|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PHARMACEUTICAL PROCESSING INDUSTRIES TBK |
|
|
|
|
Registered Office : |
Gedung
RNI, Jalan Denpasar Raya Kav. D III, Kuningan, Jakarta Selatan, 12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
21.06.1954 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-24623 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Manufacturing
of Pharmaceutical. |
|
|
|
|
No. of Employees |
565 |
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 : |
Slow but correct |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices
|
Source
: CIA |
Name
of Company :
P.T. PHARMACEUTICAL PROCESSING INDUSTRIES TBK
(P.T. PHAPROS Tbk)
Address
:
Head Office
Gedung
RNI
Jalan Denpasar Raya Kav. D III
Kuningan
Jakarta Selatan, 12950
Indonesia
Phones -
(62-21) 5276263, 2523820, 2523830
Fax -
(62-21) 5209381, 5202837
E-mail - sekkorp@rni.co.id
Website - http://www.ptphapros.co.id
Building Area - 6 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan
Simongan 131
Semarang 50148
Central Java
Indonesia
Phones - (62-24) 7607330, 7607325
Fax - (62-24) 7605133
Land Area - 27,000 sq.
meters
Building Area - 25,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 21 June 1954 as
N.V. PHARMACEUTICAL PROCESSING INDUSTRIES
b. 1985 as P.T.
PHARMACEUTICAL PROCESSING INDUSTRIES
c. 11 September 2000
as P.T. PHARMACEUTICAL PROCESSING INDUSTRIES Tbk
Legal
Form :
P.T.
Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-25456.HT.01.04.TH.1998
Dated 31 October 1998
- No. AHU-77832.AH.01.02.TH.2008
Dated 24 October 2008
- No. AHU-AH.01.10-24623
Dated 30 September
2010
Company Status :
Private National and
Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Capital Investment Coordinating Board
No. 22/III/PMDN/1984
Dated 12 May 1984
The Department of Health
No. 64/PH/55/B
Dated 03 February
1955
Related Company :
A Member Company of
the RNI Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
100,000,000,000.-
Issued
Capital :
Rp. 84,000,000,000.-
Paid
up Capital :
Rp. 84,000,000,000.-
Shareholders/Owners
:
a. P.T. RAJAWALI NUSANTARA INDONESIA - Rp. 46,200,000,000.-
b. Public (more than 500 persons) - Rp. 37,800,000,000.-
Lines
of Business :
Pharmaceutical
Manufacturing
Production
Capacity :
a. Tablets - 600,000,000
pieces p.a.
b. Dragees -
650,000,000 pieces p.a.
c. Injections - 16,500,000 pieces p.a.
d. Capsules - 15,000,000 pieces p.a.
Total
Investment :
Owned
Capital -
Rp. 100.0 billion
Started Operation :
1955
Brand Name :
Phapros
Technical Assistance
:
None
Number of Employee :
565 persons
Marketing Area :
Local - 100%
Main Customer :
Hospitals, Drug
Store, Dispensary
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KALBE FARMA
Tbk
b. P.T. INDOFARMA Tbk
c. P.T. KIMIA FARMA Tbk
d. P.T. DEXA MEDIKA
e. Etc.
Business Trend :
Fluctuating
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan
Kepodang No. 6-B
Semarang,
Central Java
Indonesia
b.
P.T. Bank CIM NIAGA Tbk
Jalan Pemuda No.
21 B
Semarang,
Central Java
Indonesia
c. CITIBANK N.A.
