MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. PARIT PADANG |
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Registered Office : |
Jl. Gunung Sahari XII No. 6-7 Jakarta Pusat 10720 |
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Country : |
Indonesia |
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Date of Incorporation : |
27.08.1957 |
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Com. Reg. No.: |
AHU-32211.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import
and Distribution of Pharmaceutical Products Investment Holding |
RATING &
COMMENTS
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MIRAs 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$ 9.2 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. PARIT
PADANG
Address
Head Office
Jl. Gunung Sahari
XII No. 6-7
Jakarta Pusat
10720
Indonesia
Phone - (62-21) 6395900,
6393452
Fax - (62-21) 6007386
Email - info@paritpadang.co.id
Website - http://www.paritpadang.co.id
Building Area - 2 storey
Office Space - 560 sq. meters
Region - Commercial
Status - Owned
Marketing Office
Jl. Pulo Gadung
No. 5
Kawasan Industri
Pulogadung
Jakarta Timur
Indonesia
Phone - (62-21) 46834180
(hunting)
Fax - (62-21) 46834181
Building Area - 2 storey
Office Space - 680 sq. meters
Region - Commercial
Status - Rent
summary
Date of Incorporation :
27 August 1957
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-32211.AH.01.02.Tahun 2008
Dated 11 June
2008
Company
Status :
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.303.296.6-026.000
Related
Companies :
a.
P.T.
SOHO INDUSTRI PHARMASI (Pharmaceutical Manufacturing)
b.
P.T.
ETHICA (Pharmaceutical Manufacturing)
c.
P.T.
ICI FARMASI INDONESIA (Pharmaceutical Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
15,950,000,000.-
Issued Capital : Rp.
15,950,000,000.-
Paid up Capital : Rp.
15,950,000,000.-
Shareholders/Owners
:
a. Mr. Tan Eng Liang -
Rp. 11,962,500,000.- (75.0%)
Address :
Sydney, 96 St. Aples Street
Kingsgrove NSW
2208
Australia
b. Mrs. Tan Giok Nio -
Rp. 1,993,750,000.- (12.5%)
Address :
Sydney, 26 Bobadah Street
Kingsgrove NSW
2208
Australia
Indonesia
c. Mrs. Tan Kin Nio -
Rp. 1,993,750,000.- (12.5%)
Address : Jl Pantai Kuta IV/20
Ancol, Pademangan
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
a. Trading,
Import and Distribution of Pharmaceutical Products
b. Investment Holding
Production
Capacity :
None
Started
Operation :
1956
Technical
Assistance :
None
Number of
Employee :
260 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. The Department
of Health
b. State and
private owned hospitals
c. Dispensaries and
drug stores
d. Policlinics
and Public Health Center
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ENSEVAL
PUTRA MEGATRADING
b. P.T. SIGNA
HUSADA
c. P.T. GALENIUM
PHARMASIA
d. P.T. MERAPI
UTAMA PHARMA
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank
CENTRAL ASIA Tbk.
BCA Plaza
Jl. Jend. Sudirman Kav. 22-20
Jakarta Selatan
b. P.T. Bank
NEGARA INDONESIA Tbk.
Wisma BNI Kota 46
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 Rp. 615.0 billion
2006 Rp. 680.0 billion
2007 Rp. 770.0 billion
2008 Rp. 430.0 billion (January-June)
Net Profit
(estimated) :
2005 Rp. 34.5
million
2006 Rp. 38.0
million
2007 Rp. 43.0
million
2008 Rp. 24.0
million (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Sutikno Sugondho, SH.
Board of Commissioners :
President Commissioner -
Mr. Tan Eng Liang
Commissioner -
Mr. Drs. Wijono Widjojo
Signatories :
Director (Mr. Sutikno
Sugondho, SH.) which must be approved by Board of Commissioners (Mr.Tan Eng
Liang and Mr. Drs. Wijono Widjojo).
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 9.2 million
on 90 days D/A
OVERALL PERFOMANCE
The full name of the company is P.T. Perseroan Dagang
dan Industri Pharmasi PARIT PADANG abbreviated to P.T. PARIT PADANG (P.T. PP)
was established in Jakarta in 1956 with the authorized capital of Rp. 100,000
of which Rp. 20,000 was issued and fully paid up. The founding shareholders are
Mr. Djamrut and Mr. Darwis, both are Indonesian businessmen of Chinese
extraction. In 1986, the authorized capital of the company was raised to Rp.
