|
Report Date : |
06.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KALBE FARMA TBK |
|
|
|
|
Formerly Known As : |
P.T. KALBE
FARMA |
|
|
|
|
Registered Office : |
Gedung Kalbe,
Jalan Letjend. Suprapto Kav. 4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.09.1966 |
|
|
|
|
Com. Reg. No.: |
No. AHU-70062.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Public Listed
Company |
|
|
|
|
Line of Business : |
Pharmaceutical
Manufacturing and Distribution |
|
|
|
|
No. of Employees : |
9,657 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
--- |
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) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. KALBE FARMA Tbk
Head Office
Gedung Kalbe
Jalan Letjend.
Suprapto Kav. 4
Jakarta Pusat,
10510
Indonesia
Phone -
(62-21) 42873888 (Hunting)
Fax - (62-21) 42873678
E-mail - info@kalbefarma.com
Website - http://www.kalbefarma.com
Building Area - 4 storey
Building Space - 1,000 sq. meters
Region - Commercial
Status - Owned
Head Office &
Factory
Kawasan Industri Delta Silicon
Jalan M.H. Thamrin Blok A3-1
Lippo Cikarang,
Bekasi 17550
West Java
Indonesia
Phone -
(62-21) 89907333-4
Fax -
(62-21) 8972874
E-mail - info@kalbefarma.com
Website - http://www.kalbefarma.com
Land Area - 30,637 sq.
meters
Building Space - 5,800 sq. meters
Region - Industrial
Estate
Status - Owned
a. 10 September
1966 as P.T. KALBE FARMA
b. 15 August 1997
as P.T. KALBE FARMA Tbk
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
The Ministry of
Law and Human Rights
- No. J.A.5/72/23
Dated 12 September 1967
- No. AHU-70062.AH.01.02.TH.2008
Dated 26 September 2008
Domestic
Investment (PMDN) Company
The Department of
Finance
NPWP No.
01.001.836.4-092.000
The Capital
Investment Coordinating Board
- No. 352/a/BKPM/VII/74/PMDN
Dated 15
August 1974
- No. 26/II/PMDN/1995
Dated 25
January 1995
- No. 168/III/PMDN/2005
Dated 9
December 2005
- No. 53/II/PMDN/2006
Dated 21
June 2006
The Department of
Industry
No.
40/T/INDUSTRI/2006
Dated 16 March
2006
A Member Company
of the KALBE FARMA Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
850,000,000,000.-
Issued Capital : Rp.
507,800,721,100.-
Paid up Capital : Rp.
507,800,721,100.-
Shareholders
(as of 31 December 2011) :
a. P.T. GIRA SOLE PRIMA -
Rp. 47,678,728,850.-
b. P.T. SANTA SEHA SANADI - Rp. 45,096,468,400.-
c. P.T. DIPTANALA BAHANA - Rp. 44,479,704,400.-
d. P.T. LUCASTA MURNI CEMERLANG -
Rp. 44,398,954,400.-
e. P.T. LADANG IRA PANEN -
Rp. 43,229,529,400.-
f. P.T. BINA ARTHA CHARISMA - Rp. 40,608,165,400.-
g. The Publics -
Rp. 203,259,670,250.-
h. Treasury Stock -
Rp. 39,049,500,000.-
Lines of
Business :
a. Pharmaceutical
Manufacturing and Distribution
b. Investment Holding
Production
Capacity :
a. Tablets -
6,800.0 million pieces p.a.
b. Capsules - 530.0 million pieces p.a.
c. Syrups - 40.0 million bottles p.a.
d. Creams - 14.5 million tubes p.a.
e. Ampuls /
Injections - 30.0 million ampuls p.a.
f. Vials / Injections -
52.0 million vials p.a.
g. Eye Drops - 50.0 million bottles p.a.
h. Liquid in
Sachets - 300.0 million sachets p.a.
i. Dry Syrups - 5.0 million bottles p.a.
j. Diagnostic Kits -
0.6 million pieces p.a.
k. Veterinary
Products - 2,000.0
tons p.a.
