|
Report No. : |
307525 |
|
Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
JUSTUS SAKTI RAYA |
|
|
|
|
Registered Office : |
Wisma Justus, Jalan Danau Sunter Utara Block 03 No. 27-28, Sunter Agung, Tanjung Priok, Jakarta Utara, 14350 |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
17.02.1998 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-06863 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Unsaturated Polyester Resin,
Driers/Metallic Soaps and Polymer Emulsion Manufacturing |
|
|
|
|
No. of Employees : |
565 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices.
|
Source
: CIA |
BASIC
SEARCH
|
Name of company :
P.T.
JUSTUS SAKTI RAYA
Address :
Head
Office
Wisma
Justus
Jalan Danau Sunter Utara Block 03 No. 27-28
Sunter
Agung, Tanjung Priok
Jakarta
Utara, 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
- No. AHU-14292.AH.01.02 Tahun 2008
Dated 24 March 2008
- No. AHU-AH.01.10-14568
Dated 14 June 2010
- No. AHU-AH.01.10-06863
Dated 27 February 2013
Company Status :
National
Private Domestic Investment (PMDN) Company
Permit by the
Government Departments :
The Department of Finance
No.
01.363.342.5-046.000
The Department of Industry
No.
188/M/SK/7/1987
Dated
14 July 1987
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
-
No. 529/III/PMDN/1995
Dated 22 November 1995
a.
P.T. JUSTUS KIMIA RAYA (Trading and
Distribution of Industrial Chemicals)
b. P.T. JUSTUS UTAMA MANDIRI (Office Building
Development and Management/Wisma
Justus)
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 :
a.
Unsaturated Polyester Resins - 40,000 tons p.a.
b.
Driers/Metallic Soaps - 1,000 tons p.a.
c.
Polymer Emulsions - 9,900
tons p.a.
d.
Maleic Anhydride - 12,000 tons p.a.
e.
Fumaric Acids -
2,000 tons p.a.
Total Investment :
a. Owned Capital -
Rp. 26.0 billion
b.
Loan Capital - Rp. 59.1 billion
c.
Total Investment - Rp. 85.1 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 :
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 UOB INDONESIA
Jalan Asemka No. 32-35
Jakarta Barat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46-Kota BNI
Jalan Jenderal Sudirman 1
Jakarta Pusat
Indonesia
c.
P.T. Bank CENTRAL ASIA Tbk
Jalan Pacenongan No. 86
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales
(estimated) :
2012
– Rp. 436.0 billion
2013
– Rp. 476.0 billion
2014
– Rp. 483.0 billion
Net Profit
(estimated) :
2012
– Rp. 26.0 billion
2013
– Rp. 28.4 billion
2014
– Rp. 30.0 billion
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 :
Good
Business
Morality :
Good
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
shareholders are 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. 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.
We observed that P.T. JUSTUS KIMIA RAYA 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.
It provides unsaturated polyester resin, drier, metallic
soap, polymer emulsion, maleic anhydride and fumaric acid. It is also the
distributor of fiberglass reinforced plastic, detergent, ceramic & general
chemical, food, cosmetic & pharmaceutical as well as paint and ink
products. The whole product distributes by sister company P.T. JUSTUS KIMIA
RAYA a national private company dealing with trading and distribution of
industrial chemicals. 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.
The domestic demand for various types of chemical
products had been rising by 8% to 10% on the average per annum in the last five
years in line with the rapid growth of various industrial sectors including
textile chemical in the above period of times as the consumers. But, later
dwindled as the global economic slowdown since October 2008, followed by tight
money policy imposed by Indonesian Central Bank (Bank Indonesia) and also
heated by political issue in the country. The demand growth started to awake in
June 2009 in line with the amelioration of economic condition in the country.
Market competition is very tough on account of large number of other similar
companies operating in the country. P.T. JSR business position in this case is
not too badly because it has built regular customers and extensive marketing
network all across the country.
Imports of Raw
Materials and Auxiliary Goods, 2007-2013
|
Year |
Food and Beverages
Mainly for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
|
2013 |
3,863,7 |
3,381,5 |
5,737.6 |
52,871.5 |
|
Until this time P.T. JSR has not been registered with
Indonesian Stock Exchange, so that they had 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 2012 registered a total sales turnover of Rp. 436.0
billion, increased to Rp. 476.0 billion in 2013 to Rp. 483.0 billion in 2014
and projected to go on rising by at least 5% in 2015. P.T. JSR’s operation has
in 2014 yielded a total net profit of about Rp. 30.0 billion with a total
networth of about Rp 222.0 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 (67) as president director, who already has about
39 years of experience in industrial chemicals trading. In daily activities, he
is assisted by his son and daughter namely Mr. Armand Martaniardjo (35), Mrs.
Shirley Martaniardjo (38) and Mr. Ruswandi (42), 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 cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.