MIRA INFORM
REPORT
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Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. DEXA MEDICA |
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Formerly Known As : |
P. T. Dexa |
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Registered Office : |
Jalan Letjend. Bambang Utoyo No. 138-8 Ilir, Palembang 30114, South Sumatera |
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Country : |
Indonesia |
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Date of Incorporation : |
22.09.1969 |
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Com. Reg. No.: |
No. C -13610.HT.01.04.TH.99 |
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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 : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 6,000,000 |
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Status : |
Moderate |
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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. DEXA MEDICA
company Address
Head Office & Factory
Jalan Letjend. Bambang Utoyo No. 138-8 Ilir
Palembang 30114
South Sumatera
Indonesia
Phones -
(62-711) 710078, 711390 (Hunting)
Fax -
(62-711) 713242
E-mail - ga@dexa-medica.com
Website - http://www.dexa-medica.com
Land Area - 11,200 sq.
meters
Building Area - 7,300 sq.
meters
Region - Industrial
Zone
Status - Owned
Branch Office
Graha Elnusa, 5th
Floor
Jalan Letjend.
T.B. Simatupang Kav. 1 B
Jakarta Selatan, 12560
Indonesia
Phones -
(62-21) 78830884 (Hunting)
Fax - (62-21) 78846464
Building Area - 22 storey
Office Space - 500 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
a. 22 September
1969 as P.T. DEXA
b. 14 January
1972 as P.T. DEXA MEDICA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
- No. C-13610.HT.01.04.TH.99
Dated 27 July 1999
- No. AHU-70642.AH.01.02.TH.2008
Dated 7 October 2008
Company Status
Private National
and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Department
of Finance
NPWP No.
01.129.507.8-092.000
The Capital
Investment Coordinating Board
NPWP No.
118/SEKR/SP.PMDN/72
Dated 27 July
1972
Related Company
A Member Company
of the DEXA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized
Capital : Rp.
40,000,000,000.-
Issued Capital : Rp.
12,000,000,000.-
Paid up Capital : Rp.
12,000,000,000.-
Shareholders/Owners
:
a. P.T.
INERTIA UTAMA -
Rp. 11,997,546,000.-
Address : Jl. Merdeka No. 36
Palembang,
South Sumatera
Indonesia
b. P.T. EKON PRIMA -
Rp. 2,454,000.-
Address : Jl. Merdeka No. 36
Palembang,
South Sumatera
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
a. Pharmaceutical
Manufacturing
b. Investment
Holding
Production
Capacity :
a. Tablets -
286,000,000 pcs. p.a.
b. Capsules - 70,700,000 pcs. p.a.
c. Syrups - 125,000 liters p.a.
d. Drugs - 33,500,000 pcs p.a.
e. Dry Syrups - 300,000 bottle p.a.
f. Injections - 1,200,000 ampuls p.a.
g. Cephalosporin - 10,000,000 vials p.a.
Total
Investment :
a. Equity Capital - Rp. 11.0 billion
b. Loan
Capital -
Rp. 44.0 billion
c. Total
Investment - Rp.
55.0 billion
Started
Operation :
1972
Brand Name :
Dexa
Technical
Assistance :
None
Number of
Employee :
1,420 persons
Marketing Area
:
Local - 85%
Export - 15%
Main Customer
:
Hospital,
Dispensary, and Drug Store etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KIMIA
FARMA Tbk
b. P.T. KALBE
FARMA Tbk
c. P.T. PHAPROS
Tbk
d. P.T. PRYDMA FARMA Tbk
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
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.
Barclays
Building
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.
1,200.0 billion
2009 – Rp.
1,280.0 billion
2010 – Rp.
1,320.0 billion
Net Profit
(estimated) :
2008 – Rp. 84.0
billion
2009 – Rp. 89.6
billion
2010 – Rp. 92.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Drs. Rudy Soetikno, Apt.
Director -
Mr. Ir. Ferry Soetikno MSc. MBA
Board of Commissioners :
President Commissioner -
Mrs. Dra. Hetty Indrakasih Soetikno
Commissioner -
Mr. Lidya Siptiani
Signatories :
President Director (Mr.
Drs. Rudy Soetikno, Apt) or the Director (Mr. Ir. Ferry Soetikno MSc. MBA) 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$ 6,000,000 on
90 days D/A
OVERALL PERFORMANCE
Originally named P.T. DEXA, the company was established in September 1969 in Palembang, South Sumatra with an authorized capital of Rp. 5,000,000 of which Rp. 1,000,000 was issued and paid up. The founding shareholders of company originally are Mrs. Dra. Hetty Indrakasih Soetikno, Dr. Eddy Linus Woworuntu, Dr. Bernadette Gozali, and Mrs. Lydia Siptiani. They are all Indonesian businessmen/women of Chinese extraction. The company's notarial act was since revised a couple of times. In January 1972 the company's name was changed to P.T. DEXA MEDICA (P.T. DM). Under the notarial act revision in August 1997, the company's authorized capital was increased to Rp. 40,000,000,000 with the issued and paid up capital amounting to Rp. 11,130,454,000. On the same occasion the shareholders of P.T. DM was controlled by P.T. INERTIA UTAMA, a private company, Mrs. Dra. Hetty Indrakasih Soetikno and Mrs. Lidya Siptiani. Concurrently whole shares of the company were controlled by P.T. INTERTIA UTAMA and P.T. EKON PRIMA. The deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. C-13610 HT.01.04.TH.1999, dated July 27, 1999. The latest in September 2008 the issued capital was raised to Rp. 12,000,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become P.T. INERTIA UTAMA (99.98%) and P.T. EKON PRIMA (0.02%). The deed of amendment was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-70642.AH.01.02.TH.2008 dated October 7, 2008.