Total
Investment :
a. Equity Capital - Rp. 3,600.0 billion
b. Loan Capital - Rp. ---
billion
c. Total Investment - Rp. 3,600.0 billion
Started
Operation :
2005
Brand Name :
Kalbe Farma
Technical
Assistance :
None
Number of
Employee :
9,657 persons
Marketing Area :
Domestic - 96%
Export - 4%
Main Customer
:
Trader and
Distributors, Hospitals, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AVENTHIS
HARMA
b. P.T. INDO PHARMA Tbk
c. P.T. KIMIA PHARMA Tbk
d. P.T. SANBE FARMA
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jl.
Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
b. CITIBANK N.A.
Citibank
Tower
Jl.
Jend. Sudirman Kav. 37
Jakarta
Selatan
Indonesia
c. JP MORGAN CHASE Bank
Chase
Plaza
Jl.
Jend. Sudirman Kav. 21
Jakarta
Selatan
Indonesia
d. DEUTSCHE Bank
Deutsche
Bank Building
Jl.
Imam Bonjol No. 80
Jakarta
Pusat
Indonesia
Auditor :
Purwantono,
Suherman & Surja (Ernst & Young)
Litigation :
The Subject was
involved in dispute with JP MORGAN CHASE Bank recorded on South Jakarta
District Court No. 256/Pdt.G/PN.Jkt.Sel dated 25 February 2009.
Annual Sales :
2009 – Rp. 9,087.3 billion
2010 – Rp.
10,226.8 billion
2011 – Rp.
10,911.9 billion
Net Profit :
2009 – Rp. 929.0 billion
2010 – Rp.
1,343.8 billion
2011 – Rp. 1,539.7
billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mrs. Bernadette Ruth Irawati Setiady
Vice President Director -
Mr. Johanes Berchman Apik Ibrahim
Directors -
a. Mr. Budi Dharma Wreksoatmodjo
b. Mr. Herman Widjaja
c. Mr. Vidjongtius
d. Mr. Ongkie Tedjasurja
Board of Commissioners :
President Commissioner -
Mr. Johannes Setijono
Commissioners -
a. Mr. Santoso Oen
b. Mr. Josef Darmawan Angkasa
c. Mr. Ferdinand Aryanto
d. Mr. Wahyudi Prakarsa
e. Mr. Farid Anfasa Moeloek
Signatories :
Prsident Director (Mrs.
Bernadette Ruth Irawati Setiady) or Vice President Director (Mr. Johanes
Bercham Apik Ibrahim) or one of directors (Mr. Budi Dharma Wreksoatmodjo, Mr.
Herman Wijaya, Mr. Vidjongtius or Mr. Ongkie Tedjasurja) which must be approved
by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
The company was established in Jakarta on 10 September 1966 with an authorized capital of Rp. 150,000 issued capital of Rp. 30,000 entirely was paid up. Original founders and shareholders are Mr. Fransiscus Bing Aryanto AKA Khow Kip Bing, Mr. Khouw Sioe Djiang and Mrs. Liem Lian Kiok, all of them Indonesians of Chinese origin. Its articles of association were revised for several times. In January 1991 its authorized capital was raised to Rp. 100,000,000,000 and issued capital to Rp. 50,000,000,000 was fully paid up. In the same time the whole shareholders of the company pulled out and were took over by six national private companies namely P.T. ENSEVAL, P.T. SANTA SEHANDI, P.T. BINA ARTA CHARISMA, P.T. GIRA SOLE PRIMA, P.T. LADANG IRA PANEN and P.T. LUCASTA MURNI CEMERLANG. In June 1991 the company went public and some 20% of its shares released to the public through the Jakarta Stock Exchange (BEJ). In August 1996 behind the name was added by the word Tbk (Terbuka) to comply with the new law on publicly listed company to become P.T. KALBE FARMA Tbk (P.T. KFT). In August 1999, the authorized capital was increased to Rp. 850,000,000,000 and issued and paid-up capital to Rp. 216,000,000,000.-
Then in September 2005 the issued capital was raised to Rp. 507,800,721,100 and fully paid-up. In November 2005, P.T. ENSEVAL and P.T. DANKOS LABORATORIES Tbk merged into P.T. KALBE FARMA Tbk (surviving company). The company latest shareholders of P.T. KFT are P.T. GIRI SOLE PRIMA (10.17%), P.T. SANTA SEHA SANADI (9.62%), P.T. DIPTANALA BAHANA (9.49%), P.T. LUCASTA MURNI CEMERLANG (9.47%), P.T. LADANG IRA PANEN (9.22%), P.T. BINA ARTHA CHARISMA (8.66) and Publics (43.37%). These latest amendments have been approved by the Ministry lf Laws and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-70062 AH.01.02. Tahun 2008 dated September 26, 2008.
