MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P T SOHO INDUSTRI PHARMASI |
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Registered Office : |
Jalan
Pulogadung No. 6, Kawasan Industri Pulogadung, Jakarta Timur, 13920 |
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Country : |
Indonesia |
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Date of Incorporation : |
18.07.1951 |
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Com. Reg. No.: |
C-31452
HT.01.04.TH.2005 |
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Legal Form : |
P.T. (Perseroan
Terbatas) or Limited Liability Company |
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Line of Business : |
Pharmaceutical
Manufacturing |
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$ 3,684,000 |
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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. SOHO INDUSTRI PHARMASI
Address
Head Office & Factory
Jalan Pulogadung
No. 6
Kawasan Industri
Pulogadung
Jakarta Timur,
13920
Indonesia
Phones - (62-21) 4605550
(Hunting)
Fax - (62-21) 4603111
E-mail - customer.service@soho.co.id
Website - http :
//www.soho.co.id
Land Area - 8,700 sq.
meters
Building Area - 6,500 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of
Incorporation
18 July 1951
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-31452
HT.01.04.TH.2005
Dated 25 November
2005
Company Status
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department
The Department of Finance
NPWP No.
01.002.713.4-004.000
The Capital Investment Coordinating Board
- No.
402/SEKR/SPPMDN/1969
Dated 30 September 1969
- No.
158/II/EKR/PMDN/1988
Dated 22 August 1988
- No. 51/II/PMDN/2004
Dated 9 September 2004
Related Company
A Member Company
of the SOHO Group
- ETHICA, P.T.
(Pharmaceutical Manufacturing)
- ICI FARMASI
INDONESIA, P.T. (Pharmaceutical Manufacturing)
- PARIT PADANG,
P.T. (Wholesaler, Pharmaceutical Sole Agent & Distribution and
Investment Holding)
- SOHO INDUSTRI
PHARMASI, P.T. (Pharmaceutical Manufacturing)
- Etc.,
CAPITAL AND
OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
73,500,000.-
Issued Capital : Rp.
73,500,000.-
Paid up Capital : Rp.
73,500,000.-
Shareholders/Owners
:
a. Mr. Eng
Liang Tan -
Rp. 29,135,400.-
Address : Sydney, 96 Staples Street
Australia
b. P.T. PARIT
PADANG -
Rp. 22,990,800.-
Address : Jl. Gunung Sahari 12 No. 6-7
Jakarta Pusat
Indonesia
c. Mrs. Giok
Nio Tan AKA Tan Giok Nio -
Rp. 10,686,900.-
Address : 26 Bodabah Street, Kingsgrove
NSW 2208
Australia
d. Mrs. Kin
Nio Tan -
Rp. 10,686,900.-
Address : 15 Warejee Street, Kingsgrove
NSW 2208
Australia
BUSINESS ACTIVITIES
Lines of
Business:
Pharmaceutical
Manufacturing
Production
Capacity :
a. Capsules - 39
million pcs p.a.
b. Tablets - 700
million pcs p.a.
c. Coated Tablets - 130 million pcs
p.a.
d. Supsitoria - 900
million pcs p.a.
e. Creams - 300
million pcs p.a.
f. Granules - 600 million
pcs p.a.
g. Liquids - 8.4
million pcs p.a.
h. Export Import
of Food Supplement
Total
Investment :
a. Owned Capital - Rp. 3.0 million
b. Loan Capital - Rp. 16.9
million
c. Total
Investment - Rp.
19.9 million
Started
Operation :
1952
Brand Name :
SOHO
Technical
Assistance :
None
Number of
Employee :
265 persons
Marketing Area
:
Domestic
(Local) - 90%
Export - 10%
Main Customer
:
a. P.T. PARIT
PADANG (Sole Distributors)
b. Hospitals
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KALBE
FARMA Tbk
b. P.T. KIMIA
FARMA Tbk
c. P.T. SAKA
FARMA
d. P.T. SANBE
FARMA
e. P.T. BINTANG
TOEDJO
f. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR
& LITIGATION
Bankers :
a. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto KAv. 36-38
Jakarta Selatan
Indonesia
b. DEUTSCHE Bank
AG
Wisma Deutsche Bank
Jalan Imam Bonjol No. 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 240.0
billion
2006 – Rp. 260.0
billion
2007 – Rp. 280.0
billion
Net Profit
(Loss) :
2005 – Rp. 16.8
billion
2006 – Rp. 18.2
billion
2007 – Rp. 19.6
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mrs. Tjoa
Agustina Widiyanti
Board of
Commissioner :
President Commissioner -
Mr. Eng Liang Tan
Commissioner -
Mr. Drs. Wijono Widjojo
Signatories :
Director (Mrs. Tjoa Agustina Widiyanti)
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$ 3,684,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. SOHO INDUSTRI PHARMASI (P.T. SIP) was established in Jakarta in
1951 with an authorized capital of Rp. 262,500 entirely issued and paid-up. The
founders and original shareholders of P.T. SIP are the late Mr. Tan Tjhoen Lim,
Mr. Bertus Soesman and the late Mr. Lie Tjoen Fa, wholly Chinese origin
Indonesian businessmen. The company notary deed has been changed for a couple
of times. In May 1998, the authorized capital was increased to Rp. 73,500,000
wholly issued and paid-up. On the same occasion, P.T. SIP's shareholders are
P.T. PARIT PADANG, a national private company dealing with pharmaceutical and
health equipment sole agent and distribution and investment holding, the heirs
of Mr. Lie Tjhoen Fa, Mrs. Lie Mie Khioen, Mr. Eng Liang Tan, Mrs. Giok Nio Tan
and Mrs. Tan Kin Nio.
According to the latest revision of notary deed, on 5 June 2008, the
company latest shareholders are Mr. Ang Liang Tan (39.64%), Mrs. Giok Nio Tan
(14.54%), Mrs. Kin Nio Tan (14.54%) and P.T. PARIT PADANG (31.28%). The deed of
amendment was made by Mrs. Yani Indrawaty Wibawa, SH., a public notary in
Jakarta, was approved by the Ministry of Law and Human Right in its Decision
Letter No. C-31452 HT.01.04.TH.2005, dated November 25, 2005.
P.T. PARIT PADANG is affiliated with P.T. ETHICA dealing with
pharmaceutical manufacturing and P.T. ICI FARMASI INDONESIA is also engaged in
pharmaceutical manufacturing. P.T. SIP
is parent company of the SOHO Group, a middle-size group companies in
Indonesia.
P.T. SIP obtained a Domestic Investment (PMDN) license for dealing with
pharmaceutical manufacturing originally operated a small-sized plant located at
Jalan Gunung Sahari XII/6-7, Central Jakarta operating as from 1952. But, as
from 1969, the plant relocated to Kawasan Industri Pulogadung, East Jakarta.
The plant has been expanded frequently for increasing its total production
capacity. P.T. SIP's produces various types of medicines including tablets,
capsules, coated tablet, liquid, cream, powder, granular, etc.
The products is entirely marketed locally through its holding company
P.T. PARIT PADANG as the sole distributor, a professional company in the field
of pharmaceutical goods trading and distribution under several brands among
them are SOHO, FITKOF, CURCUMA PLUS
(multi vitamin), DIAPET, LELAP, ASTHMA over the counter (OTC) and many others.
P.T. SIP has developed a very wide range of marketing network particularly
private and state owned and military hospitals. Besides that, they also
maintain wide relation with Public Health Center (Puskesmas) and also many drug
stores. Besides, some 10% of the food supplement is exported to Asian countries
and Middle East. P.T. SIP is classified as a medium sized company in the
country dealing with pharmaceutical manufacturing by producing OTC (over the
counter) and strong medicines. P.T. SIP is one of the twenty large sized
pharmaceutical companies with the best performance in the country.
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. SIP 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 |
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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. SIP 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.
240.0 billion rose to Rp. 260.0 billion in 2006 increased to Rp. 280.0 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. 19.6 billion and the
company has an estimated total networth of at least Rp. 87.5 billion. We
observe that P.T. SIP is supported by the SOHO Group, a developing business
group with has financially fairly 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 company is led by Mrs. Tjoa Agustina Widiyanti (47), a professional
manager with more than 20 years of experience in industry and trading of
pharmaceutical products. However, we believed that the prime mover of the
company is Mr. Eng Liang Tan (60), a businessman with broad experience in the
above business. He is the oldest son of the late Mr. Tan Tjhoen Lim (died in
1997), the main founder of the SOHO Group. The management is handled by a
professional managers having wide relation with overseas and national private
businessmen as well as with the government sectors. 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. SOHO INDUSTRI PHARMASI 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%)