MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. WISMO
HUSODO |
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Registered Office : |
Jl. Jatinegara
Timur IV No 7, Kel. Balimester, Kec. Jatinegara, Jakarta 13310 |
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Country : |
Indonesia |
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Date of Incorporation : |
26 April 1954 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Pharmaceutical
Products and Chemicals |
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$ 51,600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
P.T. WISMO HUSODO
Address
Head Office
Jl. Jatinegara
Timur IV No 7
Kel. Balimester,
Kec. Jatinegara
Jakarta 13310
Indonesia
Phone - (62-21) 8567814
Fax - (62-21) 8567815
Building Area - 2 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
26 April 1954
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C-UM.02.01.10028
Dated 14 July 2005
Company Status
Domestic Private Company
Permit by the Government
Department
The Department of Health
No. 2621/A/SK/PBB/IX/1981
Dated 15 September 1981
The Department of Trade
a. SIUP No. 1880/09-01/PDB/NAS/4
Dated 23 December 1984
b. TAPPI No. 1235 N
Dated 30 April 1981
The Department of Finance
NPWP No. 01.315.670.8-028.000
Related Companies
P.T. BERKAT KARYA SEJAHTERA (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 40,000,000.-
Issued Capital : Rp. 10,000,000.-
Paid up Capital : Rp. 10,000,000.-
Shareholders/Owners :
a. P.T. BERKAT KARYA SEJAHTERA - Rp. 7,500,000.-
Address : Jl. Jatinegara Timur IV/7
Jakarta Timur
Indonesia
b. Mr. Rudy Ismanto -
Rp. 2,500,000
Address : Jl. Jatinegara Timur IV/3-B
Jakarta Timur
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Pharmaceutical
Products and Chemicals
Production Capacity
None
Total Investment
None
Started Operation
1997
Brand Name
KYOWA Pharmaceutical
Basic Materials of Japan
Technical Assistance
None
Number of Employee
6 persons
Marketing Area
Domestic - 100%
Main Customers
a. P.T. COMBIPHAR
b. P.T. PRODIA
LABORATORIUM KLINIK
c. Other pharmaceutical
companies in Jakarta, West Java and its surrounding
Market Situation
Very Competitive
Main Competitors
a. P.T. SAWAH
BESAR PHARMA
b. P.T. WIDATRA
BHAKTI
c. P.T. MERAPI
UTAMA PHARMA
d. P.T. MULTI
HUSADA FARMA
e. Etc.,
Business Trend
Declining
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Rawasari Branch
Jl. Rawasari SElatan No. 1-C
Jakarta Pusat
Indonesia
b. JP MORGAN Chase Bank N.A.
Chase Plaza
Jalan Jend. Sudirman Kav. 21
Jakarta Selatan
Indonesia
c. P.T. Bank RAKYAT INDONESIA Tbk.
Jl. Veteran No. 8
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 7.0
billion
2005 – Rp. 5.5
billion
2006 – Rp. 3.8
billion
2007 – Rp. 1.0
billion (January-June)
Net Profit (Loss)
:
2004 – Rp. 360 million
2005 – Rp. 220 million
2006 – Rp. 140 million
2007 – Rp. 50 million
(January-June)
Payment Manner :
Average
Financial Comments :
Weak
KEY EXECUTIVES
Board of Management :
President Director - Mr. Drs. Markus Soegiharto
Director - Mr. Ronny Effendy
Board of Commissioners :
President Commissioner - Mr. Rudy Ismanto
Commissioner - Mr. Drs. Elias Nugroho
Signatories :
President Director (Mr. Drs. Markus
Soegiharto) or Director (Mr. Ronny
Effendy) which must be approved by Board of Commissioner (Mr. Rudy Ismanto and
Mr. Drs. Elias Nugroho)
CAPABILITIES
Management Capability :
Poor
Business Morality
Fairly Good
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under
guarantee
Proposed Credit Limit
C.O.D. To small amount
Maximum Credit Limit
US$ 51,600.- on the 90 days of payments
OVERALL PERFOMANCE
The full name of the company is P.T. Perusahaan Dagang WISMO HUSODO or P.T. WISMO HUSODO (P.T. WH) established in 1954 with an authorized capital of Rp. 500,000.- issued capital of Rp. 100,000 wholly paid-up. Founders and original shareholders are the late Mr. Tjondro Purnomo and his wife, both are Indonesian of Chinese extraction. In 1973, the authorized capital was increased to Rp. 10,000,000.- wholly issued and paid-up concurrently entered Mr. Drs. Elias Nugroho and Mr. Drs. Sugita Christianto Indonesian businessmen of Chinese extraction as new shareholders. In 1986, Mr. Tjondro Purnomo passed away and his entire shares went over to Mr. Nugroho. In April 2005, the authorized capital was increased to Rp. 40,000,000.- issued capital of Rp. 10,000,000.- wholly paid-up. At the same time, the shareholders of company are P.T. BERKAT KARYA SEJAHTERA (75%) and Mr. Rudy Ismanto (25%). No changes have been effected in term of shareholding composition and capital structure to date. The deed of amendment was made by Mrs. Rismalena Kasri, SH., a public notary in Jakarta under Company Registration Number C-UM.02.01.10028, dated July 14, 2005.
P.T. WH has been in operation since
1954 in trading and distributing of chemicals and basic material for
pharmaceutical products. P.T. WH used to deal with pharmaceutical products but
ceased since 1990. Initially P.T. WH was appointed as sole distributor of
several overseas pharmaceutical chemicals. But starting in 1990 the sole
distributorship has been lessened and now only holds the agency of KYOWA
pharmaceutical basic material of Japan.
Mrs. Yani staff member of P.T. WH disclosed that economic crisis
battering Indonesia since-mid 1997 has bad impact of her company. The company resorted to lay-off its
employees from originally 36 persons to only 4 persons at present. The company
sells its merchandised goods to pharmaceutical companies in Jakarta, Bandung,
West Java and its surrounding.
Until the last of 1996 the demand
for pharmaceutical basic material has kept on rising by 8% to 10% per annum but
later declined under the impact of economic crisis battering Indonesia since
mid-1997 told above. Sharp rupiah depreciation against hard currencies caused
the prices of pharmaceutical basic material to soar highly (150% to 200%) while
the purchasing power to plummet. But
since the end 1999 the demand rose again in line with the amelioration of
economic condition in the country. The
lots of pharmaceutical companies import their need directly which caused the
distributors of pharmaceutical basic material to face difficulty including P.T.
WH. Beside that the competition is very
tight due to a large number of similar companies operating in the country.
Until this time P.T. Wh 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. WH in 2004 was estimated at Rp 7.0 billion declined to Rp 5.5 billion in 2005 and declined again to Rp 3.8 billion in 2006. The operation in 2006 yielded an estimated net profit at Rp 140 million and the company has an estimated total networth at around Rp 120.0 million. It is estimated the total sales turnover in 2007 will be lower by 12%. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia).
The president director of P.T. WH is Mr. Drs. Markus Soegiharto (50), a businessman with experience for more than 12 years in pharmaceutical industry and trade. Daily, he is assisted by his partner Mr. Ronny Effendy (49) as director. 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.
Considering negative factors told above, we recommend to treat prudently in extending any loans to the company and credit should be extended under guarantee.
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. |
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%)