MIRA INFORM REPORT
|
Report Date : |
23.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. PFIZER INDONESIA |
|
|
|
|
Registered Office : |
Wisma GKBI 10th
Floor, Jalan Jend. Sudirman Kav. 28, Jakarta Pusat, 10120 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
30.04.1969 |
|
|
|
|
Com. Reg. No.: |
No.
C-UM.HT.01.10-5339 |
|
|
|
|
Legal Form : |
P.T. (Perseroan
Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Pharmaceutical
Industry |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 11,100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Correct Name of Company :
P.T. PFIZER INDONESIA
Address
Head Office
Wisma GKBI 10th
Floor
Jalan Jend.
Sudirman Kav. 28
Jakarta Pusat,
10120
Indonesia
Phones - (62-21) 57931088, 57931089
Fax - (62-21) 57931098, 57931099
Building Area - 28 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Jalan Raya Bogor
Km. 28
Pekayon, Pasar
Rebo
Jakarta Timur,
13710
Indonesia
Phones - (62-21) 8710521 (Hunting)
Fax - (62-21)
8711032
Land Area - 75,656 sq. meters
Building Area - 35,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
30 April 1969
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
No.
C-UM.HT.01.10-5339
Dated 7 December
2007
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department :
The Department
of Finance
NPWP No.
01.000.095.8-052.000
Related Company
P.T. SOHO
INDUSTRI PHARMASI (Pharmaceutical Industry and Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
6,970,826,000.-
Issued Capital : Rp.
6,970,826,000.-
Paid up Capital : Rp.
6,970,826,000.-
Shareholders/Owners
:
a. PFIZER
CORPORATION -
Rp. 2,987,600,000.-
Address : Centro Comercial Albrook
Park
Panama
b. WANNER
LAMBERT CO. AG. -
Rp. 1,957,535,000.-
Address : Hanibuhl 8
Zurish,
Switzerland
Swiss
c. PHARMACIA
& UPJOHN COMPANY - Rp.
1,506,107,000.-
Address : 7000 Portage Road
Kalamazoo
USA
d. PARKE DAVIS
& COMPANY LLC -
Rp. 247,015,000.-
Address : 201 Tabor Road,
Morris Plains
New Jersey
07950
USA
e. P.T. SOHO
INDUSTRI PHARMASI -
Rp. 244,950,000.-
Address : Jl. Pulogadung No. 6
Kawasan
Industri Pulogadung
Jakarta Timur
Indonesia
f. PHARMACIA
SINGAPORE Pte. Ltd. -
Rp. 15,219,000.-
Address : 101 Thompson Road
Singapore
h. Public -
Rp. 12,400,000.-
BUSINESS ACTIVITIES
Lines of
Business:
Pharmaceutical
Industry
Production Capacity
a. Capsules - 67,500,000 pcs. p.a.
b. Tablets - 258,000,000 pcs p.a.
c. Sterile Fills - 13,750,000 vials p.a.
d. Non Sterile
Fills - 4,994,000 bottles p.a.
e. Ointment - 16,176,000 tube p.a.
f. Animal Health
& Agriculture - 6,434,800 tons p.a.
g. Chlorpropamide - 5 tons p.a.
h. Liquid - 8,060,000 bottles p.a.
i. Suppositorise - 12,000,000 pcs p.a.
j. Cough Drops - 1,000 tons p.a.
k. Creams - 3,700,000 tube p.a.
Total Investment
a. Equity Capital - Rp. 6.9 billion
b. Loan
Capital -
Rp. 7.6 billion
c. Total
Investment - Rp.
