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MIRA INFORM REPORT
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Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. BIO FARMA (PERSERO) |
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Formerly Known As : |
LANDSKOEPOK INRICHTING EN INSTITUUT PASTEUR |
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Registered Office : |
Jl. Pasteur No. 28, Bandung 40161, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
03.02.1997 |
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Com. Reg. No.: |
No. AHU-AH.01.10-19828 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Pharmaceutical
Manufacturing |
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No. of Employees
: |
420 Persons |
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$ 16.6
million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. BIO FARMA (PERSERO)
company Address
Head Office & Factory
Jl. Pasteur No. 28
Bandung 40161
West Java
Indonesia
Phones -
(62-22) 2033755 (hunting)
Fax. - (62-22)
2013406
Email - mail@biofarma.co.id
Website - http://www.biofarma.co.id
Land Area - 91,058 sq.
meters
Building Area - 36,500 sq.
meters
Region - Commercial
Status - Owned
Representative Office
Gedung Arthaloka, 3rd Floor, Suite 301-302
Jl. Jend. Sudirman No. 2
Jakarta 10220
West Java
Indonesia
Phones -
(62-21) 2511525 (hunting)
Fax. - (62-21)
2514438
Overseas Marketing Office
BIONET-ASIA Co. Ltd.
Thai CC Tower, 10th floor, Room 103
889 South Sathorn Road
Sathorn Bangkok 10120
Thailand
Phones -
(66) 02 673 9137-39
Fax. - (66) 02 673
9140
Distributor Head Office
PT. Kimia Farma Trading & Distribution
Jl. Budi Utomo No. 1
Jakarta Pusat
Phones -
(62-21) 629 3952, 629 3909
Fax. - (62-21) 639
4300
Year of Incorporation
a. 1890 - 1894 as
Parc Vaccinogen or Landskoepok Incrichting
b. 1895 - 1901 as
Parc Vaccinogen Instituut Pasteur
c. 1902 - 1941 as
Landskoepok Inrichting en Instituut Pasteur
d. 1942 - 1945 as
Bandung Boeki Kenkyushoo (under Japanese occupation)
e. 1946 - 1949 as Landskoepok Inrichting en Instituut
Pasteur
f. 1950 - 1954 as Gedung Cacar and Lembaga
Pasteur
g. 1955 - 1960 as Perusahaan Negara Pasteur
h. 1961 - 1977 as Perusahaan Negara (PN) Bio Farma
i. 1978 - 1996
as Perum (Perusahaan Umum) Bio Farma
j. Since 3 February 1997 as PT. BIO FARMA
(Persero)
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Laws and Human Rights
a. No.
C-31460.HT.01.04.TH.2005
Dated 25 November 2005
b. No.
AHU-61576.AH.01.02.Tahun 2008
Dated 12 September 2008
c. No.
AHU-AH.01.10-19828
Dated 09 November 2009
Company Status
State Owned Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
01.000.014.9-051.000
The Government
Regulation
PP RI No. 26 in
1978
Dated 31 August
1978
Affiliated Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp.
1,000,000,000,000.-
Issued Capital - Rp. 450,000,000,000.-
Paid up Capital - Rp.
450,000,000,000.-
Shareholders/Owners
:
The Government of the Republic of Indonesia – Rp. 450,000,000,000.- (100%)
BUSINESS ACTIVITIES
Lines of
Business :
a. Pharmaceutical
Manufacturing
b. Laboratory
Testing Services
Production
Capacity :
1. Final
Product
a. BCG Vaccines -
1,152,000 Ampoules p.a.
b. Poliomyelitis Vaccines - 9,000,000 Vials p.a.
c. Measles, Hib FD, MR Vaccines -
4,000,000 Vials p.a.
d. Vaccine Packed in Unijects - 12,000,000 Pouches p.a.
e. Combination Vaccines - 15,000,000 Vials p.a.
f. Vaccine, Sera, Solvent - 13,500,000 Ampoules p.a.
2. Bulk
a.
Diphtheria -
160,000,000 dosages p.a.
b. Tetanus -
200,000,000 dosages p.a.
c. Pertussis -
80,000,000 dosages p.a.
d. OPV -
900,000,000 dosages p.a.
e. Measles - 80,000,000 dosages p.a.
