MIRA
INFORM REPORT
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Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. LILLY ELAN |
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Formerly Known As : |
P.T. LILLY ELAN CORPORATION |
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Registered Office : |
Graha Agape Building, 1st Floor, Jalan Haji Ten No. 26, Rawamangun Jakarta Timur, 13220 |
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Country : |
Indonesia |
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Date of Incorporation : |
26.08. 1978 |
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Com. Reg. No.: |
C-UM.02.01.281 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Pharmaceutical Machinery and
Chemical |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 223,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. LILLY ELAN
A d d r e s s
Head Office
Graha Agape
Building, 1st Floor
Jalan Haji Ten
No. 26
Rawamangun
Jakarta Timur,
13220
Indonesia
Phone - (62-21) 4710839,
4710840
Fax - (62-21) 4710849
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Owned
Date of Incorporation
a. 26 August 1978
as P.T. LILLY ELAN CORPORATION
b. 01 March 2004
as P.T. LILLY ELAN
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-UM.02.01.281
Dated 06 January
2006
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.399.631.9-003.000
The Department of Trade
SIUP No.
234/0651-04/09-05/PB/86
Dated 19 July
1986
Related
Company :
P.T. WARIS (Trading and Distribution of
Pharmaceutical Raw Material and Industrial Chemicals)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued Capital : Rp.
1,500,000,000.-
Paid up Capital : Rp.
1,500,000,000.-
Shareholders/Owners
:
a. Mr. Drs. Basri Sudibyo - Rp. 375,000,000.-
Address : Jl. Kebon Kacang 19/10
Tanah Abang, Jakarta Pusat
Indonesia
b. Mr. Martin Adam -
Rp. 300,000,000.-
Address : Jl. Kebon Kacang 19/10
Tanah Abang, Jakarta Pusat
Indonesia
c. Mr. Drs. Daryono -
Rp. 300,000,000.-
Address : Komplek Raya Housing Block P/1
Pondok Gede, Bekasi, West Java
Indonesia
d. Mrs. Gracia Liliek Arum Nauli Hartana - Rp. 300,000,000.-
Address : Jl. Kebon Kacang 19/10
Tanah Abang, Jakarta Pusat
Indonesia
e. Mrs. Liany Suryadi - Rp. 75,000,000.-
Address : Gang Permata No. 11 RT. 002/02
Bidara Cina, Jatinegara, Jakarta
Timur
Indonesia
f. Mr. Sugiyanto Sunaryo - Rp. 75,000,000.-
Address : Jl. Kelapa Puan Timur III/VC No.
3/25
Kelapa Gading, Jakarta Utara
Indonesia
g. Mr. Rudy Mulyadi -
Rp. 75,000,000.-
Address : Jl. Pengukiran IV/18
Pekayon, Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and Distribution
of Pharmaceutical Machinery and Chemical
Production Capacity
None
Total Investment
None
Started Operation
1979
Brand Name
None
Technical Assistance
None
Number of Employee
27 persons
Marketing Area
Domestic (Local) - 100%
Main Customer
Dealer of
Pharmaceutical Machinery, Pharmaceutical Industries, etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T.
LAWSIM-ZECHA
b. P.T. WAHANA
CHEMICAL INDONESIA
c. P.T. BINTANG
INTI TALENTA
d. C.V. SUMBER
MITRA NIAGA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
PANIN Tbk
Jalan Kopi No. 52
Jakarta Barat
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 22.5
billion
2006 – Rp. 23.5
billion
2007 – Rp. 25.0
billion
Net Profit
(Loss) :
2005 – Rp. 1.5
billion
2006 – Rp. 1.6
billion
2007 – Rp. 1.7
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Drs. Daryono
Director -
Mr. Martin Adam
Board of
Commissioner :
Commissioners -
Mr. Drs. Basri Sudibyo
Signatories :
President Director (Mr. Drs. Daryono) or
the Director (Mr. Martin Adam) which must be approved by 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$ 223,000 on 90 days D/A
OVERALL PERFOMANCE
Initially the company named P.T. LILLY ELAN CORPORATION was established
in Jakarta in August 1978 with the authorized capital of Rp. 10,000,000 of
which Rp. 2,000,000 was issued and fully paid up. The founding shareholders are
Mr. Drs. Basri Sudibyo, his wife Mrs. Gracia Liliek Arum Nauli Hartana AKA
Liliek Hartana and Mr. Junaedi. The company notary deed has been changed a
couple of times. In June 1982, Mr. Junaedi withdrew and his shares were taken
by Mrs. Gracia Liliek Arum Nauli Hartana AKA Liliek Hartana. In March 2004, the
company was renamed to P.T. LILLY ELAN (P.T. LE). On the same occasion the
authorized capital was raised to Rp. 2,000,000,000 of which Rp. 500,000,000 was
issued and fully paid up and concurrently into the company entered new shareholders
namely Mr. Martin Adam, Mr. Drs. Daryono, Mrs. Patricia Ariany Hartana, Mrs.
