|
Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TEMPO SCAN PACIFIC TBK |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
20.05.1970 |
|
|
|
|
Legal Form : |
Publicly Listed Company |
|
|
|
|
Line of Business : |
· Pharmaceutical Manufacturing · Investment Holding |
|
|
|
|
No. of Employees : |
6,100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC
OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6%
annually in 2010-12. The government made economic advances under the first
administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%, and historically
low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2013 faces the ongoing challenge of improving Indonesia''s insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of high oil prices
Source
: CIA
P.T. TEMPO SCAN
PACIFIC TBK
Head Office
Gedung Tempo Scan Tower, 16th Floor
Jalan H.R. Rasuna
Said Kav. 3-4
Jakarta 12950
Indonesia
Phones - (62-21) 2921 8888 (hunting)
Fax - (62-21) 2920 9999
Email - investorrelation@thetempogroup.com or
Website - http://www.thetempogroup.net
Building Area - 30 storey
Office Space - 480 sq. meters
Region - Commercial
Status - Owned
Factories
a. Jalan Letjen
M.T. Haryono No. 7
Jakarta 13630
Indonesia
Phones - (62-21) 8091708 (hunting)
Fax. - (62-21) 8091772
Land Area - 12,988 sq. meters
Building Space - 10,980 sq. meters
Region - Commercial
Status - Owned
b. Kawasan Industri EJIP Plot 1-G (Hemaviton Mfg. Division)
Kawasan Industri EJIP Plot 1-H (Bodrex Mfg. Division)
Lemahabang, Cikarang
West Java, Indonesia
Phones - (62-21) 8971553 (Hunting)
Fax - (62-21) 8971563
Land Area - 25,833 sq. meters
Building Space - 10,908 sq. meters
Region - Industrial Estate
Status - Owned
Date of Incorporation
:
a. 20 May 1970 as P.T. SCANCHEMIE
08 January 1991 as P.T. TEMPO SCAN PACIFIC
30 June 1997 as P.T. TEMPO SCAN PACIFIC Tbk.
Legal Form :
P.T. Tbk. (Perseroan Terbatas Terbuka) or Publicly Listed Company
Company Reg. No. :
The Ministry of Laws and Human Rights
a. No. C2-10683.HT.01.04.TH.1997
Dated 14 October 1997
b. No.
AHU-85063.AH.01.02.Tahun 2008
Dated 12 November 2008
c. No.
AHU-AH.01.10-26047
Dated 26 June 2013
Company Status :
Domestic Investment Company (PMDN)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.000.781.3-092.000
b. The Capital Market Supervisory Agency
No. S-939/PM/1994
Dated 24 May 1994
Affiliated/Associated
Company :
A member of the TEMPO Group
Capital Structure :
Authorized Capital - Rp 300,000,000,000.-
Issued Capital - Rp 225,000,000,000.-
Paid up Capital - Rp 225,000,000,000.-
Latest Shareholders
(as of Dec. 31, 2012) :
a. P.T. BOGAMULIA NAGADI - Rp. 173,892,540,900.- (77.29%)
b. The Publics (less than 5% each) - Rp. 51,107,459,100.- (22.71%)
Lines of Business :
a. Pharmaceutical Manufacturing
b. Investment Holding
Production Capacity :
Initial Unit
a. Tablet - 1,500 million pcs.p.a.
b. Capsules - 20 million pcs.p.a.
c. Liquids - 3 million bottles p.a.
Expansion Unit
a. Tablets - 600 tons p.a.
b. Capsules - 150 tons p.a.
c. Cream/Ointment - 350 tons p.a.
