MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. Perusahaan Dagang dan Industri WARIS |
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Registered Office : |
Jalan Haji Ten No. 41, Rawamangun, Jakarta Timur, 13220, |
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Country : |
Indonesia |
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Date of Incorporation : |
26.01.1954 |
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Com. Reg. No.: |
No. C2-7429.HT.01.04.TH.87 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Pharmaceutical Raw Material and Industrial
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. Perusahaan Dagang dan Industri WARIS
Address
Head Office
Jalan Haji Ten No. 41
Rawamangun
Jakarta Timur, 13220
Indonesia
Phone - (62-21) 489
8301-05
Fax - (62-21) 475 9661
E-mail - ptwaris@cbn.net.id
Building Area - 2 storey
Office Space - 600 sq. meters
Region - Commercial
Building
Status - Owned
Date of Incorporation
a. 26 January 1954 as N.V. Maskapai Dagang, Import & Export Dan
Industri WARIS
b. 25 August 1969 as P.T. Perusahaan Dagang dan Industri WARIS
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C2-7429.HT.01.04.TH.87
Dated 20 November 1987
Company Status
Private National and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Department of Trade
SIUP No. 1535/1232/09-01/PB/86/5
Dated 17 May 1986
Related Companies
P.T. LILY ELANCO (Distribution of Pharmaceutical Chemical)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
2,000,000,000.-
Issued Capital :
Rp. 896,000,000.-
Paid up Capital :
Rp. 896,000,000.-
Shareholders/Owners :
a. Mr. Drs. Basri Sudibyo -
Rp. 596,000,000.-
b. Mrs. Gracia Liliek Arum Nauli Hartana Sudibyo - Rp. 300,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Pharmaceutical Raw Material and Industrial
Chemicals
Production Capacity
None
Total Investment
None
Started Operation
1955
Brand Name
None
Technical Assistance
None
Number of Employee
75 persons
Marketing Area
Domestic - 100%
Main Customer
Pharmaceutical Industries
Market Situation
Very Competitive
Main Competitors
a. P.T. WAHANA CHEMICAL INDONESIA
b. P.T. LAWSIM ZECHA
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. 22.0 billion
2006 – Rp. 23.5 billion
2007 – Rp. 25.0 billion
Net Profit (Loss) :
2005 – Rp. 1.3 billion
2006 – Rp. 1.4 billion
2007 – Rp. 1.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director - Mr. Drs. Sunarto Prawirosujanto
Director - Mr. Drs. Basri Sudibyo
Board of
Commissioners :
Commissioner - Mrs. Liliek Hartana Sudibyo
Signatories :
President Director (Mr. Drs. Sunarto
Prawirosujanto) or the Director (Mr. Drs. Basri Sudibyo) 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$ 328,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company was established in January 1954 with legal status of a N.V. (Naamloze
Vennootschap) or Limited Liability company under the name of N.V. Maskapai
Dagang, Import & Export dan Industri WARIS. The original authorized capital
was Rp. 1,000,000 and issued capital of Rp. 200,000 entirely was paid up. The
initial founding shareholders were Mr. Pioes Israel Oento and Mr. Herman
Kusuma, both are Chinese origin Indonesian businessmen. In 1969 the company
renamed to P.T. Perusahaan Dagang dan Industri WARIS, abbreviated P.T. WARIS.
In 1970, both initial shareholders pulled out and were replaced by Mr. Drs.
Basri Sudibyo and his wife Mrs. Gracia Liliek Arum Nauli Hartana. In September
1987, its authorized capital was raised to Rp. 2,000,000,000 issued capital to
Rp. 896,000,000 entirely was paid up. The deed of amendment was made by Mr.
Djojo Muljadi, SH., a public notary in Jakarta under Company Registration
Number C2-7429 HT.01.04.TH.1987, dated November 20, 1987.
P.T. WARIS was originally engaged in import and trading of
pharmaceutical products since 1954. But, following the issuance of the
government ban on importing of pharmaceutical products in the middle of 1970-s,
P.T. WARIS' operation had then shifted into pharmaceutical basic materials
importation, trading and distribution. At present, P.T. WARIS holds the agency
of various pharmaceutical raw material products such as D & V
Pharmaceutical Goods, Basic Material and Industrial Chemicals for the
Netherlands; LUPIN Pharmaceutical for Vitamin Basic Materials of India; ASAHI
Pharmaceutical Basic Materials and Industrial Chemical of Japan; GLAXO
Pharmaceutical Basic Materials and Industrial Chemical of India and TOMITA
Pharmaceutical Basic Material and Industrial Chemicals of Japan. Besides, the
company also a distributor Empty Capsules of P.T. KAPSULINDO NUSANTARA. Most of
the products are sold to pharmaceutical industries in the country. To support
the activities it also operates a branch office located at Jalan Seroja Selatan
No. 24, Semarang (Central Java). The company's activities had been growing
within 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 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. WARIS 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.
22.0 billion, increased to Rp. 23.5 billion in 2006 to Rp. 25.0 billion in
2007. We estimated the company has yielded a net profit at least Rp. 1.5
billion in 2007 and the company has an estimated total networth at least 5.0
billion. It is projected that total sales turnover of the company will increase
at least 8% in 2008. We observe that P.T. WARIS 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. WARIS is led by Mr. Drs. Sunarto Prawirosujanto
(77) a businessman with 26 years of experience in trading and distribution of
pharmaceutical raw materials. Mr. Sunarto is a former staff of the Department
of Health. The management is quite creative and dynamic, having maintained a
wide business relation with private businessmen at home and abroad and with the
government authorities, mainly the Department of Health. 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. WARIS 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%)