25,000,000 fully issued and paid up and concurrently whole shareholders
withdrew and into the company entered new shareholders namely the late Mr. Tan
Tjhoen Lim, his wife Mrs. Lie Mie Khioen, and the late Mr. Tan Tjoen Fa. The
articles of association of the company have frequently been revised. In
December 2000, the authorized capital of P.T. PP was increased to Rp.
15,950,000,000 fully issued and paid up and concurrently the shareholders were
Mrs. Lie Mie Khioen, Mr. Tan Eng Liang, Mrs. Tan Giok Nio and Mrs. Tan Kin Nio,
all are Indonesian business family of Chinese extraction.
Lastly in May 2008 the shareholders had changed and Mrs. Lie Mie
Khioen pulled out and the whole shares
sold to Mr. Tan Eng Liang (75%). Mrs.
Tan Giok Nio (12.5%) and Mrs. Tan Kin Nio (12.5%), The deed of amendment was made by Mrs. Yani Indrawaty Wibawa,
SH., a public notary in Jakarta under Company Registration Number
AHU-32211.AH.01.02.Tahun 2008, dated June 11, 2008.
P.T. PP has been in commercial operation since 1956
dealing with trading, importing, supplying and distribution of pharmaceutical
products and investment holding. P.T. PP is sole distribution of pharmaceutical
products produced by its sister companies such as P.T. ETHICA, P.T. SOHO
INDUSTRI FARMASI and P.T. ICI FARMASI INDONESIA. Besides, P.T. PP also
distributes pharmaceutical products produced by other pharmaceutical
manufacturing operating in the country such as P.T. PFIZER INDONESIA, P.T.
ASTRA ZENECA INDONESIA, P.T. MAHAKAM BETAFARMA, P.T. SPLASH INDONESIA, P.T.
NESTLE INDONESIA, and products import from the USA, Jordan, etc. P.T. PP is a company professionally
distributing pharmaceutical products in the country having wide marketing
networks in the country including in public hospitals, and private hospitals.
P.T. PP also has wide relation with chairmen of policlinics including the
Public Health Center (PUSKESMAS). In investment holding, P.T. PP controls
shares of P.T. ETHICA, P.T. SOHO INDUSTRI FARMASI and P.T. ICI FARMASI
INDONESIA. P.T. PP is classified as a large sized company of its kind in the
country of which the operation has been running smoothly and growing well in
the last four years.
Generally, local demand for pharmaceutical products
had kept increasing by 7% to 8% on the average per annum in the last five years
up to 2007 having close relation with the growth of Indonesian population and
the public health awareness. The increasing demand also has close relation with
the development of new hospitals, Public Health Center (PUSKESMAS), policlinics
and others. The agrochemical products have also increasing in line with the growth
of agricultural and plantation companies.
The competition is very tight on account of lots of
similar companies operating in the country. The business position of P.T. PP is
favourable for having already established regular customers and wide marketing
networks in the country. P.T. PP has more than 25 branch offices in several big
cities in Indonesia.
Until this time P.T.
PP has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of the company is very
reclusive towards outsiders and rejected to disclose its financial condition
but we estimated that total sales turnover of P.T. PP in 2005 amounted to Rp.
615.0 billion went up to Rp. 680.0 billion in 2006 to Rp. 770.0 billion in
2007 and projected to be rising by 12%
in 2008. The operation of P.T. PP in
2007 is estimated to have gained a profit of Rp. 43.0 billion with an estimated
networth of Rp. 220.0 billion.
We observe that P.T. PP 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. PP is headed by Mr. Sutikno
Sugondo, SH (74), a professional businessman with more than 47 years of
experience in trading and distribution of pharmaceutical products. However, we
believed that the prime mover of the company is Mr. Tan Eng Liang (60), a
businessman with wide experience in industry and trading of pharmaceutical
products. Mr. Tan Eng Liang is a
graduate from one of universities of Germany majoring in physics. The
management of the company has wide relation with private businessmen of home
and overseas as well as with the government sectors.
P.T. PP is appraised to be good for normal 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.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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 SCs 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%)