P.T. KFT is the leading and the biggest pharmaceutical industry with its plant located at Pulomas, East Jakarta. The plant has frequently been expanded and restructured. In July 1997, P.T. KFT had been operating new plant in Kawasan Delta Silicon, Cikarang, Bekasi, West Java, on a land of some 30,637 sq. meters. Since then the activities of old plant have generally been moved to the new plant. The old plant location is used for warehouse. About 103 of the products have been self formulated by P.T. KFT and 53 produced under the licenses of 22 pharmaceutical industries from several countries. Some 49% of the products is marketed locally and the distribution is handled by sister company P.T. ESEVAL PUTERA MEGATRADING Tbk, the rest is for export to many developing countries. Other than the above activities P.T. KFT is also as an investment holding company of some companies in the KALBE FARMA Group.
It is not surprising that nowadays Kalbe sells its products to Asian and African markets, as an expansion of its Indonesian market. By the end of 2005, Kalbe was represented at seven markets, namely Malaysia, the Philippines, Thailand, Vietnam, Myanmar, Sri Lanka and South Africa.
Nowadays Kalbe is engaged in both the consumer health business and the pharmaceutical products business to fulfill the diverse needs of their customers through the creation of many strong brands. In developing its business network and markets, Kalbe continues to produce many innovative products. Kalbe certainly always tries its best to fulfill the health requirements of all their valued customers, both in Indonesia and overseas. To play the role of an innovator, Kalbe commits itself to the area of research and development. The research and development activities cover the creation of new medicines and formulations, new systems and processes, and new knowledge, either through its own capabilities or through strategic alliances with international partners. Indeed, to grow Kalbe must continue to innovate and always be on the constant lookout for potential global opportunities.
To ensure the availability of information at any time, anywhere, Kalbe has started the improvement of information technology in the extended Kalbe Group. This information technology will be an enabler and accelerator for Kalbe in expanding the business and providing the best services to all its customers. With its wide scale of business and range of innovative products that continue to be trendsetters in the marketplace, Kalbe is a business group that is always in the forefront. Nonetheless, Kalbe will never stop. In the future, Kalbe is determined to be known not only as a regional company, but also as a global company active in the healthcare business and serving all the health needs of the general public.
Pursuant to P.T. KFT’s Annual Report, the company succeeded in recording net sales of Rp. 10,911.9 billion in 2011. Moderate price increases were implemented across a number of specific products, primarily to offset higher raw material costs. Net sales from the Distribution and Packaging Division provided the highest contribution to net sales in 2008 at 27.5%, followed by Prescription Pharmaceuticals, Nutritionals and Consumer Health, with their respective shares of 27.1%, 24.5% and 20.9%. Approximately 96.3% of sales were generated in Indonesia. Kalbe will continue making investments in order to expand its markets in the region, as well as in a number of African countries, whilst pursuing greater coverage of our product range.
P.T. KALBE FARMA Tbk is an investment holding or equity investment
within the KALBE Group member companies as shown below:
|
Name of Company |
Lines of Business |
Percentage of Ownership (%) |
|
Direct Ownership |
|
|
|
P.T. BINTANG TOEDJOE |
Pharmaceutical Manufacturing |
100.00 |
|
P.T. HEXPHARM JAYA LABORATORIES |
Pharmaceutical Manufacturing |
100.00 |
|
P.T.
SAKA FARMA LABORATORIES |
Pharmaceutical Manufacturing |
80.00 |
|
P.T.
FINUSOLPRIMA FARMA INT’L |
Pharmaceutical Manufacturing |
100.00 |
|
P.T. BIFARMA ADILUHUNG |
Pharmaceutical Manufacturing |
100.00 |
|
INNOGENE
KALBIOTECH Pte., Ltd. Singapore |
Pharmaceutical |
93.34 |
|
P.T. DANKOS FARMA |
Pharmaceutical Manufacturing |
100.00 |
|
P.T. PHARMA METRIC LABS |
Pharmaceutical Manufacturing |
81.64 |
|
P.T. SHANGHIANG PERKASA |
Health Foods Manufacturing |
100.00 |
|
P.T. KALBE MORINAGA |
Health Food Manufacturing |
70.00 |
|
P.T. ENSEVAL PUTERA MEGATRADING
Tbk |
Pharmaceutical Distributor |
91.75 |
|
P.T.
