MIRA INFORM REPORT

 

 

Report Date :

22.10.2008

 

IDENTIFICATION DETAILS

 

Name :

P.T. MULTIBUANA CIPTA SEJAHTERA

 

 

Registered Office :

Jalan Bangunan Barat No. 25 A Jakarta Timur

 

 

Country :

Indonesia

 

 

Date of Incorporation :

2005

 

 

Com. Reg. No.:

AHU-04123.AH.01.02.Tahun 2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import and Distribution of Pharmaceutical Basic Material

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 114,700

 

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

Name of Company

 

P.T. MULTIBUANA CIPTA SEJAHTERA

 

 

A d d r e s s

Head Office

Jalan Bangunan Barat No. 25 A

Jakarta Timur

Indonesia

Phones             - (62-21) 471 1551

Fax                   - (62-21) 471 3048

Building Area     - 2 storey

Office Space      - 130 sq. meters

Region              - Commercial Building

Status               - Rent

 

 

summary

 

Date of Incorporation :                                           2005

                                  

Legal Form :                                                         P.T. (Perseroan Terbatas) or Limited Liability Company

                                                       

Company Reg. No. :                                              The Ministry of Law and Human Rights

                                                                           No. AHU-04123.AH.01.02.Tahun 2008

                                                                           Dated 28 January 2008

 

Company Status  :                                                Private National Company

           

Permit by the Government Department :      The Department of Finance

                                                                           NPWP No. 02.371.626.9-003.000

  

Related Company :                                               None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 500,000,000.-

Issued Capital                                  : Rp. 300,000,000.-

Paid up Capital                                : Rp. 300,000,000.-

 

Shareholders/Owners :

a. Mr. Franky Darmawan                                        - Rp. 150,000,000.-

    Address : Kav. DKI Block B. 14/8, Pondok Kelapa

                    Jakarta Timur

                    Indonesia

 

b. Mr. Firman Herman                                            - Rp. 150,000,000.-

    Address : Jl. Janur Block B/8, Pondok Kelapa

                    Jakarta Timur

                    Indonesia

 

 

BUSINESS ACTIVITIES

                             

Lines of Business:                         

Trading, Import and Distribution of Pharmaceutical Basic Material

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

2005

 

Brand Name :

MCS

 

Technical Assistance :

None

 

Number of Employee :

7 persons                                       

 

Marketing Area :

Local   - 100%

 

Main Customers :

a.       P.T. KALBE FARMA Tbk

b.       P.T. TEMPO SCAN PACIFIC Tbk

c.       P.T. BUANA INTI CEMERLANG

d.       P.T. FINUSOL PRIMA

e.       Etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. BINTANG INTI TALENTA

b. P.T. DIVA MITRA BOGATAMA

c. P.T. LAWSIM ZECHA

d. PUTRI TUNGGAL

e. Etc.

 

Business Trend :

Growing

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r   :

P.T. Bank CENTRAL ASIA Tbk

Jalan Raya Pemuda No. 25

Jakarta Timur

Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2005 – Rp. 8.0 billion

2006 – Rp. 8.5 billion

2007 – Rp. 9.0 billion

2008 – Rp. 5.0 billion (January-June)

 

Net Profit (estimated) :

2005 – Rp. 400 million

2006 – Rp. 425 million

2007 – Rp. 450 million

2008 – Rp. 250 million (January-June)

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Franky Darmawan

                                                                                                           

Board of Commissioners :

Commissioner                                 - Mr. Firman Herman

                                                                                                           

Signatories :

Director (Mr. Franky Darmawan) which must be approved by Board of Commissioner.

 

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$ 114,700 on 90 days D/A

 

 

OVERALL PERFOMANCE

 

P.T. MULTIBUANA CIPTA SEJAHTERA (P.T. MCS) was established in Jakarta in 2005 with the authorized capital of Rp. 500,000,000 issued capital of Rp. 300,000,000 entirely paid up. The founding shareholders of the company are Mr. Firman Herman and Mr. Franky Darmawan, both are Indonesian businessmen of Chinese extraction. The deed of amendment was made by Mrs. Ririh Krishnani, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-04123.AH.01.02.Tahun 2008, dated January 28, 2008.

 

P.T. MCS started with operation since 2005 in the field of trading and distribution of pharmaceutical raw materials. The above merchandise products are pharmacy additive raw material and food and drink raw material. Mr. Dedy Supriyadi, a marketing staff of the company explained is also importer of pharmaceutical raw material of particularly for the need of pharmaceutical industries. The whole products are imported from China, India, Europe Union, Japan and others countries. Then, the whole products are supplied to pharmaceutical industries such as P.T. KALBE FARMA Tbk, P.T. BUANA INTI CEMERLANG (both of the KALBE Group), P.T. TEMPO SCAN PACIFIC Tbk (the TEMPO Group), and others. We observe the operation of P.T. MCS has been growing in the last three years.

 

In overall we find the demand for pharmaceutical machinery, 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)

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. MCS 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. 8.0 billion rose to Rp. 8.5 billion in 2006 increased to Rp. 9.0 billion in 2007. We estimated the sales turnover as from January to June 2008 amounted to Rp. 5.0 billion with a net profit of Rp. 250 million. It’s projected the total sales turnover will be higher by at least 6% in 2009. The company has an estimated total networth of at least Rp. 1.3 billion. We observe that P.T. MCS is supported by businessmen with has financially fairly strong 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. MCS is led by Mr. Franky Darmawan (30) a young businessman and professional manager with experience in trading, import and distribution of pharmaceutical raw materials. The management is handled by experienced staff in this business, having maintained a wide business relation with private businessmen at home and abroad as well as with government sectors. 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. MULTIBUANA CIPTA SEJAHTERA 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.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.29

UK Pound

1

Rs.80.40

Euro

1

Rs.63.35

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions