MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. JUSTUS SAKTI RAYA |
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Formerly Known As : |
P.T. JUSTUS SAKTI RAYA CORPORATION |
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Registered Office : |
Jl. Danau Sunter
Utara Block 02 No. 27-28, Sunter, Jakarta 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
28.07.1977 |
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Com. Reg. No.: |
AHU-14292.AH.01.02 Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Unsaturated Polyester Resin, Driers/Metallic Soaps and Polymer
Emulsion Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 3.8 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of company
P.T.
JUSTUS SAKTI RAYA
A d d r e s s
Head Office
Jl. Danau Sunter
Utara Block 02 No. 27-28
Sunter, Jakarta
14350
Indonesia
Phones - (62-21) 6515188,
65306066, 65304880
Fax. - (62-21) 65305066
Land Area - 2,000 sq.
meters
Building Space - 1,200 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Cakung
Cilincing Raya No. 99
Jakarta 14130
Indonesia
Phones - (62-21) 4401616,
4400360
Fax. - (62-21) 4404108
Land Area - 3.2 hectares
Building Space - 8,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 28 July 1977 as P.T. JUSTUS SAKTI RAYA CORPORATION
b. 17 February 1998 as P.T. JUSTUS SAKTI RAYA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No.
The Ministry of
Law and Human Rights
No.
AHU-14292.AH.01.02 Tahun 2008
Dated 23 March
2008
Company Status
Domestic Investment Company (PMDN)
Permit by the Government
Department
The Department of Industry
No. 188/M/SK/7/1987
Dated 14 July 1987
The Capital Investment
Coordinating Board
a. No. 750/I/PMDN/1988
Dated 22 November 1988
b. No. 440/II/PMDN/1990
Dated 26 October 1990
c. No. 81/II/PMDN/1994
Dated 10 March 1994
Holding Company
:
P.T. JUSTUS KIMIA RAYA (Investment Holding and General Trading)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- Rp.
26,000,000,000.-
Issued Capital - Rp.
26,000,000,000.-
Paid up Capital - Rp.
26,000,000,000.-
Shareholders/Owners :
a. P.T. JUSTUS
KIMIA RAYA - Rp.
25,480,000,000.-
Address : Jl. Hayam Wuruk No. 111-A
Jakarta Pusat
Indonesia
b. Mr. Tjandra
Martaniardjo - Rp. 520,000,000.-
Address : Jl. Danau Sunter Selatan Blok E-8 No. 18
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Unsaturated Polyester Resin, Driers/Metallic
Soaps and Polymer Emulsion Manufacturing
Production
Capacity :
Initial Units
a. Unsaturated Polyester Resins -
18,000 tons p.a.
b. Driers/Metallic Soaps - 1,000 tons p.a.
c. Polymer Emulsions - 9,900 tons p.a.
Expansion Units
(2004)
a. Unsaturated Polyester Resins -
12,000 tons p.a.
b. Maleic Anhydride -
12,000 tons p.a.
c. Fumaric Acids - 2,000 tons p.a.
Total Investment :
Initial Units
a. Owned Capital - Rp.
11.0 billion
b. Loan Capital - Rp.
15.4 billion
c. Total Investment - Rp. 26.4
billion
Expansion Units
(2004)
a. Owned Capital - Rp.
20.0 billion
b. Loan Capital - Rp.
44.1 billion
c. Total Investment - Rp.
64.1 billion
Started Operation :
1977
Brand Name :
YUKALAC, YUKASHU
and YUKALIC.
Technical Assistance :
SHOWA HIGHPOLYMER CO. LTD., of JAPAN
Number of Employee :
310 persons
Marketing Area :
Domestic
(Local) - 80%
Export - 20%
Main Customers :
a. Overseas buyer in Singapore, Thailand, Malaysia and Australia.
b. P.T. JUSTUS KIMIA RAYA as sole distribution in the country.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRATACO
CHEMIKA
b. P.T. KIMIA SARI
JAYA SENTOSA
c. P.T. INDO
KEMIKA JAYATAMA
d. P.T. PETRONA
INTI CHEMINDO
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Pecenongan No. 86
Jakarta Pusat
Indonesia
b. P.T. Bank OUB
BUANA Tbk.
Jalan Asemka No. 32-34
Jakarta Barat
c. P.T. Bank
Negara Indonesia Tbk.
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 240.0
billion
2006 – Rp. 265.0
billion
2007 – Rp. 290.0
billion
2008 – Rp. 160.0
billion (as of 30 June)
Net Profit
(estimated) :
2005 – Rp. 14.4
billion
2006 – Rp. 16.0
billion
2007 – Rp. 17.5
billion
2008 – Rp. 9.6 billion (as of 30 June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President
Director - Mr. Tjandra
Martaniardjo AKA Tan Kok Lian
Director - Mr. Armand
Martaniardjo
Board of
Commissioner :
President
Commissioner - Mr. Usman Hadi
Commissioners - a. Mr. Ir. Achmad Agus Efendi
b. Mrs. Jenny Suryahusada
Signatories
:
President
Director (Mr. Tjandra Martaniardjo) or Director (Mr. Armand Martaniardjo) which
must be approved by the Board of Commissioners.
