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Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. ETERCON PHARMA |
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Formerly Known As : |
P.T. MERBABU FARMA |
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Registered Office : |
Jl. Pos Pengumben Raya No. 8, RT.005/O05, Sukabumi Selatan, Kebon
Jeruk, Jakarta Barat 11560 |
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Country : |
Indonesia |
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Date of Incorporation : |
04.02.1974 |
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Com. Reg. No.: |
No. AHU-AH.01.10-17674 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Pharmaceutical Manufacturing |
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No. of Employees : |
220 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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, 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 |
Correct Name of
company :
P.T. ETERCON
PHARMA
A d d r e s s :
Head Office
Jl. Pos Pengumben Raya No. 8, RT.005/O05
Sukabumi Selatan, Kebon Jeruk
Jakarta Barat 11560
Phones - (62-21) 535 5888, 5366 8600
F a x - (62-21) 535 5822
Building Area - 2 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Raya Semarang – Demak Km. 9
Sayung Distrit, Demak Regency
Central Java 12345
Indonesia
Phones - (62-24) 658 4691, 659 0576, 659 0577
F a x - (62-24) 658 2441
Land Area - 12,500 sq.
meters
Office Space - 8,250 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
a. 04 February 1974 as P.T. MERBABU FARMA
b. 31 December 1985 as P.T. MERBABU FALA
c. 31 October 1994 as P.T. EMBA MEGAFARMA
d. 28 August 2008 as P.T. ETERCON PHARMA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C2-656.HT.01.01.Th.86
Dated 28 January 1986
b. No. C2-7023.HT.01.04.Th.95
Dated 5 June 1995
c. No. AHU-88544.AH.01.02.Tahun 2008
Dated 20 November 2008
d. No. AHU-AH.01.10-17674
Dated 09 June 2011
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.132.404.3-052.000
b. The Capital Investment Coordinating Board
No. 1724/B.1/A.8/2008
Dated 22 August 2008
Parent Companies :
a. P.T. ANTARMITA SEMBADA
(Investment Holding)
b. OPTIMAX HEALTHCARE Ltd., of Hong Kong (Investment Holding)
Related/Affiliated
Companies :
a. P.T. NOVELL PHARMACEUTICAL LABORATORIES (Pharmaceutical
Manufacturing)
b. P.T. CENTURY FRANCHISINDO UTOMO (Distribution of Pharmaceutical &
Medical Products)
c. P.T. IMPAC INDO MITRASEMBADA (Creative Management Engineering)
d. P.T. LAHAN ASPRINDO LESTARI (Sole Agent of Consoled Products for
Indonesia)
e. P.T. PHAROS INDONESIA (Pharmaceutical Manufacturing
f. P.T. ANTARMITRA SEMBADA Ltd. (Import, Export, Distribution
and investment holding)
g. P.T. CENTURY FRANCHISINDO UTOMO (Distribution of Pharmaceutical &
Medical Products)
h. P.T. IMPAC INDO MITRASEMBADA (Creative Management Engineering)
i. P.T. LAHAN ASPRINDO LESTARI
(Sole Agent of Consolidate Products for Indonesia)
f. P.T. ADMORE CORPORATION
(Investment Holding)
Capital Structure
:
Authorized Capital - Rp.
10,000,000,000.-
Issued Capital -
Rp. 2,500,000,000.-
Paid up Capital -
Rp. 2,500,000,000.-
Shareholders/Owners
:
a. P.T. ANTARMITRA
SEMBADA - Rp. 625,000,000.- (25%)
Address :
Jl. Pos Pengumben Raya No. 8
Sukabumi
Selatan, South Jakarta
Indonesia
b. OPTIMAX
HEALTHCARE Ltd. - Rp.
1,875,000,000.- (75%)
Address : 17/F, Hing Yip
Commercial Centre
Des Voeux Road
Hong Kong
Lines of Business
:
Pharmaceutical Manufacturing
Production
Capacity :
a. Tablets -
1,000,000,000 pcs. p.a.
b. Capsules - 500,000,000 pcs. p.a.
c. Syrups - 2,500,000 liters p.a.
d. Eye Drops - 100,000 liters p.a.
e. Creams - 100,000 kgs. p.a.
f. Powders -
300,000 kgs. p.a.
Total Investment :
a. Owned Capital -
Rp. 2,500 million
b. Loan Capital - Rp. 18,000 million
c. Total Investment - Rp. 20,500 million
Started Operation
:
1 9 7 6
Brand Name :
ETERCON PHARMA
Technical
Assistance :
Optimax Healthcare Ltd., of Hong Kong
Number of Employee
:
220 persons
Marketing Area :
Domestic (Local) - 100 %
Main Customers :
Hospitals, Drugstores, Dispensaries, Retail Shops, 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
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Permata Hijau Blok D/27
Jakarta Selatan
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Gatot Subroto 95, Kav.
