MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	P.T. POMALA ADI UTAMA
Registered Office :	Jalan Hadiah IV Kav. Polri Block D-11/1115 Kelurahan Jelambar, Kecamatan Grogol Petamburan Jakarta Barat, 11460
Country :	Indonesia
Date of Incorporation :	May 1985
Legal Form :	Limited Liability Company
Line of Business :	Trading, Import and Distribution of Basic Chemical for Pharmaceutical
No. of Employees :	05

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Indonesia	B1	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

Company name

P.T. POMALA ADI UTAMA

Address

Head Office

Jalan Hadiah IV Kav. Polri Block D-11/1115

Kelurahan Jelambar, Kecamatan Grogol Petamburan

Jakarta Barat, 11460

Indonesia

Phones - (62-21) 5603488, 5603122

Fax - (62-21) 5660677

E-mail - massie@cbn.net.id

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation :

May 1985

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-33570.AH.01.02.TH.2009

Dated 17 July 2009

Company Status :

National Private Company

Permit by the Government Department :

The Department of Finance

NPWP No. 01.398.375.4-036.000

Related Company :

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 100,000,000.-

Issued Capital : Rp. 25,000,000.-

Paid up Capital : Rp. 25,000,000.-

Shareholders/Owners :

a. Mr. dr. Ronny Massie - Rp. 12,500,000.-

Address : Jl. Kav. Polri Block D-XI/1115

Kelurahan Jelambar, Kecamatan Grogol

Petamburan, Jakarta Barat

Indonesia

b. Mrs. dr. Meike Silfanus - Rp. 11,300,000.-

Address : Jl. Kav. Polri Block D-XI/1115

Kelurahan Jelambar, Kecamatan Grogol

Petamburan, Jakarta Barat

Indonesia

c. Mrs. Ingrid Fransisca Massie - Rp. 1,200,000.-

Address : Jl. Kav. Polri Block D-XI/1115

Kelurahan Jelambar, Kecamatan Grogol

Petamburan, Jakarta Barat

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading, Import and Distribution of Basic Chemical for Pharmaceutical

Production Capacity :

None

Total Investment :

None

Started Operation :

1985

Brand Name :

Pomala Adi Utama

Technical Assistance :

None

Number of Employee :

5 persons

Marketing Area :

Local - 100%

Main Customer :

Pharmaceutical industries

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ANUGRAH ARGON MEDICA

b. P.T. CEMPAKA INDAH MURNI

c. P.T. PRADA PERSADA SAKTI

d. P.T. PUSPA EKA PRADIANTARA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. Bank INTERNASIONAL INDONESIA Tbk

Plaza BII Tower II

Jalan M.H. Thamrin No. 51

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2011 – Rp. 8.5 billion

2012 – Rp. 9.2 billion

2013 – Rp. 9.6 billion

2014 – Rp. 5.2 billion (January – June)

Net Profit (estimated) :

2011 – Rp. 510 million

2012 – Rp. 552 million

2013 – Rp. 576 million

2014 – Rp. 312 million (January – June)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. dr. Ronny Massie

Manager - Mrs. Ingrid Fransisca Massie

Board of Commissioners :

Commissioner - Mrs. dr. Meike Silfanus

Signatories :

Director (Mr. dr. Ronny Massie) which must be approved by Board of Commissioner.

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Satisfactory

Credit Risk :

Average

Credit Recommendation :

Credit should be proceeded with monitor

OVERALL PERFORMANCE

The correct name of the Subject is P.T. POMALA ADI UTAMA not P.T. POMALA ABI UTAMA as stated in your order ref. no. 292342 dated 30 October 2014.

P.T. POMALA ADI UTAMA (P.T. PAU) was established in Jakarta in May 1985 with an authorized capital of Rp. 100,000,000 issued capital of Rp. 25,000,000 entirely paid up. The company was founded by Mr. dr. Ronny Massie, and his wife Mrs. dr. Meike Silfanus, both are indigenous business family of Manado tribe. Its article of association had been changed a couple of times and in August 2007 his daughter Mrs. Ingrid Fransisca Messie entered into the company as new shareholder. With this time the composition of its shareholders has been changed to become Mr. dr. Ronny Massie (50.0%), his wife Mrs. dr. Meike Silfanus (45.2%) and his daughter Mrs. Ingrid Fransisca Massie (3%).

The latest according to the revision of notary deed Mr. Buntario Tigris, SH., no. 64 dated 11 June 2009 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-33570.AH.01.02.TH.2009 dated July 17, 2009.

P.T. PAU is a private company started to be operating since 1985 dealing with trading, importing, supply and distribution of basic chemical for pharmaceutical. The above merchandise products are pharmacy additive raw material. The company import pharmaceutical raw material of particularly for the need of pharmaceutical industries. The whole products are imported from India, China, Japan, Germany, USA, Thailand with Shintsu, Ongsweel, Sinoweel, Clariant, Hercules, Nisso, Morimura, Matal, Corel, Changzhou Commwin, Freund and others brands. The whole products are supplied to pharmaceutical industries such as P.T. PYRIDAM PHARMA Tbk, P.T. MERCK INDONESIA Tbk, P.T. MEIJI INDONESIA, P.T. MERSIFARMA TIRMAKU MERCUSANA, P.T. NOVELL PHARMACEUTICAL LABORATORIES and others. P.T. PAU is classified a small sized company of its kinds in the country with operation has been growing with slowly in the last three years.

In overall we find the demand for pharmaceutical basic materials had been rising in the last five years in line with the growing of pharmaceutical industry in the country. Generally, demand for laboratory and medical equipment and various pharmaceutical products had been growing in the last five years up to the end 2013 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. According the BPOM that national pharmaceutical sales as shown are as the following table.

National Market Trend of Drugs, 2005-2013* (Billion Rupiah)

Year	Total Market	Ethical Drugs	Generic Drugs
2005 2006 2007 2008 2009 2010 2011 2012 2013*	23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 47.949	14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 26.798	2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 4.349

Until this time P.T. PAU has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. PAU is very reclusive towards outsiders and rejected to disclose its financial condition. We estimated that total sales turnover of the company in 2011 amounted to Rp. 8.5 billion rose to Rp. 9.2 billion in 2012 increased to Rp. 9.6 billion in 2013. As from January to June 2014 the sales turnover has reached at least Rp. 5.2 billion with a net profit of at least Rp. 312 million. It is projected the sales will be rising by at least 5% in 2015. So far, we did not heard that 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. PAU is led by Mr. dr. Ronny Massie (65) a businessman with experience in trading, import, supply and distribution of basic chemical for pharmaceutical. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. 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. POMALA ADI UTAMA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.97.52
Euro	1	Rs.76.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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%)

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