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MIRA INFORM REPORT
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Report No. : |
493494 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. CAPSUGEL INDONESIA |
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Registered Office : |
Jalan Raya Bogor Km. 42, Cibinong 16916, West Java |
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
14.02.1996 |
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Com. Reg. No.: |
AHU-0005378.AH.01.02.Tahun 2017 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Gelatin Capsule Manufacturing |
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No. of Employees : |
340 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source : CIA |
Name
of Company
P.T.
CAPSUGEL INDONESIA
Address
Head
Office & Factory
Jalan Raya Bogor Km. 42
Cibinong 16916
West Java
Indonesia
Phone -
(62-21) 875 2226 (Hunting)
Fax. - (62-21) 875 2195
P.O. Box - 15/CBI CIBINONG
Email - Indonesia_CS@capsugel.com
Website - http://www.capsugel.com
Land Area - 9,300 sq.
meters
Factory Space - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Company
summary
Date of
Incorporation :
14 February 1996
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-3618.HT.01.01.TH.96
Dated 5 March 1996
b. No. C-3546.HT.01.04.TH.99
Dated 4 March 1999
c. No. AHU-29540.AH.01.02.Tahun 2010
Dated 10 June 2010
d. No. AHU-56152.AH.01.02.Tahun 2011
Dated 17 November 2011
e. No. AHU-15767.AH.01.02.Tahun 2012
Dated 27 March 2012
f. No. AHU-AH.01.10-05332
Dated 19 February 2013
g. No. AHU-AH.01.03-0069357
Dated 05 August 2016
h. No. AHU-0005378.AH.01.02.Tahun 2017
Dated 03 March 2017
Company Status :
Foreign Investment Company (PMA)
Permits by the
Government Department :
a. The Department
of Finance
NPWP No. 01.071.413.7-052.000
b. The Capital
Investment Coordinating Board
- No. 144/I/PMA/1996
Dated 12 February 1996
- No. 1646/III/PMA/1998
Dated 19 November 1998
- No. 02/II/PMA/2000
Dated 6 June 2000
- No. 231/II/PMA/2002
Dated 30 October 2002
c. The Department
of Finance
NPWP No. 01.071.413.7-052.000
Related/Affiliated Companies :
a. CAPSUGEL BELGIUM BVBA -
Belgium
b. CAPSUGEL FINANCECO II S.A.R. - Luxembourg
c. CAPSUGEL S.A. - Luxembourg
d. CAPSUGEL DE MEXICO, S.de R.L. de C.V. - Puebla, Mexico
e. CAPSUGEL – Greenwood, South Carolina
f. BEND RESEARCH – Bend, Oregon
g. CAPSUGEL - Morristown, New Jersey
h. CAPSUGEL ILLKIRCH - Strasbourg, France
i. CAPSUGEL COLMAR - Colmar,
France
j. CAPSUGEL BRASIL Imp - Rio De
Janeiro, Brazil
k. CAPSUGEL BORNEM - Bornem, Belgium
l. ENCAP DRUG DELIVERY –
Edinburgh, Scotland
m. CAPSUGEL PLOERMEL - Ploermel, France
n. CAPSUGEL JAPAN Inc., - Sagamihara, Japan
o. CAPSUGEL (THAILAND) Co. Ltd., - Bangkok, Thailand
p. CAPSUGEL HEALTHCARE LIMITED - Delhi, India
q. CAPSUGEL HEALTHCARE LIMITED - Mumbai, India
r. SUCHOU CAPSUGEL Ltd., -
Suchou, China
s. CAPSUGEL HONG KONG – Hong Kong
t. CAPSUGEL AUSTRALIA Pty. Ltd.,
- Sydney, Australia
u CAPSUGEL – Moscow, Russia
v. CAPSUGEL MIDDLE EAST – Beirut, Lebanon
x. XCELIENCE INC – Tampa, Florida
y. POWDERSIZE – Quakertown, Pennsylvania
CAPITAL
AND OWNERSHIP
Capital Structure
:
Authorized Capital - US$
58,199,776.- (Rp. 634,524,459,200)
Issued Capital - US$
58,199,776.- (Rp. 634,524,459,200)
Paid up Capital - US$
58,199,776.- (Rp. 634,524,459,200)
Shareholders/Owners
:
a.
