MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. CAPSUGEL INDONESIA |
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Registered Office : |
Jalan Raya Bogor Km. 42, Cibinong 16916, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
14.02.1996 |
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Com. Reg. No.: |
No. AHU-AH.01.10-05332 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of Gelatin Capsule |
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No. of Employees : |
a. 158 persons (permanent) b. 165 persons (non permanent) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Name of Company :
P.T. CAPSUGEL
INDONESIA
Address :
Head Office &
Factory
Jalan Raya Bogor Km. 42
Cibinong 16916
West Java
Indonesia
Phone -
(62-21) 875 2226 (Hunting)
Fax. - (62-21) 875 2195
P.O. Box - 15/CBI
Email - Indonesia_CS@capsugel.com
Website - http://www.capsugel.com
Land Area - 9,300 sq.
meters
Factory Space - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
14 February 1996
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C-30274 HT.01.04.TH.2003
Dated 31 December 2003
b. No. AHU-29540.AH.01.02.Tahun 2010
Dated 10 June 2010
c. No. AHU-56152.AH.01.02.Tahun 2011
Dated 17 November 2011
d. No. AHU-15767.AH.01.02.Tahun 2012
Dated 27 March 2012
e. No. AHU-AH.01.10-05332
Dated 19 February 2013
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
The Capital Investment Coordinating Board
- No. 144/I/PMA/1996
Dated 12 February 1996
- No. 1646/III/PMA/1998
Dated 19 November 1998
- No. 02/II/PMA/2000
Dated 6 June 2000
- No. 231/II/PMA/2002
Dated 30 October 2002
The Department of Finance
NPWP No. 01.071.413.7-052.000
Related Companies :
a. WARNER LAMBERT COMPANY LLC., of the USA (Investment Holding)
b. INTERNATIONAL AFFILIATED Corp., LLC., of the USA (Investment Holding)
Capital Structure
:
Authorized Capital - US$
21,500,000.- (Rp. 136,325,000,000)
Issued Capital - US$
21,500,000.- (Rp. 136,325,000,000)
Paid up Capital - US$ 21,500,000.-
(Rp. 136,325,000,000)
Shareholders/Owners
:
a. CAPSUGEL BELGIUM
BVBA - US$
21,285,000.- (99%)
Address : 2880
Bornem, Rijksweg11
Brussels
Belgium
b. CAPSUGEL FINANCECO II S.A.R.L. - US$
215,000.- ( 1%)
Address : 63, Ru
De Rollingergrund,
L-2440 Luxembourg
Luxembourg
Lines of Business
:
Gelatin Capsule Manufacturing
Production
Capacity :
a. Gelatin Capsules -
4,600 million pcs. p.a.
b. Trading and Import Services -
US$ 2.0 million
Total Investment :
a. Equity Capital - US$
21.5 million
b. Reinvested Profit -
US$ 1.5 million
c. Loan Capital - US$
10.2 million
d. Total Investment - US$ 33.2 million
Started Operation
:
1996
Brand Name :
Capsugel Gelatin Capsule
Technical
Assistance :
CAPSUGEL BELGIUM BVBA of Belgium
Number of Employee
:
a. 158 persons (permanent)
b. 165 persons (non permanent)
Marketing Area :
Domestic - 60%
Export - 40%
Main Customers :
a. P.T. SANBE FARMA
b. P.T. DEXA MEDICA
c. P.T. FERRON FARMA
d. P.T. INDO FARMA
e. About 35% of the products are exported to several Asian countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KAPSULINDO NUSANTARA
b. P.T. UNIVERSAL PHARMACEUTICAL INDUSTRY
c. P.T. DANKOS LABORATORIES
d. P.T. KALBE FARMA Tbk
e. P.T. KIMIA FARMA Tbk
f. P.T. PHAROS INDONESIA Tbk
g. Etc.
Business Trend :
Growing
Bankers :
a. CITIBANK N.A.
Landmark Center
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
b. AMERICAN EXPRESS Bank
American Express Bank Building
Jalan H.R. Rasuna Said Block X-1
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2008 – Rp. 232.0 billion
2009 – Rp. 268.0 billion
2010 – Rp. 310.0 billion
2011 – Rp. 358.0 billion
2012 – Rp. 402.0 billion
Net Profit
(estimated) :
2008 – Rp. 14.0 billion
2009 – Rp. 16.2 billion
2010 – Rp. 18.7 billion
2011 – Rp. 21.5 billion
2012 – Rp. 24.0 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Eddy Suyadi
Director - Mr. Muhammad Said Bernad
Hananto
Board of Commissioners :
Commissioner - Mr. Guido Edouard Driesen
Signatories :
President Director (Mr. Eddy Suyadi) or
Director (Mr. Muhammad Said Bernad Hananto) which must be approved by the Board
of Commissioner (Mr. Guido Edouard Driesen)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T. CAPSUGEL INDONESIA (P.T. CI) was established in February 1996 with
the authorized capital of US$ 3,500,000 wholly issued and paid up. The founding
shareholders of the company are WARNER LAMBERT COMPANY and INTERNATIONAL
AFFILIATED CORPORATION, both of the USA. The articles of association of the
company have frequently been revised.