TRI SAPTA JAYA |
Pharmaceutical Distributor |
91.75 |
|
P.T.
MILLENIA DHARMA INSANI |
Sales of Pharmaceutical and Medical Equipment |
91.75 |
|
P.T.
ENSEVAL MEDIKA PRIMA |
Distribution of Medical Instrument |
91.75 |
|
P.T. GLOBAL CHEMINDO MEGATRADING |
Trading of raw material for pharmaceutical products |
91.75 |
|
P.T. RENALMED TIARA UTAMA |
Trading of medical instruments and consumable products |
91.60 |
|
KALBE
VISION Pte., Ltd., Singapore |
Development Production, Marketing, Distribution of Eye
Health Products |
100.00 |
|
KALBE
INTERNATIONAL Pte., Ltd. Singapore |
Wholesale of icanal and pharmaceutical products |
100.00 |
Group manufactures certain products under licensing agreements with international pharmaceutical companies, such as Astellas Pharma Inc., Japan, Baxter Deutschland GMBH, USA, Baxter International Inc., USA, Crawford Healthcare, Ltd., UK, Daiichi Seiyaku Co., Ltd., Japan, Helsinn Birex Pharmaceutical Ltd., Ireland, Laboratories Leon Farma, SA, Spain, PT Pfizer Indonesia, Indonesia, and Sato Pharmaceutical Co., Ltd., Japan (collectively referred to herein as the Licensors.
Generally, demand for pharmaceutical products, medical equipment, food supplement, and other has been increasing in the last five years in line with the development of technology in medical fields, hospitals, health clinics, health laboratories, educational medical institutions, and others. The competition is very tight on account of many similar companies operating in the country. Besides, the growth of the development of hospitals in the last five years is estimated to increase the demand for pharmaceutical products and medical equipment. Business competition is very tight due to a large number of similar companies operating in the country. The business position of P.T. KFT is good for its has already controlled a wide marketing network at home.
The prospect of Indonesian prescription pharmaceuticals industry will grow steadily along the increase of demand for drugs, supported by the implementation of a SJSn by the Government, as well as a steady increase in the healthcare budget. as the market leader, Kalbe is well-positioned to take advantage of growth opportunities, among others by strengthening product portfolio and increasing production capacity.
The total sales turnover of P.T. KFT in 2009 amounted to Rp. 9,087.3 billion with a net profit of Rp. 929.0 billion increased to Rp. 10,226.8 billion with a net profit of Rp. 1,346.1 billion in 2010 to Rp. 10,911.9 billion with a net profit of Rp. 1,539.7 billion in 2011. It is projected the total sales turnover will be higher by at least 5% in 2012. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). Besides that, the management of the company always pays punctually its debts to suppliers and vendors. Financial statement as of 31 December 2010, 2011 and 2011 are attached.
Legal Cases
In January 2009, the Company has reported to the Indonesia Stock Exchange with letter No. 004/CSEC-KF/I-09 dated January 16, 2009 that the Company has received a claim from JP Morgan Chase Bank, N.A., London (JP Morgan) amounting US$19,194,206. The underlying basis on the claim is the violation of certain article of 2002 ISDA Master Agreement related to derivative transaction. The Company has rejected the claim because the Company never approved and/or signed the abovementioned document.
Later, in February 2009, the Company through its legal attorney, Hotman Paris & Partners Law Firm, has filed a lawsuit in the South Jakarta District Court by the case number 256/Pdt.G/2009/PN.Jkt.Sel. This lawsuit was made against JP Morgan Chase Bank, National Association, Jakarta Branch and its related parties regarding the above-mentioned claim. The underlying basis of the lawsuit is the law violation and a breach of certain articles of Bank Indonesia regulation, for which the Company demanded a compensation of US$120 million.
This lawsuit was withdrawn by the Company in accordance with the letter dated June 30, 2009 through its legal attorney that was received by the South Jakarta District Court dated June 30, 2009.