CAPSUGEL BELGIUM NV. -
US$ 57,984,029.- (99.63%)
Address : 2880 Bornem, Rijksweg11
Brussels
Belgium
b. CAPSUGEL FINANCECO II S.A.R.L. - US$
215,000.- ( 0.37%)
Address : 63, Ru De Rollingergrund,
L-2440 Luxembourg
Luxembourg
c. Mr. Benny Arif Asikin Mansjoer - US$. 747.- ( 0.00%)
Address : Jalan Talas No. 8
L-2440 Luxembourg
Luxembourg
BUSINESS
ACTIVITIES
Lines of Business
:
Gelatin Capsule Manufacturing
Production
Capacity :
a. Gelatin Capsules -
4,600 million pcs. p.a.
b. Trading and Import Services -
US$ 2.0 million
Total Investment :
a. Equity Capital - US$
21.5 million
b. Reinvested Profit -
US$ 1.5 million
c. Loan Capital -
US$ 10.2 million
d. Total Investment - US$ 33.2 million
Started Operation
:
1 9 9 6
Brand Name :
Capsugel Gelatin Capsule
Technical
Assistance :
CAPSUGEL BELGIUM BVBA of Belgium
Number of Employee
:
a. 160 persons (permanent)
b. 180 persons (non permanent)
Marketing Area :
Domestic - 48%
Export - 52%
Main Customers :
a. P.T. SANBE FARMA
b. P.T. DEXA MEDICA
c. P.T. FERRON FARMA
d. P.T. INDO FARMA
e. About 35% of the products are exported to several Asian countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T.
KAPSULINDO NUSANTARA
b. P.T.
UNIVERSAL PHARMACEUTICAL INDUSTRY
c. P.T.
DANKOS LABORATORIES
d. P.T.
KALBE FARMA Tbk
e. P.T.
KIMIA FARMA Tbk
f. P.T. PHAROS INDONESIA Tbk
g. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers :
a. CITIBANK N.A.
Landmark Center
Jl. Jend. Sudirman No. 1
Central Jakarta
Indonesia
b. AMERICAN EXPRESS Bank
American Express Bank Building
Jl. H.R. Rasuna Said Block X-1
South Jakarta
Indonesia
Auditor :
Siddharta Widjaja &
Rekan
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Net Sales/Revenues
:
2014 – Rp. 365.3 billion
2015 – Rp. 396.0 billion
2016 – Rp. 395.3 billion
2017 – Rp. 412.0 billion (estimated)
Net Profit (Loss)
:
2014 – (Rp. 34.2 billion)
2015 – (Rp. 88.7 billion)
2016 – Rp 6.3 billion.
2017 – Rp. 6.0 billion (estimated)
Total Assets :
2014 – Rp. 574.9 billion
2015 – Rp. 720.2 billion
2016 – Rp. 634.6 billion
2017 – Rp. 640.0 billion (estimated)
Payment Manner :
Slow but correct
Financial Comments
:
Weak
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Eddy Suyadi
Director - Mr. Benny Arif
Asikin Mansjoer
Board of Commissioners :
Commissioner - Mr. Guido Edouard Liliane Driesen
Signatories :
President Director (Mr. Eddy Suyadi) or
Director (Mr. Benny Arif Asikin Mansjoer) which must be approved by the Board
of Commissioner (Mr. Guido Edouard Liliane Driesen)
CAPABILITIES
Management Capability :
Fairly
Business Morality :
Fairly
OVERALL
PERFORMANCE
P.T. CAPSUGEL INDONESIA (P.T. CI) was established
in Jakarta on February 14, 1996 with the authorized capital of US$ 3,500,000
wholly issued and paid up. The founding shareholders of the company are WARNER
LAMBERT COMPANY and INTERNATIONAL AFFILIATED CORPORATION, both of the USA. The
Deed of establishment was approved by the Minister of Justice of the Republic
of Indonesia trough its Decision Letter No. C2-3618.HT.01.01.TH.96 dated March
5, 1996. The articles of association of
the company have frequently been revised.
In December 1998, the authorized capital of the company was raised to
US$ 7,500,000 (Rp 17,325,000,000) wholly issued and paid up. The deed of
amendment was approved by the Minister of Justice of the Republic of Indonesia
trough its Decision Letter No. C-3546.HT.01.04.TH.99 dated March 4, 1999.
On April 2010, based on notary Deed No. 21
dated April 19, 2010 drawn up by Irene Yulia, SH., notary in Jakarta,
concerning the change in composition of the Company’s board of Commissioners
and Directors. Since then, the
shareholders of the company are WARNER-LAMBERT Co. LLC (90%) and INTERNATIONAL
AFFILIATED Corp. LLC (10%). This amendment to Deed was approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No.
AHU-29540.AH.01.02.Tahun 2010 dated June 10, 2010.
