MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. BINA
SAN PRIMA |
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Registered Office : |
Jalan Taman Sari No. 10,
Bandung
40116, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
04.12.1992 |
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Com. Reg. No.: |
AHU-60069.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and
Supplying of Pharmaceutical Products, Personal Care Product and Pharmaceutical
Raw Materials. |
RATING &
COMMENTS
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MIRAs 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$ 7.7 million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. BINA SAN
PRIMA
A d d r e s s
Head Office
Jalan Taman Sari No. 10
Bandung 40116
West Java
Phones - (022) 4207725 (10 lines) ext. 335
Fax - (022)
4238476
Building Area - 2 storey
Building Space - 160 sq. meters
Region - Commercial
Status - Own
Branches
a. Jalan Purnawarman No. 47
Bandung 40116
West Java
Phones -
(022) 4207725 (Hunting) ext. 335
Fax -
(022) 4200064
E-mail -
bspbdg@binasanprima.com
b. Jalan Let. Jend. S. Parman Kav.
57
Slipi
Jakarta Barat
Phones -
(021) 53674404-5
Fax -
(021) 53674406
E-mail -
bspslipi@centrin.net.id
c. Komplek Graha Cempaka Mas Block
D5-6
Jalan Raya Cempaka Putih
Jakarta Pusat
Phone -
(021) 42881375
Fax -
(021) 42881374
d. Jalan Sutra Niaga
Rukan Alam Sutra No. 1/57
Tangerang, Serpong
Banten Province
Phone -
(021) 5399950
Fax -
(021) 53120234
E-mail -
bspdki3@centrin.net.id
summary
Date of Incorporation :
04 December 1992
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-60069.AH.01.02.TH.2008
Dated 08
September 2008
Company
Status :
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of
Finance
NPWP No.
01.588.725.0-091.000
The Department of
Health
SIUP No.
01/III/898/SK/1992
Dated 15 March
1992
The Capital
Investment Coordinating Board
No.
3/32/V/PMA/2003
Dated 10 July
2003
Related
Companies :
a. P.T. SANBE
FARMA (Pharmaceutical Manufacturing)
b. P.T. SANBE KARYA PERSADA (Property Development and
Management)
c. P.T. SANBE PRAKARSA HUSADA (Health Centre Management and
Services)
d. P.T. CARPRIFARMINDO LABORATORIES (Pharmaceutical
Manufacturing)
e. R.S. SANTOSA BANDUNG INTERNATIONAL (Hospital Management)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
36,000,000,000.-
Issued Capital : Rp. 9,000,000,000.-
Paid up Capital : Rp. 9,000,000,000.-
Shareholders/Owners
:
a. Mr. Drs. Jahja Santoso of Indonesia - Rp. 810,000,000.-
Address : Jl.
Pager Gunung No. 5
Bandung, West
Java
Indonesia
b. Mrs. Johana Poedjokerto of Indonesia - Rp.
540,000,000.-
Address : Jl. Pager Gunung No.
5
Bandung, West
Java
Indonesia
c.
LEGEND CAPITAL Pte. Ltd., of Singapore - Rp. 7,650,000,000.-
Address : Suntec City Tower 4
Singapore
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Supplying of Pharmaceutical Products, Personal Care Product and Pharmaceutical
Raw Materials.
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1994
Brand Name :
None
Technical
Assistance :
LEGEND CAPITAL
Pte. Ltd., of Singapore
Number of
Employee :
2,670 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. Hospitals,
Institution and Health Clinics
b. Pharmaceutical
Industries
c. Livestocks
farms and pet shops
d. Whole-seller
and semi whole-seller
f. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. MERAPI
UTAMA PHARMA
b. P.T. DUNIA
SEHAT FARMASI
c. P.T. INTER
PHARMACY
d. P.T. LABORA
MEDI UTAMA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank
CENTAL ASIA Tbk
Jalan Asia Afrika No. 112-113
Bandung, West Java
Indonesia
b. P.T. Bank
RAKYAT INDONESIA Tbk
Jalan Asia Afrika No. 58-59
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 Rp. 490.0
billion
2006 Rp. 550.0
billion
2007 Rp. 610.0
billion
2008 Rp. 340.0
billion (January June)
Net Profit
(estimated) :
2005 Rp. 14.7
billion
2006 Rp. 16.5
billion
2007 Rp. 18.3 billion
2008 Rp. 10.2
billion (January June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Budi Tanuadisupena
Board of Commissioners :
President Commissioner -
Mr. Drs. Jahja Santoso
Commissioner -
Mrs. Johana Poedjokerto
Signatories :
The Director (Mr. Budi
Tanuadisupena) which must be approved by Board of Commissioners (Mr. Drs. Jahja
Santoso and Mrs. Johana Poedjokerto)
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Fairly large
amount
Maximum Credit Limit :
US$ 7.7 million
on 90 days D/A
OVERALL PERFOMANCE
P.T. BINA SAN PRIMA (P.T. BSP) was established
in Bandung, West Java in 1993 with an authorized capital of Rp 100,000,000.- fully
issued and paid-up. The founders and shareholders are Mr. Drs. Jahja Santoso,
Apt. and his wife Mrs. Johana Poedjokerto, Indonesian of Chinese family. Its
articles of association has been amended frequently. In November 1997 the
authorized capital was raised to Rp 1,350,000,000.- fully issued and
paid-up. In 2003, LEGEND Pte. Ltd., of
Singapore joined the company as new shareholder and on the same occasion the
company status was changed to Foreign Investment Company (PMA). In August 2008, the authorized capital was
raised to Rp. 36,000,000,000.- issued capital to Rp. 9,000,000,000.- entirely
paid up. The composition of
shareholders are Mr. Drs. Jahja Santoso (9%), Mrs. Johana Peodjokerto (6%) and
LEGAND CAPITAL Pte. Ltd., of Singapore (85%).
