MIRA INFORM
REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. MERCK TBK |
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Formerly Known As : |
P.T. MERCK
INDONESIA Tbk |
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Registered Office : |
Jalan Raya T.B.
Simatupang No. 8, Kampung Gedong, Pasar Rebo, Jakarta 13760 |
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.10.1970 |
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Com. Reg. No.: |
No. AHU-AH.01.10-12895 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Pharmaceutical Product 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$ 11,300,000 |
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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. MERCK Tbk
Company Address
Head Office & Factory
Jalan Raya T.B.
Simatupang No. 8 (Head office & Factory)
Jalan Raya T.B.
Simatupang No. 57 (Marketing division)
Kampung Gedong, Pasar Rebo
Jakarta 13760
Indonesia
Phones - (62-21) 8413889 (hunting)
Fax - (62-21) 8400492
Email - contact@merck.co.id
Website - http://www.merck.co.id
Land Area - 15,000 sq.
meters
Building Area - 6,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Establishment
a. 14 October 1970 as P.T. MERCK
INDONESIA
b. 25 June 1992 as P.T. MERCK
INDONESIA Tbk.
c. 04 June 2002 as P.T. MERCK Tbk.
Legal Form
P.T. Tbk. (Perseroan Terbatas Terbuka) or Public Listed Company
Company Registration
The Ministry of Laws and Human Rights
No. AHU-AH.01.10-12895
Dated 26 May 2010
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
The Department of Finance
NPWP No. 01.002.148.3-054.000
The Capital Investment Coordinating Board
a. No. 14/II/PMA/1981
Dated 4 June 1981
b. No. 292/III/PMA/2000
Dated 7 March 2000
c. No. 12/II/PMA/2004
Dated 4 February 2004
Holding Companies
a. MERCK HOLDING GmbH
b. EMEDIA EXPORT GmbH
c. RAINBOW FUND LP
d. HSBC Fund Services Clients A/C 500
Subsidiary Company
P.T. MULTIREDJEKI KITA (Trading and Distribution of Pharmaceutical
Products)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital -
Rp. 22,400,000,000.-
Issued Capital - Rp. 22,400,000,000.-
Paid up Capital - Rp.
22,400,000,000.-
Shareholders/Owners:
a. MERCK HOLDING GmbH of Germany -
Rp. 16,574,150,000 (74%)
b. Other Public Shareholders -
Rp. 5,825,850,000 (26%)
BUSINESS ACTIVITIES
Lines of
Business :
a. Pharmaceutical Product
Manufacturing
b. Trading and Distribution of
Pharmaceutical Chemicals
Production
Capacity :
a. Capsules - 270.0 million pieces p.a.
b. Tablets -
1,030.0 million pieces p.a.
c. Syrups - 3.2 million bottles p.a.
d. Injections - 5.0 million ampoules p.a.
e. Creams - 20.0 tons p.a.
f. Granular - 75.0 tons p.a.
g. Drops - 1.5 million bottles p.a
h. Ampuels - 3.5 million pcs. p.a
Total
Investment :
Owned Capital -
US$ 11.6 million
Started
Operation :
1974
Brand Name :
a. SANGOBION
b. NEUROBION
c. BECOMBION
d. EVION
e. SEVEN SEAS etc.
Technical
Assistance :
MERCK HOLDING GmbH. of Switzerland
Number of
Employee :
848 persons
Marketing Area
:
a. Domestic (Local) - 95%
b. Overseas (Export) - 5%
Main Customers
:
a. P.T. MULTIREDJEKI KITA (as sole distributor)
b. P.T. TEMPO SCAN PACIFIC
c. P.T. SAWAH BESAR FARMA
d. P.T. BORWITA INDAH, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KIMIA FARMA Tbk
b. P.T. KALBE FARMA Tbk
c. P.T. PHAROS INDONESIA Tbk
d. P.T. SANBE FARMA
e. P.T. PHAPROS Tbk
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. DEUTSCHE BANK
Jalan Imam Bonjol No. 80
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Jend. Sudirman Kav. 36
Jakarta Selatan
Indonesia
Auditor :
Siddharta Siddharta & Widjaja (KPMG)
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2008 – Rp. 637.1 billion
2009 – Rp. 751.4 billion
2010 – Rp. 795.7 billion
Net
Profit :
2008 – Rp. 98.6 billion
2009 – Rp. 146.7 billion
2010 – Rp. 118.8 billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Markus Bamberger
Directors -
a. Mrs. Dra. Elly Megawati Asali
b. Mrs. Sumonta Achachotipong
c. Mr. Bambang Nurcahyo
d. Mr. Nils Kristian Moen
e.
