|
Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PFIZER |
|
|
|
|
Registered Office : |
Wisma GKBI 10th Floor Jalan Jend. Sudirman Kav.
28 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
30.04.1969 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-32454 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Pharmaceutical Industry |
|
|
|
|
No. of Employees : |
680 persons |
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 : |
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. PFIZER
INDONESIA
Head Office
Wisma GKBI 10th
Floor
Jalan Jend.
Sudirman Kav. 28
Jakarta Pusat,
10120
Indonesia
Phones -
(62-21) 57931088, 57931089
Fax - (62-21) 57931098, 57931099
Building Area - 28 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Jalan Raya Bogor
Km. 28
Pekayon, Pasar
Rebo
Jakarta Timur,
10027
Indonesia
Phones -
(62-21) 8710521, 8711369
Fax - (62-21) 8711032, 8725905
E-mail - sripuji.rahayu@pfizer.com
Website - http://www.pfizerpeduli.com
Land Area - 75,656 sq.
meters
Building Area - 35,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
30 April 1969
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. J.A.5/107/3
Dated 18 September 1969
- No. C-UM.HT.01.10-5339
Dated 7 December 2007
- No. AHU-AH.01.10-32454
Dated 5 September 2012
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.000.095.8-052.000
The President of Republic Indonesia
No. B-
129/Pres/11/68
Dated19 November
1983
The Capital Investment Coordinating Board
- No. 2/VI/PMA/78
Dated 16 January 1978
- No. 178/A2/80
Dated 30 June 1980
- No. 42/II/PMA/83
Dated 16 December 1983
- No. 147/III/PMA/86
Dated 20 June 1986
- No. 117/III/PMA/1994
Dated 8 April 1994
- No. 82/III/PMA/1995
Dated 7 March 1995
- No. 101/II/PMA/1997
Dated 12 June 1997
- No. 142/III/PMA/1998
Dated 5 February 1998
- No. 1278/III/PMA/1998
Dated 15 September 1998
- No. 1188/III/PMA/2002
Dated 28 October 2002 (Merger Permit)
- No. 1162/III/PMA/2003
Dated 3 October 2003
- No. 1445/III/PMA/2003
Dated 24 December 2003
The Department of Health
No. 4513/Dir.Jen.S\k/Pab/68
Dated 21 November
1968
Related
Company :
P.T. SOHO INDUSTRI
PHARMASI (Pharmaceutical Industry and Investment Holding)
Capital
Structure :
Authorized
Capital : Rp.
6,970,826,000.-
Issued Capital : Rp.
6,970,826,000.-
Paid up Capital : Rp.
6,970,826,000.-
Shareholders/Owners
:
a. PFIZER CORPORATION -
Rp. 2,987,600,000.-
Address :
Centro Comercial Albrook Park
Panama
b. WANNER LAMBERT CO. AG. - Rp. 1,957,535,000.-
Address : Hanibuhl 8
Zurish,
Switzerland
Swiss
c. PHARMACIA & UPJOHN COMPANY - Rp. 1,506,107,000.-
Address : 7000 Portage Road
Kalamazoo
USA
d. PARKE DAVIS & COMPANY LLC - Rp. 247,015,000.-
Address : 201 Tabor Road,
Morris Plains
New Jersey
07950
USA
e. P.T. SOHO
INDUSTRI PHARMASI -
Rp. 244,950,000.-
Address : Jl. Pulogadung No. 6
Kawasan
Industri Pulogadung
Jakarta Timur
Indonesia
f. PHARMACIA SINGAPORE Pte. Ltd. - Rp. 15,219,000.-
Address : 101 Thompson Road
Singapore
h. Public -
Rp. 12,400,000.-
Lines of
Business :
Pharmaceutical
Industry
Production
Capacity :
a. Capsules - 67,500,000 pcs. p.a.
b. Tablets -
258,000,000 pcs p.a.
c. Sterile Fills - 13,750,000 vials p.a.
d. Non Sterile
Fills - 4,994,000 bottles p.a.
e. Ointment - 16,176,000 tube p.a.
f. Animal Health
& Agriculture - 6,434,800 tons p.a.
g. Chlorpropamide - 5 tons p.a.
h. Liquid - 8,060,000 bottles p.a.
i. Suppositorise - 12,000,000 pcs
p.a.
j. Cough Drops - 1,000 tons p.a.
k. Creams - 3,700,000 tube p.a.
Total
Investment :
a. Equity Capital - Rp. 6.9 billion
b. Loan
Capital -
Rp. 7.6 billion
c. Total
Investment - Rp.
14.5 billion
Started Operation :
1971
Brand Name :
Pfizer
Technical Assistance :
Pfizer Corporation of the USA
Number of Employee :
680 persons
Marketing Area :
Local - 90%
Export -
10%
Main Customer :
Hospitals, Dispensary and others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KALBE FARMA Tbk
b. P.T.
KIMIA FARMA Tbk
c.
P.T. DEXA MEDICA
d.
P.T. SANBE FARMA
e.
Etc
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Wisma
BCA
Jalan Jend.
Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
b. JP MORGAN
CHASE Bank
Chase Plaza
Jalan Jend. Sudirman Kav. 21
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp.
1,120.0 billion
2011 – Rp.