Bapindo
Plaza
Jalan Jend. Sudirman Kav. 55-56
Jakarta Selatan
Indonesia
Auditor
:
KAP
Bernardi and Rekan
Litigation
:
No
litigation record in our database
Annual
Sales :
2010
– Rp. 433.2 billion
2011
– Rp. 470.7 billion
2012
– Rp. 529.7 billion
2013
– Rp. 521.6 billion
Net
Profit :
2010
– Rp. 61.3 billion
2011
– Rp. 64.7 billion
2012
– Rp. 60.9 billion
2013
– Rp. 43.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Drs. Erlangga Tri Putranto, Akt
Directors -
a. Mr. Sutiyono, SE
b. Mr. Drs. Iswanto, Apt. MM
c. Mr. Herman Santoso, SE, MM
Board of Commissioners :
President Commissioner - Mr. Ir. Bambang Prijono
Basoeki
Commissioners - a. Mr. Drs. Sugianto Umar Kasan, Akt
b. Mrs. Emmi Mintarsih, SE
c. Prof. dr. H. Fasli Jalal, Ph.D. SpGK
Signatories :
President
Director (Mr. Drs. Erlangga Tri Putranto, Akt) or one of the Directors (Mr.
Sutiyono, SE, Mr. Drs. Iswanto, Apt, MM or Mr. Herman Santoso, SE, MM.) which
must be approved by Board of Commissioner.
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
Initially
named N.V. PHARMACEUTICAL PROCESSING INDUSTRIES abbreviated to N.V. PHAPROS, it
was established in 1954 with the legal status Naamloze Vennotschap) or limited
liability company with the authorized capital of Rp. 1,000,000 of which Rp.
250,000 was issued and fully paid up. The founding shareholders of the company
are N.V. Bankvereening OEI TIONG HAM and Mr. Ho Wie Han. In 1960, whole
shareholders withdrew and replaced by P.T. RAJAWALI NUSINDO, a state owned
company. The articles of association of the company have frequently been
revised. In 1985, the company renamed to P.T. PHARMACEUTICAL PROCESSING
INDUSTRIES and in September 2000 to P.T. PHARMACEUTICAL PROCESSING INDUSTRIES
Tbk (P.T. PHAPROS Tbk). The capital structures and shareholders composition of
the company in details are as shown on profile of this report. The deed of
amendment was made by Mr. Benny Kristianto, SH., was approved by the Ministry
of Law and Human Right in its Decision Letter No. C2-25456.HT.01.04.TH.1998,
dated October 31, 1998. The latest in April 2010 the board of directors and the
board of commissioners of the company had been changed (see profile of this
report). The latest revision of notary documents was made by Mrs. Liany Dewi
Sanjoto, SH., a public notary in Jakarta and was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-AH.01.10-24623 dated
September 30, 2010.
P.T. PHAPROS Tbk is a
member company of the RAJAWALI NUSINDO Group, a business group owned by the
government of the Republic of Indonesia. The group's main business activities
are in sugar mill industry, palm oil refinery, tanning industry, pharmaceutical
industry, glove industry, etc.
P.T. PHAPROS Tbk obtained a Domestic Capital Investment
(PMDN) facility issued by the Capital Investment Coordinating Board (BKPM) to deal
with pharmaceutical manufacturing by operating a plant located at Jalan
Simongan No. 131, Semarang, Central Java on a land of 2.7 hectares. Phapros has
currently been producing 342 items of pharmaceutical products, among them 313
are own-developed (non-license).
The plant had been operating since 1955 by produces
Tablets of 600,000,000 pcs, Dragees of 650,000,000 pcs, Injections of
16,500,000 pcs, and Capsules of 15,000,000 pcs per annum. The products being
produced by the company consist of tablets, dragees, injections and capsules
being widely popular in the country including Acetosal Tablet 100 Mg, Amoxyllin
Capsul 250 Mg, Antalgin Injection 2 Ml, Antimo Tablet 50 Mg, Dermazine Cream
Tube 250 Gr, Dextrofen Syrup 100 Ml, Uroquad Tablet 300 Mg and others.
Whole
products of the company are locally marketed by its parent company P.T.
