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Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. SUPRA
FERBINDO FARMA |
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Formerly Known as: |
P.T. SUPRA FERBINDO LABORATORIES |
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Registered Office : |
Kawasan Industri EJIP ( |
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Country : |
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Date of Incorporation : |
20.01.1986 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-03125 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of pharmaceutical and medicine Subject product ranges includes tablet, caplet, capsule and
cream medicines like influenza, fever and stomach with using various brands
such as; OSKADON, CONTREX, CONTREXY, OSKADRYL, OSKAMAG, OSKAVIT and OSKASAL
brand. |
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No. of Employees |
315 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 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. SUPRA FERBINDO FARMA
Head Office &
Factory
Kawasan Industri EJIP (East Java
Industrial Park) Plot 8 J No.1-4
Desa Lemah Abang, Cikarang Selatan
Bekasi 17550, West Java
Indonesia
Phones -
(62-21) 897 0278, 897 0276
F a x -
(62-21) 897 0195
Land Area - 29,203 sq. meters
Building Area - 7,416 sq. meters
Region - Industrial Estate
Status - Rent
20 January 1986
as P.T. SUPRA FERBINDO LABORATORIES, changed its name to P.T. SUPRA FERBINDO FARMA
on June 4, 1986.
P.T. (Perseroan Terbatas) or Limited
Liability Company
The Ministry of Law
and Human Rights
a. No. C2-6373.ht.01.01.Th.86
Dated 15 September 1986
b. No.
C2-3630.HT.01.04.TH.95
Dated 21 March 1995
c. No.
AHU-18788.AH.01.02.Tahun 2009
Dated 28 July 2009
d. No.
AHU-AH.01.10-03125
Dated 30 January 2014
National Private Company
a. The Department
of Finance
NPWP No. 01.398.193.1-413.000
b. The Capital
Investment Coordinating Board
No. 63/I/PMDN/1997
Dated 14 February 1997
Related/affiliated
Company :
A member of the TEMPO Group (see attachment)
Capital Structure
:
Authorized Capital - Rp. 100,000,000,000.-
Issued Capital - Rp.
47,500,000,000.-
Paid up Capital - Rp.
47,500,000,000.-
Shareholders/Owners
:
a. P.T. TEMPO
SCAN PACIFIC, Tbk. - Rp.
47,499,000,000.- (99.998%)
Address: Bina Mulia Building
Jl. HR Rasuna Said Kav. 11
Jakarta Selatan
b. P.T. TEMPO
NATURAL PRODUCTS - Rp. 1,000,000.- ( 0.002%)
Address : Bina Mulia Building
Jl. HR Rasuna
Said Kav. 11
Jakartta
Selatan
Lines of
Business :
Pharmaceutical and Medicine Manufacturing
Production
Capacity :
a. Tablets - 3,691,000,000 pcs. p.a.
b. Caplets - 354,000,000 pcs.
p.a.
c. Capsules - 62,000,000 pcs.
p.a.
d. Cream - 120 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 47.5 billion
b. Loan Capital - Rp. 40.0 billion
c. Total Investment - Rp. 87.5 billion
Started
Operation :
1987
Brand Name :
Oskadon,
Contrexyn, Oskadryl, etc.
Technical
Assistance :
None
Number of
Employee :
315 persons
Marketing Area :
Local (Domestic) 70% and Export 30%
Main Customers :
a. P.T. TEMPO SCAN PACIFIC Tbk., as
main distributor
b. Hospitals, Public Health Clinics,
Pharmacies, Drug Stores
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Kalbe Farma
b. P.T. Enseval
c. P.T. Abbot Indonesia
d. P.T. Kimia Farma
e. P.T. Bintang Toejoeh
f.
P.T. Tempo Scan Pacific
g. P.T. Merk Tbk
h. P.T. Sanbe Farma
i. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
b. P.T. Bank NEGARA INDONESIA Tbk
c. P.T. Bank CIMB NIAGA Tbk.
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 270.0
billion
2012 – Rp. 315.0
billion
2013 – Rp. 360.0
billion
Net Profit
(estimated) :
2011 – Rp. 14.8
billion
2012 – Rp. 17.3
billion
2013 – Rp. 19.8
billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Handojo Selamet Muljadi
Vice President Director -
Mrs. Dewi Murni Sukahar
Directors -
a. Mrs. Irawati Sutanto
b. Mr. Dondi Sapto Margono
c. Mrs. Ratnawati Soewito
Board of Commissioners :
President Commissioner -
Mrs. Dian Paramita Tamzil
Vice President Commissioner -
Mrs. Dewi Murni Sukahar
Commissioners -
a. Mrs. Diana Wirawan
b. Mr. Paulus Harinato
Signatories :
President Director (Mr.
