MIRA INFORM REPORT
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Report Date : |
18.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PHARMACEUTICAL PROCESSING INDUSTRIES
Tbk |
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|
|
Formerly Known As : |
P.T. PHARMACEUTICAL PROCESSING INDUSTRIES |
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Registered Office : |
Gedung RNI, Jalan
Denpasar Raya Kav. D III, Kuningan,
Jakarta Selatan, 12950 |
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.06.1954 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-24623 |
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|
Legal Form : |
Public Listed
Company |
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Line of Business : |
Pharmaceutical Manufacturing |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 2,500,000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment
Behaviour : |
No Complaints |
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|
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. PHARMACEUTICAL PROCESSING INDUSTRIES Tbk
(P.T. PHAPROS Tbk)
company Address
Head Office
Gedung RNI
Jalan Denpasar Raya Kav. D III
Kuningan
Jakarta Selatan, 12950
Indonesia
Phones -
(62-21) 5276263, 2523820, 2523830
Fax -
(62-21) 5209381, 5202837
E-mail - sekkorp@rni.co.id
Building Area - 6 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Simongan
131
Semarang 50148
Central Java
Indonesia
Phones - (62-24) 7607330, 7607325
Fax - (62-24) 7605133
Land Area - 27,000 sq.
meters
Building Area - 25,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 21 June 1954 as N.V.
PHARMACEUTICAL PROCESSING INDUSTRIES
b. 1985 as P.T. PHARMACEUTICAL
PROCESSING INDUSTRIES
c. 11 September 2000 as P.T.
PHARMACEUTICAL PROCESSING INDUSTRIES Tbk
Legal Form
P.T. Tbk
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry
of Law and Human Rights
- No. C2-25456.HT.01.04.TH.1998
Dated 31 October 1998
- No. AHU-77832.AH.01.02.TH.2008
Dated 24 October 2008
- No. AHU-AH.01.10-24623
Dated 30 September 2010
Company Status
Private National
and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Capital
Investment Coordinating Board
No.
22/III/PMDN/1984
Dated 12 May 1984
The Department
of Health
No. 64/PH/55/B
Dated 03 February
1955
Related Company
A Member Company
of the RNI Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
100,000,000,000.-
Issued Capital : Rp. 42,000,000,000.-
Paid up Capital : Rp. 42,000,000,000.-
Shareholders/Owners
:
a. P.T. RAJAWALI NUSANTARA INDONESIA -
Rp. 23,100,000,000.-
b. Public (more than 500 persons) -
Rp. 18,900,000,000.-
BUSINESS ACTIVITIES
Lines of
Business :
Pharmaceutical
Manufacturing
Production
Capacity :
a. Tablets - 600,000,000 pieces p.a.
b. Dragees - 650,000,000 pieces p.a.
c. Injections - 16,500,000 pieces p.a.
d. Capsules - 15,000,000 pieces p.a.
Total
Investment :
Owned Capital - Rp. 100.0
billion
Started
Operation :
1955
Brand Name :
Phapros
Technical
Assistance :
None
Number of Employee
:
565 persons
Marketing Area
:
Local - 100%
Main Customer
:
Hospitals, Drug
Store, Dispensary
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KALBE
FARMA Tbk
b. P.T. INDOFARMA Tbk
c. P.T. KIMIA FARMA Tbk
d. P.T. DEXA MEDIKA
e. Etc.
Business Trend
:
Fluctuating
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan
Kepodang No. 6-B
Semarang,
Central Java
Indonesia
b. P.T. Bank CIM
NIAGA Tbk
Jalan Pemuda No. 21 B
Semarang,
Central Java
Indonesia
c. CITIBANK N.A.
Bapindo
Plaza
Jalan
Jend. Sudirman Kav. 55-56
Jakarta Selatan
Indonesia
Auditor :
HLB Hadori and
Rekan
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales :
2008 – Rp. 279.7
billion
2009 – Rp. 318.5
billion
2010 – Rp. 433.2
billion
Net Profit :
2008 – Rp. 36.5
billion
2009 – Rp. 45.6
billion
2010 – Rp. 61.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Drs. Erlangga Tri Putranto, Akt
Directors -
a. Mr. Sutiyono, SE
b. Mr. Drs. Iswanto, Apt. MM
c. Mr. Herman Santoso, SE, MM.