In March 2009, JP Morgan Chase Bank N.A., London through its legal attorney, Adnan Kelana Haryanto & Hermanto, has filed a lawsuit in the Central Jakarta District Court by the case number 89/Pdt.G/2009/PN.Jkt.Pst. This lawsuit was made against the Company to execute the Decision from The High Court of Justice, Queen’s Bench Division, Commercial Court, Royal Courts of Justice in London. This lawsuit was not accepted by the Central Jakarta District Court in accordance with the Decision dated on June 1, 2009 No. 89/PDT.G/2009/PN.JKT.PST. Later, on July 21, 2009, the Company received appeal notification letter from bailiff of Central Jakarta District Court which filed by JP Morgan Chase Bank, National Association.
On May 26, 2010, the Company received the decision notification from DKI Jakarta High Court on JP Morgan Chase against the Company and the official copy of DKI Jakarta High Court Decision No. 509/PDT/2009/PT.DKI Jo. No. 89/Pdt.G/2009/PN.Jkt.Pst. In such decision, DKI Jakarta High Court accepted the Company’s exception and denied the claim of JP Morgan.
On July 7, 2010, the Company received the official copy of release notification of cassation and memorandum of cassation No. 48/Srt.Pdt.Kas/2010/PN.JKT.PST. Jo. No. 89/Pdt.G/2009/PN.Jkt.Pst. from the Central Jakarta District Court on JP Morgan case against the Company.
On July 19, 2010, the Company filed Contra Cassation Memorandum on the Company case against JP Morgan on the DKI Jakarta High Court Decision No. 509/PDT/2009/PT DKI. Jo. No. 89/Pdt.G/Jkt.Pst. dated February 25, 2010.
Subsequently, on March 8, 2012, the Company received the decision notification from Supreme Court of Republic of Indonesia on JP Morgan Chase against the Company and the official copy of Supreme Court Decision No. 2681K/Pdt/2010 Jo. No. 89/Pdt.G/2009/PN.Jkt.Pst. In such decision, Supreme Court of Republic of Indonesia accepted the Company’s exception and denied the claim of JP Morgan
P.T. KFT’s management is led by Mrs. Bernadette Ruth Irawati Setiady (47) as President Director. Ms. Bernadette Ruth Irawati Setiady has been President Director of P.T. Kalbe Farma Tbk since May 26, 2008. She earned a Master of Science Degree from the Faculty of Food Science, Cornell University, Ithaca, New York in 1986. In daily activities, she is assisted by Mr. Johanes Berchman Apik Ibrahim as vice president director and three directors namely Mr. Budi Dharma Wreksoatmodjo, Mr. Herman Widjaja, Mr. Vidjongtius and Mr. Ongkie Tedjasurja. The management is well experienced and they comprise of professional managers in pharmaceutical manufacturing and distribution. So far, we did not hear that the company has been filed to Jakarta district court for detrimental cases. They are widely connected with private businessmen both in the country and overseas and with government sectors.
P.T. KALBE FARMA Tbk., is appraised fairly good for business
transaction. But owing to economic condition in the country is still unstable,
we recommend to treat prudently in extending any new loan to the company.
Attachment 1:
P.T. KALBE FARMA
Tbk. and Its Subsidiaries
FINANCIAL STATEMENT
Per 31 December
2008, 2009, 2010, and 2011
A. BALANCE SHEETS
STATEMENT
(In million Rp)
|
Description |
31 December |
|||
|
2011 |
2010 |
2009 |
2008 |
|
|
A. Current
Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
2,291,335 |
1,901,872 |
1,562,664 |
1,321,798 |
|
- Short Term Investment –
net |
113,871 |
5,315 |
62,596 |
124,749 |
|
- Trade Receivables |
1,529,992 |
1,262,711 |
1,203,941 |
935,357 |
|
- Other Receivable |
105,320 |
101,246 |
114,139 |
65,804 |
|
- Inventories – net |
1,705,189 |
1,550,829 |
