MIRA INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. FERRON PAR PHARMACEUTICALS |
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Registered Office : |
Titan Center, 7th Floor, Jl. Boulevard Bintaro Blok B7/B2 No. 05, Bintaro jaya Sektor 7, Tangerang |
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Country : |
Indonesia |
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Date of Incorporation : |
05.12.1994 |
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Com. Reg. No.: |
No. C-13935
HT.01.04.TH.2001 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Pharmaceutical Manufacturing |
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$ 3,600,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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.
FERRON PAR PHARMACEUTICALS
company Address
Head
Office
Formerly
address
Graha Elnusa, 3rd Floor
Jalan TB. Simatupang Kav. 1 B
Jakarta, 12560
Indonesia
Phone - (62-21) 788-43633 (Hunting)
Fax. -
(62-21) 788-43638
New
address:
Titan Center, 7th Floor
Jl. Boulevard Bintaro Blok B7/B2 No. 05
Bintaro jaya Sektor 7
Tangerang
Indonesia
Phone - (62-21) 7454 333, 3043 333
Fax. -
(62-21) 7453 939
E-mail -
info@ferron-pharma.com
Website - http://www.ferron-pharma.com
Building Area - 17 storey
Office Space - 480 sq. meters
Region - Commercial
Status - Rent
Factory
:
Jalan Jababeka VII Block J-3
Jababeka Industrial Estate
Cikarang, Bekasi
West Java
Indonesia
Phone - (62-21) 8983 3333 (Hunting)
Fax. -
(62-21) 8983 3138
Building Area - Factory
Factory Space - 7,000 sq. meters
Region - Industrial Estate
Status - Owned
Date of Incorporation
05 December 1994
Legal Form
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg.No.
The Ministry of
Laws and Human Rights
No. C-13935 HT.01.04.TH.2001
Dated 22 November 2001
Company Status
National Private
Company
Permit by the Government
Department
The Department of
Trade & Industry
TDP No. 100715102262
The Department of Finance
NPWP No.
01.713.403.2-407.000
Related Company
The DEXA MEDICA Group Members
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 160,000,000,000.-
Issued Capital - Rp.
40,000,000,000.-
Paid up Capital - Rp.
40,000,000,000.-
Shareholders/Owners
:
a.
P.T. INERTIA UTAMA -
Rp. 38,954,419,000.- (97.39%)
Address : Jl.
Letjen B. Utoyo No. 138A
Ilir Timur II, Palembang,
South Sumatra,
Indonesia
b. P.T. EKON PRIMA -
Rp. 1,045,581,000.- ( 2.61%)
Address : Jl.
Merdeka No. 36
Talang Semut,
Bukit Kecil,
Palembang,
South Sumatra, Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Pharmaceutical Manufacturing
Production Capacity :
a. Eye Preparation - 120,000 liter p.a.
b. Capsules - 10,000,000 pcs
p.a.
c. Tablet -
120,000,000 pcs p.a.
d. Cream - 2 tons p.a.
Total Investment :
a. Equity Capital - Rp. 40.0 billion
b. Loan Capital - None________
c. Total Investment -
Rp. 40.0 billion
Started
Operation :
2001
Brand
Name :
FERRON
Technical
Assistance :
ENEWE of Austria and
SANTEN PHARMACEUTICAL of Japan
Number
of Employee :
820 persons
Marketing
Area :
Domestic
- 100%
Main
Customer :
Hospital, Medical Check Up etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KALBE FARMA Tbk.
b. P.T. KIMIA
FARMA Tbk.
c. P.T. PHAPROS
Tbk.
d. P.T.
INDOFARMA Tbk.
e. P.T.
SANBE FARMA
f. P.T. INDO FARMA Tbk.
g. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan
Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No litigation record
in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2008 – Rp. 212.0 billion
2009 – Rp. 238.0 billion
2010 – Rp. 260.0 billion
Net Profit (Loss) :
2008 – Rp.