Mrs. Evie Yulin
Corporate Secretary - Mr. Harry Satria
Board of Commissioners :
President Commissioner - Mr. Klaus-Reinhard Bischoff
Commissioners - a. Mr. Parulian Simanjuntak
b. Mr. Tim Kneen
Signatories :
President Director (Mr. Markus Bamberger) or one of the Directors (Mrs.
Elly Megawati Asali, Mrs. Sumonta Achachotipong, Dr. Pierre Charbonnier, Mr.
Bambang Nurcahyo Mr. Nils Kristian Moen or Mrs. Evie Yulin) which must be
approved by the Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Limit of Credit :
US$ 11,300,000 on the 90 days of payments
OVERALL PERFORMANCE
Originally named P.T. MERCK INDONESIA, it was established in October 1970 with an authorized capital of US$ 2,459,016 entirely was issued and paid up. The previous founding shareholder is E MERCK DARMSTADT of Germany. The company's notarial act had frequently been amended. In 1981 the authorized capital was raised and converted to Rp. 5,600,000,000 entirely issued and paid up. By the same time E MERCK DARMSTADT pulled out as shareholder and it was replaced by MERCK AG ZUG of Switzerland. Concurrently some 30% of its shares had sold to public through the Jakarta Stock Exchange. In 1986 MERCK AG ZUG pulled out and replaced by MERCK ASTRA HOLDING AG of Switzerland. In December 1992 the company was renamed P.T. MERCK INDONESIA Tbk.
In March 1999 the authorized capital was raised again to Rp. 22,400,000,000 fully issued and paid up. By the same time P.T. DANAREKSA of Indonesia and PARMIX Ltd., of the USA joined in as new shareholders. In June 2002 the company was renamed P.T. MERCK Tbk. The latest in December 2010 the board of director and the board of commissioners of the company had been changed (see profile of this report). With this time the composition of its shareholders has been changed to become MERCK HOLDING GmbH (74%) and Other Public Shareholders (26%). The latest revision of notary act was made by Mrs. Linda Herawati, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-12895, dated May 26, 2010.
P.T. MERCK Tbk., is a foreign capital investment (PMA) company dealing with pharmaceutical and chemical industry. It has been operating since 1974 and its plant is located at Jalan Raya T.B. Simatupang No. 8 and No. 57, Kampung Gedong, Pasar Rebo, East Jakarta. Its plant, office and warehouse are standing on 1.5 hectares land. Its office comprises of 5-storey building which is also used for its laboratory facilities.
Meanwhile, its warehouse building is located just around several meters from its office building. It has produced more than 40 kinds of pharmaceutical products. The products are sold with various brands, such as, Sangobion, Evion, Becombion, Neurobion, Seven Seas, etc. Some 5% of the product is exported to Malaysia, Singapore, Vietnam and the Philippines. It also produces chemical basic materials for medicines and foods like Thiamin sulfide, Pigment, Reagensia, Liquid Crystal, etc. These products are exported to Austria, Thailand and Germany, while for local market is handled by P.T. MULTIREDJEKI KITA. In April 2008, the company launched its new products in the form of infant anemia medicines under SANGOBION DROPS.
Apart from that P.T. MERCK Tbk is also the sole agent for MERCK, DR P LOHMANN, NEPERA, LABOCHIM, AMELCO and E FLACHSMANN for various pharmaceutical basic materials like food and cosmetic, vitamins, mineral for pharmaceutical, nicotinamide, silica gel and plan extract. The above products are marketed by P.T. MERCK Tbk directly through its chemical division to various pharmaceutical companies in Indonesia among them are P.T. TEMPO SCAN PACIFIC, P.T. SAWAH BESAR FARMA, P.T. BORWITA INDAH, FE ZUELLIG of Malaysia, FE ZUELLIG of Singapore and others. Generally, the market shares of products of P.T. MERK Tbk in pharmaceutical product sectors are not wide. However, the market shares of products of P.T. MERCK Tbk in health care products such as anemia medicines are the largest namely approximately 20%. The market shares are gained by its product brands of Sangobion, Evion and Nerobion. The operation has been running and growing well within the last five years.
