|
Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TANABE INDONESIA |
|
|
|
|
Formerly Known As : |
P.T. TANABE ABADI |
|
|
|
|
Registered Office : |
Jalan Tanah Abang III No. 8 Kelurahan Petojo Selatan, Kecamatan Gambir Jakarta Pusat, 10160 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
25.07.1970 |
|
|
|
|
Legal Form : |
No. AHU-AH.01.10-23215 |
|
|
|
|
Line of Business : |
Pharmaceutical Industry |
|
|
|
|
No. of Employees : |
380 persons |
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 : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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.
TANABE INDONESIA
Head Office
Jalan
Tanah Abang III No. 8
Kelurahan
Petojo Selatan, Kecamatan Gambir
Jakarta
Pusat, 10160
Indonesia
Phones -
(62-21) 3841842 (Hunting)
Fax - (62-21) 3807550
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan
Rumah Sakit 104
Pasirwangi,
Ujung Berung
Bandung,
40167
West
Java
Indonesia
Phones -
(62-22) 7800001 (Hunting)
Fax - (62-22) 7800081
Land Area - 12,000 sq.
meters
Building Space - 3,500 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
a. 25 July 1970 as P.T. TANABE ABADI
b. 10 January 2003 as P.T. TANABE INDONESIA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-72087.AH.01.02.TH.2008
Dated 10 October 2008
- No. AHU-AH.01.10-23215
Dated 28 May 2013
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.000.154.3-052.000
The Department of Health
No.
4239/A/SK/PAB/71
Dated
16 June 1971
The President Republic of Indonesia
No.
B-146/BKPM/III/1970
Dated
25 March 1970
The Capital Investment Coordinating
Board
- No. 35/II/PMA/1989
Dated 28 June 1989
- No. 176/II/PMA/1990
Dated 4 December 1990
- No. 6/II/PMA/2003
Dated 14 January 2003
- No. 558/III/PMA/2003
Dated 26 May 2003
- No. 697/III/PMA/2004
Dated 21 July 2004
Related
Company :
P.T.
INTERCIPTA MITRA (Investment Holding)
Capital
Structure :
Authorized
Capital : US$
2,500,000.-
Issued
Capital :
US$ 2,500,000.-
Paid
up Capital :
US$ 2,500,000.-
Shareholders/Owners
:
a. MITSUBISHI TANABE PHARMA
CORPORATION - US$ 2,490,000.-
Address : 3-2-10 Dosho – Machi
Chuo – Ku, Osaka
Japan
b. P.T. INTERCIPTA MITRA - US$ 10,000.-
Address :
Wisma GKBI 33rd Floor Suite 3334
Jl. Jend. Sudirman 28
Jakarta Pusat
Indonesia
Lines
of Business :
Pharmaceutical
Industry
Production
Capacity :
a. Pharmaceutical Products
- Capsules -
27.7 million pieces p.a.
- Tablets -
176.6 million pieces p.a.
- Syrups -
30 thousand pieces p.a.
- Creams -
24 tons p.a.
- Injections - 3 million vials p.a.
- Beads -
1.2 million p.a.
- Aspartate Calcium - 100 tons p.a.
- Herbeser -
46.4 tablet p.a.
b. Pharmaceutical Raw Materials
- Diltiazem
Hydro Chlorides - 12 tons p.a.
Total
Investment :
a. Equity Capital - US$
2.5 million
b. Loan Capital - US$
9.9 million
c. Total Investment - US$ 12.4 million
Started
Operation :
1971
Brand
Name :
Tanabe
Indonesia
Technical
Assistance :
Mitsubishi
Tanabe Pharma Corporation, Japan
Number
of Employee :
380
persons
Marketing
Area :
Local - 100%
Main
Customer :
Drugstore,
Dispensary and Hospitals
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. DEXA MEDICA
b.
P.T. KALBE FARMA Tbk
c.
P.T. MERCK Tbk
d. P.T. SANBE FARMA
Business
Trend :
Growing
B
a n k e r s :
a.
The Bank of TOKYO-MITSUBISHI UFJ Ltd.
Midplaza Prima
Jalan Jend.
Sudirman Kav. 10-11
Jakarta 10220
Indonesia
b. P.T. Bank SUMITOMO MITSUI INDONESIA
Summitmas II, 10th Floor
Jala Jend.
Sudirman Kav. 61-62
Jakarta 12190
Indonesia
c. P.T. Bank MIZUHO INDONESIA
Plaza BII Menara
II
Jalan M.H.