Total Investment :
a. Equity Capital - Rp 225.0 billion
b. Loan Capital - Rp 69.0 billion
c. Total Investment - Rp 294.0 billion
Started Operation :
1971
Brand Name :
a. HEMAVITON
b. NEW HORMOVITON
c. ZEVIT-C
d. HERPARVITON
e. BODREX
f. BODREXIN
g. OSKADON
g. NEW RHEUMACYL
h. VIDORAN
i. VIDORAN SMART
j. VITONAL-F
k. OBB
l. CANDYVIT-C
m. FLUCYL
n. SCAVEN
o. BEXCE
p. PRENAL
List of Principals :
* F. HOFFMANN - LA ROCHE
* ALCON
* BOEHRINGER INGELHEIM
* E. MERCK
* AVENTIS PHARMA
* AVENTIS PASTEUR
* PHYTO KEMO AGUNG
* UNILEVER INDONESIA
* BEIERSDORF
* NUTRICIA
* FRASER & NEAVE
* ELI LILLY EXPORT, S.A.
* SCICLONE PHARMACEUTICAL INTERNATIONAL, Ltd.
* THE CLOROX INTERNATIONAL CO
* ALFA WASSERMANN S.p.A
* GRIFOLS ASIA Pte,Ltd.
* MAYNE PHARMACEUTICALS Pte, Ltd.
* KAO INDONESIA
Number of Employee :
6,100 persons
Marketing Area :
Domestic - 85% (local market)
Export - 15% to Asian, European and African countries.
Main Customers :
- Pharmacies
- Hospitals
- Pharmaceutical Distributors
- Drug Stores
- Institutions
- Hypermarkets
- Horeca
- Supermarkets
- Mini Markets
- Wholesalers
- Pakishops
- Stalls
- Cooperatives
Market Situation :
Very Competitive
Main Competitors :
a. PT. Kimia Farma Tbk
b. PT. Kalbe Farma Tbk
c. PT. Pharpros Tbk
d. PT. Dexa
Medica
e. PT.
Indofarma Tbk
f. PT. Sanbe Farma
g. PT.
Pharos Indonesia
h. PT. Enseval
i. PT. Abbot Indonesia
j. PT. Bintang Toejoe, etc
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
b. P.T. Bank NEGARA INDONESIA Tbk.
c. P.T. Bank CIMB NIAGA Tbk.
d. The Hong Kong and Shanghai Banking Corporation Ltd.
Auditor :
Tanubrata Sutanto & Rekan, a Public Accounting Firm
Litigation :
No litigation record in our database
Annual Sales :
2009 – Rp. 4,497.8 billion
2010 – Rp. 5,134.2 billion
2011 – Rp. 5,780.7 billion
2012 – Rp. 6,630.8 billion
2013 – Rp. 3,330.3 billion (as of 30 June 2013)
Net Profit (Loss) :
2009 – Rp. 360.9 billion
2010 – Rp. 494.8 billion
2011 – Rp. 586.4 billion
2012 – Rp. 635.2 billion
2013 – Rp. 434.1 billion (as of 30 June 2013)
Payment Manner :
Promptly
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Handojo Selamet Muljadi
Vice President Directors - a. Mrs. Diana Wirawan
b. Mrs. Dewi Murni Sukahar
D i r e c t
o r s - a. Miss Ratna Dewi Suryo Wibowo
b. Mr.
Dondi Sapto Margono
c. Mrs.
Irawati Sutanto
d. Mr.
Philips Gunawan
e.
Mrs. Aviaska Diah Respati H.
f. Mr. Koesdianto Setyabudhi
g. Mrs. Ratnawati Soewito
h. Mrs. Liza Prasodjo
i. Mrs. Hartaty Susanto
Board of Commissioners :
Chairman - Miss Dian Paramita Tamzil
Commissioners - a. Mrs. Olga Asihjati Adiputro Wijaya
b. Miss Kustantinah
c. Mr. Julian Aldrin Pasha
d. Mr. Theo Budi Hertiandi
Signatories :
President Director (Mr. Handojo Selamet Muljadi) or one of the Vice President Directors (Mrs. Diana Wirawan and Mrs. Dewi Murni Sukahar) or one of the directors, which must be approved by the Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Low
Credit Recommendation :
Credit
should be proceeded promptly
Proposed Credit Limit
:
Fairly large amount
Originally named P.T. SCANCHEMIE, the company was established in May 1970 with an authorized capital of Rp 500,000,000.- and an issued capital of Rp 100,000,000.- entirely paid up. The company was founded by P.T. Perusahaan Dagang TEMPO and N.V. INDONESIAN PHARMACEUTICAL INDUSTRIES (both national private companies) as the original shareholders. In January 1991 the company’s name was changed to P.T. TEMPO SCAN PACIFIC. After a reorganization which was completed in 1993, P.T. Bogamulia Nagadi became the majority shareholder of the company. P.T. Bogamulia Nagadi is the holding company of the present TEMPO Group. In March 1994 the authorized capital was increased to Rp 250,000,000,000.- and the issued capital to Rp 75,000,000,000.- wholly paid up.
