creams - 8.9 million pcs. p.a.
d. Liquids - 102 thousand ltrs.
p.a.
e. Suppositoria - 2.1 million pcs. p.a.
f. Eye Drops - 730 ltrs. p.a.
g. Injections -
2,900 ltrs. p.a.
h. Dulcolax - 200 kgs. p.a.
Total Investment
a. Equity Capital - Rp. 61.4 billion
b. Reinvested
Profit - Rp.
208.2 billion
c. Loan Capital - Rp. 158.2
billion
d. Total
Investment - Rp. 428.3 billion
Started Operation
1972
Brand Name
Adalat OROS, Avelox, Cardio Aspirin, Glucobay, Ciproxin XR,
Levitra, Nebido, Incidal-OD, Yasmin, Diane-35, Microgynon, Primolut N, Angeliq,
Mirena, Nexavar, Ventavis, Betaferon, Bonefos, Fludara, Androcur, Magnevist and Ultravist
Technical Assistance
BAYER AG of
Number of Employee
1,770 persons
Marketing Area
Domestic - 100%
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.
Jalan Jend. Sudirman Kav. 29-31
b. DEUTSCHE Bank AG
Wisma Deutsche Bank
Jalan Imam Bonjol 85
c. P.T. Bank CENTAL
Jalan Jend. Sudirman Kav.
22-23
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 735.4
billion
2005 – Rp. 852.8
billion
2006 – Rp. 980.0
billion
Net Profit (Loss)
:
2004 – Rp. 77.2 billion
2005 – Rp. 93.8 billion
2006 – Rp. 107.8
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Hans Joseph Schill
Directors - a. Mr. David Marwoto Budi
Muljono
b. Mr. Jean Michaelo Evangelista
Board of Commissioners :
President Commissioner - Mr. Jean Michel Broue
Vice President Commissioner - Mr. Drs. Frans Seda
Commissioner -
Mr. Christel Ehemann Schneider
Signatories :
President Director (Mr. Hans Joseph
Schill) or one of the Directors (Mr. David Marwoto Budi Muljono or Mr. Jean
Michaelo Evangelista) 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$ 12,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named P.T. BAYER FARMA
Since 1999 the authorized capital was raised to Rp.
64,000,000,000.-, issued and paid up capital to Rp. 61,976,000,000.-. Since May 2003, P.T. AVENTIS CROSPIENCE
P.T. BI obtained a Foreign Capital Investment (PMA) facility
issued by the Capital Investment Coordinating Board (BKPM) to deal with
pharmaceutical and agrochemical manufacturing. The company initially had
consumer product division producing various kinds of house hold appliances
including inject control products, home cleaning, home care and home hygiene
products, mosquito repellent and others. However, since 2003 the consumer
product division was sold to P.T. JOHNSON HOME HYEGIENE PRODUCTS. The plant of
consumer products is located in Pulogadung Industrial Estate, East Jakarta and
the plant of mosquito repellent is located in Tanjung Morawa,
P.T. BI at present focuses its business in pharmaceutical and
agrochemical industry especially plant protecting products namely products to
prevent the plants from pest in the form insecticide, fungicide and herbicide
and also producing material for seed treatment. The production capacity of the
company in detail is shown on profile (directory) of this report. Besides,
since 2000 P.T. BI also has business activities of providing corporation
services to its affiliated companies. The products of the company are wholly
marketed in using brand of Bayer licensed by BAYER AG of
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. BI is a sufficiently good for controlling marketing network in the big cities.
Until this time P.T. BI 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. 735.4 billion increased to Rp. 852.8 billion in 2005 and to Rp.
980.0 billion in 2006. The operation in 2006 yielded an estimated net profit at
least Rp. 107.8 billion and the company has an estimated total net worth at Rp.
350.0 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2007. We observe that P.T. BI is supported by
financially strong foreign partner behind it. So far, we have never heard of
the company having been black listed by the Central Bank (Bank
The management of P.T. BI is led by Mr. Hans Joseph Schill (48) with 12 years of experience in the agrochemical and 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. BAYER 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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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%)