MIRA INFORM REPORT
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Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. CAPSUGEL |
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Registered Office : |
Jalan Raya Bogor
Km. 42, Cibinong 16916, West Java |
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Country : |
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Date of Incorporation : |
14.02.1996 |
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Com. Reg. No.: |
No. AHU-56152.AH.01.02.Tahun 2011 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Gelatin Capsule Manufacturing |
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No. of Employees
: |
155 persons
(permanent) 160 persons (non
permanent) |
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$ 4.9 million |
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Status : |
Good |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
P.T. CAPSUGEL INDONESIA
Head Office & Factory
Jalan Raya Bogor
Km. 42
Cibinong 16916
West Java
Indonesia
Phone -
(62-21) 875 2226 (Hunting)
Fax. - (62-21) 875 2227
P.O. Box - 15/CBI
Email - Indonesia_CS@capsugel.com
Land Area - 9,300 sq.
meters
Factory Space - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
14 February 1996
P.T. (Perseroan Terbatas)
or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. C-30274
HT.01.04.TH.2003
Dated 31 December 2003
b. No. AHU-29540.AH.01.02.Tahun 2010
Dated 10 June 2010
c. No.
AHU-56152.AH.01.02.Tahun 2011
Dated 17 November 2011
Foreign Investment Company (PMA)
The Capital
Investment Coordinating Board
- No. 144/I/PMA/1996
Dated 12 February 1996
- No. 1646/III/PMA/1998
Dated 19 November 1998
- No. 02/II/PMA/2000
Dated 6 June 2000
- No. 231/II/PMA/2002
Dated 30 October 2002
The Department of
Finance
NPWP No. 01.071.413.7-052.000
a. WARNER LAMBERT COMPANY LLC., of the USA (Investment Holding)
b. INTERNATIONAL AFFILIATED Corp., LLC., of the USA (Investment Holding)
Capital Structure :
Authorized Capital - US$ 21,500,000.- (Rp.
136,325,000,000)
Issued Capital - US$ 21,500,000.- (Rp.
136,325,000,000)
Paid up Capital - US$ 21,500,000.- (Rp. 136,325,000,000)
Shareholders/Owners :
a. CAPSUGEL BELGIUM BVBA - US$ 21,285,000.- (99%)
Address : 2880 Bornem, Rijksweg11
Brussels
Belgium
b. CAPSUGEL
FINANCECO II S.A.R.L. - US$
215,000.- ( 1%)
Address : 63, Ru De Rollingergrund,
L-2440 Luxembourg
Luxembourg
Lines of Business
:
Gelatin Capsule Manufacturing
Production
Capacity :
a. Gelatin Capsules -
4,600 million pcs. p.a.
b. Trading and Import Services -
US$ 2.0 million
Total Investment :
a. Equity Capital - US$ 21.5 million
b. Reinvested
Profit - US$ 1.5 million
c. Loan Capital - US$ 10.2 million
d. Total
Investment - US$ 33.2 million
Started Operation :
1996
Brand Name :
Capsugel Gelatin
Capsule
Technical Assistance :
CAPSUGEL BELGIUM BVBA of Belgium
Number of Employee :
a. 155 persons
(permanent)
b. 160 persons
(non permanent)
Marketing Area :
Domestic -
60%
Export -
40%
Main Customers :
a. P.T. SANBE
FARMA
b. P.T. DEXA MEDICA
c. P.T. FERRON FARMA
d. P.T. INDO FARMA
e. About 35% of
the products are exported to several Asian countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KAPSULINDO
NUSANTARA
b. P.T. UNIVERSAL
PHARMACEUTICAL INDUSTRY
c. P.T. DANKOS
LABORATORIES
d. P.T. KALBE FARMA Tbk
e. P.T. KIMIA
FARMA Tbk
f. P.T. PHAROS
INDONESIA Tbk
g. Etc.
Business Trend :
Growing
Bankers :
a. CITIBANK N.A.
Landmark Center
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
b. AMERICAN EXPRESS Bank
American Express Bank Building
Jalan H.R. Rasuna Said Block X-1
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2008 – Rp. 232.0
billion
2009 – Rp. 268.0
billion
2010 – Rp. 310.0
billion
2011 – Rp. 358.0
billion
Net Profit
(estimated) :
2008 – Rp. 14.0 billion
2009 – Rp. 16.2 billion
2010 – Rp. 18.7 billion
2011 – Rp. 21.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Eddy Suyadi
Directors - a. Mr. Muhammad Said Bernad Hananto
b. Mr.