Liany Suryadi, Mr. Sugianto Sunaryo and Mr. Rudy Mulyadi, all are relative of
Mrs. Gracia Liliek Arum Nauli Hartana. The latest in December 2005, the issued
and paid up capital was increasing to Rp. 1,500,000,000. On the same occasion
Mrs. Patricia Ariany Hartana pulled out and the whole shares sold to Mrs.
Gracia Liliek Arum Nauli Hartana. The deed of amended was made by Mr. Zainal
Baharuddin, SH, a public notary in Jakarta, under Company Registration Number
C-UM.02.01.281, dated January 6, 2006.
We observe that Mr. Drs. Basri Sudibyo and his wife Mrs. Gracia Liliek
Arum Nauli Hartana are also the founding shareholders of P.T. WARIS, a national
private company dealing with trading and distribution of pharmaceutical
products being the agent of various pharmaceutical products of the Netherlands,
Japan, India and others.
P.T. LE has been in operation since 1979 dealing with trading and
distribution of pharmaceutical machinery and chemical products of which the
operation is the business expansion of its sister company P.T. WARIS having
been in operation since 1955. The products being traded by P.T. LE are the
merchandise products of P.T. WARIS being earlier concentrating in trading of
chemical products. P.T. LE is the sole agent of PHARMALAB of India in
Indonesia. The pharmaceutical machinery products details are capsule filling
machine, automatic and manual type; capsule loader; capsule /tablet printing
machine; blister packing machine; cartooning machine; liquid filling machine
and sach. Besides, the company also sells the pharmaceutical chemical products
for pharmaceutical, cosmetics, foods and beverages. The merchandise products of
the company are sold to various pharmaceutical industries and food and beverage
industries in Indonesia such as P.T. INTERBAT, P.T. KEBAYORAN FARMA, P.T. ROHTO
LABORATORIES, P.T. PRYDAM Tbk and others. We observe that the operation of P.T.
LE has been running smoothly and growing in the last three years.
In overall we find the demand for
pharmaceutical machinery, pharmaceutical basic materials had been rising in the
last five years in line with the growing of pharmaceutical industry in the
country. The pharmaceutical
products had been growing in the last five years up to the end 2007 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.
National Market Trend
of Drugs, 2001-2007* (Billion Rupiah)
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Year |
Total Market |
Ethical Drugs |
Generic Drugs |
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2001 2002 2003 2004 2005 2006 2007* |
12.850 15.483 17.458 20.872 23.629 23.173 25.027 |
7.891
9.618 10.829 12.706 14.675 13.834 13.959 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 |
Source : Food and Drug
Controlling Board (BPOM)
*) Estimated
Until this time P.T. LE 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 2005 amounted to Rp.
22.5 billion rose to Rp. 23.5 billion in 2006 increased to Rp. 25.0 billion in
2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 1.7 billion and the
company has an estimated total networth of at least Rp. 4.5 billion. We observe
that P.T. LE is supported by financially fairly strong and sound businessmen
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank Indonesia).
The company is led by Mr. Drs. Daryono (59), a businessman and
professional manager with has experienced for more than 17 years in the field
of trading and distribution of pharmaceutical machinery and chemicals. We
observed that management’s reputation in said business is sufficiently fairly
good. The company has had wide relation in the realm of the private businessmen
within and outside the country. So far, we did not hear 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.
P.T. LILLY ELAN is sufficiently 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. |
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%)