|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
INDO ABADI SARI MAKMUR |
|
|
|
|
Registered Office : |
Dusun Ngablak, Desa Gempolkurung No. 168 M, Kecamatan Menganti,
Gresik, 61174, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
24.11.1982 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-49631.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Medicated
Plaster Manufacturing |
|
|
|
|
No. of Employees : |
250 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 an estimated 6.1% and 6.4% in
2010 and 2011, respectively. 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 small current account surplus, a fiscal
deficit below 2%, 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 2012 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 rising oil prices.
|
Source : CIA |
P.T.
INDO ABADI SARI MAKMUR
Head Office & Factory
Dusun Ngablak, Desa Gempolkurung No. 168 M
Kecamatan
Menganti, Gresik, 61174
East
Java
Indonesia
Phones -
(62-31) 7990889 (Hunting), 7990885-87
Fax - (62-31) 7990890
E-mail - indosar@indosat.net.id
Website - http://www.indosar.com
Land Area - 50,000 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Owned
Branches
a. Jalan Raya Bibis 5A – 7A
Kelurahan Bibis, Kecamatan Tandes
Surabaya, 60232
East Java
Indonesia
Phones -
(62-31) 7413447, 7413448
Fax
- (62-31)
7412887
Building Area - 1 storey
Office Space -
230 sq. meters
Region -
Commercial
Status -
Rent
b. Komplek Rukan
Nusantara No. 5-6
Jalan Danau
Sunter Barat Block A-1
Kelurahan
Sunter Jaya, Kecamatan Tanjung Priok
Jakarta Utara,
14350
Indonesia
Phones - (62-21) 65833600 (Hunting)
Fax
- (62-21)
65833200
Building Area - 1 storey
Office Space -
260 sq. meters
Region -
Commercial
Status -
Rent
Date of Incorporation :
24
November 1982
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-49631.AH.01.02.TH.2008
Dated
11 August 2008
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.231.937.2-641.000
Related
Company :
P.T.
ARCIHINDO ABADI JAYA (Building Construction Services)
Capital
Structure :
Authorized
Capital : Rp.
4,000,000,000.-
Issued
Capital :
Rp. 2,000,000,000.-
Paid
up Capital :
Rp. 2,000,000,000.-
Shareholders/Owners
:
a. Mr. Djohan Joha Kartono -
Rp. 580,000,000.-
Address : Jl. Karang Bolong V
B3/10, RT. 004 RW. 011
Kelurahan Pademangan,
Kecamatan Ancol
Jakarta Utara
Indonesia
b. Mr. Josef William Senarta -
Rp. 560,000,000.-
Address :
Jl. Parang Tritis III/2, RT. 002 RW. 011
Kelurahan Pademangan, Kecamatan Ancol
Jakarta Utara
Indonesia
c. Mr. Djoko Wihardjo -
Rp. 560,000,000.-
Address : Jl. Blandongan No. 24 L, RT. 008 RW. 001
Kelurahan Angke, Kecamatan
Tambora
Jakarta Barat
Indonesia
d. Mrs. Lucia Limartha -
Rp. 300,000,000.-
Address :
Jl. Parang Tritis III/2, RT. 002
RW. 011
Kelurahan Pademangan, Kecamatan Ancol
Jakarta Utara
Indonesia
Lines
of Business :
Medicated
Plaster Manufacturing
Production
Capacity :
a. Adhesive Bandages - 8,000,000 meters p.a.
b. Medicated Plaster - 7,000,000 meters p.a.
c. Liniments - 5,000,000
meters p.a.
c. Ointments (Balsem) - 100 tons p.a.
Total
Investment :
Owned
Capital -
Rp. 10.0 billion
Started
Operation :
1983
Brand
Name :
Indo
Abadi Sari Makmur
Technical
Assistance :
None
Number
of Employee :
250
persons
Marketing
Area :
Local - 80%
Export - 20%
Main
Customer :
Buyers
in Asian countries, USA
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. BEIERSDORF INDONESIA
b. P.T. BSN MEDICAL INDONESIA
c. P.T. HISAMITSU PHARMA INDONESIA
d. P.T. SINARAYA NUGRAHA AHMADARIS MEDIKA
e.
Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan R.A. Kartini 98 B – 100
Gresik, East Java
Indonesia
b. P.T. Bank INTERNATIONAL INDONESIA Tbk
Jalan Usman Sadar
No. 130
Gresik, East
Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 56.0 billion
2011
– Rp. 60.0 billion
2012
– Rp. 66.0 billion
Net
Profit (estimated) :
2010
– Rp. 3.9 billion
2011
– Rp. 4.2 billion
2012
– Rp. 4.9 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Djohan Joha Kartono
Director -
Mr. Josef William Senarta
Board of Commissioners :
President Commissioner - Mr. Djoko Wihardjo
Commissioner - Mrs. Lucia Limartha
Signatories :
President
Director (Mr. Djohan Joha Kartono) or the Director (Mr. Josef William Senarta)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
P.T.
