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MIRA INFORM REPORT
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Report No. : |
514149 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. PHAPROS TBK |
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Formerly Known As : |
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Registered Office : |
Gedung RNI, Jalan Denpasar Raya Kav. D
III, Kuningan, Setiabudi Jakarta Selatan, 12950 |
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Country : |
Indonesia |
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Date of Incorporation : |
21.06.1954 |
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Com. Reg. No.: |
No. AHU-0011183.AH.01.02.TH.2018 |
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Legal Form : |
P.T. Tbk (Perseroan Terbatas Terbuka) or Public Listed Company |
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Line of Business : |
Pharmaceutical Manufacturing |
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No. of Employees : |
1,341 persons |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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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 34% today. In May 2017 Standard & Poor’s became
the last major ratings agency to upgrade Indonesia’s sovereign credit rating to
investment grade.
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.
|
Source
: CIA |
BASIC
SEARCH
Name of Company :
P.T. PHAPROS TBK
Address :
Head Office
Gedung RNI
Jalan Denpasar Raya Kav. D III
Kuningan, Setiabudi
Jakarta Selatan, 12950
Indonesia
Phones -
(62-21) 5276263, 5276264
Fax -
(62-21) 5209381
E-mail - marketing@phapros.co.id
Website - http://www.phapros.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) 7663 0021 (Hunting)
Fax - (62-24) 7605 133
E-mail - factory@phapros.co.id
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. 5 September 1995 as P.T. PHAPROS
c. 24 July 2000 as P.T. PHAPROS Tbk
Legal Form :
P.T. Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. J.A.5/92/20
Dated 15 October 1954
- 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
- No.
AHU-44964.AH.01.02.TH.2013
Dated 27 August 2013
- No.
AHU-0011183.AH.01.02.TH.2018
Dated 21 May 2018
Company Status :
National Private and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.000.793.8-051.000
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
AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
300,000,000,000.-
Issued Capital : Rp. 84,000,000,000.-
Paid up Capital : Rp. 84,000,000,000.-
Shareholders/Owners :
a. P.T. RAJAWALI NUSANTARA INDONESIA -
Rp. 47,690,186,000.-
b. Mr. Drs. Masrizal Achmad Syarief -
Rp. 7,547,245,000.-
c. Mr. Chairani Harahap, SE -
Rp. 99,750,000.-
d. Mr. Heru Marsono, SE, MM -
Rp. 64,050,000.-
e. Mr. Drs. Syamsul Huda -
Rp. 5,670,000.-
f. Mrs. Dra. Barokah Sri Utami, Apt, MM -
Rp. 5,565,000.-
g. Public each below 5% -
Rp. 28,587,534,000.-
BUSINESS
ACTIVITIES
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 :
1,341 persons
Marketing Area :
Local - 100%
Main Customer :
Hospitals, Drug Store, Dispensary
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BIO FARMA Tbk
b. P.T. DEXA MEDICA
c. P.T. INDOFARMA Tbk
d. P.T. KALBE FARMA Tbk
e. P.T. SANBE FARMA
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers :
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 Paul Hadiwinata, Hidajat,A rsono, Retno, Palilingan & Rekan
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Net Sales :
2015 – Rp. 691.2 billion
2016 – Rp. 816.1 billion
2017 – Rp. 1,002.1 billion
Net Profit :
2015 – Rp. 64.5 billion
2016 – Rp. 203.2 billion
2017 – Rp. 122.4 billion
Payment Manner :
Average
Financial Comments :
Fairly strong
KEY
EXECUTIVES
Board of Management :
President Director - Mrs. Dra. Barokah Sri Utami, Apt. MM
Directors - a. Mr. Chairani Harahap, SE
b. Mr. Drs. Syamsul Huda, Apt
c. Mr. Heru Marsono, SE
Board of Commissioners :
President Commissioner - Mr. Mochammad Yana Aditya
Commissioners - a. Mr. Drs. Masrizal Achmad Syarief, Apt
b. Prof. dr. H. Fasli Jalal, Ph.D. SpGK,
M.Kes
c. Mr. Zainal Abidin
Signatories :
President Director (Mrs. Dra. Barokah
Sri Utami, Apt. MM) or one of the Directors (Mr. Chairani Harahap, SE, Mr. Drs.
Syamsul Huda, Apt., or Mr. Heru Marsono, SE) which must be approved by Board of
Commissioner
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
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 June 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. On 5 September 1995 the company renamed to P.T.