Generally, demand for laboratory and medical equipment and various 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). 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. MERCK Tbk 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 |
*) Estimated
According to financial statement which audited by Sidharta &
Sidharta (KPMG), Public Accountant that sales turnover of P.T. MERCK Tbk in
2008 amounted to Rp. 637.1 billion with a net profit of Rp. 98.6 billion
increased to Rp. 751.4 billion with a net profit of Rp. 146.7 billion in 2009
and rose again to Rp. 795.7 billion with a net profit of Rp. 118.8 billion in
2010, with a total assets of Rp. 434.8 billion
We observe that P.T. MERCK Tbk is supported by foreign partners with has
financially strong and sound behind it. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia). The
company usually pays its debts punctually to suppliers. The financial highlight
of the company is shown.
Balance Sheet / Profit and Loss
Statements (in million Rupiah)
Fiscal Years Ended 31 December 2007,
2008, 2009 and 2010
|
Description |
2010 |
2009 |
2008 |
2007 |
|
Accounts Receivable |
89,552 |
177,471 |
89,932 |
87,481 |
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Investment |
125,252 |
79,843 |
70,422 |
76,527 |
|
Other Current Assets |
112,632 |
85,835 |
138,314 |
99,499 |
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Total Current Assets |
327,436 |
343,149 |
298,668 |
263,507 |
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Fixed Assets |
67,053 |
66,911 |
54,794 |
46,860 |
|
Other Assets |
40,279 |
23,911 |
21,602 |
20,695 |
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Total Assets |
434,768 |
433,971 |
375,064 |
331,062 |
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Total Current Liabilities |
52,579 |
68,109 |
38,420 |
42,684 |
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Total Non-Current Liabilities |
19,172 |
11,678 |
9,320 |
8,145 |
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Minority Interest |
0 |
0 |
0 |
9 |
|
Total Liabilities |
71,751 |
79,787 |
47,740 |
50,838 |
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Share Capital |
22,400 |
22,400 |
22,400 |
22,400 |
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Additional Paid-in Capital |
17,562 |
17,562 |
17,562 |
17,562 |
|
Revaluation of Fixed Assets |
0 |
0 |
0 |
1,303 |
|
Retained Earnings |
323,055 |
314,222 |
287,362 |
238,959 |
|
Total Shareholders’ Equity |
363,017 |
354,184 |
327,324 |
280,224 |
|
Total Liabilities & Shareholders’ Equity |
434,768 |
433,971 |
375,064 |
331,062 |
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Net Sales |
795,689 |
751,403 |
637,134 |
547,238 |
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Gross Profit |
441,972 |
437,632 |
361,478 |
318,243 |
|
Net (Operating) Profit |
153,740 |
201,453 |
140,153 |
123,852 |
|
Net Income |
118,794 |
146,700 |
98,620 |
89,485 |
Since January 2011, the management of P.T. MERCK Tbk is headed by Mr. Markus Bamberger (45) as President Director replaced Mr. Ralf Annasentz. Mr. Bamberger has diploma in Business Administration in Management Ashridge College, City University, London. He joined Merck in 1966 and he has held several positions in Merck KGaA, Darmstadt, Germany. In daily activities, he is assisted by five directors namely Mrs. Dra. Elly Megawati Asali (55), Mrs. Sumonta chachotipong (52), Mr. Bambang Nurcahyo (41), Mr. Nils Kristian Moen (43), Mrs. Evie Yulin (44) and Mr. Harry Satria (58) as Corporate Secretary. The management is having maintained a wide business relation with private businessmen at home and abroad as well as with government sector. So far, we did not hear that the company’s management involved in the business malpractices 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.
We believed that P.T. MERCK Tbk is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.29 |
|
UK Pound |
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
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 |
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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.