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MIRA INFORM REPORT
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Report No. : |
508026 |
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Report Date : |
10.05.2018 |
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, Jalan Danau Sunter Utara Block 03 No. 27-28, Sunter
Agung, Tanjung Priok, Jakarta Utara, 14350 |
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Country : |
Indonesia |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
28.07.1977 |
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Com. Reg. No.: |
AHU-AH.01.03-0048120 |
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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 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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 34% today. In May 2017 Standard & Poor’s became
the last major ratings agency to upgrade Indonesia’s sovereign credit rating to
investment grade.
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 |
BASIC
SEARCH
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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
Building Area - 3 storey
Office Space - 380 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan
Cakung Cilincing Raya No. 99
Rorota,
Cilincing
Jakarta
Utara, 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. C-16587.HT.01.04.TH.1999
Dated 17 September 1999
- 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
- No. AHU-AH.01.03-0048120
Dated 31 January 2018
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
Related Companies :
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
KIMIARAYA - 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
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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) :
2015
– Rp. 512.0 billion
2016
– Rp. 542.7 billion
2017
– Rp. 575.3 billion
Net Profit
(estimated) :
2015
– Rp. 35.8 billion
2016
– Rp. 38.0 billion
2017
– Rp. 40.3 billion
Payment Manner :
No Complaints
Financial Comments
:
Fairly strong
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
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Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
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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 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 latest according to revision notary deed
Mr. Miki Tanumiharja, SH., no. 25 dated 29 January 2018 the shareholders approved
re-elected the board of director and commissioner of the Company. The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.03-0048120 dated January 31, 2018.
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 three 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
paint industry, plastic, ink, textile, rubber, printing and others 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, 2008-2016*
|
Year |
Food and Beverages Mainly
for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
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Primary |
Processed |
Primary |
Processed |
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|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
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|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
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2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
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2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53,409.0 |
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2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
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2013 |
3,863.7 |
3,381.5 |
5,737.6 |
52,871.5 |
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2014 |
7,218.0 |
4,642.2 |
9,011.0 |
85,794,8 |
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2015 |
5,080.4 |
2,730.5 |
4,672,6 |
50,845.5 |
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2016 |
3,706.8 |
2,268.4 |
3,227.7 |
39,655.8 |
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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 2015 registered a total sales
turnover of Rp. 512.0 billion, increased to Rp. 542.7 billion in 2016 rose to
Rp. 575.3 billion in 2017 and projected to go on rising by at least 5% in 2018.
P.T. JSR’s operation has in 2017 yielded a total net profit of about Rp. 40.3
billion with a total networth of about Rp 227.0 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 (70) as president director, who already has about
40 years of experience in industrial chemicals trading. In daily activities, he
is assisted by his son and daughter namely Mr. Armand Martaniardjo (38), Mrs.
Shirley Martaniardjo (41) and Mr. Ruswandi (45), 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 |
INR 67.38 |
|
|
1 |
INR 91.09 |
|
Euro |
1 |
INR 79.75 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.