MIRA
INFORM REPORT
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Report Date : |
22.11.2013 |
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 : |
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.01.10-06863 |
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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 : |
565 persons |
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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Status : |
Satisfactory |
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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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 more than 6% annually
in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
|
Source
: CIA |
BASIC SEARCH
Name
of company :
P.T.
JUSTUS SAKTI RAYA
Address
:
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
c. No. AHU-AH.01.10-06863
Dated 27 February 2013
Company
Status :
Domestic Investment Company (PMDN)
Permit
by the Government Department :
a.
The Department of Finance
No. 01.363.342.5-042.000
b.
The Department of Industry
No. 188/M/SK/7/1987
Dated 14 July 1987
c.
The Capital Investment Coordinating Board
- 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
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.- (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
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 :
565 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
Bankers :
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
FINANCIAL FIGURE
Annual
Sales (estimated) :
2009 – Rp. 360.0 billion
2010 – Rp. 388.0 billion
2011 – Rp. 410.0 billion
2012 – Rp. 436.0 billion
2013 – Rp. 238.0 billion (January – June)
Net
Profit (estimated) :
2009 – Rp. 21.3 billion
2010 – Rp. 23.0 billion
2011 – Rp. 24.4 billion
2012 – Rp. 26.0 billion
2013 – Rp. 14.2 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
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
Commissioner - Mr. Ir. Achmad Agus Efendi
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.
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
OVERALL PERFORMANCE
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 founding shareholders of the company are Mr.
Tjandra Martaniardjo AKA (also known as) Tan Kok Lian and Mr. Handi Widodo,
both are Indonesian businessmen
of Chinese extraction.
The company's notarial Deed 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 (98%) and Mr. Tjandra Martanihardjo
(2%). In January 2008, the issued
capital was raised from Rp 8,000,000,000.- to Rp 26,000,000,000.- entirely paid
up. The amendment to Deed has been approved
by the Minister of Law and Human Rights through its Decision Letter No. AHU-14292.AH.01.02.Tahun
2008 dated March 24, 2008.
According to the latest amendment to notary Deed of Notary Syafi’i, SH.,
No. 09 dated 07 February 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.01.10-06863 dated February 27, 2013. No changes have
been effected in term of its shareholding composition and capital structures to
date. 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 are 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.
P.T. JUSTUS SAKTI RAYA is appraised to be good for business transaction. However, in view of the 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 |
Rs.62.89 |
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|
1 |
Rs.101.14 |
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Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.