|
Report Date : |
23.05.2014 |
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 |
|
Maximum Credit Limit : |
US$ 2,500,000 |
|
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)
A d d r e s s
:
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
B a n k e r s :
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
Maximum Credit Limit :
US$ 2,500,000 on
90 days D/A
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 (BPOM)
*)
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.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared by
: |
PDT |
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.