MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. LAWSIM
ZECHA |
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Registered Office : |
Jalan Kayu Putih
Raya No. 17, Rawamangun, Jakarta Timur 13210 |
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Country : |
Indonesia |
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Date of Incorporation : |
1950 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Pharmaceutical
Raw Material and Food Additives |
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$ 289,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. LAWSIM ZECHA
Address
Head Office
Jalan Kayu Putih
Raya No. 17
Rawamangun
Jakarta Timur 13210
Indonesia
Phone - (62-21) 475
2920-22
Fax - (62-21) 489 2659
Building Area - 3 storey
Office Space - 600 sq. meters
Region - Commercial
Building
Status - Owned
Date of Incorporation
a. 1950 as N.V. LAWSIM ZECHA & CO.
b. 1988 as P.T. LAWSIM ZECHA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-7225.HT.01.04.TH.87
Dated 11 November
1987
Company Status
Private National Company
Permit by the Government
Department
The Department of
Trade
SIUP No. 116/P/0910/09-01/PB/I/89/4
Dated 5 January 1989
The Directorate
General of Drugs and Food Control
PBF No. 314/71
Dated 31 January 1971
Related Companies
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
300,000,000.-
Issued Capital : Rp.
300,000,000.-
Paid up Capital : Rp.
300,000,000.-
Shareholders/Owners :
a. Mrs. Suzanne
Liany -
Rp. 165,000,000.-
b. Mr. Domenico
Salvio Basuki Budihartono -
Rp. 75,000,000.-
c. Mr. Drs. Ruslan
Abdullah -
Rp. 60,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Pharmaceutical
Raw Material and Food Additives
Production Capacity
None
Total Investment
None
Started Operation
1950
Brand Name
SHINETSU,
ONGSWEET, SINOSWEET, Clariant, HERCULES, NISSO, MATAL, SANKYO
Technical Assistance
None
Number of Employee
25 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. PYRIDAM
FARMA Tbk
b. P.T. MEIJI
INDONESIA
c. P.T. MERCK
INDONESIA Tbk
d. P.T. MERSIFARMA
TIRMAKU MERCUSANA
e. P.T. NOVELL
PHARMACEUTICAL LABORATORIES
f. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. BINTANG
INTI TALENTA
b. P.T. DIVA MITRA
BOGATAMA
c. C.V. SUMBER
MITRA NIAGA
d. PUTRI TUNGGAL
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Menara Mulia
Jalan Jend. Sudirman
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 19.0
billion
2005 – Rp. 20.0
billion
2006 – Rp. 22.0
billion
2007 – Rp. 26.0
billion
Net Profit (Loss)
:
2004 – Rp. 1.1 billion
2005 – Rp. 1.2 billion
2006 – Rp. 1.4 billion
2007 – Rp. 1.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Daminico Savio Basuki
Budihartono
Board of Commissioners :
Commissioner - Mr. Drs. Ruslan Abdullah
Signatories :
Director (Mr. Domenico Savio Basuki
Budihartono) 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$ 289,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company was established in 1950 with the legal status of N.V. (Naamloze Vennootschaap) is the equivalent of a P.T. (Perseroan Terbatas) of Limited Liability Company. The founders and original shareholders of the company were Mr. Aristide William Lauw Zecha, his wife Mrs. Lim Kim See and Mr. Lim Joen Lie, all Indonesian businessmen of Chinese origins. The company notary deed was revised for several times both in term of capitalization and shareholding composition. According to the latest revision of 1988, the company has an authorized capital of Rp. 300,000,000 of which the entirely was issued and paid up. Based to the above notary deed the shareholders are Mr. Drs. Ruslan Abdullah, Mr. Momenico Savio Basuki Budihartono and Mrs. Suzanne Liany, all of them are Indonesian businessmen of Chinese origins. The deed of amendment was made by Mrs. Sinta Setiawaty Widjaja, SH., a public notary in Jakarta under Company Registration Number C2-7225.HT.01.04.TH.1987, dated November 11, 1987.
P.T. LAWSIM ZECHA (P.T. LZ) is engaged in the field of trading and distribution of pharmaceutical raw materials and food additives. The above merchandise products are pharmacy additive raw material, food and drink raw material and OTC. Finished products are supported by suppliers from Medan, Bogor, and Sukabumi to develop the health of Indonesian citizens. After operation since 1950 the company was appointed as a sole distributor for P.T. HASTO HUSODO PHARMACEUTICAL INDUSTRY, P.T. TRIMAN PHARMACEUTICAL INDUSTRIES and P.T. SAMPHINDO KIMIA & INDUSTRY PHARMASI. We observe that the above three companies are mostly engaged in the manufacturing of non-ethical drugs such as vitamins, cough medicines, fever (influenza) medicines, ointments, etc. Besides, the company is also importer of pharmaceutical raw material of particularly for the need of pharmaceutical industries. The whole products are imported from Japan, Germany, China, USA, Thailand and India with SHINETSU, ONGSWEEL, SINOSWEET, CLARIANT, HERCULES, NISSO, MORIMURA, MATAL, COREL, CHANGZHOU COMWIN, FREUND, HAYASHIBARA, KERR-McGEE PIGMENTS, UNILEX, PROMED,UNIVAL INTERNATIONAL, SANKYO, UNIVERSAL and others brands. The whole products are supplied to pharmaceutical industries such as P.T. PYRIDAM PHARMA Tbk, P.T. MERCK INDONESIA Tbk, P.T. MEIJI INDONESIA, P.T. MERSIFARMA TIRMAKU MERCUSANA, P.T. NOVELL PHARMACEUTICAL LABORATORIES and others. Meanwhile the finished products like OTC (non ethical drugs) are supplied to various dispensaries, hospitals, drug stores and various other consumers. We observe the operation of P.T. LZ has been growing in the last five 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 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)
Until this time P.T. LZ 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. 19.0 billion, increased to Rp. 20.0 billion in 2005 to Rp. 22.0 billion in 2006. We estimated the total sales turnover in 2007 amounted to Rp. 26.0 billion with a net profit of Rp. 1.6 billion. It is estimated the company has an estimated total networth at least Rp. 15.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2008. We observe that P.T. LZ is supported by financially strong behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. LZ is led by Mr. Domenico Savio Basuki Budihartono (58) a businessman with 26 years of experience in trading and distribution of pharmaceutical raw material and food additives. The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. 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. LAWSIM ZECHA 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%)