MIRA
INFORM REPORT
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Report Date : |
04.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. CAPSUGEL
INDONESIA |
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Registered Office : |
Jalan Raya Bogor Km. 42, Cibinong 16916, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
14.02. 1996 |
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Com. Reg. No.: |
C-UM.02.01.6601 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Gelatine Capsule Manufacturing
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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. CAPSUGEL
INDONESIA
A d d r e s s
Head Office & Factory
Jalan Raya Bogor
Km. 42
Cibinong 16916
West Java
Indonesia
Phone - (62-21) 875 2226
(Hunting)
Fax. - (62-21) 875 2227
Land Area - 9,300 sq.
meters
Factory Space - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
14 February 1996
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law
and Human Rights
a. No. C-30274
HT.01.04.TH.2003
Dated 31 December 2003
b. No.
C-UM.02.01.6601
Dated 26 April 2006
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Capital
Investment Coordinating Board
- No. 144/I/PMA/1996
Dated 12 February 1996
- No. 1646/III/PMA/1998
Dated 19 November 1998
- No. 02/II/PMA/2000
Dated 6 June 2000
- No. 231/II/PMA/2002
Dated 30 October 2002
The Department of Finance
NPWP No. 01.071.413.7-052.000
Related Companies
- WARNER LAMBERT COMPANY LLC., of the USA (Investment Holding)
- INTERNATIONAL AFFILIATED Corp., LLC., of the USA (Investment
Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital - US$ 7,500,000.-
(Rp. 17,325,000,000)
Issued Capital - US$
7,500,000.- (Rp. 17,325,000,000)
Paid up Capital - US$
7,500,000.- (Rp. 17,325,000,000)
Shareholders/Owners :
a. WARNER LAMBERT
COMPANY LLC - US$ 6,750,000.-
(90%)
Address : 1209 Orange Street Corporation
Trust Center, United Stated of America
The USA
b. INTERNATIONAL
AFFILIATED CORP. LLC - US$ 750,000.- (10%)
Address : 1209 Orange Street Corporation
Trust Center, United Stated of America
The USA
BUSINESS ACTIVITIES
Lines of Business:
Gelatine Capsule Manufacturing
Production
Capacity :
a. Gelatine Capsules -
3,950 million pcs. p.a.
b. Trading and Import Services -
US$ 2.0 million
Total Investment :
a. Equity Capital - US$ 7.5 million
b. Reinvested
Profit -
US$ 1.5 million
c. Loan Capital - US$ 10.2
million
d. Total
Investment - US$ 19.2 million
Started Operation :
1996
Brand Name :
GELATINE Capsule
Technical Assistance :
WARNER LAMBERT of the USA
Number of Employee :
145 persons
Marketing Area :
Domestic - 65%
Export - 35%
Main Customers :
a. P.T. SANBE
FARMA
b. P.T. DEXA
MEDICA
c. P.T. FERRON
FARMA
d. P.T. INDO FARMA
e. About 35% of the
products is exported to several Asian countries.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KALBE
FARMA Tbk.
b. P.T. KIMIA
FARMA Tbk.
c. P.T. PHAROS
INDONESIA Tbk.
d. P.T. DARYA
VARIA Tbk.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. CITIBANK N.A.
Landmark Center
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
b. AMERICAN EXPRESS Bank
American Express Bank
Building
Jalan H.R. Rasuna Said Block
X-1
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 172.0
billion
2006 – Rp. 185.0
billion
2007 – Rp. 205.0
billion
2008 – Rp. 118,0
billion (as of 30 June)
Net Profit
(estimated) :
2005 – Rp. 10.3 billion
2006 – Rp. 11.1
billion
2007 – Rp. 12.3
billion
2008 – Rp. 7.0 billion as of 30
June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Eddy Suyadi
Directors - a. Mr. Charles Robert Danjaut
b. Mr.
Muhammad Said Bernard
c. Mrs. Sapti Damajanti
Board of Commissioners :
President Commissioner - Mr. Guido Edouard Driesen
Commissioners - a.