In 1 June 1994 P.T. TSP sold 23.33% of its shares to the public through the Jakarta Stock Exchange (BEJ). In June 1997, the words Tbk (Terbuka) was added behind the name to comply with the new law on publicly listed company to become P.T TEMPO SCAN PACIFIC Tbk. (P.T. TSP). In January 1998 the authorized capital was raised to Rp 300,000,000,000.-, issued and paid up capital to Rp 225,000,000,000.- Since then, shareholders of the company are P.T. BOGAMULIA NAGADI, a private company (95.03%) and the Publics (4.97%).
The deed of amendment was made by Mrs. Isyana Wisnuwardhani Sadjarwo, SH., and a public notary in Jakarta under Company Registration Number AHU-85063.AH.01.02.Tahun 2008 dated November 12, 2008. The latest as of December 31, 2012, the shareholders of P.T. TSP are P.T. BOGAMULIA NAGADI (77.29%) and Publics, less than 5% each (22.71%). No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. BOGAMULIA NAGADI is a member of the TEMPO Group, a big business group in the pharmaceutical and cosmetic industry and trade in Indonesia. The group is headed by Mrs. Kartini Muljadi SH., and her niece Mrs. Dian Paramita Tamzil SH., both are former leading Indonesian public notary who now has taken up legal consulting as her profession.
P.T. TSP has obtained Domestic Capital Investment (PMDN) facilities issued by BKPM (Investment Coordinating Board) to operate in the pharmaceutical industry. P.T. TSP initially acted as a contract manufacturer of over-the-counter (OTC) medicine for PT Tempo. Since 1980, its business has broadened to include the manufacturing and marketing of a diverse range of well-known ethical and OTC pharmaceutical products under license as well as its own-developed brands. Following a corporate restructuring exercise which began in 1991 and was completed in 1993, P.T. TSP, a Good Manufacturing Practice (“GMP”) certified pharmaceutical manufacturer, acquired its present name.
The company’s plant, which had been in operation since 1971, located at Jalan Letjen M.T. Haryono No.7, East Jakarta, stands on an 11,622 sq. meters land. The plant’s production is made up of over-the-counter drugs of the BODREX and BODREXIN brand against flu, of the CANDYVIT-C, HEMAVITON and VIDOPAN brands to enhance metabolism and nutrition, and ethical (prescription) drugs of the NEO-RHEUMACYL, NODROP, SCANNOXYL and NAALOX brands. The mid-2004 P.T. TSPT had started to operate a factory a new unit in Cikarang, West Java, which concentrates in production of HEMAVITON, BODREX and BODREXIN brand.
Tablet capacity is by far the largest compared to the capsule and liquid lines. The table line is currently running at 90% utilization based on one extended shift per day. The table capacity is primarily devoted to the production of the Bode lines. Total tablet production is approximately two billion units per year, while capsules are around 110 million units and liquid, 38 billion bottles. The majority of its capsule machinery is for the production of Hemaviton.