CAPABILITIES
Management
Capability :
G o o d
Business Morality
:
G o o d
Credit Risk :
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit
Limit :
US$ 3.8 million on 90 days D/A
OVERALL PERFOMANCE
Initially named
P.T. JUSTUS SAKTI RAYA CORPORATION was established in July 1977 with an
authorized capital of Rp 10,000,000.- of which Rp 2,500,000.- was issued and
paid up. The company was founded by Mr. Tjandra Martaniardjo AKA (also known
as) Tan Kok Lian and Mr. Handi Widodo both
Indonesian businessmen of
Chinese extraction as
the original shareholders. The company's notarial act was since revised a couple of
times. On February 1998 the name of the
company was changed to P.T. JUSTUS SAKTI RAYA (P.T. JSR) and at the same
occasion the authorized capital was
increased to Rp 26,000,000,000.-
with the issued
and paid up capital
amounting to Rp 8,000,000,000.-.
The company's shareholder is now P.T. JUSTUS KIMIARAYA and Mr. Tjandra Martanihardjo. Lastly in January 2008 whole authorized
capital as issued and paid up. We note
that P.T. JSR's
shareholder, P.T. JUSTUS KIMIA RAYA, is a private company of
which all the shares are controlled by Mr. Tjandra Martaniardjo and
members of his family.
P.T.
JSR has been in operation since 1977, at first as a trader and distributor of
unsaturated polyester resin imported from Japan, Germany and other countries.
Later in 1983, the company stepped up activity into unsaturated polyester resin
processing with its plant located at Jalan Cakung- Cilincing, North Jakarta,
where it stands on a 3.2 hectare landsite. The plant in 1988 was expanded and
underwent machinery restructuring under Domestic Investment (PMDN) facilities.
Then, in 1990 the plant was again expanded to step up its production capacity
and for the production of polymer emulsion.
In March 1994, the company was granted an expansion license to rise its
unsaturated polyester resin by 12,000 tons and produce maleic anhydride by
12,000 tons and fumaric acids by 2,000 tons
per annum respectively. Mr. Edy a staff of the company disclosed that
the expansion plant has been in operation since 1998.
Unsaturated
polyester resin produced by P.T. JSR uses the YUKALAC brand and its polymer
emulsion the YUKASHU brand and its drier/metallic soap the YUKALIC brand. These
three products are manufactured under the license of, and with technology from,
SHOWA HIGHPOLYMER CO. LTD. of Japan. The drier/metallic soap and fumaric acid
also produced by the company uses the YUKALIC brand and is manufactured with
the license and technology of LONZA Spa.(Italy). Around 80% of its products is
marketed domestically through its holding company P.T. JUSTUS KIMIA RAYA while
the rest 20% is exported to Thailand, Singapore, Malaysia and Australia. We observed that P.T. JSR is
classified as a medium sized company of its kind in Indonesia and its business
operation has been growing slowly in the last three years.
Generally we find that synthetic resin
industry slowed down in the period mid-1997 to the end 1999 in line with a weak
of demand in the country due to economic crisis occurred in the country since
mid-1997. Since 2000 the industry rose again in line with amelioration of
economic condition in the country. Economic crisis has brought bad impact to
P.T. JSR because the local market demand
for synthetic resin dropped down. But since 2000 the demand rose again
in line with amelioration of economic condition in the country. Competition is very tight on account of a
large number of similar companies operating in the country and many imported
products are being offered for sales as well.
The business position of P.T. JSR is good for the company has
established regular customers and wide marketing networks in the major cities
in the country.
Until this time P.T. JSR has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
P.T. JSR’s management adopts very reclusive attitude towards outsiders and
rejected to unveil its financial condition, but we estimated that P.T. JSR’s
operation has in 2005 registered a total sales turnover of Rp 240.0 billion,
increased to Rp 265.0 billion in 2006
to Rp 290.0 billion in 2007 and
projected it will continue on rising by about 8% in 2008. P.T. JSR’s operation has in 2007 yielded a
total net profit of about Rp 17.5 billion with a total networth of about Rp
120.0 billion. We observe that P.T. JSR
is supported by financially fairly strong behind it. So far, we did not hear that the company having been black
listed by the Central Bank (Bank Indonesia). The company usually pays its debts
punctually to suppliers.
P.T. JSR's
management is headed by Mr. Tjandra Martaniardjo AKA Tan Kok Lian (60) who already has about 32 years of experience
in industrial chemicals trading.
In daily activities, he is assisted by his son Mr. Armand Martaniardjo (28) as
director. The management is further handled by experienced professional
managers with know-how in industrial chemical processing and trading. They have
wide relations in domestic and overseas private business circles. As far as business is concerned the
management of P.T. JSR has never involved in any fraudulent dealings.
We believed that P.T. JSR is fairly good for business transaction.
However, in view of the unstable economic condition in the country we recommend
to treat prudently in extending a 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 |
Rs.47.46 |
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UK Pound |
1 |
Rs.83.37 |
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Euro |
1 |
Rs.64.46 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)