|
|
|
MIRA
INFORM REPORT
|
Report No. : |
492430 |
|
Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
PT. JUSTUS SAKTI
RAYA |
|
|
|
|
Formerly Known As : |
PT. JUSTUS SAKTI RAYA CORPORATION |
|
|
|
|
Registered Office : |
Wisma Justus Lantai 2, Jl. Danau Sunter
Utara Blok O3 No. 27-28 Kelurahan
Sunter Jaya, Kecamatan Tanjung Priok
Kota Jakarta Utara 14360 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1977 |
|
|
|
|
Com. Reg. No.: |
AHU_AH.01.10-06863 |
|
|
|
|
Legal Form : |
Private Limited Liability Company or Perseroan Terbatas (PT) |
|
|
|
|
Line of Business : |
Manufacture of basic chemicals, fertilizers and nitrogen compounds,
plastics and synthetic rubber in primary forms |
|
|
|
|
No. of Employees : |
Approximately - 350 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 750,000 |
|
|
|
|
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.
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 less than 27 percent today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
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 |
COMPANY IDENTIFICATION
|
Company Name |
PT. JUSTUS SAKTI
RAYA (PREVIOUS NAME :
PT. JUSTUS SAKTI RAYA CORPORATION ) |
|
Address |
Wisma Justus Lantai 2, Jl. Danau Sunter Utara Blok O3 No. 27-28 Kelurahan Sunter Jaya, Kecamatan Tanjung
Priok Kota Jakarta Utara 14360 |
|
|
|
|
Telephone |
+62216515188,
+622165306066, +622165304880 |
|
Fax |
+622165305066 |
|
Mobile Phone |
N.A. |
|
Email |
general_jsr@justus.co.id |
|
Web |
www.justus.co.id
(Group) |
PROFILE |
|
Address |
Wisma Justus
Lantai 2, Jl. Danau Sunter Utara Blok O3 No. 27-28 |
||||
|
Office Building |
|
||||
|
Date of Establishment |
|
||||
|
Start Operation |
1977 |
||||
|
Legal Status |
Private Limited Liability Company or
Perseroan Terbatas (PT) |
||||
|
Legalization (historical) |
No. Y.A.5/429/17 |
||||
|
Government Permit (s) |
Badan Koordinasi
Penanaman Modal (BKPM) |
||||
|
Significant change |
Formerly
named PT. Justus Sakti Raya Corporation, the Company was established in
Jakarta on July 28, 1977, with the authorized capital of IDR 10 million,
issued and paid-up capital of IDR 2,500,000. It was initially owned by Mr.
Tjandra Martaniardjo (88.0%) and Mr. Handi Widodo (12.0%). On
October 28, 1994, the Company’s authorized capital was increased to IDR
26,000 million, with issued and paid-up capital of IDR 8,000 million. On the
same occasion, the Company’s shares were entirely taken over by PT. Justus
Supply Corporation (100.0%). On
February 17, 1998, the Company was renamed, being PT. Justus Sakti Raya. At
that same time, the shareholder structure changed, to comprise Mr. Tjandra
Martaniardjo (02.0%) and PT. Justus Kimiaraya (98.0%). Meanwhile, the
capitalization structure remained unchanged. On
January 22, 2008, the Company’s shareholder structure changed, to consist of
PT. Justus Kimiaraya (98%) and Mr. Tjandra Martaniardjo (2%). On
February 7, 2013, the Company published a notarial act, yet without
changing its authorized capital and shareholder structure. Meanwhile, the
Company's issued and paid-up capital was increased to IDR 26,000 million. As
far as we know, there has been no change in the Company’s
notarial act as published by the Ministry of Justice. |
||||
|
Capitalization |
IDR
26,000,000,000 |
SHAREHOLDERS & MANAGEMENT |
|
Shareholders |
Total No. of
Shareholders: 2 |
||||
|
Name of Shareholders |
|
||||
|
|
|
||||
|
Management Board |
|||||
|
Name |
Mr. Tjandra Martaniardjo |
||||
|
Position |
President Director |
||||
|
Nationality |
Indonesian |
||||
|
|
|
||||
|
Name |
Mr. Armand Martaniardjo |
||||
|
Position |
Director |
||||
|
Nationality |
Indonesian |
||||
|
|
|
||||
|
Name |
Mr. Ruswandi |
||||
|
Position |
Director |
||||
|
Nationality |
Indonesian |
||||
|
|
|
||||
|
Name |
Miss Shirley Martaniardjo |
||||
|
Position |
Director |
||||
|
Nationality |
Indonesian |
||||
|
Supervisory Board |
|||||
|
|
|
||||
|
Name |
Mr. Marcus Sutiono |
||||
|
Position |
President Commissioner |
||||
|
Nationality |
Indonesian |
||||
|
|
|
||||
|
Name |
Mr. Achmad Agus Effendi |
||||
|
Position |
Commissioner |
||||
|
Nationality |
Indonesian |
||||
|
|
|
||||
|
Management Assessment |
The management is deemed to have
sufficient experience and industry expertise to manage subject properly. |
||||
|
Authorized Signatories |
Mr. Tjandra Martaniardjo as a President
Director and Mr. Armand Martaniardjo, Mr. Ruswandi and Miss Shirley
Martaniardjo as the Directors which must be approved by shareholders meeting.