RAJAWALI NUSINDO using Phapros brand. At the end of 2003, the company along
with two state owned companies P.T. KIMIA FARMA Tbk and P.T. INDOFARMA Tbk was
going to be merged. However the merger has yet been realization. To improve its
business structure, Phapros continuously strengthen its various strategic
partners. In 2004, the Company maintained its alliances with a leading number
global company possessing strong R & D. However, the plan has yet to be
realized. P.T. PHAPROS Tbk is classified as a large sized company of its kind
in the country of which the operation has been fluctuating 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. PHAPROS Tbk 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*) Estimated
According to the financial statement of the company having
been audited by public accountant, sales turnover of P.T. PHAPROS Tbk., in 2010
amounted to Rp. 433.2 billion with a net profit of Rp. 61.3 billion increased
to Rp. 470.7 billion with a net profit of Rp. 64.7 billion in 2011 to Rp. 529.7
billion with a net profit of Rp. 60.9 billion in 2012 decreased to Rp. 521.6
billion with a net profit of Rp. 43.5 billion in 2013 and projected to go on
rising by at least 5% in 2014.
Based on information obtained from some customers, the
payment habit of the company is smooth ranging from 1 to 3 months. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia). The
financial statement as per 31 December 2011, 2012 and 2013 is attached below.
The management of P.T. PHAPROS Tbk is headed by Mr. Drs.
Erlangga Tri Putranto Akt. (51) as the president director. He graduated from
Airlangga University, East Java majoring in accounting. In his daily
activities, he is assisted by three other directors namely Mr. Sutiyono, SE (53),
Mr. Drs. Iswanto, Apt, MM (54) and Mr. Herman Santoso, SE, MM (54). The
management is handled by experienced professional managers having wide relation
with overseas and national private businessmen as well as with the government
sectors. 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. PHAPROS Tbk is sufficiently fairly good for business transaction.
Attachment 1:
P.T. PHAPROS Tbk
And Subsidiaries
FINANCIAL STATEMENTS
Per 31 December 2011, 2012 and 2013
(In million Rupiah)
|
DESCRIPTION |
31 December |
||
|
|
2013 |
2012 |
2011 |
|
A. ASSETS |
|
|
|
|
Current Assets |
|
|
|
|
- Cash and Cash Equivalent |
27.523 |
43.633 |
20.536 |
|
- Trade Receivable |
|
|
|
|
* Third Parties |
6.331 |
9.218 |
1 |
|
* Related Parties |
254.948 |
238.084 |
228.249 |
|
- Other Receivable |
|
|
|
|
* Third Parties |
8 |
657 |
3.146 |
|
* Related Parties |
1.168 |
33 |
- |
|
- Inventories |
145.243 |
102.322 |
98.615 |
|
- Advance Purchasing |
22.475 |
28.289 |
26.922 |
|
- Receivable Income |
1.126 |
952 |
1.772 |
|
- Prepaid Expenses |
15.927 |
3.264 |
- |
|
Total Current Assets |
474.749 |
426.452 |
379.241 |
|
Non-Current Assets |
|
|
|
|
- Deferred Tax Assets |
3.764 |
3.664 |
3.895 |
|
- Long Term Investment |
56 |
56 |
56 |
|
- Tax Assets |
9.366 |
8.532 |
6.849 |
|
- Fixed Assets |
153.452 |
117.404 |
69.723 |
|
- Intangible Assets |
1.132 |
1.972 |
2.185 |
|
- Other Assets |
393 |
565 |
641 |
|
Total Non Current Assets |
166.163 |
132.193 |
83.351 |
|
TOTAL
ASSETS = TOTAL LIABILITIES & EQUITY |
642.912 |
558.644 |
462.591 |
|
B.
