|
Report No. : |
338421 |
|
Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DEXA MEDICA |
|
|
|
|
Registered Office : |
Jalan Letjend. Bambang
Utoyo No. 138-8 Ilir, Palembang
30114, South Sumatera |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
14.01.1972 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-08773 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Pharmaceutical. |
|
|
|
|
No. of Employees : |
1,420 |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
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 has seen a slowdown in growth since 2012, mostly due
to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially increased
electric power capacity, since taking office. Fuel subsidies were almost
completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
Name
of Company :
P.T. DEXA MEDICA
Address:
Head Office & Factory
Jalan Letjend. Bambang Utoyo No. 138-8 Ilir
Palembang
30114
South
Sumatera
Indonesia
Phones -
(62-711) 710078, 711390 (Hunting)
Fax -
(62-711) 713242
E-mail - ga@dexa-medica.com
Website - http://www.dexa-medica.com
Land Area - 11,200 sq.
meters
Building Area - 7,300 sq. meters
Region - Industrial
Zone
Status - Owned
Branch Office
Graha
Elnusa, 5th Floor
Jalan
Letjend. T.B. Simatupang Kav. 1 B
Jakarta Selatan, 12560
Indonesia
Phones -
(62-21) 78830884 (Hunting)
Fax - (62-21) 78846464
Building Area - 22 storey
Office Space - 500 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
a.
22 September 1969 as P.T. DEXA
b.
14 January 1972 as P.T. DEXA MEDICA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C-13610.HT.01.04.TH.99
Dated 27 July 1999
- No. AHU-70642.AH.01.02.TH.2008
Dated 7 October 2008
- No. AHU-AH.01.10-08773
Dated 11 March 2013
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.129.507.8-092.000
The Capital Investment Coordinating
Board
NPWP
No. 118/SEKR/SP.PMDN/72
Dated
27 July 1972
Related
Company :
A
Member Company of the DEXA Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
40,000,000,000.-
Issued
Capital :
Rp. 12,000,000,000.-
Paid
up Capital :
Rp. 12,000,000,000.-
Shareholders/Owners
:
a. P.T. INERTIA UTAMA - Rp.
11,997,546,000.-
Address : Jl. Merdeka No. 36
Palembang, South Sumatra
Indonesia
b. P.T. EKON PRIMA -
Rp. 2,454,000.-
Address :
Jl. Merdeka No. 36
Palembang, South Sumatra
Indonesia
Lines
of Business :
a.
Pharmaceutical Manufacturing
b.
Investment Holding
Production
Capacity :
a.
Tablets -
286,000,000 pieces p.a.
b.
Capsules - 70,700,000 pieces p.a.
c.
Syrups - 125,000 liters p.a.
d.
Drugs - 33,500,000 pieces p.a.
e.
Dry Syrups - 300,000 bottle p.a.
f.
Injections - 1,200,000 ampuls p.a.
g.
Cephalosporin - 10,000,000 vials p.a.
Total Investment :
a. Equity Capital - Rp. 11.0 billion
b. Loan Capital - Rp. 44.0
billion
c. Total Investment - Rp. 55.0 billion
Started Operation :
1972
Brand Name :
Dexa
Technical Assistance
:
None
Number of Employee :
1,420 persons
Marketing Area :
Local -
85%
Export - 15%
Main Customer :
Hospital, Dispensary,
and Drug Store etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KIMIA FARMA
Tbk
b. P.T. KALBE FARMA
Tbk
c. P.T. PHAPROS Tbk
d. P.T. PRYDMA FARMA Tbk
Business Trend :
Growing
B
a n k e r s :
a.
P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b.
P.T. Bank CENTRAL ASIA Tbk
Barclays
Building
Jalan
Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 1,418.0 billion
2013
– Rp. 1,488.0 billion
2014
– Rp. 1,520.0 billion
Net
Profit (estimated) :
2012
– Rp. 105.0 billion
2013
– Rp. 117.0 billion
2014
– Rp. 126.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Ferry Abidin Soetikno, M.Sc., MBA
Directors -
a. Mr. Gunawan Lukman
b. Mrs. Dorothy Maria
c. Mr. Raymond Rubianto Tjandrawinata
Board of Commissioners :
Commissioner - Mr. Drs. Rudy Soetikno, Apt
Signatories :
President
Director (Mr. Ir. Ferry Soetikno MSc. MBA) or one of the Directors (Mr. Gunawan
Lukman, Mrs. Dorothy Maria or Mr. Raymond Rubianto Tjandrawinata) which must be
approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Originally named P.T. DEXA, the company was established
in September 1969 in Palembang, South Sumatra with an authorized capital of Rp.