9.4 billion
2009 – Rp. 11.5 billion
2010 – Rp. 12.8 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Krestijanto Pandji
Board of Commissioners :
Commissioner -
Mrs. Fransisca Sunita
Signatories :
The Director (Mr. Krestijanto Pandji) which
must be approved by Board of Commissioner (Mrs. Fransisca Sunita)
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$ 3,600,000.- on the 90 days of payments
OVERALL PERFORMANCE
P.T. FERRON PAR PHARMACEUTICALS or abbreviated with trading style FERRON was established in December 1994 with the authorized capital of Rp. 5,000,000,000.- and issued capital of Rp. 1,050,000,000.- was wholly paid up. The founding shareholders are Mrs. Dra. Hetty Indrakasih Soetikno and Mrs. Lidya Siptiani, both are Indonesian businesswomen of Chinese extracton. The company notarial deed has been revised for a couple of times. In August 1997, into the company entered P.T. DEXA MEDICA and concurrently the company’s authorized capital was increased to Rp. 7,500,000,000.- of which Rp. 1,988,550,000.- entirely paid up. The latest in October 2001, the authorized capital was raised to Rp. 31,600,000,000.- entirely issued and paid up. On the same occasion, Mr. Dra. Hetty Indrakasih Soetikno and Mrs. Lidya Siptiani, both are pulled out and replaced by P.T. INERTIA UTAMA and P.T. EKON PRIMA, both are private company.
In January 2010, PT. DEXA MEDICA pulled out and the whole shares are sold to PT. INERTIA UTAMA and EKON PRIMA. Concurrently, the authorized capital was raised to Rp. 160,000,000,000.- of which Rp. 40,000,000,000.- was issued and fully paid up. Since that time, shareholders of the company are PT. INERTIA UTAMA (97.39%) and PT. EKON PRIMA (2.61%). The amendment Articles of Association was made by Mrs. Betty Supartini, SH., a public notary in Jakarta under Company Registration Number AHU-AH.01.10-09329, dated 16 April 2010. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. FERRON was initially conceptualized to support P.T.
DEXA MEDICA with additional capacities and facilities to manufacture other
dosage forms. This company acquired a plot land in Jababeka, Cikarang, for the
proposed plant. However, due to the uncertain economic situation in 1997-1998,
the construction had to be postponed.
Started operation in 2001, P.T. FERRON’s plant was officially started to
operate. P.T. FERRON’s products include muscle relaxant; oncology; eye
preparations (anti cataract, eye corticosteroid
and eye antioxidant); dermatology (anti fugal, anti oxidant and topical
corticosteroid); neurology (anti vertigo, anti anxiety and anti depression);
others (analgesic, antibiotics, anti ulrecant, haermorrheologicals,
antihipercolesterol, oral antidiabetic and NSAID). Supported by a development team of more than
90 talented and competent people, Ferron offers integrated product development
and manufacturing services. P.T. FERRON develops various dosage forms ranging
from tablets, capsules, oral syrups, sterile solutions, and lyophilized
injectables.
P.T. FERRON product range consists of a selection of oncology products supported by EBEWE of Austria, ophthalmic products supported by SANTEN PHARMACEUTICAL of Japan. Besides manufacturing in FERRON plant, some products are still imported or manufactured in P.T. DEXA MEDICA plant. The company is also supported by the centralized R&D as well as Medical and Timing function of the DEXA MEDICA Group. In 2003, the company obtained an ISO 9001-9002 certificates for quality systems acknowledgement from SGS International Certification Services (SGS ICS). P.T. FERRON’s products are distributed by P.T. ANUGRAH ARGON MEDICA, the distribution arm of the group with a well developed infrastructure and 35 branches across the country.
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. FERRON is quite well for it has
established a wide marketing network at home.
Until this time
P.T. FERRON 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. FERRON in 2008 was estimated at Rp 212.0 billion increased to
Rp 238.0 billion in 2009 and rose again to Rp 260.0 billion in 2010. The operation in 2010 yielded an estimated
net profit at Rp 12.8 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 10%. 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 company
usually pays its debts punctually to suppliers.
Originally, the management of P.T. FERRON is led by Drs. Rudy Soetikno (72). But since January 2010, he is replaced by Mr. Krestijanto Pandji (46), a professional manager with 15 years of experience in the pharmaceutical manufacturing and trade. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. 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 litigation record is clean and it has not registered with the black list of Bank of Indonesia.
PT. FERRON PAR PHARMACEUTICALS is fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.57 |
|
UK Pound |
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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.