INDO ABADI SASRI MAKMUR (P.T. IASM) was established in Gresik, East Java on 24
November 1982 with the authorized capital of Rp. 500,000,000 issued capital of
Rp. 100,000,000 fully and paid up. The company was founded by Mr. Djohan Joha
Kartono, Mr. Josef William Senarta, Mr. Johannes Hermawan and Mr. Djoko
Wihardjo, all Indonesian businessmen of Chinese extraction. The company notary
deed has been changed a couple of times and according to the latest revision of
notary documents of Mr. Makmur Tridharma, SH., No. 13 dated 11 June 2008 the
company authorized capital was increased to Rp. 4,000,000,000 issued capital to
Rp. 2,000,000,000 entirely paid up. On the same occasion Mr. Johannes Hermawan
withdrew and the whole share sold to Mrs. Lucia Limartha as new shareholder.
With this development the composition of its shareholders has been changed to
become Mr. Djohan Joha Kartono (29%), Mr. Josef William Senarta (28%), his wife
Mrs. Lucia Limartha (15%) and Mr. Djoko Wihardjo (28%). The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-49631.AH.01.02.TH.2008 dated August 11, 2008.
P.T.
IASM started to be operating since 1983 engaged in the field of medicated
plaster and other health care products manufacturing. It’s plant located at
Desa Ngablak Gempolkurung No. 168 M, Menganti, Gresik, East Java standing on a
land of 50,000 sq. meters with factory of 5,000 sq. meters. P.T. IASM obtained
the GMP Certificate from the Department of Health of Indonesia for medicated
plasters and other medical products in 1997. The company produces medicated
plasters products like capsicum plaster, menthol medicated plasters, ginger
plaster and healthcare products like: First aid dressings, Z.O. plasters,
breast pump and others. P.T. IASM range of products are; Medicated Plaster
(Capsicum plaster with the following brands Koyo Cabe, Tahaki Hot, Cosmos
Plaster); Menthol medicated plaster with the following brands such as Takahi,
OOpas, Cosmopas); Other medicated plaster with the brands (Ginger Plaster and
Yunan Baiyap Plaster).
Health
care products such as First aid dressing with the following brands (Oke Plast,
Mami Plast, Cosmoplast and Super Plast); Adhesive plaster with the following
brands (Chili Plast, Master Plast, Super Plast); Other health care products
with the following brands (Mami fix, Mami non woven pad, Mami breast pump); and
Ointments with the following brands Sejuk Sari, Cabe balm, Balstick, Calacyn
lotion and Khutil plast. To maintain the quality of the product, the factory
has its laboratory equipped with instruments to measure and control all
products throughout the whole production process. With this P.T. IASM has
strife to satisfy our customers and guarantee a standard product for customer.
The laboratory is staffed by qualified people who manage the laboratory and
quality control of the factory.
Mixing
Section
Mixing process is the first stage of
the production and here all ingredients are mixed to prepare the colloid
required for the plaster. Mixing machines/mixers are operated from a control
room which is separated from the main mixing area. Quality and clean lines are
maintained to ensure that each processing step is always in good order.
Coating
Section
Coating process is the next step in
the production after mixing, where the colloid produced after mixing process is
coated on top of a base cloth. This section is equipped with the latest Coating
Machines capable in coating any base material required like cloth, plastic, non
woven, etc.
The coating is controlled semi automatically and coated material is slitted
into standard width and rolled into specified roll as required.
Punch & Cutting Section
The slitted rools are then punched,
rewound and cut to the required length. Embossing process is also done if
necessary. The cut plasters are then selected and send to the packing room.
The
company’s main market is in the local market and they have regional
distributors to market their product throughout Indonesia. Some 80% of the
products of the company is locally marketed through distributors, drug store,
dispensary, while the rest of 20% is exported to Asian countries such as
Malaysia, Singapore, Vietnam, Hong Kong, Macau, Bahrain, Mauritius, USA,
Myanmar, Srilanka and Bangladesh. We observe the operation of P.T. IASM 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. IASM 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. IASM 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. 56.0 billion
rose to Rp. 60.0 billion in 2011 increased to Rp. 66.0 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. 4.9 billion and the company has an
estimated total networth of at least Rp. 12.0 billion. 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. IASM is led by Mr. Djohan Joha Kartono (70) a businessman
and professional manager with medicated plaster and other health care products
manufacturing. In his daily operation he is assisted by Mr. Josef William
Senarta (59) as Director. 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. INDO ABADI SARI MAKMUR is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.