MIRA INFORM REPORT
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Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. PERUSAHAAN DAGANG DAN INDUSTRI WARIS OR
P.T. WARIS |
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Formerly Known As : |
NV. Maskapai
DAgang, Import & Export, dan Industri WARIS |
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Registered Office : |
Jalan Haji Ten
No. 41, Rawamangun, |
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Country : |
Indonesia |
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Date of Incorporation : |
26.01.1954 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-12933 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading, Import and Distribution of
Pharmaceutical Raw Material, Veterinary Medicine and Industrial Chemicals |
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No. of Employees
: |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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$ 890,000 |
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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, 2012
|
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. Perusahaan Dagang dan Industri WARIS or
P.T. WARIS
Head Office
Jalan Haji Ten No.
41
Rawamangun
Jakarta Timur 13220
Indonesia
Phone -
(62-21) 489 8301-5
Fax - (62-21) 475 9661-2
E-mail - ptwaris@cbn.net.id
Building Area - 2 storey
Office Space - 600 sq. meters
Region - Commercial
Status - Owned
Branch
Jalan Seroja
Selatan No. 24
Semarang 50136
Central Java
Indonesia
Phone - (62-24) 841 5893
Fax - (62-24) 831 6124
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
26 January 1954 as NV. Maskapai DAgang, Import & Export, dan Industri WARIS, changed its name to PT. Perusahaan Dagang dan Industri WARIS on August 25, 1969.
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
a. No. J.A.
5/39/11
Dated 06 April 1955
b. No.
C2-7429.HT.01.04.TH.87
Dated 20 November 1987
c. No. AHU-42612.AH.01.02.Tahun 2008
Dated 18 July 2008
d. No.
AHU-AH.01.10-12933
Dated 02 May 2011
National Private Company
The Department of
Trade
SIUP No. 1535/1232/09-01/PB/86/5
Dated 17 May 1986
a. P.T. LILY ELANCO (Distribution of Pharmaceutical Chemical)
b. APOTIK SEGAR WARAS (Dispensary)
Capital Structure :
Authorized Capital
- Rp. 2,000,000,000.-
Issued Capital - Rp. 2,000,000,000.-
Paid up Capital - Rp. 2,000,000,000.-
Shareholders/Owners :
a. Mr. Drs. Basri
Sudibyo - Rp.
950,000,000.- (47.50%)
Address : Jl. Kebon Kacang 29/10
Jakarta Pusat
Indonesia
b. Mr. Martin Adam - Rp.
525,000,000.- (26.25%)
Address : Jl. Kebon Kacang 29/10
Jakarta Pusat
Indonesia
c. Mrs. Suzanne
Lianny - Rp.
525,000,000.- (26.25%)
Address : Jl. Raden Saleh No. 4
Jakarta Pusat
Indonesia
Lines of Business
:
Trading, Import and Distribution of
Pharmaceutical Raw Material, Veterinary Medicine and Industrial Chemicals
Production
Capacity :
None
Total Investment :
None
Started Operation :
1955
Brand Name :
None
Technical Assistance :
None
Number of Employee :
80 persons
Marketing Area :
Domestic - 100%
Main Customer :
Pharmaceutical
Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. WAHANA
CHEMICAL INDONESIA
b. P.T. LAWSIM
ZECHA
c. P.T. BINTANG
INTI TALENTA
d. C.V. SUMBER
MITRA NIAGA
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank PANIN Tbk
Jalan Pemuda Kav. 79
Jakarta Timur
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
BCA Arion Plaza
Jalan
Pemuda Kav. 3
Jakarta Timur
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2008 – Rp. 46.0
billion
2009 – Rp. 52.0
billion
2010 – Rp. 58.0
billion
2011 – Rp. 66.0
billion
Net Profit
(estimated) :
2008 – Rp. 2.2 billion
2009 – Rp. 2.5 billion
2010 – Rp. 2.9 billion
2011 – Rp. 3.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Drs. Basri Sudibyo
Board of Commissioner :
Commissioner - Mr. Martin Adam
Signatories :
The Director (Mr. Drs. Basri Sudibyo)
which must be approved by Board of Commissioner (Mr. Martin Adam)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 890,000.- on the 90 days of payments
The company was established in January 1954 with legal status of a N.V. (Naamloze Vennootschap) or Limited Liability company under the name of N.V. Maskapai Dagang, Import & Export dan Industri WARIS. The original authorized capital was Rp. 1,000,000 and issued capital of Rp. 200,000 entirely was paid up. The initial founding shareholders were Mr. Pioes Israel Oento and Mr. Herman Kusuma, both are Chinese origin Indonesian businessmen. The Article of Association was made by Mr. Raden Soedja, SH., notary public in Jakarta based on notarial deed No.105 was approved by the Minister of Law and Human Rights through Decision Letter No. J.A. 5/39/11 dated April 6, 1955. The company’s Articles of Association have frequently been changed. In 1969 the company renamed to P.T. Perusahaan Dagang dan Industri WARIS, abbreviated P.T. WARIS. In 1970, both initial shareholders pulled out and were replaced by Mr. Drs. Basri Sudibyo and his wife Mrs. Gracia Liliek Arum Nauli Hartana. In September 1987, its authorized capital was raised to Rp. 2,000,000,000 issued capital to Rp. 896,000,000 entirely was paid up.