14.5 billion
Started Operation
1971
Brand Name
Pfizer
Technical Assistance
Pfizer
Corporation of the USA
Number of Employee
680 persons
Marketing Area
Local - 90%
Export - 10%
Main Customer
Hospitals,
Dispensary and others
Market Situation
Very Competitive
Main Competitors
a. P.T. KALBE
FARMA Tbk
b. P.T. KIMIA
FARMA Tbk
c. P.T. DEXA
MEDICA
d. P.T. SANBE
FARMA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
b. JP MORGAN
CHASE Bank
Chase Plaza
Jalan Jend. Sudirman Kav. 21
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 750.0 billion
2006 – Rp. 800.0
billion
2007 – Rp. 850.0
billion
Net Profit
(estimated) :
2005 – Rp. 60.0
billion
2006 – Rp. 64.0
billion
2007 – Rp. 68.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Ahmet Gurhan Genel
Directors -
a. Mr. L. Lukman Hidayat
b. Mrs. Bhanuwati Citarasmi
c. Mrs. Dr. Selly Hertanu Rorong
Board of Commissioners :
President Commissioner -
Mr. Gordon Edward Loh
Commissioners -
a. Prof. DR. Ir. Mohammad Sadli
b. Mrs. Marguerita Elizabeth Sells
Signatories :
President Director (Mr.
Ahemt Gurhan Genel) or one of the Directors (Mr. L. Lukman Hidayat, Mrs. Bhanuwati
Citarasmi or Mrs. Dr. Selly Hertanu Rorong) which must be approved by Board of
Commissioner.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 11,100,000 on
90 days D/A
OVERALL PERFOMANCE
P.T. PFIZER INDONESIA (P.T. PI) was established in Jakarta in April 1969
with the authorized capital of US$ 1,500,000 of which US$ 300,000 was issued
and fully paid up. The founding shareholders of the company are PFIZER
CORPORATION of Panama and Mr. Bernard Denis William of the USA. The articles of
association of the company have frequently been revised. In July 1978, Mr.
Bernard Denis William withdrew and replaced by HEINRICH MACK NACHF of Germany.
In December 1983, the authorized capital was raised and converted to Rp.
3,000,000,000 entirely issued and paid up concurrently the company went public
by selling some of its shares through
Jakarta Stock Exchange. In October 2002, P.T. WARNER LAMBERT INDONESIA merged
to P.T. PFIZER INDONESIA (survived company) and concurrently P.T. PFIZER INDONESIA
became un public listed company. At the same time, the shareholder of Germany
withdrew and into the company entered new shareholders namely WARNER LAMBERT
Co. AG., of Switzerland, PARKE DAVIS of the USA, PHARMACIA SINGAPORE Pte. Ltd.,
of Singapore and P.T. SOHO INDUSTRI PHARMASI of Indonesia. In December 2003,
P.T. PHARMACIA INDONESIA merged into P.T. PFIZER INDONESIA (survived company)
and concurrently the authorized and issued capital was raised to Rp.
6,970,826,000 entirely issued and paid up. The deed of amendment was made by
Mrs. Liliana Arif Gondoutomo, SH., was approved by the Ministry of Law and
Human Right in its Decision Letter No. C-UM.HT.01.10-5339, dated December 07,
2007.
P.T. PI obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with pharmaceutical
industry having been in commercial operation since 1971 by managing and
developing its plant being located at Jalan Raya Bogor Km. 28, East Jakarta on
a land of 7.5 hectares. The investment having been absorbed to develop of its
plant amounted to Rp. 14.5 billion coming from own capital of Rp. 6.9 billion
and the rest from loans. Some pharmaceutical product brands of P.T. PI being
still popular in the market include COMBANTRIN, VISINE, BENGAY and VIAGRA. Some
10% to 15% of the company products is exported to several Asian countries and
the rest (90%) is locally marketed through its distributors. The operation of
P.T. PI has been running smoothly in the last five years. P.T. PI is one of ten
large pharmaceutical producers by controlling 3.9% of the market shares.
However, we believed that the VISINE eye drops, COMBATRIN worm medicines and
BENGAY balm still has wide market shares. The company managed to survive amid
the economic crisis battering the country of which the operation has gained a
profit.
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
Until this time P.T. PI 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.
750.0 billion rose to Rp. 800.0 billion in 2006 increased to Rp. 850.0 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. 68.0 billion and the
company has an estimated total networth of at least Rp. 141.0 billion. We
observe that P.T. PI 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 P.T. PI is led by Mr. Ahmad Gurhan Genel (43), a
professional manager with broad experience in industry and marketing of
pharmaceutical products. The management is handled by professional experts having
wide relation with overseas and national private businessmen. 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. PFIZER INDONESIA is good for normal business transaction. However, in view
of unstable economic condition, we recommend to treat prudently in extending
loan to the company.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.33 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.66.75 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)