Board of Commissioners :
President Commissioner -
Mr. Ir. Bambang Prijono Basoeki
Commissioners -
a. Mr. Drs. Sugianto Umar Kasan, Akt
b. Mr. Rs. Masrizal Achmad Syarief, Apt
c. Prof. DR. dr. Farid Anfasa Moeloek, SpOG
Signatories :
President Director (Mr.
Drs. Erlangga Tri Putranto, Akt) or one of the Directors (Mr. Sutiyono, SE, Mr.
Drs. Iswanto, Apt, MM or Mr. Herman Santoso, SE, MM.) 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$ 2,500,000 on
90 days D/A
OVERALL PERFORMANCE
Initially named N.V. PHARMACEUTICAL PROCESSING INDUSTRIES abbreviated to
N.V. PHAPROS, it was established in 1954 with the legal status Naamloze
Vennotschap) or limited liability company with the authorized capital of Rp.
1,000,000 of which Rp. 250,000 was issued and fully paid up. The founding
shareholders of the company are N.V. Bankvereening OEI TIONG HAM and Mr. Ho Wie
Han. In 1960, whole shareholders withdrew and replaced by P.T. RAJAWALI
NUSINDO, a state owned company. The articles of association of the company have
frequently been revised. In 1985, the company renamed to P.T. PHARMACEUTICAL
PROCESSING INDUSTRIES and in September 2000 to P.T. PHARMACEUTICAL PROCESSING
INDUSTRIES Tbk (P.T. PHAPROS Tbk). The capital structures and shareholders
composition of the company in details are as shown on profile of this report.
The deed of amendment was made by Mr. Benny Kristianto, SH., was approved by
the Ministry of Law and Human Right in its Decision Letter No.
C2-25456.HT.01.04.TH.1998, dated October 31, 1998. The latest in April 2010 the
board of directors and the board of commissioners of the company had been
changed (see profile of this report). The latest revision of notary documents
was made by Mrs. Liany Dewi Sanjoto, SH., a public notary in Jakarta and was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-24623 dated September 30, 2010.
P.T.
PHAPROS Tbk is a member company of the RAJAWALI NUSINDO Group, a business group
owned by the government of the Republic of Indonesia. The group's main business
activities are in sugar mill industry, palm oil refinery, tanning industry,
pharmaceutical industry, glove industry, etc.
P.T. PHAPROS Tbk obtained a Domestic Capital Investment (PMDN) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with pharmaceutical manufacturing by operating a plant located at Jalan Simongan No. 131, Semarang, Central Java on a land of 2.7 hectares. Phapros has currently been producing 342 items of pharmaceutical products, among them 313 are own-developed (non-license). The plant had been operating since 1955 by produces Tablets of 600,000,000 pcs, Dragees of 650,000,000 pcs, Injections of 16,500,000 pcs, and Capsules of 15,000,000 pcs per annum. The products being produced by the company consist of tablets, dragees, injections and capsules being widely popular in the country including Acetosal Tablet 100 Mg, Amoxyllin Capsul 250 Mg, Antalgin Injection 2 Ml, Antimo Tablet 50 Mg, Dermazine Cream Tube 250 Gr, Dextrofen Syrup 100 Ml, Uroquad Tablet 300 Mg and others.
Whole products of the company are locally marketed by its parent company P.T. RAJAWALI NUSINDO using Phapros brand. At the end of 2003, the company along with two state owned companies P.T. KIMIA FARMA Tbk and P.T. INDOFARMA Tbk was going to be merged. However the merger has yet been realization. To improve its business structure, Phapros continuously strengthen its various strategic partners. In 2004, the Company maintained its alliances with a leading number global company possessing strong R & D. However, the plan has yet to be realized. P.T. PHAPROS Tbk is classified as a large sized company of its kind in the country of which the operation has been fluctuating in the last three years.