Some 85% of products is marketed domestically through its sister company PT. Perusahaan Dagang TEMPO, while the rest is exported to Asian, European and African countries. OTC pharmaceutical products make up the bulk of P.T. TSP’s pharmaceutical revenue, with major products being Bodrex, Bodrexin and Hemaviton. Bodrex, and Bodrexin, respectively, commanded an estimated 22% and 16% of the analgesic and pediatric analgesic markets since 1993, while Hemaviton held an estimated 40% of the multivitamin market share. In addition, P.T. TSP produces Neo Rheumacyl which has an estimated 20% market share in the anti-rheumatism drugs sector. Business position of P.T. TSP is appraised quite well for it has controlled a lot of customers and a wide marketing network at home.
Other than operating in the pharmaceutical industry, P.T. TSP is also as shareholders and controls 89.7% shares of P.T. Perusahaan Dagang TEMPO in pharmaceutical distribution; 100% shares of P.T. TEMPO LAND., in contruction and rental of office building, 100% shares of P.T. BARCLAY PRODUCT Ltd., manufacturing cosmetics; 100% shares of P.T. SUPRA FERBINDO FARMA in pharmaceutical manufacturing and others. The table of P.T. TSP’s subsidiary companies shall be as follows:
(In million Rp)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
% of Ownership |
Total Assets |
|
PT. Perusahaan Dagang TEMPO |
Pharmaceutical Distribution |
1953 |
89.7 |
1,402,450 |
|
Tempo Pacific Holding Ltd. (Malaysia) |
Investments |
2002 |
100.0 |
555,566 |
|
PT. Tempo Land |
Construction and rental of office building |
1994 |
100.0 |
491,901 |
|
PT. Barclay Products |
Consumer products and cosmetics |
1977 |
100.0 |
378,240 |
|
PT. Supra Usadhatama |
Distribution services |
1987 |
89.7 |
183,881 |
|
PT. Rudy Soetadi |
Cosmetic Manufacturing |
1977 |
99.5 |
154,319 |
|
PT. Eres Revco |
Cosmetic trading |
1989 |
99.5 |
150,374 |
|
PT. Supra Ferbindo Farma |
Pharmaceutical Manufacturing |
1987 |
100.0 |
167,432 |
|
PT. Ageng Adi |
Investments |
1993 |
99.0 |
106,276 |
|
International Beauty Products Ltd. (Thailand) |
Cosmetics trading |
1978 |
100.0 |
66,568 |
|
PT. Tempo Promosi |
Advertising and promotion services |
1999 |
100.0 |
70,806 |
|
PT. Pulau Mahoni |
Cosmetic trading |
1971 |
99.38 |
73,905 |
|
PT. Tempo Nagadi |
Soap Manufacturing |
1991 |
100.0 |
54,626 |
|
PT. Pritho |
Plastic packaging Mfg |
1978 |
99.0 |
61,691 |
|
PT. Polari Limunusainti |
Beverage Industry |
1987 |
51.0 |
71,289 |
|
PT. Filma Utama Soap |
Consumer products and cosmetic manufacturing |
1974 |
100.0 |
46,963 |
|
RT Beauty Care Ltd. (Thailand) |
Cosmetic Manufacturing |
1985 |
100.0 |
44,005 |
|
PT. Tempo Data System |
Computer system services |
1998 |
99.2 |
42,109 |
|
PT. Tempo Natural Products |
Food supplement, food and beverage manufacturing |
2006 |
99.98 |
42,467 |
|
PT. Tempo Research |
Research and development services |
1997 |
99.99 |
36,395 |
|
PT. Tempo Logistics |
Distribution services |
2000 |
89.7 |
26,027 |
|
PT. Tempo Rx Farma |
Pharmaceutical and medical devices trading |
1968 |
99.96 |
22,097 |
|
PT. Tempo Nagadi Trading |
Purchasing services |
1991 |
100.0 |
22,030 |
|
PT. Kendaga Isi Mulia |
Distribution of beverage |
1979 |
100.0 |
16,863 |
|
PT. Tri Nagaharda Satria |
Distribution of beverage |
1990 |
100.0 |
16,115 |
|
PT. Global Eramas |
Trading business |
1987 |
97.2 |
9,060 |
|
Tempo Scan Pacific Philippines Inc. |