PHAPROS. The amendment to the article of association pertaining to compliance
with the capital market laws and regulations, including the change of the
Company’s status to a public company and added word Tbk (Terbuka) behind of its
name, and increase in authorized and paid-in capital, and stock split was based
on the notary deed Mrs. F. Eka Sumarningsih, SH., no. 127 dated July 24, 2000.
On the same occasion the company’s authorized capital was increased to Rp.
100,000,000,000 issued and paid in capital to Rp. 42,000,000,000.
Later according to revision of notary deed Mrs. Liany Dewi Sanyoto, SH.,
no. 23 dated 26 April 2012 the company authorized capital was increased to Rp.
300,000,000,000 issued and paid in capital to Rp. 84,000,000,000. With this
development the composition of its shareholders has been changed to become P.T.
RAJAWALI NUSANTARA INDONESIA (56.57%), Mr. Drs. Masrizal Achmad Syarief
(8.46%), Mr. Drs. Iswanto Apt, MM (0.06%), Mr. Drs. Budi Ruseno, MM (0.01%),
Mr. Drs. Syamsul Huda (0.01%), Mrs. Dra. Barokah Sri Utami, Apt, MM (0.01%) and
Public each below 5% (34.88%).
Later according to revision of notary deed Mrs. Kiany Dewi Sanyoto, SH.,
no. 2 dated 7 January 2013 the company board of director and the board of
commissioner had been changed. The latest according to revision notary deed DR.
Raden Djoko Setyo Hartono Widagdo, SH., no. 09 dated 14 May 2018 Mr. Drs.
Iswanto Apt, MM, and Mr. Drs. Budi Ruseno, MM, both are pulled out and into the
company entered by Mr. Chairani Harahap, SE and Mr. Heru Marsono, SE, MM as new
shareholders. With this time the composition of its shareholders has been
changed to become P.T. RAJAWALI NUSANTARA INDONESIA (56.77%), Mr. Drs. Masrizal
Achmad Syarief (8.98%), Mr. Chairani Harahap, SE (0.12%), Mr. Heru Marsono, SE,
MM (0.07%), Mr. Drs. Syamsul Huda (0.01%), Mrs. Barokah Sri Utami, Apt, MM
(0.01%) and Publics (34.03%). The deed of amendments was approved by the Ministry
of Law and Human Rights in its decision letter No. AHU-0011183.AH.01.02.TH.2018
dated May 21, 2018.
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 pieces, Dragees of 650,000,000 pieces, Injections of 16,500,000
pieces, and Capsules of 15,000,000 pieces 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.
Phapros has presently been
producing 284 items of pharmaceutical products, among them 172 are own
developed (non-license). Continuing its pioneering streak in 1969 when the
Company launched Pehastone, a medicinal herbal formula to treat kidney stones,
in 2000 Phapros introduced its own developed products belongs to Agro-medicines
group of products Agromed that has produced two phyto pharmacas, more than any
other pharmaceutical companies in Indonesia. In 2015, Phapros launched eight
items of new product, among them seven are owned-brand (non-licensed) products,
including four branded ethical drugs.
P.T. PHAPROS Tbk is classified as a large sized company of its kind in
the country of which the operation has been growing in the last three years.
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. Phapros 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, 2008-2017* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 |
29.981 33.965 37.531 43.081 45.235 47.949 51.305 55.409 58.733 62.844 |
16.969 19.225 21.142 23.506 25.281 26.798 28.854 29.085 30.830 32.988 |
3,213 3.420 3.610 3.900 4.095 4.349 4.653 5.025 5.326 5.699 |
Source: Food and Drug
Controlling Board (BPOM) *) Estimated
According to financial statement which audited by Paul Hadiwinata,
Hidajat, Arsono, Retno, Palilingan & Rekan, Public Accountant that sales
turnover of P.T. Phapros in 2015 amounted to Rp. 691.2 billion with a net
profit of Rp. 64.5 billion increased to Rp. 816.1 billion with a net profit of
Rp. 203.2 billion in 2016 rose to Rp. 1,002.1 billion with a net profit of Rp.
122.4 billion in 2017. It is projected the sales turnover will be higher by at
least 6% in 2018. 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 condensed financial statement is shown.