According to data from Intercontinental medical Services (IMS), it is
predicted that the growth of the national pharmaceutical market up to the end
of 2009 reached 13.31% hence indicating a decrease compared to 2008 which grew
by 16.59%. In 2009, two important events took place in this county, namely
Legislative Election and Presidential Election. Business players had been
waiting for the outcomes and these democratic outcomes serve as foundation to
the company to grow in the future. Generally, demand for laboratory and medical
equipment and various pharmaceutical products had been growing in the last five
years up to the end 2010 as pictured in sales value of national pharmaceutical
products, import value and export value issued by the 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. Phapros is a sufficiently fairly good
because the company has captive market namely the state-owned hospital and
private hospital in the country. According the BPOM that national
pharmaceutical sales as shown are as the following table.
National Market Trend
of Drugs, 2001-2010* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 28.000 30.000 34.000 |
7.891
9.618 10.829 12.706 14.675 13.834 13.959 14.215 14.530 15.127 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 |
Source: Food and Drug Controlling
Board (BPOM)
*) Estimated
According to the financial statement of the company having been audited
by public accountant, sales turnover of P.T. PHAPROS Tbk., in 2008 amounted to
Rp. 279.7 billion with a net profit of Rp. 36.5 billion dropt to Rp. 318.5
billion with a net profit of Rp. 45.6 billion in 2009 to Rp. 433.2 billion with
a net profit of Rp. 61.3 billion in 2010 and projected to go on rising by at
least 4% in 2011. 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
financial statement as per 31 December 2008, 2009 and 2010 is attached below.
The management of P.T. PHAPROS Tbk is headed by Mr. Drs. Erlangga Tri
Putranto Akt. (48) as the president director. He graduated from Airlangga
University, East Java majoring in accounting. In his daily activities, he is
assisted by three other directors namely Mr. Sutiyono, SE (50), Mr. Drs.
Iswanto, Apt, MM (51) and Mr. Herman Santoso, SE, MM (51). The management is
handled by experienced professional managers having wide relation with overseas
and national private businessmen as well as with the government sectors. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. PHAPROS Tbk
is sufficiently fairly good for business transaction.
Attachment 1:
P.T. PHAPROS Tbk
And Subsidiaries
FINANCIAL
STATEMENTS
Per 31 December
2008, 2009 and 2010
(In million Rupiah)
|
DESCRIPTION |
31 December |
||
|
|
2010 |
2009 |
2008 |
|
A. ASSETS |
|
|
|
|
Current Assets |
|
|
|
|
- Cash and Cash Equivalent |
75,891 |
102,650 |
71,361 |
|
- Marketable Securities |
- |
98 |
15,502 |
|
- Trade Receivable |
|
|
|
|
* Related Parties |
156,151 |
111,251 |
110,294 |
|
* Third Parties |
4,893 |
2,268 |
- |
|
- Other Receivable |
2,297 |
285 |
1,366 |
|
- Inventories |
80,818 |
75,180 |
83,163 |
|
- Advance Purchasing |
799 |
546 |
2,844 |
|
- Receivable Income |
78 |
175 |
353 |
|
- Prepaid Expenses |
12,637 |
6,519 |
5,736 |
|
Total Current Assets |
333,565 |
298,971 |
270,620 |
|
Non-Current Assets |
|
|
|
|
- Deferred Tax Assets |
6,197 |
6,180 |
6,014 |
|
- Long Term Investment |
55 |
55 |
55 |
|
- Fixed Assets |
52,082 |
35,604 |
23,876 |
|
- Intangible Assets |
3,263 |
3,159 |
2,865 |
|
- Other Assets |
246 |
246 |
246 |
|
Total Non Current Assets |
62,595 |
45,922 |
33,237 |
|
TOTAL
ASSETS = TOTAL LIABILITIES & EQUITY |
396,159 |
344,892 |
303,857 |
|
B.