Handojo Selamet Muljadi) or Vice President Director (Mrs. Dwi Murni Sukahar) or
one of the Directors (Mrs. Irawati Sutanto, Mr. Dondi Sapto Margono or Mrs.
Ratnawati Soewito) which must be approved by Board of Commissioner (Mrs. Dian
Paramita Tamzil).
Management Capability :
Good
Business Morality :
Good
Originally named P.T. SUPRA FERBINDO
LABORATORIES, the company was
established in Jakarta based on Notarial Deed No. 67 dated January 20, 1986 made
by Notary Trisnawati Mulia, SH., with an authorized capital of Rp.
1,000,000,000.- of which Rp 200,000,000.- was issued and fully paid up. The
founding shareholders of the company are P.T. OMETRACO (50%) and the late Mr.
Ferry Teguh Santosa (50%), an Indonesian businessman of Chinese extraction. The
Deed of establishment has been approved by the Minister of Justice and Human
Rights of the Republic of Indonesia through its Decision Letter No. C2-6373
HT.01.01.TH.86 dated September 15, 1986.
The articles of association of the company have frequently been
changed. On June 4, 1986 the Company was
renamed to P.T. SUPRA FERBINDO FARMA (P.T. SFF). In June 1992, the authorized capital was
raised to Rp 25,000,000,000,- of which Rp 12,500,000,000.- was issued and fully
paid up. Concurrently, P.T. OMETRACO and
Mr. Ferry Teguh Santosa pulled out and the whole shares are sold to P.T. SUPRA
USADHATAMA, a subsidiary of P.T. TEMPO SCAN PACIFIC Tbk., a public listed
company. In December 1996, the
authorized capital was raised again to Rp 50,000,000,000.- of which Rp
12,500,000,000.- was issued and fully paid up.
Most recently by notarial Deed No. 28 dated December 23, 2013 made by Notary Diah Guntari Listianingsih Soemarwoto, SH., the authorized capital was raised again to Rp 100,000,000,000.- of which Rp 47,500,000,000.- was issued and fully paid up. The latest shareholders of the company are P.T. TEMPO SCAN PACIFIC Tbk., (99.998%) and P.T. TEMPO NATURAL PRODUCTS (0.002%). The amendment to Deed has been approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-AH.01.10-03125 dated January 30, 2014. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. SFF is a member of the TEMPO Group, a big business group in the pharmaceutical and cosmetic industry and trade in Indonesia. The group is headed by Mrs. Kartini Muljadi SH., and her niece Mrs. Dian Paramita Tamzil SH., both are former leading Indonesian public notary who now has taken up legal consulting as her profession.
P.T. SFF has obtained Domestic Capital Investment (PMDN) facilities issued by BKPM (Investment Coordinating Board) to operate in the pharmaceutical and medicine manufacturing and the Company has been operating since 1987. The Company operates a manufacturing plant on a 29,203 sq. meters land at Kawasan Industri EJIP (East Java Industrial Park) Plot 8-J No.1-4, Desa Lemah Abang, Cikarang Selatan, Bekasi, West Java. The product produces tablet, caplet, capsule and cream medicines like influenza, fever and stomach with using various brands such as; OSKADON, CONTREX, CONTREXY, OSKADRYL, OSKAMAG, OSKAVIT and OSKASAL brand. Tablet capacity is by far the largest compared to the caplet and capsule lines. Some 70% of products is marketed domestically through its sister company PT. Perusahaan Dagang TEMPO, while the rest is exported to Asian, European and African countries. We observe that P.T. SFF is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally outlook we find the demand for
pharmaceutical products had been rising by 6% to 7% per year in line with the
development of hospitals, public clinics, dispensaries, drugstores, etc.
Business prospect in the long run for pharmaceutical products is quite
promising once unstable economic condition starts recovery. But competition is
very tight due to a large number of similar companies operating in the country.
Business position of P.T. SFF is quite well for it has established a wide
marketing network at home.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. The management is very reclusive and unlikely to expose its financial condition to outsider. We estimate that sales turnover of the company in 2011 amounted to Rp. 270.0 billion increased to Rp. 315.0 billion in 2012 and rose again to Rp. 360.0 billion in 2013. The operation of the company in 2013 yielded a net profit at least Rp. 19.8 billion and the company has a total asset of Rp. 170.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2014. So far we did not hear that P.T. SFF has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court. The company usually pays its debts punctually to suppliers.
