|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
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 : |
Wisma Justus Jl. Danau Sunter Utara Block 03 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.: |
No. AHU-AH.01.10-14568 |
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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 |
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No. of Employees : |
550 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, 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, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T.
JUSTUS SAKTI RAYA
Head Office
Wisma Justus
Jl. Danau Sunter Utara Block 03 No. 27-28
Sunter, Jakarta
14350
Indonesia
Phones -
(62-21) 6515188, 65306066, 65304880
Fax. - (62-21) 65305066
Email - sales_jkr@justus.co.id
Website - http://www.justus.co.id
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 - 9,800 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
a. No. AHU-14292.AH.01.02 Tahun 2008
Dated 24 March 2008
b. No. AHU-AH.01.10-14568
Dated 14 June 2010
Company Status :
Domestic Investment Company (PMDN)
Permit by the Government Department :
No. 01.363.342.5-042.000
No. 188/M/SK/7/1987
Dated 14 July 1987
- No. 750/I/PMDN/1988
Dated 22 November 1988
- No. 440/II/PMDN/1990
Dated 26 October 1990
- No. 81/II/PMDN/1994
Dated 10 March 1994
P.T. JUSTUS KIMIA RAYA (Investment Holding and General Trading)
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.- (98%)
Address : Jl. Hayam Wuruk No. 111-A
Jakarta Pusat
Indonesia
b. Mr. Tjandra Martaniardjo -
Rp. 520,000,000.- (
2%)
Address : Jl. Danau
Sunter Selatan Blok E-8 No. 18
Jakarta Utara
Indonesia
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 :
550 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
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
Indonesia
c. P.T. Bank
NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 360.0
billion
2010 – Rp. 388.0
billion
2011 – Rp. 410.0
billion
2012 – Rp. 436.0
billion
Net Profit
(estimated) :
2009 – Rp. 21.3
billion
2010 – Rp. 23.0
billion
2011 – Rp. 24.4
billion
2012 – Rp. 26.0
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of
Management :
President Director -
Mr. Tjandra Martaniardjo AKA Tan Kok Lian
Directors - a. Mr. Armand
Martaniardjo
b. Mr. Ruswandi
c. Mrs. Shirley Martaniardjo
Board of
Commissioner :
President
Commissioner - Mr. Marcus Sutiono
Commissioners - a. Mr. Ir. Achmad Agus Efendi
b. Mrs. Jenny Suryahusada
Signatories
:
President
Director (Mr. Tjandra Martaniardjo) or one of the Directors (Mr. Armand
Martaniardjo, Mr. Ruswandi or Mrs. Shirley Martaniardjo) which must be approved
by the Board of Commissioners.
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
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. In January 2008 whole authorized capital as
issued and paid up. Concurrently, the
shareholders of the company are P.T. JUSTUS KIMIA RAYA (98%) and Mr. Tjandra
Martaniardjo (2%).
Later
according to the latest revision of notary documents of Mr. Pranata Nusantara,
SH., No. 25 dated 18 May 2010 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-15668.AH.01.02.Tahun 2010 dated June 14, 2010. We observed
that P.T. JUSTUS KIMIA RAYA
(majority owner of the Company), is a domestic investment 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 and 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 in the last five years.
We
note that the demand for industrial chemicals and specialty chemicals has kept
on rising by 8% to 10% per year in the last five years in line with the growth
and development of pharmaceutical industries, soap and detergent industries,
cosmetic industries, food & drink industries, fiber glass industries,
bakery industries, perfume and essence industries and dairy product industries
in the country. Since mid-2008, the demand growth for
industrial and specialty chemicals has kept on dwindling as an impact of global
economic crisis as told above. But since
early-2009 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 2010 registered a total sales turnover of Rp 388.0 billion, increased
to Rp 410.0 billion in 2011 to Rp 436.0
billion in 2012 and projected it will
continue on rising by about 8% in 2013.
P.T. JSR’s operation has in 2012 yielded a total net profit of about Rp
26.0 billion with a total networth of about Rp 220.0 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).
P.T. JSR's management is headed by
Mr. Tjandra Martaniardjo AKA Tan Kok Lian (65) as president director, who
already has about 37 years of experience in industrial chemicals trading. In
daily activities, he is assisted by his son and daughter namely Mr. Armand
Martaniardjo (33), Mrs. Shirley Martaniardjo (36) and Mr. Ruswandi (40), as
director respectively. 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. 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. We believed that P.T. JSR is
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.