We see that the three shareholders of the company is a member company of the DEXA MEDICA Group, a medium sized company in pharmaceutical industry led by Mr. Drs. Rudy Soetikno.
P.T. DM operates under Domestic Investment (PMDN) facilities in the
pharmaceutical industry. It’s plant located in Palembang, has been in operation
since 1972 and expanded several times. The plant produces tablets, capsules,
syrups, drugs, dry syrups and injections. In 2005, P.T. DM expanded its plant
to increase the production capacity of cephalosporin to 8 million – 10 million
per annum. The facility of cephalosporin production (one of antibiotics) is to
produce solida oral in the forms of capsule, tablets, dried syrup; sterile
injection powder equipped with the latest way for producing medicines (current
good manufacturing practices/CGMP) having been in operation since January 2006.
OTC products of the company are under Lytacur, Stimuno, Toxilite and Tripoten
brands. Ethical products covering branded medicines are under brands of Decain
Spinal, Flamicort, Raivas, Glupas, Vectrine, Remopain, Vometa, Rhinos SR,
Tetagam P, Rinofed, Vastigo, Fludexin, Dexazol, Supranal, Dexacap, Movileps,
Dexa-M, Noperten, Hademaccel, Dobuject, Fladex Infus, Starcef, Colergis,
Tranexid, Fladystin, Volequin, Tripenem, Tramus, Sedacu, Provula, Deculin,
Cefrin and Tenapril. OGB products (Real Generic) are under brands of Tramadol,
Metoclopramide, Ciprofloxacin, Ceftazidime, Kalium Diklofenak, Captopril,
Piracetam, Meloxicam, Methylprednisolone, Risperidone, Glimepride, Gliquidone,
Clobazam, Clindamycin, Bisoprolol, Spiramycin, Simvastatin, Ofloxacin,
Ketokonazole. Nutraceutical products are under brands of Divens Plus, Resvica,
Folamil, Divens, Lacidofil, Feritrin, Gastro AD, Stimuno and Flexor DS.
Besides producing the products itself, the company is also in
cooperation of production contract manufacturing (toll manufacturing) to
produce 240 million tablets per annum with P.T. INDOFARMA Tbk. Some 85% of the
products are locally marketed by its sister companies P.T. DJEMBATAN DUA and
P.T. ANUGERAH ARGON MEDICA and the rest is exported to Singapore, Malaysia, the
Philippines, Srilanka, Hong Kong, Cambodia, Vietnam, Myanmar, and Nigeria.
Besides, P.T. DM is also dealing with investment holding by controlling 48.5%
shares of P.T. FERRON PAR PHARMACEUTICALS in pharmaceutical industry. We
observe that P.T. DM is included in 10 large sized pharmaceutical industries in
the country.
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. DM 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 29.981 33.965 37.531 |
7.891
9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21,142 |
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)
Until this time P.T. DM has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. DM is very reclusive towards outsiders
and rejected to disclose its financial condition. We observed that total
sales turnover of the company in 2008 amounted to Rp. 1,200.0 billion rose to
Rp. 1,280.0 billion in 2009 increased to Rp. 1,320.0 billion in 2010 and
projected to go on rising by at least 6% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 92.0 billion and the company has an
estimated total networth of at least Rp. 110.0 billion. 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 management of P.T. DM is led by Mr. Drs. Rudy Soetikno (72) with 42
years of experience in the pharmaceutical manufacturing and trade. Daily
activity, he is assisted by his son Mr. Ir. Ferry Abidin Soetikno, MSc. MBA.
(50), obtaining a Master of Science degree in Chemical Engineering from
Washington University of Pittsburg, USA.
He has joined into the DEXA MEDICA Group since June 1993 having experience
in KC Pharmaceutical Inc., the USA on the last post of Chief Operating Officer.
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 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. DEXA MEDICA is sufficiently fairly good for business
transaction.
Attachment:
List of the
DEXA MEDICA Group
1.
ANUGRAH
ARGON MEDICA, P.T. (Trading and Distribution of Pharmaceutical Products)
2.
Apotik
CILANDAK (Dispensary Management)
3.
DJEMBATAN
DUA, P.T. (Trading and Distribution of Pharmaceutical Products)
4.
DEXA
MEDICA, P.T. (Pharmaceutical Manufacturing and Investment Holding)
5.
EKON
PRIMA, P.T. (Investment Holding)
6.
FERRON
PAR PHARMACEUTICAL, P.T. (Pharmaceutical Manufacturing)
7.
INERTIA
UTAMA, P.T. (Investment Holding)
8.
Etc.
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.91 |
|
UK Pound |
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.64.48 |
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.