MIRA INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. PHAROS INDONESIA |
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Formerly Known As : |
P.T. PHAROS INDONESIA LTD |
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Registered Office : |
Gedung Pharos, Jalan Limo No. 40 –
42A, Permata Hijau, Senayan, Jakarta 12220 |
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Country : |
Indonesia |
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Date of Incorporation : |
30.09.1971 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-13946 |
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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
: |
720 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$ 4,830,000 |
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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. PHAROS
INDONESIA
company Address
Head Office &
Factory
Gedung Pharos
Jalan Limo No. 40 – 42A
Permata Hijau, Senayan
Jakarta 12220
Phones -
(62-21) 7200981, 7244415
F a x -
(62-21) 7260788
Cable -
PHAROS JAKARTA
P.O. Box -
1502/Jkt 10015
Website -
http://www.pharos.co.id
E-Mail -
dir@pharos.co.id
Land Area -
8,200 sq. meters
Office Space -
4,650 sq. meters
Region -
Commercial
Status -
Owned
Date of Incorporation
30 September 1971 as P.T. PHAROS INDONESIA LTD., changed its name to
P.T. PHAROS INDONESIA on August 7, 2003.
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
No.
AHU-AH.01.10-13946
Dated 25 August
2009
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.000.737.5-062.000
The Department of
Health
a. No. 7643/D/SK/PAB/74
Dated 29 August 1974
b. No. 3515/AA/III/77
Dated 9 June 1977
Parent Companies
a. P.T. ADMORE MAKMUR SEJAHTERA
(Investment Holding)
b. ALTERA HEALTHCARE LIMITED of Hong Kong (Investment Holding)
Related Companies
a. P.T. ANTARMITRA SEMBADA Ltd.
(Import, Export and Distribution)
b. P.T. NOVELL PHARMACEUTICAL LABORATORIES (Pharmaceutical
Manufacturing)
c. P.T. CENTURY FRANCHISINDO UTOMO (Distribution of Pharmaceutical &
Medical Products)
d. P.T. IMPAC INDO MITRASEMBADA (Creative Management Engineering)
e. P.T. LAHAN ASPRINDO LESTARI (Sole Agent of Consoled Products for
Indonesia)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- Rp. 3,500,000,000.-
Issued Capital - Rp. 3,500,000,000.-
Paid up Capital - Rp. 3,500,000,000.-
Shareholders/Owners :
a. Mr. Drs. Eddie Lembong - Rp. 15,000,000.- (
0.43%)
Address : Jl. Permata Intan B/8
Kel. Permata Hijau
South Jakarta
b. P.T. ADMORE CORPORATION - Rp. 1,485,000,000.- (42.43%)
Address : Jl. Limo No. 40
Kel. Kebayoran Lama
South Jakarta
c. ALTERA HEALTHCARE Ltd. - Rp. 2,000,000,000.- (57.14%)
Address : Room 805, Kai Wong Commercial
Building
222 – 226, Hong Kong
HONGKONG
BUSINESS ACTIVITIES
Lines of Business
:
Pharmaceutical Manufacturing
Production
Capacity :
a. Capsules - 35.0 million pcs. p.a.
b. Tables -
140,0 million pcs. p.a.
c. Syrups -
280.0 thousand liters p.a.
d. Creams - 20.0 tons p.a.
e. Powders - 40.0 tons p.a.
Total Investment :
a. Owned Capital - Rp. 60.0 billion
b. Loan
Capital - Rp. 10.0 billion
c. Total
Investment - Rp. 70.0
billion
Started Operation :
January 1973
Brand Name :
PHAROS
Technical Assistance :
a. Smith & French Overseas Co., of the USA
b. Advance Nutritional Technology Inc., of the USA
c. B.Y.K. Gulden of Germany
d. SYNTHELABO Pharmaceutical S.A., of France
e. B-HEPAVAC II MSD. INT of the USA
f. BOEHRINGER MANNHEIN of Germany
g. SCHWARZ PHARMA of Germany
Number of Employee :
720 persons
Marketing Area :
Domestic
(Local) - 100 %
Main Customers :
a. Hospitals
b. Drugstores
c. Dispensaries
d. Retail Shops
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Kalbe
Farma
b. P.T. Enseval
c. P.T. Abbot
Indonesia
d. P.T. Kimia
Farma
e. P.T. Bintang
Toejoeh
f. P.T. Tempo Scan Pacific
g. P.T. Merk Tbk
h. P.T. Sanbe Farma
i. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a.
P.T. Bank CENTRAL ASIA Tbk
Jalan Permata Hijau Blok D/27
Jakarta
Selatan
b. P.T.