In November 2011, the authorized capital was
raised to US$ 21,500,000 (Rp. 136,325,000,000) entirely was issued and fully
paid up. Since the time, the
shareholders of the company are CAPSUGEL BELGIUM BV., of Belgium (99%) and
CAPSUGEL FINANCECO II S.A.R.L., of Luxembourg (1%). The Deed of amendment was
approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decree No. AHU-29540.AH.01.02.Tahun 2010
dated June 10, 2010. In January 2013
based on Notary Deed of Notary Haji Syarif Siangan Tanudjaja, SH., No. 3
dated 7 January 2013 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-AH.01.10-05332 dated February 19, 2013. In July 2016,
based on Notary Deed of Mala Mukti, SH., No. 80 dated July 29, 2016, concerning
the change in composition of the Company’s board of Director again. The amendment to Deed has
been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through its Decree No. AHU-AH.01.03-0069357 dated August 5, 2016.
The most recently by Notary Deed of Mala
Mukti, SH., No. 79 dated February 17, 2017, the authorized capital was raised
to US$ 58,199,776 (Rp. 634,524,459,200) entirely was issued and paid up. Since then, the shareholders of the company
are CAPSUGEL BELGIUM NV. (99.63%) and CAPSUGEL FINANCEO II S.A.R.L.(0.37%).
This amendment to Deed has been approved by the Minister of Law
and Human Rights of the Republic of Indonesia through its Decree No.
AHU-0005378.AH.01.02.Tahun 2017 dated March 03, 2017.
P.T. CI obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with Gelatin Capsule industry having been in operation since 1996 by taking over the activities and assets of P.T. GELATINDO MUKTI GRAHA having been in operation since 1984. Its plant is located at Jalan Raya Bogor Km. 42, Cibinong, West Java on a land of 9,300 square meters having frequently been revised. The plant has been expansion frequently to increasing production capacity in gelatin capsules of 4,600 million pcs per annum. Some 65% of the products are locally marketed among pharmaceutical industries such as P.T. SANBE FARMA, P.T. DEXA MEDICA, P.T. FERRON FARMA, P.T. INDOFARMA and others. Meanwhile, the rest 35% of this is exported to several Asian countries. We observed that P.T. CI is classified as a medium sized company of its kind in the country of which the operation has been growing slowly in the last three years.
Generally, the demand for gelatin capsules
or empty capsules in the country had significantly rising by 8% to 10% per year
in the last five years, in line with the growth of pharmaceutical industries 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 such as P.T. KAPSULINDO
NUSANTARA, P.T. UNIVERSAL PHARMACEUTICAL INDUSTRY, P.T. DANKOS LABORATORIES and
others. Business position of P.T. CI is favorable for it has controlled a wide
marketing network at home and abroad and their product has been widely known
among consumers in the country.
According to statement of income, the net
sales/revenue of P.T. CAPSUGEL INDONESIA (CI) in fiscal 2014 amounted to Rp
365.3 billion with a net loss of Rp 34.2 billion increased to Rp. 396.0 billion
with a net loss of Rp. 88.7 billion in 2015 and to Rp. 395.3 billion with a net
profit of Rp. 3.1 billion in 2016. Up
to present, we have yet to gain the statement of income of P.T. CI in fiscal
2017. However, we estimated that net
sales of the company in 2016 rose again to Rp. 412.0 billion with a net profit
of Rp. 6.0 billion. The summary of
financial information of P.T. CI in fiscal 2014, 2015 and 2016 are below. So far we did not hear that the P.T. CI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
(In
million Rupiah)
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DESCRIPTION |
31
December |
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2016 |
2015 |
2014 |
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ASSETS |
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- Total current assets |
293,195 |
366,205 |
222,072 |
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- Total Non-current assets |
341,420 |
353,980 |
352,869 |
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Total
Assets |
634,615 |
720,185 |
574,941 |
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LIABILITIES
AND EQUITY |
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- Total current liabilities |
102,122 |
139,139 |
266,251 |
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- Total non-current liabilities |
515,646 |
566,965 |
208,118 |
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- Total Equity |
16,847 |
14,081 |
100,572 |
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Total
Liabilities & Equity |
634,615 |
720,185 |
574,941 |
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INCOME |
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- Net Sales |
395,343 |
395,954 |
365,346 |
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- Gross Profit |
53,389 |
40,501 |
36,954 |
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- Net Profit (Loss) |
3,116 |
(88,711) |
(34,158) |
Note: Audited by Siddharta
Widjaja & Rekan
The management of P.T. CI is led by Mr. Eddy
Suyadi (56) as President Director, a professional manager with 23 years of
experience in the gelatin capsules manufacturing and trade. Daily his activities, he is assisted by Mr.
Benny Arif Asikin Mansjoer (49) as director and Mr. Guido Edouard Liliane
Driesen (61) as commissioner. The
management of the company is also handled by professional managers having wide
relation with private businessmen within and outside the country and with the
government sectors as well. 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 litigation record is clean and it has not
registered with the black list of Bank of Indonesia.
Considering the operation of P.T. CAPSUGEL
INDONESIA suffered from loss in 2004 to 2015, also economic condition in the
country is still unstable, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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|
1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.