|
||||
|
Affiliate (s) / Associate (s) |
|
KEY DATA ON OPERATIONS |
|
Registered Activities |
SIC Code 20 : Manufacture of chemicals and
chemical products |
|||||||||||
|
Number of Employee |
Approximately - 350 employees |
|||||||||||
|
Business Category |
SIC Code 20.1 : Manufacture of basic
chemicals, fertilizers and nitrogen compounds, plastics and synthetic rubber
in primary forms |
|||||||||||
|
Line of Business |
SIC Code 20.12 : Manufacture of dyes and
pigments |
|||||||||||
|
Product & Capacity |
- Unsaturated Polyester Resins - 18,000
tons p.a. |
|||||||||||
|
Status of Investment |
Non Facility Company |
|||||||||||
|
Sales Territory |
Local |
30% |
||||||||||
|
International |
70% |
|||||||||||
|
Main Items Imported |
Raw material |
Japan |
||||||||||
|
Main Items Exported |
Chemical Products |
USA |
||||||||||
|
Major Customers |
|
|||||||||||
|
|
|
|||||||||||
|
Major Supplier |
|
|||||||||||
|
|
|
|||||||||||
|
Terms of Payment |
Purchase Payment |
|||||||||||
|
Activity Comment |
PT. Justus Sakti Raya (the Company) is a
Non Facility Company that is engaged in the manufacturing industry. It
started the operation in 1977. Head office and registered address of the
Company are located in a commercial area of Jakarta, precisely at Wisma
Justus Lantai 2, Jl. Danau Sunter Utara Blok O3 No. 27-28, Kelurahan Sunter
Jaya, Kecamatan Tanjung Priok, Kota Jakarta Utara 14360, DKI Jakarta -
Indonesia. We believe that the location is owned by Justus Group. Moreover,
the head office is supported by a factory, which is located at Jl. Raya
Cakung Cilincing No.99, Kelurahan Semper Barat, Kecamatan Cilincing, Kota
Jakarta Utara 14130, DKI Jakarta - Indonesia. Operationally,
based on our investigation, the Company is a manufacturer of chemicals. The
Company currently produces 5 types of chemical products, with a production
capacity of approximately 65,000 tons per year. Types of products produced by
the Company are Unsaturated Polyester Resin brand YUKALACA, Drier/Metallic
Soap brand YUKALICA, Polymer Emulsion YUKASHUA, Maleic Anhydride and Fumaric
Acid. Based
on data from the Coordination Board of Investment, the Company has planted
IDR 45,000 million of investment for producing 30,000 tons of Unsaturated
Polyester Resins (UPR) per year, 1,000 tons of Drier / Metallic Soaps (DMS)
per year, 9,900 tons of Polymer Emulsion/ Latex (PEL) per year, 12,000 tons
of Maleic Anhydride per year, 2,000 tons of Fumaric Acid per year, and 1,000
tons of Waterproofing per year. Based
on our investigation, for manufacturing activities, the Company uses the
supply of raw materials and technical assistance from Showa Highpolymer Co.
