|
Report No. : |
342535 |
|
Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FUTAMED PHARMACEUTICALS |
|
|
|
|
Registered Office : |
Rukan Gold Coast Block B No. 10-11 Pantai Indah Kapuk, RT.
004 RW. 003 Kamal Muara, Penjaringan Jakarta Utara, 14470 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
03.04.2007 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-27354 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Pharmaceutical |
|
|
|
|
No. of Employees : |
350 |
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 |
|
|
|
|
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. FUTAMED PHARMACEUTICALS
Address :
Head
Office
Rukan Gold Coast Block B No. 10-11
Pantai Indah Kapuk, RT. 004 RW. 003
Kamal Muara, Penjaringan
Jakarta Utara, 14470
Indonesia
Phones -
(62-21) 290 32828, 290 32929, 290 32734, 290 32735, 290 32737
Fax - (62-21) 290 32736
E-mail - info@futamed.co.id
Website - http://www.futamed.co.id
Building Area - 2
storey
Office Space - 230
sq. meters
Region -
Commercial
Status -
Owned
Factory
Jalan Mayjend. H.E. Sukma No. 23, RT. 03 RW. 02
Desa Pasir Muncang, Caringin
Bogor, 16730
West Java
Indonesia
Phones -
(62-251) 822 4423, 822 3123
Fax - (62-251) 822 1323
Land Area -
8,000 sq. meters
Building Space - 2,000
sq. meters
Region -
Industrial Zone
Status -
Owned
Date
of Incorporation :
3 April 2007
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The
Ministry of Law and Human Rights
- No.
W7-04606 HT.01.01.TH.2007
Dated 24
April 2007
- No.
AHU-27917.AH.01.02.TH.2012
Dated 24
May 2012
- No.
AHU-AH.01.10-27354
Dated 25
July 2012
Company Status :
National Private Company
Permit by the Government Department :
The
Department of Finance
NPWP No. 92.574.947.4-047.000
The
Department of Industry and Trade
TDP No. 090115123659
Dated 18 June 2007
Related Companies :
a. P.T. ERSONS
INTERNATIONAL (Investment Holding)
b. P.T. GRANDMA
FOOD INTERNATIONAL (Grandma’s Suki Restaurants)
c. P.T. UMAMI
FOODS (Hokkaido Ramen Santouka Restaurants)
d. P.T. WIJAYA
KULINER (The Holy Crab Restaurants)
Capital Structure :
Authorized Capital : Rp. 60,000,000,000.-
Issued Capital : Rp.
60,000,000,000.-
Paid up Capital : Rp.
60,000,000,000.-
Shareholders/Owners :
a.
P.T. ERSONS INTERNATIONAL -
Rp. 33,300,000,000.-
Address
: Jl. Raya Kapuk Kamal No. 23
Kelurahan Kapuk Muara,
Kecamatan
Penjaringan, Jakarta Utara
Indonesia
b. Mr.
Eddy Yaputra -
Rp. 7,500,000,000.-
Address : Jl. Green Garden K II/29, RT. 012 RW. 004
Kelurahan Kedoya Utara,
Kecamatan Kebon
Jeruk, Jakarta Barat
Indonesia
c. Mr.
Zuhari Lowis -
Rp. 3,900,000,000.-
Address
: Green Garden Block M2/10-A, RT. 001 RW. 010
Kelurahan Kedoya Utara,
Kecamatan Kebon
Jeruk, Jakarta Barat
Indonesia
d. Mr,
Dr. Harriyo Yeoh -
Rp. 3,300,000,000.-
Address : Jl. Ir. Haji Juanda I No. 24P, RT. 000 RW. 000
Kelurahan Sukadamai,
Kecamatan Medan
Polonia, Medan, North
Sumatera
Indonesia
e. Mr.
Anthony Wijaya -
Rp. 3,000,000,000.-
Address
: Jl. Pinisi Indah 2/2
Kelurahan Kapuk Muara,
Kecamatan
Penjaringan, Jakarta Utara
Indonesia
f. Mr.
Albert Wijaya -
Rp. 3,000,000,000.-
Address : Jl. Pinisi Indah 2/2
Kelurahan Kapuk Muara,
Kecamatan
Penjaringan, Jakarta Utara
Indonesia
h. Mr.
Ervin Wijaya -
Rp. 3,000,000,000.-
Address
: Jl. Pinisi Indah 2/2
Kelurahan Kapuk Muara,
Kecamatan
Penjaringan, Jakarta Utara
Indonesia
i. Mr.
Andree Wijaya -
Rp. 3,000,000,000.-
Address : Jl. Pinisi Indah 2/2
Kelurahan Kapuk Muara,
Kecamatan
Penjaringan, Jakarta Utara
Indonesia
Lines of Business :
Pharmaceutical Manufacturing
Production Capacity :
a. Capsules - 20.0 million pieces p.a.
b. Tablets - 24.0 million pieces p.a.
c. Syrups - 400.0 thousand liters p.a.
d. Powders - 5.0 tons p.a.
e. Injection - 450.0 thousand vial ampoules p.a.
Total Investment :
Owned Capital - Rp.