Started
Operation :
1890
Brand Name :
BIO FARMA
Technical
Assistance :
None
Number of
Employee :
420 persons
Marketing Area
:
Local (Domestic) - 70%
Overseas - 30%
Main Customers
:
a. PT. Kimia
Farma Trading & Distribution
b. PT. Sagi Capri
c. PT. Kertajaya
Utama Famatical
d. PT. Pamor Baru
e. Bionet Asia
Co. Ltd., of Thailand
f. Unicon International FZE of Uni Arab Emirate
g. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Kimia Farma
Tbk
b. PT. Kalbe Farma Tbk
c. PT. Pharos Indonesia
d. PT. Sanbe Farma
e. PT. Merck Tbk,
etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. PT. Bank Negara
Indonesia Tbk
Jalan Asia Afrika No. 119
Bandung, West Java
Indonesia
b. PT. Bank Mandiri Tbk
Jalan Asia Afrika No. 107
Bandung, West Java
Indonesia
Auditor :
KAP Aryanto, Amir Jusuf, Mawar and Saptoto (RSM AAJ Associates)
Litigation :
No detrimental
filling in our database
FINANCIAL FIGURE
Total
Sales/Income :
2007 – Rp. 745.4 billion
2008 – Rp. 805.8 billion
2009 – Rp.
1,183.0 billion
2010 – Rp.
1,210.0 billion
2011 – Rp.
1,302.0 billion (estimated)
Net Profit :
2007 – Rp. 116.8 billion
2008 – Rp. 138.4 billion
2009 – Rp. 217.7 billion
2010 – Rp. 246.6 billion
2011 – Rp. 249.1 billion (estimated)
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Drs. Iskandar, Apt., MM
Finance & Human Resources Director - Mr. Drs. Mohammad Sofie A. Hasan
Marketing Director -
Mr. Sarimuddin Sulaeman, SH., M.Hum
Production Director -
Mr. Drs. Mahendra Suhardono, Spt., MM
Planning & Development Director - Dr. Elvyn Fajrul Jaya Saputra
Board of Commissioners :
President Commissioner - Dr. Achmad Sujudi, MHA
Commissioners - a. Prof. DR. Ahmad Ramli, SH., MH.,
FCB Arb
b. Prof. Dr. Sam Soeharto, Sp.MK
c. DR. Triono Sundoro, Ph.D
d. DR. Ir. Chaizi Nasucha, MPKN
Signatories :
President Director (Mr.
Drs. Iskandar, Apt., MM) or one of the directors (Mr. Drs. Mohammad Sofie A.
Hasan, Mr. Sarimuddin Sulaeman, SH., M.Hum., Mr. Drs. Mahendra Suhardono, Spt.,
MM and Dr. Elvyn Fajrul Jaya Saputra)
which must be approved by President Commissioner (Dr. Achmad Sujudi,
MHA) and one of the Commissioners.
CAPABILITIES
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 16.6 million
on the 90 days D/A
OVERALL PERFORMANCE
Originally named PARC VACCINOGEN or LANDSOEPOK INRICHTING , a research institute for vaccine established in 1890 to 1894 by the Dutch colonialist government whose name has from 1895 to 1901 changed into PARC VACCINOGEN INSTITUUT PASTEUR and changed its name again to LANDSKOEPOK INRICHTING EN INSTITUUT PASTEUR. The company’s name and legal status has subsequently been changed for a couple of times.
Since on February 3, 1997 its name and legal status changed into a Perseroan Terbatas (P.T.) BIO FARMA (Persero) with trading style of BIO FARMA, a limited liability company. P.T. BIO FARMA was set-up with an authorized capital of Rp 150,000,000,000.- issued capital Rp 66,268,000,000.- wholly paid up. Its whole shares are controlled by the government. In July 2008, the authorized capital of the company was raised to Rp. 1,000,000,000,000 of which Rp. 450,000,000,000 was issued and fully paid up. Whole shares of the company have up to present been controlled by the government of the Republic of Indonesia. P.T. BIO FARMA is a state-owned company (BUMN) managed by the State Minister for Investment and Promotion of State Enterprises.
Originally, P.T. BIO FARMA was a non commercial organization conducting a research for virus vaccine vaccinia (lymph) for the need of the army. P.T. BIO FARMA also produces vaccines for BCD, Poliomyelitis, Measles, Hib FD, MR, Diphteria, Tetanus, Pertussis and others. Now, P.T. BIO FARMA is a business firm and the most completed vaccine producer worldwide. In its operation, P.T. BIO FARMA has been in various cooperation with several international bodies including with The Refik Saydam Hygiene Center from Turk on technological transfer on the producing of polio and Smallpox vaccines. Meanwhile, with Research Foundation for Microbial Diseases of Osaka University (BIKEN) of Japan also tied cooperation in the development of vaccine producing of Smallpox vaccine named CAM 70 by using Tanabe Strain Virus technology of BIKEN.