Mr. Edward Allan Gabor
b. Mr. Drs. Thomas Dharmasaputra
Signatories :
President Director (Mr. Eddy Suyadi) or
one of the Directors (Mr. Charles Robert Danjaut, Mr. Muhammad Said Bernard or Mrs.
Sapti Damajanti) which must be approved by the Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 2,700,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. CAPSUGEL INDONESIA (P.T. CI) was established in February 1996 with
the authorized capital of US$ 3,500,000 wholly issued and paid up. The founding
shareholders of the company are WARNER LAMBERT COMPANY and INTERNATIONAL
AFFILIATED CORPORATION, both of the USA. The articles of association of the
company have frequently been revised.
In December 1998, the authorized capital of the company was raised to
US$ 7,500,000 (Rp 17,325,000,000) wholly issued and paid up. The deed of
amendment was made by Mr. Singgih Susilo, SH., a public notary in Jakarta under
Company Registration Number C-30274HT.01.04.TH.2003, dated December 31, 2003
and No. C-UM.02.01.6601, dated April 26, 2006.
P.T. CI obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with Gelatin Capsule
industry having been in operation since 1996 by taking over the activities and
assets of P.T. GELATINDO MUKTI GRAHA having been in operation since 1984. Its
plant is located at Jalan Raya Bogor Km. 42, Cibinong, West Java on a land of
9,300 square meters having frequently been revised. The plant has been expansion
frequently to increasing production capacity in gelatine capsules of 3,950
million pcs per annum, with an investment of US$ 19.2 million, come from owned
capital of US$ 7.5 million, reinvested profit of US$ 1.5 million and the rest
from loans. Some 65% of the products is locally marketed among pharmaceutical
industries such as P.T. SANBE FARMA, P.T. DEXA MEDICA, P.T. FERRON FARMA, P.T.
INDOFARMA and others. Meanwhile, the rest 35% of this is exported to several
Asian countries. We observe the operation of P.T. CI has been growing within
the last five years.
Generally, demand for gelatine capsules and various pharmaceutical
products had been growing in the last five years up to the end 2006 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
|
Year |
Export (US$ Million) |
Import (US$ Million) |
National Sales (Rp. Trilliun) |
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2000 |
59.87 |
234.15 |
10.20 |
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2001 |
69.92 |
195.62 |
13.10 |
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2002 |
80.00 |
202.30 |
15.20 |
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2003 |
98.80 |
210.18 |
17.05 |
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2004 |
101.40 |
215.06 |
20.08 |
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2005 |
104.10 |
220.30 |
23.60 |
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2006 |
109.60 |
231.60 |
26.40 |
Source : 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. CI is a sufficiently good for controlling marketing
network in the big cities.
Until this time P.T. CI 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.
167.0 billion increased to Rp. 172.0 billion in 2005 to Rp. 185.0 billion in 2006 and rose again to Rp. 205.0 billion
in 2007. The operation in 2007 yielded
an estimated net profit at least Rp. 12.3 billion and the company has an
estimated total net worth at Rp. 110.0 billion. It is projected that total sales turnover of the company will
increase at least 10% in 2008. We
observe that P.T. CI is supported by financially strong foreign partners behind
it. So far, we have never heard of 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. CI is led by Mr. Eddy Suyadi (46) with 13 years
of experience in the gelatine capsules manufacturing and trade. Daily activities, he is assisted by three
directors namely Mr. Charles Robert Danjaut (65) from USA, Mr. Muhammad Said
Bernad and Mrs. Sapti Damajanti, both from Indonesia. The management of the company is handled by professional
managers having wide relation with private businessmen within and outside the
country and with the government sectors as well. We observed that management’s reputation in said business is fairly
good. So far, we have never heard 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.
PT. CAPSUGEL INDONESIA is 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.18 |
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UK Pound |
1 |
Rs.75.05 |
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Euro |
1 |
Rs.60.89 |
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%)