1,561,382 |
1,606,123 |
|
- Prepaid Value Added Tax |
20,950 |
11,116 |
5,210 |
- |
|
- Other current assets |
189,465 |
198,455 |
186,235 |
114,224 |
|
Total Current Assets |
5,956,123 |
5,031,545 |
4,696,167 |
4,168,055 |
|
|
|
|
|
|
|
B. Non Current
Assets |
|
|
|
|
|
- Investment in share of
stock |
53,708 |
48,429 |
37,404 |
- |
|
- Deferred Tax Assets |
37,532 |
34,774 |
29,354 |
33,064 |
|
- Claims for Tax Refund |
28,383 |
29,421 |
35,133 |
44,005 |
|
- Property, plant &
equipment, accumulated |
1,860,288 |
1,605,266 |
1,398,128 |
- |
|
- Intangible Asset Nets |
233,007 |
237,558 |
261,359 |
82,407 |
|
- Advanced for purchased of
equipment |
8,078 |
8,179 |
4,648 |
24,359 |
|
- Other – non current
assets |
97,433 |
37,324 |
20,252 |
19,511 |
|
Total Non Current Assets |
2,318,431 |
2,000,952 |
1,786,279 |
1,535,778 |
|
TOTAL ASSETS = TOTAL LIABILITY &
STOCKHOLDER’S EQUITY |
8,274,554 |
7,032,497 |
6,482,447 |
5,703,832 |
|
C. Current
Liabilities |
|
|
|
|
|
- Short Term Loans |
140,056 |
24,290 |
339,132 |
145,889 |
|
- Trade Payables |
850,398 |
488,241 |
481,511 |
305,568 |
|
- Other Payables |
202,423 |
139,052 |
119,835 |
92,524 |
|
- Accrued Expenses |
283,138 |
301,962 |
359,977 |
269,366 |
|
- Taxes Payable |
154,286 |
192,635 |
273,181 |
177,901 |
|
- Current Maturities of Long
Term Liabilities |
285 |
308 |
500 |
259,124 |
|
Total Current Liabilities |
1,630,588 |
1,146,489 |
1,574,137 |
1,250,372 |
|
|
|
|
|
|
|
D. Non Current
Liabilities |
|
|
|
|
|
- Deferred Tax Liabilities |
9,839 |
7,639 |
8,326 |
7,711 |
|
- Obligation under finance
leases |
365 |
745 |
1,046 |
491 |
|
- Estimated Liabilities for Employee
Service |
117,827 |
105,488 |
108,003 |
99,516 |
|
Total Non Current Liabilities |
128,030 |
113,872 |
117,375 |
108,618 |
|
|
|
|
|
|
|
E. Negative
Goodwill |
- |
218 |
262 |
307 |
|
F. Minority
Interest on Subsidiaries |
- |
- |
- |
722,137 |
|
G. Stockholders’
Equity |
|
|
|
|
|
- Issued and Paid up
Capital |
507,801 |
507,801 |
507,801 |
507,801 |
|
- Additional Paid-up Capital |
4,441 |
4,441 |
2,640 |
2,640 |
|
- Retained Earnings
Appropriated |
62,311 |
49,447 |
40,157 |
33,089 |
|
- Un appropriated |
6,345,128 |
5,531,806 |
4,489,142 |
3,684,440 |
|
- Treasury Stock |
(687,283) |
(687,283) |
(687,283) |
(569,511) |
|
- Differences arising from
foreign currency transactions |
2,185 |
5,648 |
3,025 |
5,057 |
|
- Unrealized gains (loss)
on appreciation |
20,064 |
(39) |
285 |
- |
|
- Sub total |
6,214,816 |
5,373,784 |
4,310,438 |
- |
|
- Non Controlling Interest |
301,117 |
398,133 |
480,234 |
- |
|
- Equity, Net |
6,515,935 |
5,771,917 |
4,790,672 |
3,622,399 |
|
Total Stockholders’ Equity |
8,274,554 |
7,032,497 |
6,482,447 |
5,703,832 |
B. PROFIT &
LOSS STATEMENT
(in Rp million)
|
D e s c r I p t I
o n |
31 December |
|||
|
2011 |
2010 |
2009 |
2008 |
|
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
10,911,860 |
10,226,789 |
9,087,348 |
7,877,366 |
|
b. Cost of Goods Sold |
(5,360,687) |
(5,060,404) |
(4,575,407) |
(4,073,726) |
|
c. Gross Profit |
5,551,173 |
5,166,385 |
4,511,940 |
3,803,641 |
|
d. Operational Expenses |
(3,596,374) |
(3,375,482) |
(2,946,066) |
(2,660,928) |
|
e. Income Before Income Tax Benefit (Expense) |
1,987,259 |
1,770,435 |
1,471,072 |
1,178,022 |
|
f. Income Tax Expenses |
(464,302) |
(426,636) |
(421,406) |
(352,517) |
|
g. Income For the Year |
1,552,957 |
1,343,799 |
1,049,667 |
825,505 |
|
h. Net Profit |
1,539,721 |
1,346,097 |
929,004 |
706,822 |
Remarks: 31 December 2005, 2008, 2009, 2010 & 2011 audited by Purwantono, Suherman & Surja (Ernst & Young)
Attachment 2:
List of
the KALBE FARMA Group Members
1.