The company’s management is headed by Mr. Handojo Selamet Muljadi (50), one of the top figures of the TEMPO Group. He is a son of Mrs. Kartini Muljadi, SH., the founder of the TEMPO Group. In his day-to-day activities, he is assisted by a Vice President Director namely Mrs. Dewi Murni Sukahar (60) three nine directors namley Mrs. Irawati Sutanto (62), Mr. Dondi Sapto Margono (60) and Mrs. Ratnawati Soewito (57). But, the prime-mover of the company is Mrs. Dian Paramita Tamzil, SH. (74). She is chairman of the company and the TEMPO Group. The company has an experienced management, further made up of professional managers in the manufacture and distribution of pharmaceuticals. They have wide relations with government authorities, particularly at the Department of Health, as well as with private businessmen within and outside the country. So far we have never yet heard of the company’s management having been involved in business malpractices.
P.T. SFF is appraised to be good for business transaction. However, in view of the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.
Attachment:
List of the TEMPO
Group Members
1.
AGENG ADI, P.T. (Investment Holding)
2.
ATAP MULIA, P.T. (Investment Holding)
3.
BARCLAY PRODUCTS LIMITED, P.T. (Cosmetic Industry)
4.
BEIERSDORF INDONESIA, P.T. (Pharmaceutical and Cosmetics
Industry)
5.
BINA MULIA MANUNGGAL, P.T. (Property)
6.
BLUECHIPS MULIA, P.T. (Securities)
7.
BOGAMULIA NAGADI, P.T. (Investment Holding)
8.
ERES REVCO, P.T. (Distribution and Trading of Cosmetic
Products)
9.
FILMA UTAMA SOAP, P.T. (Soap Industry and Distribution of
Tooth Brush and Paste)
10.
FORTIUS, P.T. (Trading and Distribution of Electric/Telecom
Cables and Investment Holding)
11.
GLOBAL ERAMAS, P.T. (Trading and Distribution of
Pharmaceutical and Laboratory Equipments)
12.
INDONESIAN PHARMACEUTICAL INDUSTRY, P.T. (Pharmaceutical
Industry)
13.
KIAN MAKIN MULIA, P.T. (Softdrink Industry)
14.
KONDANG SUBURJAYA, P.T. (Trading and Import of Speed Boats)
15.
KRONE INDONESIA, P.T. (Telecommunication Equipment
Manufacturing)
16.
KUMPULAN MULIA, P.T. (Investment Holding)
17.
NAGADI WALUYO, P.T. (Property)
18.
NAGAMUKTI ADI, P.T. (Investment Holding)
19.
PRITHO INDUSTRIAL CORPORATION LTD., P.T. (Tooth Brushes Manufacturing)
20.
POLARI LIMUNUSA INTI, P.T. (Softdrink Industry)
21.
PULAU MAHONI, P.T. (Cosmetics Manufacturing)
22.
RUDY SOETADI & CO., P.T. (Cosmetics Manufacturing)
23.
SARANA EKACITRA INDONESIA, P.T. (Contracting and Consulting
of Telecommunication Network System and Electrical Appliances)
24.
SUPRA FERBINDO FARMA, P.T. (Pharmaceutical Industry)
25.
SUPRA USADHATAMA, P.T. (Distribution of Pharmaceutical
Products)
26.
TEMPO LAND, P.T. (Office Building Development and
Management)
27.
TEMPO NAGADI, P.T. (Baby Soaps Manufacturing and investment
holding)
28.
TEMPO NAGADI TRADING, P.T. (Buying and Importing Services)
29.
TEMPO NASIONAL LIFE, P.T. (Life Insurance)
30.
TEMPO Perusahaan Dagang, P.T. (Trading and Distribution
Pharmaceutical and Cosmetic Products)
31.
TEMPO SCAN PACIFIC Tbk., P.T. (Pharmaceutical Industry)
32.
TEMPO UTAMA FINANCE, P.T. (Financing Services)
33.
TYFOUNTEX INDONESIA, P.T. (Integrated Textile Industry &
Garment Manufacturing)
34.
UPJOHN INDONESIA, P.T. (Pharmaceutical Industry)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
UK Pound |
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
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.