Thamrin Kav. 51
Jakarta Pusat
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 175.0 billion
2011
– Rp. 182.0 billion
2012
– Rp. 193.0 billion
Net
Profit (estimated) :
2010
– Rp. 14.0 billion
2011
– Rp. 15.4 billion
2012
– Rp. 16.6 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Toyotaka Ozaki
Directors -
a. Mr. Tadashi Kawajiri
b. Mr. Toshifumi Tada
c. Mr. Osamu Otani
Board of Commissioners :
Commissioner - Mr. Harunori Yamada
Signatories :
President
Director (Mr. Toyotaka Ozaki) or one of the Directors (Mr. Tadashi Kawajiri,
Mr. Toshifumi Tada or Mr. Osamu Otani) which must be approved by Board of
Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
Originally
the company was named P.T. TANABE ABADI was established in Bandung, West Java
on 25 July 1970 with the authorized capital of US$ 1,000,000 wholly issued and
paid up. The company was founded by MITSUBISHI TANABE PHARMA CORPORATION and
P.T. INTERCIPTA MITRA a private company. The company notary deed has been
changed a couple of times and in January 2003 the company name was changed to
P.T. TANABE INDONESIA (P.T. TI). On the same occasion the company authorized
capital was increased to US$ 2,500,000 wholly issued and paid up. With this
development the composition of its shareholders has been changed to become
MITSUBISHI TANABE PHARMA CORPORATION (99.6%) and P.T. INTERCIPTA MITRA (0.4%).
Then according to the latest revision of notary documents of Mrs. Etty Roswitha
Moelia, SH., No. 15 dated 28 May 2013 the company board of director and the
board of commissioner had been changed. The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-23215 dated June 11, 2013.
P.T.
TI is obtained Foreign Investment (PMA) company facility to deal with
pharmaceutical manufacturing which manages a plant located at Jalan Rumah Sakit
104, Ujung Berung, Bandung, West Java standing on a land of 12,000 sq. meters.
The plant has been operating since 1971 and had expanding frequently to
increasing production capacity. The company produces of pharmaceutical products
among others are Capsules, Tablets, Syrups, Creams, Injections, Beads,
Aspartate Calcium, Herbeser and pharmaceutical raw materials Diltiazem Hydro
Chlorides. P.T. TI is the
pharmaceutical industry that has implemented GMP for each product. To run the
managerial operations of the company president in charge of 4 Headquarter and
each division is headed by a director.
P.T. Tanabe Indonesia producing various
pharmaceutical dosage forms, such as:
§
Tablets (Plain Tablets) : Herbesser, Herbesser 60,
Maintate, Tanapress 5 & 10, Adona (AC-17) & Forte, Bestocol,
Neo-Novapan plus, Asvex, Pyronal, Inolin.
§
Tablets Salut Sugar (Sugar Coated) : Neuro-Beston,
Aspar
§
Kudos Film Tablets (Film Coated): Aspar-K and
Maintate 2.5
§
Slow Release Capsules: Herbesser 90SR, Herbesser
180SR, Herbesser CD100, CD 200 Herbesser
§
Capsules: Sesden
§
Injection: Adona (AC-17) 2 ml, 5 ml, 10 ml: Inolin
1 ml; Sesden 1 ml, Herbesser 10 mg and 50 mg, Remicade and Alinamin
§
Syrup; Neo-Novapon, Chlorphemin and Inoln Pediatric
Drops
In addition to producing finished drug P.T. Tanabe
Indonesia also produces raw materials, since 1990 the Diltiazem HCl, but due to
the high cost of production in 2002 production was stopped and replaced with
the production of Calcium L-Asprtat (ASA-Ca) that began in 2005.
P.T. Tanabe Indonesia distributes and sells their products not only in domestic
but also exported to other countries. Some export destinations P.T. Tanabe
Indonesia are Japan, Taiwan, Uruguay, Hong Kong, Vietnam, Malaysia, Singapore,
Sri Lanka and Pakistan. Products in the form of exports out of semi-finished
products, finished products and raw materials, while the Indonesian own
finished products are marketed by P.T. ANUGERAH ARGON MEDIKA as a sole
distributor. We observe the operation of P.T. TI has been growing and
developing well in the last three years.
Generally,
demand for laboratory and medical equipment and various pharmaceutical products
had been growing in the last five years up to the end 2012 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. TI 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, 2001-2012* (Billion
Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 |
7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 |
Source: Food and Drug Controlling Board (BPOM)
*) Estimated
Until
this time P.T. TI has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management
of the company is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company in
2010 amounted to Rp. 175.0 billion rose to Rp. 182.0 billion in 2011 increased
to Rp. 193.0 billion in 2012 and projected to go on rising by at least 6% in
2013. The operation in 2012 yielded an estimated net profit of at least Rp.
16.6 billion and the company has an estimated total networth of at least Rp.
115.0 billion. We observe that P.T. TI is supported by foreign partner with has
financially strong and sound behind it. 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. TI is led by Mr. Toyotaka Ozaki (59) a professional manager
with experience in pharmaceutical industry and trading. Daily activity he is
assisted by Mr. Tadashi Kawajiri (51), Mr. Toshifumi Tada (43) and Mr. Osamu
Otani (58) as Directors. The company's management is handled by professional
staff in the above business. They have wide relations with private businessmen
within and outside the country. 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. TANABE INDONESIA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.83 |
|
|
1 |
Rs.91.76 |
|
Euro |
1 |
Rs.79.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.