ACCASIA, P.T. (Supermarket Management)
2.
AKURAT, P.T. (Distributor of Pharmaceutical)
3.
ARNOTT's INDONESIA, P.T. (Food and Snack Processing
Industry)
4.
ARYA
MITRA, P.T. (Investment Holding)
5.
AVESTA
CONTINENTAL PACK, P.T. International Packaging (Aluminum Foils & Plastic
Packaging, Investment Holding)
6.
BADRA
ARTA, P.T. (Investment Holding)
7.
BINA
HUSADA LESTARI, P.T. (Multidisciplinary Hospital and Health Care Development
System)
8.
BAXTER
KALBE, P.T. (Pharmaceutical Industry)
9.
BINA
ARTA CHARISMA, P.T. (Trading)
10.
BIFARMA
ADI LUHUNG, P.T. (Pharmaceutical Industry)
11.
BINTANG
DIPONGGO, P.T. (Real Estate Development)
12.
BINTANG
TOEDJOE, P.T. (Pharmaceutical Manufacturing and Investment Holding)
13.
BUDI
BHAKTI AGUNG, P.T. (Importer and Supplier)
14.
BURGER
KING, (Restaurant Management)
15.
CEDEF
INDO, P.T. (Cosmetic Industry)
16.
CEMPAKA
BELICOSINDO INDAH, P.T. (Cosmetic Industry)
17.
CEMPAKA
SETA, P.T. (Investment Holding)
18.
CHARISMA
INDAH GAYA, P.T. (Cosmetic Sole Agent and Distributor)
19.
COSWAYTAMA
INDOMAS, P.T. (Trading and Distributor)
20.
DANKOS
FARMA, P.T. (Pharmaceutical Manufacturing)
21.
DIPTANALA
BAHANA, P.T. (Investment Holding)
22.
ENSEVAL
MEDIKA PRIMA, P.T. (Distribution of Medical Instruments)
23.
ESENVAL
PUTRA MEGATRADING Tbk, P.T. (Trading and Distributor and Investment
Holding)
24.
ERBAPHARMA
INTERNATIONAL, P.T. (Pharmaceutical Industry and Raw Material)
25.
ERKA
PRIMASTA, Inc., P.T. (Cosmetic Manufacturing)
26.
ESTRELLA
LABORATORIES, P.T. (Pharmaceutical Glass and Plastic Manufacturing)
27.
FINUSOLPRIMA
FARMA, P.T. (Pharmaceutical Manufacturing)
28.
FOTOMATIC
JAYA INDUSTRIES, P.T. (Photographic Printing)
29.
FRITACO
LEATHER INDONESIA, P.T. (Leather Goods Manufacturing)
30.
GIRI
SOLE PRIMA, P.T. (Investment Holding and Trading)
31.
GIZANDA
SANA ABADI, P.T. (Trading and Food Processing)
32.
GLASSANTO,
P.T. (Investment Holding and Trading)
33.
GLOBAL
CHEMINDO MEGATRADING, P.T. (Trading of Raw Material for Pharmaceutical
Products)
34.
GRIYAINSANI
CAKRASEDAYA, P.T. (Investment Holding)
35.
HELIOS
ARYA PUTRA, P.T. (Investment Holding)
36.
HEXPHARM
JAYA LABORATORIES, P.T. (Pharmaceutical Industry)
37.
HYUNDAI
INTI DEVELOPMENT, P.T. (Industrial Estate Management)
38.
INDOGRAVURE,
P.T. (Packaging Industry)
39.
INA
NARROISSA ABADI, P.T. (Investment Holding)
40.
INNOGENE
KALBIOTECH PTE., LTD., Singapore (Pharmaceutical)
41.
INFODATA,
P.T. (Computer Sole Agent and Distribution)
42.
INFUSOL
UTAMA, P.T. (Pharmaceutical Manufacturing)
43.
INTER DELTA Tbk, P.T. (Trading)
44.