Vanchai Santimonachai
Board of Commissioners :
Commissioner - Mr. Guido Edouard Driesen
Signatories :
President Director (Mr. Eddy Suyadi) or
one of the Directors (Mr. Muhammad Said Bernad Hananto and Mr. Vanchai
Santimonachai) which must be approved by the Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 4.9 million on the 90 days of payments
P.T. CAPSUGEL INDONESIA (P.T. CI) was established in February 1996 with the authorized capital of US$ 3,500,000 wholly issued and paid up. The founding shareholders of the company are WARNER LAMBERT COMPANY and INTERNATIONAL AFFILIATED CORPORATION, both of the USA. The articles of association of the company have frequently been revised. In December 1998, the authorized capital of the company was raised to US$ 7,500,000 (Rp 17,325,000,000) wholly issued and paid up. The deed of amendment was made by Mr. Singgih Susilo, SH., a public notary in Jakarta under Company Registration Number C-30274HT.01.04.TH.2003, dated 31 December 2003 and No. C-UM.02.01.6601, dated 26 April 2006. On April 2010, Mr. Charles Robert Danjut, Mrs. Sapti Damajanti and Mr. Thomas Dharmasaputra withdraw and their position was replaced by Vanchai Santimonachai, Mr. Luthfi Mardiansyah, Mr. Lukman Hidayat and Mrs. Bhanuwati Citarasmi. The deed of amendment was made by Ms. Irene Yulia, SH., a public notary in Jakarta under Company Registration Number AHU-29540.AH.01.02.Tahun 2010 dated 10 June 2010.
Latest, on November 2011, the authorized capital was raised to US$ 21,500,000 (Rp. 136,325,000,000) entirely was issued and fully paid up. Since the time, the shareholders of the company are CAPSUGEL BELGIUM BVBA of Belgium (99%) and CAPSUGEL FINANCECO II S.A.R.L., of Luxembourg (1%). The deed of amendment was made by Ms. Mala Mukti, SH., a public notary in Jakarta under Company Registration Number AHU-56152.AH.01.02.Tahun 2011 dated 17 November 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. CI obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with Gelatin Capsule industry having been in operation since 1996 by taking over the activities and assets of P.T. GELATINDO MUKTI GRAHA having been in operation since 1984. Its plant is located at Jalan Raya Bogor Km. 42, Cibinong, West Java on a land of 9,300 square meters having frequently been revised. The plant has been expansion frequently to increasing production capacity in gelatin capsules of 4,600 million pcs per annum. Some 65% of the products are locally marketed among pharmaceutical industries such as P.T. SANBE FARMA, P.T. DEXA MEDICA, P.T. FERRON FARMA, P.T. INDOFARMA and others. Meanwhile, the rest 35% of this is exported to several Asian countries. We observe that P.T. CI is classified as the largest sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, the demand for gelatin capsules or empty capsules in the
country had significantly rising by 8% to 10% per year in the last five years,
in line with the growth of pharmaceutical industries 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 such as P.T. KAPSULINDO NUSANTARA, P.T. UNIVERSAL
PHARMACEUTICAL INDUSTRY, P.T. DANKOS LABORATORIES and others. It is
estimated that the demand for gelatin capsules would be rising by 6% per annum.
The business position of P.T. CI is favorable because its merchandise products
have already been popular in the country.
Until this time P.T. CI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2009 amounted to Rp. 268.0 billion increased to Rp. 310.0 billion in 2010 and rose again to Rp. 358.0 billion in 2011. The operation in 2009 yielded an estimated net profit at least Rp. 16.2 billion rose to Rp. 18.7 billion in 2010 and rose again to Rp. 21.5 billion in 2011. The company has an estimated total net worth at Rp. 160.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2012. We observe that P.T. CI is supported by financially strong foreign partners behind it. So far, we have never heard of 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. CI is led by Mr. Eddy Suyadi (50) with 17 years of experience in the gelatine capsules manufacturing and trade. Daily activities, he is assisted by four directors namely Mr. Muhammad Said Bernad (45) and Mr. Vonchai Santimonachai (57) from Thailand. The management of the company is also 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. CAPSUGEL INDONESIA is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.68.84 |
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.