|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GOKAK INDONESIA |
|
|
|
|
Registered Office : |
Kodel House 8th Floor Jalan H.R. Rasuna Said Kav. B-4 Jakarta Selatan,
12910 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
06.08.1979 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-25838 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Spinning Mills |
|
|
|
|
No. of Employees : |
709 persons |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
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, 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. GOKAK
INDONESIA
Head Office
Kodel House 8th
Floor
Jalan H.R. Rasuna Said Kav. B-4
Jakarta Selatan, 12910
Indonesia
Phone -
(62-21) 522 1458, 552 1488, 522 1459
Fax - (62-21) 522 1515
E-mail - mangesh@gokakindonesia.com
Website - http://www.gokakindonesia.com
Building Area - 18th
Floor
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Ateng Ilyas
No. 1, RT. 02 RW. 08
Kampung Muhara,
Citeurup
Bogor, 16810
West Java
Indonesia
Phone -
(62-21) 875 2672, 875 2686, 875 2687
Fax - (62-21) 875 2673
E-mail - factory@gokakindonesia.com
Land Area - 10,000 sq.
meters
Factory Space - 6,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
06 August 1979
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. Y.A.5/86/10
Dated 3 March 1980
- No. AHU-08344.AH.01.02.TH.2009
Dated 19 March 2009
- No. AHU-0080558.AH.01.02.TH.2010
Dated 5 November 2010
- No. AHU-AH.01.10-25838
Dated 16 July 2012
Company Status
:
Foreign
Investment (PMA) Company
Permit by the Government
Department :
The Department of Finance
NPWP No.
01.002.076.6-057.000
The President of the Republic of Indonesia
No.
B-27/Pres/9/1978
Dated 29 June
1978
The Capital Investment Coordinating Board
- No.
94/VI/PMA/1982
Dated 8 October 1982
- No.
61/III/PMA/1984
Dated 6 December 1984
- No.
28/II/PMA/1987
Dated 25 May 1987
- No.
143/II/PMA/2003
Dated 17 June 2003
Related
Companies :
a. EURO ASIAN MANAGERS LTD., Hong Kong
(Investment Holding)
b. SHAPOORJI PALLONJI & COMPANY LTD., India
(Investment Holding)
Capital
Structure :
Authorized
Capital : US$
6,250,000.-
Issued Capital : US$
6,250,000.-
Paid up Capital : US$
6,250,000.-
Shareholders/Owners
:
a. EURO ASIAN MANAGERS LTD. - US$ 4,562,000.-
Address :
Hong Kong
b. SHAPOORJI PALLONJI & COMPANY LTD - US$ 1,375,000.-
Address : 41/44, Minoo Desai Marg
Colaba, Mumbai – 400 005
Maharashtra, India
c. Mr. Humprey Rithan Djemat, SH, LLM -
US$ 313,000.-
Address : Jl. Imam Bonjol No. 78
Jakarta Pusat
Indonesia
Lines of
Business :
Spinning Mills
Production
Capacity :
a. Polyester/Cotton Yarns - 16,583 bales p.a.
c. Cotton Yarns - 3,600 tons p.a.
Total
Investment :
a. Equity Capital - US$
6.2 million
b. Loan Capital - US$ 26.4 million
c. Total Investment - US$ 32.6 million
Started
Operation :
1982
Brand Name :
Gokak Indonesia
Technical
Assistance :
Gokak India, Ltd.,
India
Number of
Employee :
709 persons
Marketing Area
:
Export -
75%
Local - 25%
Main Customer
:
Buyers in Europe,
Middle East and Asian countries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. GISTEX
CHEWON SYSNTHETICS
b. P.T. GOLDEN
TATEX INDONESIA
c. P.T. GRAND
PINTALAN TEXTILE INDUSTRIES
d. P.T. GLORINDO FILATEX
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank DANAMON INDONESIA Tbk
Jalan
Prof. Dr. Satrio Kav. E-IV /6
Jakarta
Selatan, 12930
Indonesia
b. DEUTSCHE Bank
AG
Wisma Deutsche Bank
Jalan Imam Bonjol 85
Jakarta Pusat
Indonesia
c. P.T. Bank SBI INDONESIA
Gedung Graha Mandiri
Jalan Imam
Bonjol No. 61
Jakarta
Pusat
Indonesia
Auditor :
KAP, Paul Hadiwinata, Hidajat, Arsono, Ade Fatma &
Rekan
Litigation :
No litigation
record in our database
Annual Sales :
2009 – Rp. 219.2
billion
2010 – Rp. 278.3
billion
2011 – Rp. 295.0
billion (estimated)
2012 – Rp. 312.7 billion
(estimated)
Net Profit :
2009 – Rp. 9.0 billion
2010 – Rp. 16.2
billion
2011 – Rp. 20.6
billion (estimated)
2012 – Rp. 21.9
billion (estimated)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Mahaveer Appasaheb Kolhapuri
Directors -
a. Mr. Manguesh Sadanand Kanago
b. Mr. Humprey Rithan Djemat, SH, LLM
Board of Commissioners :
President Commissioner -
Mr. Kamlesh Chander Mehra
Commissioners -
a. Mr. Chandrakant Girdharlalshah
b. Mrs. Buanita Rosiana Djemat
c. Mr. Mahesh Chelaram Tahilyani
d. Mr. Khanna Umesh Narain
Signatories :
President Director (Mr.