5,000,000 of which Rp. 1,000,000 was issued and paid up. The founding
shareholders of company originally are Mrs. Dra. Hetty Indrakasih Soetikno, Dr.
Eddy Linus Woworuntu, Dr. Bernadette Gozali, and Mrs. Lydia Siptiani. They are
all Indonesian businessmen/women of Chinese extraction. The company's notarial
act was since revised a couple of times. In January 1972 the company's name was
changed to P.T. DEXA MEDICA (P.T. DM). Under the notarial act revision in
August 1997, the company's authorized capital was increased to Rp.
40,000,000,000 with the issued and paid up capital amounting to Rp.
11,130,454,000. On the same occasion the shareholders of P.T. DM was controlled
by P.T. INERTIA UTAMA, a private company, Mrs. Dra. Hetty Indrakasih Soetikno
and Mrs. Lidya Siptiani. Concurrently whole shares of the company were
controlled by P.T. INTERTIA UTAMA and P.T. EKON PRIMA. Then in September 2008
the issued capital was raised to Rp. 12,000,000,000 entirely paid up. With this
development the composition of its shareholders has been changed to become P.T.
INERTIA UTAMA (99.98%) and P.T. EKON PRIMA (0.02%). Later according to the
latest revision of notary deed Mrs. Evy Ferdiana, SH., No. 13 dated 21 January
2013 the company board of director and the board of commissioner had been
changed to lead and runs of the company’s operation. The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-08773 dated March 11, 2013.
We see that the three shareholders of the company is a
member company of the DEXA MEDICA Group, a medium sized company in
pharmaceutical industry led by Mr. Drs. Rudy Soetikno.
P.T. DM operates under Domestic Investment (PMDN)
facilities in the pharmaceutical industry. It’s plant located in Palembang, has
been in operation since 1972 and expanded several times. The plant produces
tablets, capsules, syrups, drugs, dry syrups and injections. In 2005, P.T. DM
expanded its plant to increase the production capacity of cephalosporin to 8
million – 10 million per annum. The facility of cephalosporin production (one
of antibiotics) is to produce solida oral in the forms of capsule, tablets,
dried syrup; sterile injection powder equipped with the latest way for
producing medicines (current good manufacturing practices/CGMP) having been in
operation since January 2006. OTC products of the company are under Lytacur,
Stimuno, Toxilite and Tripoten brands. Ethical products covering branded
medicines are under brands of Decain Spinal, Flamicort, Raivas, Glupas,
Vectrine, Remopain, Vometa, Rhinos SR, Tetagam P, Rinofed, Vastigo, Fludexin,
Dexazol, Supranal, Dexacap, Movileps, Dexa-M, Noperten, Hademaccel, Dobuject,
Fladex Infus, Starcef, Colergis, Tranexid, Fladystin, Volequin, Tripenem, Tramus,
Sedacu, Provula, Deculin, Cefrin and Tenapril.
OGB products (Real Generic) are under brands of Tramadol,
Metoclopramide, Ciprofloxacin, Ceftazidime, Kalium Diklofenak, Captopril,
Piracetam, Meloxicam, Methylprednisolone, Risperidone, Glimepride, Gliquidone,
Clobazam, Clindamycin, Bisoprolol, Spiramycin, Simvastatin, Ofloxacin,
Ketokonazole. Nutraceutical products are under brands of Divens Plus, Resvica,
Folamil, Divens, Lacidofil, Feritrin, Gastro AD, Stimuno and Flexor DS.
Besides producing the products itself, the company is
also in cooperation of production contract manufacturing (toll manufacturing)
to produce 240 million tablets per annum with P.T. INDOFARMA Tbk. Some 85% of
the products are locally marketed by its sister companies P.T. DJEMBATAN DUA
and P.T. ANUGERAH ARGON MEDICA and the rest is exported to Singapore, Malaysia,
the Philippines, Srilanka, Hong Kong, Cambodia, Vietnam, Myanmar, and Nigeria.