Distribution and marketing services |
2007 |
100.0 |
9,442 |
|
PT. Kian Mulia Manunggal |
Rental of Building |
1981 |
100.0 |
4,172 |
|
PT. Tempo Mahoni |
Export and import, trading, distribution and agent |
2006 |
99.96 |
3,278 |
According to the financial report of P.T. TSP audited by Tanubrata Sutanto & Rekan, a Registered Public Accountants that net sales or revenues of P.T. TSP in 2009 amounted to Rp. 4,497.9 billion with a net profit of Rp. 360.9 billion, increased to Rp. 5,134.2 billion with a net profit of Rp. 494.8 billion in 2010 rose again to Rp. 5,780.8 billion with a net profit of Rp. 586.4 billion in 2011 and to Rp. 6,630.8 billion with a net profit of Rp. 635.2 billion in 2012. Up to present, we have yet to gain the statement of income of P.T. TSP in fiscal 2013. However, we estimated that as of June 30, 2012 the total of its sales amounted to Rp. 3,330.3 billion with a net profit of Rp. 434.1 billion. Financial Highlights of the Company as of December 31, 2009, 2010, 2011, 2012 and 30 June 2013 are below:
(in million Rp)
|
Description |
30 June 3013 |
31 December |
|||
|
2012 |
2011 |
2010 |
2009 |
||
|
Financial
Highlights |
|
|
|
|
|
|
- Net Sales |
3,330,267 |
6,630,810 |
5,780,664 |
5,134,242 |
4,497,931 |
|
- Gross Profit |
1,348,551 |
2,488,321 |
2,200,043 |
1,894,330 |
1,675,579 |
|
- Operation Income |
489,295 |
742,207 |
662,819 |
559,485 |
413,470 |
|
- Net Income for the Year |
434,105 |
635,176 |
586,362 |
494,761 |
360,924 |
|
|
|
|
|
|
|
|
- Total Current Assets |
3,752,262 |
3,393,778 |
3,121,980 |
2,642,066 |
2,354,077 |
|
- Total Current Liabilities |
1,387,596 |
1,097,135 |
1,046,406 |
803,106 |
678,558 |
|
- Net Working Capital |
2,364,666 |
2,296,643 |
2,075,573 |
1,838,960 |
1,666,519 |
|
|
|
|
|
|
|
|
- Total Assets |
5,039,529 |
4,632,985 |
4,250,374 |
3,589,596 |
3,263,103 |
|
- Total Liabilities |
1,586,379 |
1,279,829 |
1,204,439 |
944,863 |
819,647 |
|
- Total Equity |
3,453,150 |
3,353,156 |
3,045,936 |
2,644,733 |
2,443,456 |
The company’s management is headed
by Mr. Handojo Selamet Muljadi (49), one of the top figures of the TEMPO Group. He is a son of Mrs. Kartini Muljadi, SH., the
founder of the TEMPO Group. In his
day-to-day activities, he is assisted by two Vice President Director namely
Mrs. Diana Wirawan (57) and Mrs. Dewi Murni Sukahar (59), and nine directors
namley Ms. Ratna Dewi Suryo Wibowo (60), Mr. Dondi Sapto Margono (59), Mrs.
Irawati Sutanto (61), Mr. Philips Gunawan (50), Mrs. Aviaska Diah Respati
Herlambang (47), Mr. Koesdianto Setyabudhi (63), Mrs. Ratnawati Soewito (56),
Mrs. Liza Prasodjo (43)and Mrs. Hartaty Susanto (53). But, the prime-mover of the company is Miss
Dian Paramita Tamzil, SH. (73). She is
chairman of the company and the TEMPO Group.
The company has an experienced management, further made up of
professional managers in the manufacture and distribution of pharmaceuticals.
They have wide relations with government authorities, particularly at the
Department of Health, as well as with private businessmen within and outside
the country. So far we have never
yet heard of the company’s management having been involved in business
malpractices.
P.T. TEMPO SCAN PACIFIC Tbk is appraised quite feasible for business transaction. However, in view of the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
|
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.