INTERTRADISA,
P.T. (Trading)
45.
JAKARTA
METROPOLITAN INDUSTRIAL ESTATE, P.T. (Industrial Estate Management)
46.
KAGEO
IGAR JAYA Tbk, P.T. (Graphics Printing and Manufacturing of Composite Cans)
47.
KALBE
FARMA Tbk, P.T. (Pharmaceutical Manufacturing and Investment Holding)
48.
KALBE
INTERNATIONAL PTE., LTD., Singapore (Wholesale of Medical and
Pharmaceutical Products)
49.
KALBE
MORINAGA INDONESIA, P.T. (Health Food Manufacturing)
50.
KALBE
VISION PTE., LTD., Singapore (Development, Production, Marketing and
Distribution of Eye Health
Products)
51.
KALFARI
AGUNG ABADI, P.T. (Trading and Investment Holding)
52.
KANI
MUKTI ABADI, P.T. (Real Estate Development)
53.
KAPSUKA,
P.T. (Investment Holding)
54.
KASTUBI
NUSANTARA, P.T. (Pharmaceutical Distribution and Investment Holding)
55.
KENTANIX
SUPRA INTERNATIONAL, P.T. (Real Estate Development)
56.
LADANG
IRA PANEN, P.T. (Investment Holding)
57.
LIPPO
CITY, P.T. (Industrial Estate and New Town Development)
58.
LUCASTA
MURNI CEMERLANG, P.T. (Investment Holding)
59.
MANTILI
AGUNG PERKASA, P.T. (Distributor of Pharmaceutical)
60.
MAWAR
SEJATI, P.T. (Cosmetic Manufacturing)
61.
MILLENIA
DHARMA INSANI, P.T. (Sales of Pharmaceutical and Medical Equipment)
62.
MITRABANGUN
GRIYA, P.T. (Office Block Rental Management)
63.
MITRA
BURSA MEDIA, P.T. (Publishing)
64.
MULTI
MEDINO MADYATAMA, P.T. (General Trading and Supplier)
65. MUSTIKA
NUSANTARA ABADI, P.T. (Horticultural Farming)
66.
PHARMA
METRIC LABS, P.T. (Trading)
67.
PRIMMER
INFUSOL INDONESIA, P.T. (Parenteral Nutrition Industry)
68.
PRISMA
AGUNG REALTY, P.T. (Real Estate Development)
69.
PROGRAMA
REKA PIRANTI, P.T. (Computer Software Distribution & Services)
70.
PROTEINDO
KARYA SEHAT, P.T. (Hospital Management)
71.
PUNCAK
GUNUNG MAS, P.T. (High Fructosa Syrup Processing)
72. PUTRA
ALVITA PRATAMA, P.T. (Real Estate Development)
73.
RENALMED
TARA UTAMA, P.T. (Distribution of Medical Instruments)
74.
SAKA
FARMA LABORATORIES, P.T. (Pharmaceutical Manufacturing)
75.
SANTA
SEHA SANADI, P.T. (Investment Holding)
76.
SAPTA
TENICHI APTA, P.T. (Supermarket Management)
77.
SAPTA
PUSAKA NUSANTARA, P.T. (Mechanical & Electrical Contracting)
78.
SEVEN
ELEVEN (Restaurant Management)
79.
SHANG
YANG COTTAGE, P.T. (Cottage and Restaurant Management)
80.
SHANG
HYANG PERKASA, P.T. (Health Foods Manufacturing)
81.
TAIWANESE
GREAT JAKARTA INDUSTRIAL, P.T. (Industrial Estate Management)
82. TATAMULIA
NUSANTARA INDAH, P.T. (General Contracting)
83.
TATAS
MULIA, P.T. (Baby Food and Snack Processing and Distribution)
84.
TESENA
INOVINDO, P.T. (Hospital Equipment Manufacturing)
85.
TIARA
PERMATA SARI, P.T. (Trading and Distribution of Cosmetic and Medicine Herbs
Products)
86.
TIRTA
SEGARA BIRU, P.T. (Hotel and Restaurant Management)
87.
TRI
SAPTA JAYA, P.T. (Distributor)
88.
WIJAYA
KUSUMA HEALTH CENTRE, (Laboratory and Health Centre Management)
89.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.03 |
|
UK Pound |
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.68.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.