(In Million Rp)
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Descriptions |
31 December |
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2017 |
2016 |
2015 |
2014 |
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A. ASSETS |
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a. Current Assets |
765,505 |
560,583 |
506,902 |
461,398 |
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b. Non Current Assets |
410,430 |
322,706 |
173,7512 |
176,857 |
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c. Other Assets |
2,182 |
1,796 |
326 |
365 |
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TOTAL ASSETS =
TOTAL LIABILITIES
& EQUITY |
1,175,935 |
883,289 |
680,654 |
638,255 |
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B. LIABILITIES &STOCKHOLDERS EQUITY |
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a. Current Liabilities |
184,725 |
186,410 |
176,116 |
179,249 |
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b. Non Current Liabilities |
289,820 |
74,798 |
54,818 |
51,251 |
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c. Stockholder’s Equity : - Paid Up Capital - Additional Paid Up Capital
- Other Component of Equity - Retained Earnings Total Stock holder’s Equity |
84,000 17,139 108,446 491,805 701,390 |
84,000 17,139 111,305 409,636 622,080 |
84,000 17,139 - 353,451 449,720 |
84,000 17,139 - 312,952 407,755 |
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C. INCOME
STATEMENT |
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a. Sales Net |
1,002,126 |
816,132 |
691,247 |
578,139 |
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b. Profit Before Tax |
171,348 |
121,735 |
86,035 |
61,222 |
|
c. Net Profit (loss) |
122,407 |
203,178 |
64,474 |
45,463 |
Notes: 31 December 2014, 2015, 2016 and 2017 Audited by Paul Hidiwinata,
Hidajat, Arsono, Retno, Palilingan & Rekan
The management of P.T. PHAPROS Tbk is headed by Mrs. Dra. Barokah Sri Utami,
Apt, MM (55) as the president director. She was appointed as the President
Director of P.T. Phapros, Tbk in April 2016. She earned a first degree and
professional degree in Pharmacy from Bandung Institute of Technology, in 1986
and in 1989. She also earned a Magister Management degree from Diponegoro
University, Semarang, in 2004. At Phapros, she started her professional career
as a staff in Quality Assurance & Production Control in 1990 and eventually
held a position of Production Planning and Inventory Control (PPIC) Section
Head (1999). She was then transferred to Human Resource Department as HR
Section Head (1999) until promoted to HR & General Affairs Manager
(2002-2003), before transferred back to Production Department with the latest
position as PPIC Manager (2010-2012). Prior to the appointment as Phapros
President Director, she held a position of Production Director.
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:
List of the
RAJAWALI NUSANTARA INDONESIA Group Members
CITRAMAS PLASTIK INDUSTRI, P.T. (Plastic
Packaging Industry)
GABUNGAN IMPOR EXPOR BALI, P.T. (Land
Transportation & Distribution)
MADU BARU, P.T. (Sugarcane Refinery)
MITRA KERINCI, P.T. (Black and Green Tea
Plantation)
MITRA RAJAWALI BANJARAN, P.T. (Condom
Manufacturing)
PABRIK GULA CANDI BARU, P.T. (Sugarcane Plantation
and Sugar Refinery)
PABRIK GULA RAJAWALI 1, P.T. (Sugarcane
Refinery)
PABRIK GULA RAJAWALI II, P.T. (Sugarcane
Plantation and Sugar Refinery)
PABRIK GULA RAJAWALI III, P.T. (Sugarcane
Plantation and Sugar Refinery)
PABRIK GULA REJO AGUNG BARU, P.T. (Sugarcane
Plantation and Sugar Refinery)
PERKEBUNAN MITRA OGAN, P.T. (Oil Palm
Plantation and Palm Oil Refinery)
PHAPROS Tbk, P.T. (Pharmaceutical Industry)
PIE RAJAWALI NUSINDO, P.T. (General Trading)
PHILIPS RALIN ELECTRONICS, P.T. (Electric Lamp
Manufacturing)
RAJAWALI GLOVES CORPORATION, P.T. (Sport Glove
Indusry)
RAJAWALI NUSANTARA INDONESIA, P.T. (Investment
Holding and Management Trust)
RAJAWALI PROPERTINDO, P.T. (Office Block and
Diplomatic Residential Complex)
PROYEK PENGEMBANGAN
LINGKUNGAN KUNINGAN (PPLK) (Zone Industry Management)
PK. TANJUNG SARI (Leather Processing)
TROPHY RAJAWALI INDONESIA, P.T. (Radiology
Instrument Industry)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.20 |
|
|
1 |
INR 89.58 |
|
Euro |
1 |
INR 78.79 |
|
IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
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 |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.