Ltd., of Japan and Lonza SpA of Italy. Specifically for the import of raw
materials, the Company uses the latest import identification number or Angka
Pengenal Import (API), and it does not face the significant problem in the
import activity. The
Company is also supported by some local companies, such as CV. Cahaya Penta
Jaya, which provides water sanitary management, and PT. Citra Putra Bangsa
Utama that provides mechanical engineering support for the Company. Meanwhile,
in marketing its products, the Company uses two schemes. For the domestic
market, the Company uses PT. Justus Kimiaraya that markets. Meanwhile, for
the export market, the Company handles its own marketing. According to our
source, currently, the Company only sells around 30% of its products in the
country. Meanwhile,
the other 70% are exported to several countries in North America, South
America, Eastern Europe, Southeast Asia, Africa, Oceania, Middle East,
Eastern Asia and Western Europe. One of the overseas customers of the Company
is Vale Canada Ltd., of Canada. The Company exports about 22 tons up to 220
tons of products per month, depending on demand from the international
customers. For the export of products, the Company takes cooperation with
some logistics companies, such as APL Logistics and K Line Logistics. Based
on our investigation, the Company is still running normally, though it faces
obstacles in business and the decreasing demand for products throughout 2015
due to the strengthening rate of US Dollar. Based on our source, the Company
has increased the prices of its products in line with the strengthening rate
of USD against Rupiah. Although in 2015, the Company faced a quite difficult
economic condition, it was still able to book a surplus in revenue. The
Company is able to distribute up to 50,000 tons of products per year. In
2016, the operational performance of the Company was better than in
2015. The Company already has agents or fixed distributors for its products
in overseas market. Based
on our source, entered the third quarter 2017, the Company's sales figures
were still fairly stable. In addition, from the side of the payment manner, there
is no problem that harms the Company. The cash flow of the Company is also
running well. Added
by the Company, that until now, it is believed the income of the Company is
still higher than the previous year (compared with the same period). Because
it is also believed by the government, that the non-oil and gas sector such
as chemicals become one of the largest economic support sectors this year. Currently,
the Company is supported by approximately 350 employees. At the time of writing this report, this
Company has not been involved in any criminal or civil cases. This statement
is a result of searches conducted at the State Court, where the Company was
established and operates today. |
|||||||||||
|
Sources |
Miss Narita (Export Staff of the Company,
contacted on 6 October 2017) |
|||||||||||
|
Factory Address |
Jl. Raya Cakung
Cilincing No.99 |
|||||||||||
BANKING INFORMATION |
|
Banker (s) |
|
||||||||
|
Insurance |
|
BUSINESS PROSPECTS |
|
Business Prospects |
The
Institute for Development of Economic and Finance (INDEF) predicts
Indonesia's economic growth as of the third quarter 2017 could reach
5.1% -5.2% year on year. Economic growth until the third quarter 2017 can be
higher than the previous quarter. Central
Bureau of Statistics (BPS) reported, Indonesia's economic growth until June
2017 grew 5.01% year on year. BPS recorded this growth rate slightly slower
than the growth rate in the second quarter 2016 of 5.18%, and relatively the
same as the economic growth in the first quarter 2017 of 5.01%. As
targeted by the Ministry of Industry (Kemenperin), the chemical, textile and
miscellaneous industry (IKTA) will increase by 5.4% in 2017, supported by new
investment and expansion by the business players. Based
on data from Kemenperin, the non-oil and gas processing industry contribute
to the national Gross Domestic Product (GDP) in the second quarter 2017 of
17.94%. This contribution is the largest compared to other sectors, such as
agriculture, forestry and fishery about 13.92%, construction of 10.11%, and
mining and quarrying 7.36%. Based
on the data above, we still believe that the Company still has a good
prospect. |
FINANCIAL STATEMENT |
|
Sales Turn Over |
2014 - IDR
610,400,000,000 (Estimated) |
|
Total Assets |
As the Company is not a public listed
company, so we are unable to give a detail picture about financial condition
of the Company. |
|
Other Financial Data |
As the Company is not a public listed
company, so we are unable to give a detail picture about financial condition
of the Company. |
CREDITWORTHINESS |
|
Management Capability |
Good |
|
Business Morality |
Adequate |
|
Payment Manner |
No Complaints |
|
Financial Condition |
Satisfactory |
|
Operating Trend |
Up |
|
Conclusive remarks |
Based
on the information shown above, the Company started the operation in 1977 and
engaged in Chemical Industry. As we learn, the Company is a member of Justus
Group, a business group focusing on industry and trade of chemical products.
In its operation, products of the Company are mostly exported to a number of
countries in North America, South America, Eastern Europe, Southeast Asia,
Africa, Oceania, Middle East, Eastern Asia and Western Europe. This indicates
that the Company is run by a management that has vast knowledge about the
business. As
we learned, the Company is still able to secure the stability of its
operational performance. It is related to high demand from the export market.
In 2016, in fact, demand for the Company’s products continued to increase.
Although demand from the local market was declining, the Company was still
able to book an increase in revenue in 2015 and 2016. Unfortunately, the
increase of collection day period seems disturbing the Company’s operational
cash flow. Meanwhile, for the year 2017, the Company will continue to
increase the sales target. In
another side, the non-oil and gas processing industry contribute to the
national Gross Domestic Product (GDP) in the second quarter 2017 of 17.94%.
This contribution is the largest compared to other sectors, such as
agriculture, forestry and fishery about 13.92%, construction of 10.11%, and
mining and quarrying 7.36%. We come to the conclusion that operational and
financial performance of the Company is still normal. Meanwhile, regarding
the predicted growth of the chemical industry by some 5%-6% in 2017, there is
potential for the Company to keep on developing its business. Thus, we
classify the Company’s credit rating in “Medium risk". For
security reason, nevertheless, we advise those wishing to make cooperation
with and to grant loans to the Company to ask for adequate collaterals from
the owners and management. |
|
Maximum of Credit |
USD 750,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.13 |
|
|
1 |
INR 89.17 |
|
Euro |
1 |
INR 79.39 |
|
IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.