80.0 billion
Started Operation :
2009
Brand Name :
FUTAXON, FUTAMEL, FULOPIN, FUMETHYL, etc
Technical Assistance :
None
Number of Employee :
350 persons
Marketing Area :
Local - 100%
Main Customer :
Drugstore, Dispensary, Hospitals, Distributors
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DEXA MEDICA
b. P.T. KALBE FARMA Tbk
c. P.T. KIMIA FARMA Tbk
d. P.T. SANBE FARMA
Business Trend :
Growing
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan
Pantai Indah Selatan I Block DF No. 1
Pantai
Indah Kapuk
Jakarta
Utara
b. P.T. Bank
DANAMON INDONESIA Tbk
Jalan
Pantai Indah Utara 2
Pantai
Indah Kapuk
Jakarta
Utara
c. P.T. Bank
PERMATA Tbk
Jalan
Camar Indah I Block D 12
Pantai
Indah Kapuk
Jakarta Utara
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2012 – Rp. 328.0 billion
2013 – Rp. 353.0 billion
2014 – Rp. 380.0 billion
Net Profit (estimated) :
2012 – Rp. 22.9 billion
2013 – Rp. 25.4 billion
2014 – Rp. 28.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Eddy Yaputra
Director - Mr. Andree Wijaya
Board of Commissioners :
President Commissioner - Mr. Ervin Wijaya
Commissioners - a. Mr. Zuhari Lowis
b. Mr. Dr. Harroyo Yeoh
Signatories :
President Director (Mr.
Eddy Yaputra) or the Director (Mr. Andree Wijaya) which must be approved by Board
of Commissioner
Management Capability :
Good
Business Morality :
Good
Based on search and investigation the correct and complete
address is located at Rukan Gold Coast Block B No. 10-11, Pantai Indah Kapuk RT.
004 RW. 003, Kamal Muara, Penjaringan, North Jakarta not Rukan Cordoba Block
38-39, Jakarta
P.T. FUTAMED PHARMACEUTICALS (P.T. FP) was established in
Jakarta based on notary deed Mrs. Pudji Redjeki Irawati, SH., no. 10 dated 3
April 2007 with an authorized capital of Rp. 10,000,000,000 issued capital of
Rp. 2,500,000,000 entirely paid up. The founding and shareholders of the
company are Mr. Ervin Wijaya, his son Mr. Andree Wijaya, Mr. Eddy Yaputra, Mr.
Trianto Kuswito, Mr. Dr. Harriyo Yeoh and Mr. Zuhari Lowis, they are Indonesian
businessmen of Chinese extraction. Its article of association had been changed
several times and according to revision of notary deed in April 2012 the
company authorized capital was increased to Rp. 60,000,000,000 wholly issued
and paid up. On the same occasion Mr. Trianto Kuswito pulled out and into the
company entered by P.T. ERSONS INTERNATIONAL, Mr. Anthony Wijaya and Mr. Albert
Wijaya as new shareholders. With this development the composition of its
shareholders has been changed to become P.T. ERSONS INTERNATIONAL (55.5%), Mr.
Eddy Yaputra (12.5%), Mr. Zuhari Lowis (6.5%), Mr. Dr. Harroyo Yeoh (5.5%), Mr.
Ervin Wijaya (5.0%), his sons Mr. Anthony Wijaya (5.0%), Mr. Albert Wijaya
(5.0%) and Mr. Andree Wijaya (5.0%). The latest according to revision of notary
deed Mrs. Pudji Redjeki Irawati, SH., no. 106 dated 30 May 2012 the
shareholders approved restructured the board of director and the board of
commissioner. So that the latest revision of notary deed was approved by the Ministry
of Law and Human Rights in its decision letter No. AHU-AH.01.10-27354 dated
July 25, 2012.
P.T. FP is a national private company has been operating
since 2009 dealing with pharmaceutical manufacturing. Its plants located at
Jalan Mayjend. H.E. Sukma No. 23, Desa Pasir Muncang, Carigin, Bogor, West Java
standing on a land of 8,000 sq. meters. P.T. FP’s production facility is built
with features and technologies that meet a strict GMP standard. P.T. FP produce
various types of pharmacy among others capsules, tablets, syrups, powder and
injection by using FUTAXON, FUTAMEL, FULOPIN, FUMETHYL brands. The company has
GMP certifications for both tablets and capsules, antibiotics and
non-antibiotics. The best quality air management systems, water treatment
systems, waste management, and quality assurance equipments are amongst the
supporting systems in our production facility. This facility, combined with
highly trained human resources and management expertise, will be home to some
of the leading products in the industry. The company equipped with modern
facility, machinery and equipment among others are Tabletting & Capsule Filling Machine, Coating Machine, Stripping & Blistering Packing Machine, Pharmaceuticals Drying Oven, Fluid Bed Dryer, Oscillating Granulator, Super Mixer & Bin Mixer and HVAC & Purified Water System.
The production facility comprises of machineries for regular
tablets, coated tablets, and hard capsules. The GMP certificates are for non
antibiotic and antibiotic non penicillin. Total capacity for tablets and
capsules is 24 million pieces and 20 million pieces respectively. Additional
capacity is expected in the near future. A facility for syrup bottling is
planned for initial production at the end of 2010. Most of raw materials
imported from the USA, Europe, India, China and other countries. The whole
products marketed locally through various distributors in the country,
drugstore, dispensary, hospitals in the country. We observe the operation of
P.T. FP has been growing and running smoothly in the last three years.
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. FP 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. FP has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. FP 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. 328.0 billion increased to Rp.
353.0 billion in 2013 rose to Rp. 380.0 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. 28.5 billion and the company has an estimated total
networth of at least Rp. 90.0 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. FP is led by Mr. Eddy Yaputra (58) a
businessman with experience in pharmaceutical manufacturing. Daily activity he
is assisted by Mr. Andree Wijaya (34) as Director. 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. FUTAMED PHARMACEUTICALS is sufficiently fairly good for
business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.65.74 |
|
UK Pound |
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.80 |
INFORMATION DETAILS
|
Analysis
Done by : |
TRI |
|
|
|
|
Report
Prepared by : |
TRU |
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.