Besides, P.T. DM is also dealing with investment holding by controlling 48.5%
shares of P.T. FERRON PAR PHARMACEUTICALS in pharmaceutical industry. We
observe that P.T. DM is included in 10 large sized pharmaceutical industries in
the country.
Generally, demand for laboratory and medical equipment
and various pharmaceutical products had been growing in the last five years.
Indonesian pharmaceutical market is still attractive for investment, both for
local and foreign investors. This is driven by the growth of national
pharmaceutical market that has been rising far above the average growth of the
national economy for more than five years. In addition to the aforementioned
growth factor, appealing factor of Indonesian pharmaceutical market lays in the
lucrative prospect of constantly developing healthcare industry along with
stronger purchasing power of the public and stronger awareness of health care,
which has contributed to the increasing spending allocated for health sector.
The growth of health care infrastructure such as hospitals, pharmacies,
community health centers, clinics, private medical practices and drug stores
that spread mostly across the region becomes a clear indication that health
care facilities become a very important part for the community. This condition
is a prospective opportunity for the pharmaceutical industry to develop its business
in a larger scale to meet the need of drugs for health care services in all
types of available facilities.
In general, the growth of the market and the
pharmaceutical industry is driven by two main factors, namely the increasing number
of drug consumption by the public and the increasing supply of new products
launched by manufacturers or principal. The increasing amount of consumption
and the addition of new product launched give direct effect on the increasing
number of production and supply of the products as a whole. In the lower
middle-class society, the increasing consumption occurs due to the opening of
public access to health care products and services through health insurance
program. This program directly links between unfortunate communities with
health care and medical expenses. As for the upper middle class, rising incomes
have a significant impact on the change of drug consumption patterns.
Self-medication becomes an integral part of people's daily activities as a result
of demanding lifestyle for a healthier life as demanded. This awareness exists
in certain groups of population. The business position of P.T. DM 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, 2001-2014* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 47.949 51.305 |
7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 26.798 28.854 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 4.349 4.653 |
Source: Food and Drug
Controlling Board (BPOM)
*) Estimated
Until this time P.T. DM has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. DM is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2012 amounted to Rp.
1,418.0 billion increased to Rp. 1,488.0 billion in 2013 rose to Rp. 1,520.0
billion in 2014 and projected to go on rising by at least 6% in 2015. The
operation in 2014 yielded an estimated net profit of at least Rp. 126.0 billion
and the company has an estimated total net worth of at least Rp. 220.0 billion.
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. DM is led by Mr. Ferry Abidin
Soetikno, MSc. MBA. (54), obtaining a Bachelor Degree in Chemical Engineering
from Bandung Institute of Technology (ITB) and Master of Science degree in
Chemical Engineering from Washington University of Pittsburg, USA. He has
joined into the DEXA MEDICA Group since June 1993 having experience in KC
Pharmaceutical Inc., the USA on the last post of Chief Operating Officer. Daily
activity he is assisted by Mr. Gunawan Lukman (57), Mrs. Dorothy Maria (46) and
Mr. Raymond Rubianto Tjandrawinata (51) as Directors. The management of the
company is handled by professional managers having wide relation with private
businessmen within and outside the country and with the government sectors as
well. We observed that management’s reputation in said business is fairly good.
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. DEXA
MEDICA is sufficiently fairly good for business transaction.
List of the DEXA MEDICA Group
1.
ANUGRAH
ARGON MEDICA, P.T. (Trading and Distribution of Pharmaceutical Products)
2.
Apotik
CILANDAK (Dispensary Management)
3.
DJEMBATAN
DUA, P.T. (Trading and Distribution of Pharmaceutical Products)
4.
DEXA
MEDICA, P.T. (Pharmaceutical Manufacturing and Investment Holding)
5.
EKON
PRIMA, P.T. (Investment Holding)
6.
FERRON
PAR PHARMACEUTICAL, P.T. (Pharmaceutical Manufacturing)
7.
FONKO
INTERNATIONAL PHARMACEUTICALS, P.T. (Pharmaceutical Industry)
8.
INERTIA
UTAMA, P.T. (Investment Holding)
9.
WAHANA
INTI PRIMA, P.T. (Investment Holding)
10.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.06 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.