1,210.0 billion
2012 – Rp.
1,286.0 billion
Net Profit
(estimated) :
2010 – Rp. 78.4
billion
2011 – Rp. 84.7
billion
2012 – Rp. 90.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. John Michael Hoeft
Directors -
a. Mr. L. Lukman Hidayat
b. Mrs. Bhanuwati Citarasmi
c. Mrs. Selly Kartika
Board of Commissioners :
President Commissioner -
Mr. Gordon Edward Loh
Commissioners -
a. Prof. DR. Hasbullah Thabrany
b. Mrs. Millette Reyes Asuncion-Arnedo
Signatories :
President Director (Mr.
John Michael Hoeft) or one of the Directors (Mr. L. Lukman Hidayat, Mrs.
Bhanuwati Citarasmi or Mrs. Selly Kartika) 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
P.T. PFIZER INDONESIA
(P.T. PI) was established in Jakarta in April 1969 with the authorized capital
of US$ 1,500,000 of which US$ 300,000 was issued and fully paid up. The
founding shareholders of the company are PFIZER CORPORATION of Panama and Mr.
Bernard Denis William of the USA. The articles of association of the company
have frequently been revised. In July 1978, Mr. Bernard Denis William withdrew
and replaced by HEINRICH MACK NACHF of Germany. In December 1983, the
authorized capital was raised and converted to Rp. 3,000,000,000 entirely
issued and paid up concurrently the company went public by selling some of its shares through Jakarta Stock Exchange. In
October 2002, P.T. WARNER LAMBERT INDONESIA merged to P.T. PFIZER INDONESIA
(survived company) and concurrently P.T. PFIZER INDONESIA became un public
listed company. At the same time, the shareholder of Germany withdrew and into
the company entered new shareholders namely WARNER LAMBERT Co., AG., of
Switzerland, PARKE DAVIS of the USA, PHARMACIA SINGAPORE Pte., Ltd., of
Singapore and P.T. SOHO INDUSTRI PHARMASI of Indonesia. In December 2003, P.T.
PHARMACIA INDONESIA merged into P.T. PFIZER INDONESIA (survived company) and
concurrently the authorized and issued capital was raised to Rp. 6,970,826,000
entirely issued and paid up. The deed of amendment was made by Mrs. Liliana
Arif Gondoutomo, SH., was approved by the Ministry of Law and Human Right in
its Decision Letter No. C-UM.HT.01.10-5339, dated December 07, 2007. Then
according to the latest revision of notary deed of Mrs. Liliana Arif
Gondoutomo, SH., No. 02 dated 9 July 2012 the board of director and
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.01.10-32454
dated September 5, 2012.
P.T. PI obtained
a Foreign Capital Investment (PMA) facility issued by the Capital Investment
Coordinating Board (BKPM) to deal with pharmaceutical industry having been in
commercial operation since 1971 by managing and developing its plant being
located at Jalan Raya Bogor Km. 28, East Jakarta on a land of 7.5 hectares. The
investment having been absorbed to develop of its plant amounted to Rp. 14.5
billion coming from own capital of Rp. 6.9 billion and the rest from loans.
Products manufactured by Pfizer, among others, Visine, Combantrin, Ponstan, as
well as some prescription products from various therapeutic classes, such as
drug antinflamasi, cardiovascular drugs, antidepressants, anti
diabetic drug, cure for cancer, erectile dysfunction drugs and drug glaucoma.
Health in the
world is a very important thing for all of us, and finding solutions to the
challenges of long-term health of this large can not be postponed. P.T. PI or
Pfizer is committed to using
all the knowledge and resources both locally and globally to improve their
health in every stage of life. Pfizer strive to provide access to medicines
that are safe, effective and affordable for patients and the people who need
it. Pfizer has a leading portfolio of products and medicines that support
welfare and prevention of various diseases in the world.
Through
cooperation with each stakeholder decision, Pfizer aim to ensure that all
people everywhere have access to innovative treatments and quality health care.
Some pharmaceutical product brands of P.T. PI being still popular in the market
include COMBANTRIN, VISINE, BENGAY and VIAGRA.
Some 10% to 15%
of the company products is exported to several Asian countries and the rest
(90%) is locally marketed through its distributors. The operation of P.T. PI
has been running smoothly in the last five years. P.T. PI is one of ten large
pharmaceutical producers by controlling 3.9% of the market shares. However, we
believed that the VISINE eye drops, COMBATRIN worm medicines and BENGAY balm
still has wide market shares. We observe that P.T. PFIZER INDONESIA is one of
the leading pharmaceutical manufacturing in Indonesia.
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. PI 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. PI has not been registered with Indonesian Stock Exchange, so that they shall
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. 1,120.0 billion rose to Rp. 1,210.0 billion in 2011
increased to Rp. 1,286.0 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. 90.0 billion and the company has an estimated total networth of at
least Rp. 175.0 billion. We observe that P.T. PI 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. PI is led by Mr. John Michael Hoeft (54) a professional manager of
Pfizer Inc., USA with experience in pharmaceutical manufacturing. He graduate
BA, Finance from Marquette University, USA. 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. PFIZER INDONESIA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.22 |
|
Euro |
1 |
Rs.79.18 |
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.