P.T. BIO FARMA is a state owned company producing vaccines and sera to support immunization program in Indonesia and other countries. P.T. BIO FARMA has been included in the pre-qualification of World Health Organization (WHO). Vaccines produced by Bio Farma consist of virus vaccines (measles vaccines, Oral Polio Vaccines and Hepatitis B Vaccines) and bacterial vaccines (DPT Vaccines, TT Vaccines, DT Vaccines and BCG Vaccines). Since 1997 up to present Bio Farma has supplied vaccines to lots of countries through UNICEF, PAHO and other buyers. To increase the quality and capacity of the products as well as the human resources, Bio Farma is in close cooperation with national and international organizations/institutions. Bio Farma is actively involved in membership of international organizations like IVI (International Vaccine Institute), DCVMN (Developing Country Vaccine Manufacturers Networks), and SRVP-IDB (Self Reliance on Vaccine Production) in Moslem countries organized by Islamic Development Bank (IDB).
Other cooperation are including with Program for Appropriate Technology in Health (PATH), an international non governmental organization of the USA and Becton Dickinson, a USA’s firm producing laboratory equipments for diagnostic, medic and health. The cooperation was held to develop BIO FARMA in supplying of disposable packaging type vaccine in according to the WHO’s pre qualification standard. In the cooperation, P.T. BIO FARMA prepares Tetanus Toxoid (TT) vaccine with an amount of 9 million dosages within three years to be donated to the UNIDEF and then distributed to other countries. P.T. BIO FARMA also cooperates with KOREAM GREEN CROSS CORPORATION (KGCC) for technological transfer of Hepatitis B vaccine.
Around 70% of P.T. BIO FARMA’s products are directly absorbed by the government sector through the Department of Health, meanwhile the rest 30% is exported to Vietnam, Thailand, the Philippines, South Korea and the Latin America countries as well as the Middle East. P.T. BIO FARMA is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, demand for pharmaceutical products, medical equipment, food supplement, and other has been increasing in the last five years in line with the development of technology in medical fields, hospitals, health clinics, health laboratories, educational medical institutions, and others. The competition is very tight on account of many similar companies operating in the country. Besides, the growth of the development of hospitals in the last five years is estimated to increase the demand for pharmaceutical products and medical equipment. Business competition is very tight due to a large number of similar companies operating in the country. The business position of P.T. BIO FARMA is favorable for having established regular customers and wide marketing networks in the country.
According to the financial highlights of P.T. BIO FARMA audited by a public accountant, total sales turnover of the company in 2007 amounted to Rp. 745.4 billion with a net profit of Rp. 116.8 billion soared to Rp. 805.8 billion with a net profit of Rp. 138.4 billion in 2008 and rose again to Rp. 1,183.0 billion with a net profit of Rp. 217.7 billion in 2009. Mr. Drs. Iskandar, the president director of P.T. BIO FARMA explained that the total sales turnover of the company in 2010 increased to Rp. 1,210.0 billion with a net profit of Rp. 246.6 billion and it projected to be rising again to Rp. 1,302.0 billion with a net profit Rp. 249.1 billion in 2011 with a total assets of Rp. 1,380.0 billion. The Based on information obtained from some customers, the payment habit of the company is smooth ranging from 1 to 3 months. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. BIO FARMA is headed by Mr. Drs. Iskandar, Apt., MM (56), graduated from the Bandung Institute of Technology (ITB) majoring in Pharmaceutical in 1980. He began his career at PT. BIO FARMA as staff of Infusion Prod8uction Department in 1982 and had experienced in several positions. Appointed as President Director of the company since 2009 to present. In his daily activities, he is assisted by four directors namely Mr. Drs. Mohammad Sofie A. Hasan (46), Mr. Sarimuddin Sulaeman, SH., M.Hum. (61), Mr. Drs. Mahendra Suhardono, Spt., MM (49) and Dr. Elvyn Fajrul Jaya Saputra (44). The management is handled by professional managers having wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not hear that the reports on involvement of P.T. BIO FARMA’s management in any fraudulent dealings. P.T. BIO FARMA is appraised quite feasible for normal business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.40 |
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UK Pound |
1 |
Rs.80.20 |
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Euro |
1 |
Rs.68.92 |
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 |
|
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.