22
Jakarta Selatan
c. P.T. Bank OCBC NISP Tbk
Gunung Sahari Branch
Jalan Gunung Sahari No. 38
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 38.0 billion
2010 – Rp. 65.0 billion
2011 – Rp. 80.0 billion
2012 – Rp. 98.0 billion
2013 – Rp. 112.0 billion
Net Profit
(estimated) :
2009 – Rp. 1.8 billion
2010 – Rp. 3.2 billion
2011 – Rp. 4.0 billion
2012 – Rp. 5.2 billion
2013 – Rp. 5.9 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
Director -
Mr. Roy Rachmat Lembong
Board of Commissioner :
Commissioner - Mrs. Julie
Signatories :
The Director (Mr. Roy rachmat Lembong)
which must be approved by the Board of Commissioner (Mrs. Julie)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Originally named P.T. MERBABU FARMA, the company was established on
February 4, 1974 with an authorized capital of Rp 10,000,000.-, of which Rp
4,000,000.- was issued and paid up. The initial founding shareholders are Mr.
Albertus Tjahjono (25%), Mr. Robert Nugroho (25%), Miss Gung djatmiko
Sutjiningdiah (25%) and PT. Dreswtanto Apiju (25%). On December 31, 1985 the
company was renamed to P.T. MERBABU FALA and changed its name again to P.T.
EMBA MEGAFARMA on October 31, 1994.
Concurrently, the authorized capital was raised to Rp 10,000,000,000.-
of which Rp. 2,000,000,000.- was issued and fully paid up. Since at the time, the shareholders of the
company are Mr. Drs. Hartono Gunawan (51%), Mr. Teddy Handoko (23.4%), Mr.
Handojo Sugiarto (15.6%) and PT. Great Mataram (10%).
On August 28, 2008 the Company was renamed again to P.T. ETERCON PHARMA
(P.T. EP). The amendment to Deed has
been approved by the Minister Law and Human Rights of the Republic of Indonesia
in its Decree No. AHU-88544.AH.01.02.Tahun 2008 dated November 20, 2008. Since that time, the whole shares of P.T. EP
was taken over by PT. ANTARMITRA SEMBADA of Indonesia (a member of PHAROS
Group) and OPTIMAX HEALTHCARE Ltd., of Hong Kong.
Most recently by notarial Deed
No. 11 dated May 31, 2011 made by Notary
Retno Wahyu Ningsih, SH., the issued capital was raised to Rp 2,500,000,000.-
and fully paid up. Since that time, the
shareholders of the company are P.T. ANTARMITRA SEMBADA of Indonesia (25%) and
OPTIMAX HEALTHCARE Ltd., of Hong Kong (75%). The amendment to
Deed has been approved by the Minister of Law and Human Rights of the Republic
of Indonesia through Decree No. AHU-AH.01.10-17674 dated June 9, 2011. No
changes have been effected in term of its shareholding composition and capital
structures to date.
P.T. EP (formerly PT. Merbabu Farma) has been operating since 1976 in
pharmaceutical industry with its plant located at Jalan Raya Semarang – Demak
Km. 9, Sayung, Demak, Central Java. The plant produces tablet, capsule, syrup,
eye drop, creams and powder medicines. Initially the company's operations running smoothly, but since
the 2000s its operations continue to decline and a change of management and
shareholders. However, the operation did not go
smoothly, and the mid-2007
stopped all production
activities. Subsequently in 2008,
the entire assets and business activities
of the company was taken over
by new management.
Since that time the company's operations running smoothly again and the company is fully supported by its affiliated companies
PT. Pharos Indonesia
and PT. Novell
Pharmaceutical Laboratories, both
pharmaceutical companies. All of its
products are marketed for domestic market to hospitals, drugstores,
dispensaries, retail Shops, etc. We
observed that P.T. EP is classified as a small-sized company of its kind in the
country of which the operation had been running slowly 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. EP is
quite well for it has established a wide marketing network at home.
Until this time P.T. EP has not been listed in the Indonesian Stock
Exchange so that the company shall not obliged to announce its financial
statement to the public. We estimate that total sales turnover of P.T. EP in
2011 was estimated at Rp 80.0 billion increased to Rp 98.0 billion in 2012 and
rose again to Rp 112.0 billion in 2013.
The operation in 2013 yielded an estimated net profit at Rp 5.9 billion and
the company has estimated total assets at around Rp 120.0 billion. It is projected the total sales turnover in
2014 will be higher by 8%. We did not
hear that the company has been black listed by Central Bank (Bank Indonesia)
and detrimental cases were settled in the courts.
The Company’s management is headed by Mr. Roy Rachmat Lembong (43), as
Director with experience for more than 15 years in pharmaceutical industry and
trade. He is also appointed as Director
of PT. Novell Pharmaceutical Laboratories. He is a son of Mr. Drs. Eddie Lembong (78) is
a leading indigenous businessman in pharmaceutical product industry in
Indonesia with experience for more than 40 years. The management has maintained
a wide business relation among private businessmen at home and abroad as well
as among government sectors. 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 relation in banking sector is good enough
and P.T. PI has not registered with the black list of Bank of Indonesia.
P.T. ETERCON PHARMA is sufficiently fairly good for business
transaction. However, in view of the economic slowdown and political situation
in the country is warming we recommend to treat prudently in extending a loan
to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.