The deed of
amendment was made by Mrs. Lina Rachmawati, SH., a public notary in Bandung
under Company Registration Number AHU-60069 AH.01.02.Tahun 2008, dated
September 8, 2008.
We observe that foreign partner namely LEGEND
CAPITAL Pte. Ltd., is a private company founded in Singapore and majority
business stakes is controlled by Mr. Chong Kok Kong David and Ms. Tan Sze Lian
Celine, both are Singaporean businessman/woman. Meanwhile the local partners namely Mr. Drs. Jahja Santoso, Apt.,
and his wife Mrs. Johana Poedjokerto are also founders and majority business
stakes owners of P.T. SANBE FARMA dealing with pharmaceutical manufacturing and
investment holding, P.T. SANBE KARYA PERSADA in property development and
management and P.T. SANBE PRAKARSA HUSADA in health centre management and
services, etc.
P.T. BSP has been in operation since 1994
dealing with trading, distributing of pharmaceutical products and personal care
products. The company has began its
distribution from the first branch in Bandung and its surrounding area in West
Java. Since that time, P.T. BSP has
began extending its distribution by establishing new branches across all major
cities in Indonesia. At present, P.T.
BSP has have three main divisions, which are; Health Care Products (consist of
ethical, infuse, generic, vision, hormone, medical disposable products,
veterinary); Consumer Product (consist of OTC pharmaceutical, food &
beverages, confectionaries, toiletries, personal care, household product and
lubricant) and Pharmaceutical Raw Materials and Related Product Trading.
P.T. BSP is the main distributors of its
principal P.T. SANBE FARMA, is one the large of pharmaceutical manufacturing in
Indonesia. Besides that, P.T. BSP also
is the distributor for several pharmaceutical companies such as P.T.
CAPRIFARMINDO, P.T. GREEN CROS CORP., P.T. ULTRAJAYA MILK INDUSTRY tbk., P.T.
NUTRIFOOD INDONESIA, P.T. KRAFT FOODS INDONESIA, P.T. ASIA SEJAHTERA PERDANA,
P.T. YHS INDONESIA, P.T. ANEKA INDO MAKMUR, P.T. PROCTER & GAMBLE
INDONESIA, P.T. JOHNSON & SON INDONESIA, etc. The whole products are sold directly to several pharmacies,
hospitals, institution and clinics, livestocks farms, pet shops, wholeseller,
semi wholeseller, modern retail, pharmaceutical retail, regular retail,
traditional retail and others. We
observe that P.T. BSP
is classified as a large sized company of its kind in the country of which the
operation has been growing in the last three years.
In overall we find the demand for
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). 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. PI is a sufficiently
good for controlling marketing network in the big cities. 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)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
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
Business position of P.T. BSP is appraised quite well for it has controlled
a lot of customers and a wide marketing network at home.
Until this time P.T. BSP 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.
490.0 billion rose to Rp. 550.0 billion in 2006 increased to Rp. 610.0 billion
in 2007 and projected to go on rising by at least 10% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 18.0 billion and the
company has an estimated total networth of at least Rp. 80.0 billion. We observe that P.T. BSP is supported by
foreign partner with has financially strong and sound behind it. So far, we did
not heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management of the company is headed by Mr.
Budi Tanuadisupena (44) a young professional manager as director. But we believed that the primemvoer of the
company is Mr. Drs. Jahja Santoso (63) a businessman with 32 years experience
in pharmaceutical manufacturing and trading. He is also doubling as president
director of P.T. P.T. SANBE FARMA dealing with pharmaceutical manufacturing. In
his day-to-day operation, he is assisted by several professional managers and
expert in trading and distribution of pharmaceutical and consumer products. The
management is handled by professional managers having wide relation with
private businessmen both of home and overseas and government sector as well. To the best of our knowledge, we never heard
that the management has involved in fraudulent business dealing .
P.T. BINA SAN PRIMA is appraised to
be good for normal business transaction. Considering vacillating economic
condition in the country, we advise to treat prudently in extending new loan to
the company. A solid guarantee from shareholders is highly recommended.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
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UK Pound |
1 |
Rs.72.85 |
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Euro |
1 |
Rs.64.70 |
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 SCs 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%)