LIABILITIES & EQUITY |
|
|
|
|
Current Liabilities |
|
|
|
|
- Bank Loan |
- |
- |
- |
|
- Trade Payable |
|
|
|
|
* Third Parties |
13,361 |
10,562 |
14,951 |
|
* Related Parties |
7,656 |
4,858 |
7,888 |
|
- Taxes Payable |
10,166 |
10,759 |
6,095 |
|
- Dividend Payable |
2,857 |
2,654 |
2,183 |
|
- Accrued Expanses |
19,483 |
19,956 |
12,949 |
|
- Other Liabilities |
589 |
144 |
216 |
|
Total Current Liabilities |
58,231 |
51,309 |
44,913 |
|
Non Current Liabilities |
|
|
|
|
- Deferred Tax Liabilities |
25,366 |
21,738 |
18,954 |
|
Equity |
|
|
|
|
- Issued and Paid up Capital |
42,000 |
42,000 |
42,000 |
|
- Additional Paid-in Capital |
59,139 |
59,139 |
59,139 |
|
- Profit (Loss) before accumulated |
- |
1 |
17 |
|
- Retained Earning (Deficit) |
204,674 |
166,055 |
137,323 |
|
Total Equity |
305,813 |
267,194 |
238,479 |
|
|
|
|
|
|
C.
INCOME STATEMENT |
|
|
|
|
a. Sales – Net |
433,198 |
318,474 |
279,701 |
|
b. Cost of Goods Sold |
(167,082) |
(111,701) |
(106,804) |
|
c. Gross Profit |
266,116 |
206,773 |
172,898 |
|
d. Operational Expenses |
188,542 |
153,136 |
125,773 |
|
e. Operational Profit |
77,574 |
53,637 |
47,124 |
|
f. Other Income (Expenses) |
5,644 |
9,684 |
4,591 |
|
g. Profit Before Income Tax |
83,218 |
63,321 |
51,715 |
|
h. Income Tax |
(21,929) |
(17,710) |
(15,227) |
|
i.
Net Profit (Loss) |
61,289 |
45,611 |
36,488 |
Source: Financial
Statement 31 December 2008, 2009 and 2010
Audited by HLB
Hadori Sugiarto Adi & Rekan (KAP)
Attachment 2:
List of the RAJAWALI NUSANTARA INDONESIA Group Members
1. CITRAMAS
PLASTIK INDUSTRI, P.T. (Plastic Packaging Industry)
2. GABUNGAN
IMPOR EXPOR BALI, P.T. (Land Transportation & Distribution)
3. MADU BARU,
P.T. (Sugarcane Refinery)
4. MITRA
KERINCI, P.T. (Black and Green Tea Plantation)
5. MITRA
RAJAWALI BANJARAN, P.T. (Condom Manufacturing)
6. PABRIK
GULA CANDI BARU, P.T. (Sugarcane Plantation and Sugar Refinery)
7. PABRIK
GULA RAJAWALI 1, P.T. (Sugarcane Refinery)
8. PABRIK
GULA RAJAWALI II, P.T. (Sugarcane Plantation and Sugar Refinery)
9. PABRIK
GULA RAJAWALI III, P.T. (Sugarcane Plantation and Sugar Refinery)
10. PABRIK
GULA REJO AGUNG BARU, P.T. (Sugarcane Plantation and Sugar Refinery)
11. PERKEBUNAN
MITRA OGAN, P.T. (Oil Palm Plantation and Palm Oil Refinery)
12. PHAPROS
Tbk, P.T. (Pharmaceutical Industry)
13. PIE
RAJAWALI NUSINDO, P.T. (General Trading)
14. PHILIPS
RALIN ELECTRONICS, P.T. (Electric Lamp Manufacturing)
15. RAJAWALI
GLOVES CORPORATION, P.T. (Sport Glove Indusry)
16. RAJAWALI
NUSANTARA INDONESIA, P.T. (Investment Holding and Management Trust)
17. RAJAWALI
PROPERTINDO, P.T. (Office Block and Diplomatic Residential Complex)
18. PROYEK PENGEMBANGAN LINGKUNGAN KUNINGAN (PPLK) (Zone
Industry Management)
19. PK.
TANJUNG SARI (Leather Processing)
20. TROPHY
RAJAWALI INDONESIA, P.T. (Radiology Instrument Industry)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
UK Pound |
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.62.98 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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.