Bank CIMB NIAGA Tbk
Jalan Permata Hijau Blok
Jakarta Pusat
c. JP
MORGAN CHASE Bank
Jalan Jend. Sudirman Kav. 21
Jakarta Selatan
d. P.T. Bank NEGARA INDONESIA Tbk
Jalan Gatot Subroto 95, Kav. 22
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2007 – Rp. 246.0
billion
2008 – Rp. 280.0
billion
2009 – Rp. 315.0
billion
2010 – Rp. 352.0
billion
2011 – Rp. 196.0
billion (January – June)
Net Profit
(estimated) :
2007 – Rp. 18.2 billion
2008 – Rp. 21.0 billion
2009 – Rp. 23.6 billion
2010 – Rp. 26.2 billion
2011 – Rp. 14.5 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director - Mr. Andre Arief Lembong
Board of Commissioner :
President
Commissioner - Mr. Drs. Eddie Lembong
Commissioner - Mrs. Melly Saliman
Signatories
:
The Director (Mr.
Andre Arief Lembong) which must be approved by the Board of Commissioners (Mr.
Drs. Eddie Lembong and Mrs. Melly Saliman)
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$ 4,830,000.- on the 90 days of payments
OVERALL PERFORMANCE
Originally named P.T. PHAROS INDONESIA LTD., was established on September 30, 1971 with an authorized capital of Rp 300,000,000.-, entirely was issued and paid up. The initial founding shareholders are Mr. Wim Kalona AKA Liem Tjae Ho and Mr. Drs. Eddie Lembong AKA Ong Sioe Hong, both Chinese-Indonesian businessmen. In 1973 Mr. Wim Kalona resigned and he was replaced by Mr. Dr. Albert Lembong, a younger brother of Mr. Eddie Lembong. In March 1997 Mr. Dr. Albert Lembong pulled out and he was replaced by P.T. ADMORE CORPORATION, a national private company which the majority shares is controlled by Mr. Eddie Lembong. On August 7, 2003 the company’s named was changed to P.T. PHAROS INDONESIA (P.T. PI). Lastly, on July 27, 2009 the authorized capital was raised to Rp. 3,500,000,000.- entirely was issued and fully paid up. Since that time, the shareholders of the company are Mr. Drs. Eddie Lembaong (0.43%), P.T. ADMORE CORPORATION of Indonesia (42.43%) and ALTERA HEALTHCARE Ltd., of Hong Kong (57.14%). The amendment to Articles of Association was made by Mrs. Merryana Suryana, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-13946, dated August 25, 2009. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. PI has been operating since 1973 in pharmaceutical industry with its plant located at Jalan Limo No. 40, Kebayoran Lama, South Jakarta. The plant produces tablet, capsule, caplet, syrup, cream and powder medicines using Pharos brand under the licenses of SMITH & FRENCH OVERSEAS CO., of the USA, ADVANCE NUTRITIONAL TECHNOLOGY Inc., of the USA, B.Y.K. GULDEN AND BOEHRINGER MANNHEIN of Germany, SYNTHELABO PHARMACEUTICAL S.A. of France, etc. Mr. Pangestu, the R&D manager of P.T. PI, said that 50% of the product is Ethical drugs, 30% over the counter drugs (OTC) and 20% of the products is Food Supplement. The products are distributed by a number of pharmaceutical wholesalers, such as, P.T. BALI FARMA, P.T. BHAKTI FARMA, P.T. KRESHNA FARMA, P.T. LABORA NUSANTARA GANI and P.T. PENHIBU UTAMA.
Besides, P.T. PI is also dealing with investment holding, it controls 6.46% shares of P.T. NOVELL PHARMACEUTICAL LABORATORIES, also in pharmaceutical industry and the rest is owned by Phoenix Healthcare International Ltd., of Hong Kong (93.54%). We observe that P.T. PI is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally outlook we find the demand for pharmaceutical products had been rising by 6% to 7% per year in line with the development of hospitals, public clinics, dispensaries, drugstores, etc. Business prospect in the long run for pharmaceutical products is quite promising once unstable economic condition starts recovery. But competition is very tight due to a large number of similar companies operating in the country. Business position of P.T. PI is quite well for it has established a wide marketing network at home.
Until this time P.T. PI has not been listed in the Indonesian Stock Exchange so that the company shall not obliged to announce its financial statement to the public. We estimate that total sales turnover of P.T. PI in 2008 was estimated at Rp 280.0 billion increased to Rp 315.0 billion in 2009 and rose again to Rp 352.0 billion in 2010. The operation in 2010 yielded an estimated net profit at Rp 26.2 billion and the company has estimated total assets at around Rp 120.0 billion. It is projected the total sales turnover in 2011 will be higher by 12%. We did not hear that the company has been black listed by Central Bank (Bank Indonesia) and detrimental cases were settled in the courts.
The president director of P.T. PI is Mr. Andre Arief Lembong (45), a Pharmaceutical Doctor with experience for more than 13 years in pharmaceutical industry and trade. He is a son of Mr. Drs. Eddie Lembong (75) is a leading indigenous businessman in pharmaceutical product industry in Indonesia with experience for more than 37 years. The management has maintained a wide business relation among private businessmen at home and abroad as well as among government sectors. 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 relation in banking sector is good enough and P.T. PI has not registered with the black list of Bank of Indonesia.
We appraise that P.T. PHAROS INDONESIA is good enough for normally business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.81 |
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UK Pound |
1 |
Rs.82.00 |
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Euro |
1 |
Rs.68.81 |
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 |
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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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.