In December 1998, the authorized capital of the company was raised to
US$ 7,500,000 (Rp 17,325,000,000) wholly issued and paid up. The deed of
amendment was made by Mr. Singgih Susilo, SH., a public notary in Jakarta under
Company Registration Number C-30274HT.01.04.TH.2003, dated 31 December 2003 and
No. C-UM.02.01.6601, dated 26 April 2006.
On April 2010, Mr. Charles Robert Danjut, Mrs. Sapti Damajanti and Mr.
Thomas Dharmasaputra withdraw and their position was replaced by Vanchai
Santimonachai, Mr. Luthfi Mardiansyah, Mr. Lukman Hidayat and Mrs. Bhanuwati
Citarasmi. The deed of amendment was made by Ms. Irene Yulia, SH., a public
notary in Jakarta under Company Registration Number AHU-29540.AH.01.02.Tahun
2010 dated 10 June 2010.
In November 2011, the authorized capital was raised to US$ 21,500,000
(Rp. 136,325,000,000) entirely was issued and fully paid up. Since the time, the shareholders of the
company are CAPSUGEL BELGIUM BVBA of Belgium (99%) and CAPSUGEL FINANCECO II
S.A.R.L., of Luxembourg (1%). The deed
of amendment was made by Ms. Mala Mukti, SH., a public notary in Jakarta under
Company Registration Number AHU-56152.AH.01.02.Tahun 2011 dated 17 November
2011.
Later according to the latest revision of notary deed of Mr. Haji Syarif
Siangan Tanudjaja, SH., No. 3 dated 7 January 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.01.10-05332
dated 19 February 2013. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. CI obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with Gelatin Capsule
industry having been in operation since 1996 by taking over the activities and
assets of P.T. GELATINDO MUKTI GRAHA having been in operation since 1984. Its
plant is located at Jalan Raya Bogor Km. 42, Cibinong, West Java on a land of
9,300 square meters having frequently been revised. The plant has been
expansion frequently to increasing production capacity in gelatin capsules of
4,600 million pcs per annum. Some 65% of the products are locally marketed
among pharmaceutical industries such as P.T. SANBE FARMA, P.T. DEXA MEDICA,
P.T. FERRON FARMA, P.T. INDOFARMA and others.
Meanwhile, the rest 35% of this is exported to several Asian
countries. We observe that P.T. CI is
classified as the largest sized company of its kind in the country of which the
operation has been growing in the last three years.
Generally, the demand for gelatin capsules or empty capsules in the
country had significantly rising by 8% to 10% per year in the last five years,
in line with the growth of pharmaceutical industries 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 such as P.T. KAPSULINDO NUSANTARA, P.T. UNIVERSAL
PHARMACEUTICAL INDUSTRY, P.T. DANKOS LABORATORIES and others. The
business position of P.T. CI is favorable because its merchandise products have
already been popular in the country.
Until this time P.T. CI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
We observed that total sales turnover of the company in 2010 amounted to Rp.
310.0 billion increased to Rp. 358.0 billion in 2011 and rose again to Rp.
402.0 billion in 2012. The operation in
2010 yielded an estimated net profit at least Rp. 18.7 billion increased to Rp.
21.5 billion in 2011 and rose again to Rp. 24.0 billion in 2012. The company has an estimated total net worth
at Rp. 165.0 billion. It is projected
that total sales turnover of the company will increase at least 8% in 2013. We
observe that P.T. CI is supported by financially strong foreign partners behind
it. So far, we have never heard of 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. CI is led by Mr. Eddy Suyadi (51) with 18 years
of experience in the gelatine capsules manufacturing and trade. Daily his activities, he is assisted by Mr.
Muhammad Said Bernad (46) as director. The management of the company is also
handled by professional managers having wide relation with private businessmen
within and outside the country and with the government sectors as well. We observed that management’s reputation in
said business is fairly good. So far, we
have never heard that the company’s management involved in a dirty business
practice or detrimental cases that settled in the country. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. PT. CAPSUGEL
INDONESIA is fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.24 |
|
|
1 |
Rs.84.29 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
|
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NB |
New Business |
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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.