Latest in April 2011, the issued capital was raised to Rp. 2,000,000,000,- entirely paid up. Since that time, the shareholders of the company are Mr. Drs. Basri Sudibyo (47.50%), his son Mr. Martin Adam (26.25%) and his daughter Ms. Suzanne Lianny (26.25%). The latest amendment to Articles of Association was made by Ms. Grace Parulian Hutagalung, SH., a notary public in Jakarta based on notarial deed No. 05, was approved by the Miniser of Law and Human Rights through Decision Letter No. AH-AH.01.10-12933 dated May 2, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. WARIS was originally engaged in trading, import and distribution of pharmaceutical products since 1954. But, following the issuance of the government ban on importing of pharmaceutical products in the middle of 1970-s, P.T. WARIS' operation had then shifted into trading and distribution of pharmaceutical basic materials and veterinary medicine. The company imports of Diltiazem HCL, Glibenclamide, Captopril, Atenolol, Propanolol, Glipizida, Glicazida, Lavostatin, Laktosa Mesh 200, Magnesium Oxide, Ferrosulfate, Mangan Sulfat and others.
At present, P.T. WARIS holds the agency of various pharmaceutical raw material products such as D & V Pharmaceutical Goods, Basic Material and Industrial Chemicals for the Netherlands; LUPIN Pharmaceutical for Vitamin Basic Materials of India; ASAHI Pharmaceutical Basic Materials and Industrial Chemical of Japan; GLAXO Pharmaceutical Basic Materials and Industrial Chemical of India and TOMITA Pharmaceutical Basic Material and Industrial Chemicals of Japan. Besides, the company also a distributor Empty Capsules of P.T. KAPSULINDO NUSANTARA. Most of the products are sold to pharmaceutical industries in the country. To support the activities it also operates a branch office located at Jalan Seroja Selatan No. 24, Semarang (Central Java). We observed that P.T. WARIS is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
In overall we find the demand for pharmaceutical basic materials had been rising in the last five years in line with the growing of pharmaceutical industry in the country. The pharmaceutical products had been growing 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. WARIS is quite well for it has established a wide marketing network at home.
Until this time P.T. WARIS 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. 52.0 billion increased to Rp. 58.0 billion in 2010 and rose again to Rp. 66.0 billion in 2011. We estimated the company has yielded a net profit at least Rp. 3.2 billion in 2011 and the company has an estimated total asset at least 32.0 billion. It is projected that total sales turnover of the company will increase at least 10% in 2012. We observe that P.T. WARIS is supported by financially strong behind it. So far, we did not hear 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. WARIS is led by Mr. Drs. Basri Sudibyo (77) a businessman with more than 31 years of experience in trading, import and distribution of pharmaceutical raw materials. In daily activities, he is assisted by his son Mr. Martin Adam (39) and a number of professional staff, having maintained a wide business relation with private businessmen at home and abroad as well as with government sector, mainly the Department of Health. We observed that management’s reputation in said business is fairly good. So far, we did not hear 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.
P.T. WARIS is sufficiently 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.84 |
RATING EXPLANATIONS
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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 |
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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 |
|
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.