LIABILITIES & EQUITY |
|
|
|
|
Current Liabilities |
|
|
|
|
- Bank Loan |
121.700 |
62.800 |
17.000 |
|
- Trade Payable |
|
|
|
|
* Third Parties |
42.708 |
40.749 |
40.733 |
|
* Related Parties |
14.905 |
5.114 |
3.434 |
|
- Accrued Expenses |
9.929 |
18.883 |
17.267 |
|
- Dividend Payable |
4.661 |
4.112 |
4.085 |
|
- Other Debts |
1.815 |
24 |
8 |
|
- Obligation under financial lease |
1.519 |
2.621 |
4.052 |
|
- Tax Payables |
7.554 |
5.999 |
4.867 |
|
Total Current Liabilities |
204.791 |
140.303 |
91.448 |
|
Non Current Liabilities |
|
|
|
|
- Financial Lease |
559 |
2.009 |
3.056 |
|
- Provision Employee Benefits |
45.635 |
40.705 |
28.918 |
|
Total Non Current Liabilities |
46.194 |
42.714 |
31.974 |
|
Total Liabilities |
250.985 |
183.017 |
123.422 |
|
Equity |
|
|
|
|
- Issued and Paid up Capital |
84,000 |
84,000 |
42,000 |
|
- Additional Paid-in Capital |
17.139 |
17.139 |
59,139 |
|
- Profit (Loss) before accumulated |
(6.815) |
(8.206) |
- |
|
- Retained Earning (Deficit) |
383.506 |
367.240 |
339.170 |
|
Total Equity |
391.927 |
375.627 |
339.170 |
|
|
|
|
|
|
C.
INCOME STATEMENT |
|
|
|
|
a. Sales – Net |
521.611 |
529.753 |
470.666 |
|
b. Cost of Goods Sold |
(200.486) |
(208.784) |
(183.971) |
|
c. Gross Profit |
321.125 |
320.968 |
286.696 |
|
d. Operational Expenses |
(254.852) |
(236.071) |
(202.122) |
|
e. Operational Profit |
66.273 |
84.897 |
84.573 |
|
f. Other Income (Expenses) |
(10.114) |
4.275 |
4.321 |
|
g. Profit Before Income Tax |
56.159 |
89.172 |
88.894 |
|
h. Income Tax |
(14.019) |
(20.032) |
(24.198) |
|
i.
Net Profit (Loss) |
43.531 |
60.934 |
64.696 |
Source: Financial Statement
31 December 2011, 2012 and 2013
Audited by Bernardi
& Rekan
Attachment 2:
List of the RAJAWALI NUSANTARA INDONESIA
Group Members
1. CITRAMAS PLASTIK INDUSTRI, P.T. (Plastic Packaging Industry)
2. GABUNGAN IMPOR EXPOR BALI, P.T. (Land Transportation & Distribution)
3. MADU BARU, P.T. (Sugarcane Refinery)
4. MITRA KERINCI, P.T. (Black and Green Tea Plantation)
5. MITRA RAJAWALI BANJARAN, P.T. (Condom Manufacturing)
6. PABRIK GULA CANDI BARU, P.T. (Sugarcane Plantation and Sugar Refinery)
7. PABRIK GULA RAJAWALI 1, P.T. (Sugarcane Refinery)
8. PABRIK GULA RAJAWALI II, P.T. (Sugarcane Plantation and Sugar Refinery)
9. PABRIK GULA RAJAWALI III, P.T. (Sugarcane Plantation and Sugar Refinery)
10. PABRIK GULA REJO AGUNG BARU, P.T. (Sugarcane Plantation and Sugar
Refinery)
11. PERKEBUNAN MITRA OGAN, P.T. (Oil Palm Plantation and Palm Oil Refinery)
12. PHAPROS Tbk, P.T. (Pharmaceutical Industry)
13. PIE RAJAWALI NUSINDO, P.T. (General Trading)
14. PHILIPS RALIN ELECTRONICS, P.T. (Electric Lamp Manufacturing)
15. RAJAWALI GLOVES CORPORATION, P.T. (Sport Glove Indusry)
16. RAJAWALI NUSANTARA INDONESIA, P.T. (Investment Holding and Management
Trust)
17. RAJAWALI PROPERTINDO, P.T. (Office Block and Diplomatic Residential
Complex)
18. PROYEK PENGEMBANGAN LINGKUNGAN KUNINGAN (PPLK)
(Zone Industry Management)
19. PK. TANJUNG SARI (Leather Processing)
20. TROPHY RAJAWALI INDONESIA, P.T. (Radiology Instrument Industry)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.