Mahaveer Appasaheb Kolhapuri) or one of the Directors (Mr. Manguesh Sadanand
Kanago or Mr. Humprey Rithan Djemat, SH, LLM) which must be approved by Board
of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. GOKAK
INDONESIA (P.T. GI) was established in August 1979 in Bogor, West Java with an
authorized capital of US$ 2,300,000 issued capital of US$ 460,000 entirely paid
up. The founding shareholders of the company are FORBES GOKAK Ltd., of India,
EURO ASEAN MANAGERS Ltd., FORBES CAMPBELL HOLDINGS Ltd., WARRIOR INVESTMENT Co.
Ltd., of India, THAKRAL BROTHERS Inc., of India, P.T. MULTIBIS PRIMA AGUNG of
Indonesia and Mr. Humprey Rithan Djemat, SH, LLM., of Indonesia. The notary
deed has been changed frequently. Then in February 2001, the authorized capital
was raised to US$ 6,250,000 entirely issued and paid up. With this development
the composition of its shareholders are EURO ASIAN MANAGERS LTD., Hong Kong,
GOKAK TEXTILE LTD., India and Mr. Humprey Rithan Djemat, SH, LLM. The deed of
amendment was made by Mr. Misahardi Wilamarta, SH., a public notary in Jakarta
under Company Registration Number W7-HT.01.10-3605, dated November 17, 2006.
Later on 19 October 2010, GOKAK TEXTILE LTD., India sold of its share to
SHAPOORJI PALLONJI & COMPANY LTD., India as new shareholder. With this time
the composition of its shareholders has been changed to become EURO ASIAN
MANAGER LTD., Hong Kong (72.99%), SHAPOORJI PALLONJI & COMPANY LTD., India
(22.00%) and Mr. Humprey Rithan Djemat, SH, LLM (5.01%). After that based on
notary documents of Mr. Misahardi Wilamarta, SH., No. 93 dated 29 May 2012 the
company board of director and the board of commissioner had been changed (see
profile of this report). The deed of amendments was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-AH.01.10-25838 dated July
16, 2012.
P.T. GI is a
Foreign Investment (PMA) company licensed by Capital Investment Coordinating
Board (BKPM) to deal with spinning mills. Its plant is located at Kampung
Muhara, Citeurup, Cibinong, Bogor, West Java on a land of some 1.0 hectares.
The plant had been operating since 1982 by produce polyester/cotton yarns of
16,583 bales and cotton yarns of 3,600 tons respectively per annum. P.T. GI
manufactures yarns with the highest quality of raw materials from modern
equipment to ensure that buyers have a pleasant working experience. The company
has a firm focus set on consistent quality, timely deliveries, competitive
prices and a customer friendly team. The company is in the business of yarn
spinning and began operation in the year 1982. The factory is situated about 45
kms from the capital city of Jakarta and is en route to the garden city of
Bogor. The company has a total capacity of 56,880 spindles and 560 open end
rotors, manufacturing various types of spun yarns. Since 2007 the company has
embarked on a modernization drive and the process is reaching completion.
The company
manufactures spun yarns using different fibers and blends within these fibers.
Below is a list of various products under regular production.
|
1. |
Combed Cotton Yarns |
The company makes 100% combed cotton yarns for knitting as
well as for weaving. Count range of Ne 20 to Ne 40 using some of the finest
raw materials. |
|
2. |
100% Karded Cotton Yarns |
100% Karded cotton yarns for knitting and weaving |
|
3. |
Polyester Spun Yarns |
100% polyester spun yarns for knitting as well as for
weaving. |
|
4. |
Polyester/Viscose blended Yarns |
PV blended yarns with a blend percentage of 65/35 for knitting
as well as for weaving. Count range of Ne 20 to Ne 40. |
|
5. |
Open End Yarns |
100% cotton open end yarns for weaving. |
|
6. |
Multifold Yarns |
The company can offer any of the above products in 2 ply, 3
ply and 4 ply from in house twisting facilities. |
|
7. |
100% Poly & PV Slub Yarn |
The company can offer 100% Spun polyester Slub yarn &
PV 65/35 slub yarn in the count range of Ne 24 to 30. |
Source: P.T. Gokak Indonesia
P.T. GI has a wide
marketing network established in several countries. The company has a loyal
customer base which has supported the operations for many years. They trust and
support in their partners has helped them grow from a 30,000 spindle unit in
2003 to a 60,000 spindle unit in 2012. The company is regularly exporting yarns
to countries such as Germany, Poland, USA, Korea, Brazil, Argentina, Egypt,
Portugal, Spain, Italy, Malaysia, Vietnam, Philippines etc. Almost 20 to 25
percent of the production is also sold in the domestic market to a well
established customer base.
Products include
polyester viscose and polyester cotton blended yarn and 100% cotton combed yarn
both single and founded for knitting and weaving end use. The plant had
absorbed an investment of US$ 32.6 million come from owned capital of US$ 6.2
million and the rest from loans. Mr. Wahid, general affairs manager of the
company said to our inquiry that some 75% of the products are exported to
Europe Union, USA, Middle East, Vietnam, Philippine, Bangladesh, Thailand and
other Asian countries and the other 25% for local consumption with using GOKAK
brand. The company also supplied some of the products to P.T. KAHATEX, P.T.
MALAKATEX and other textile industries operating in Bandung (West Java), Solo (Central
Java), Semarang and Tangerang (Banten Province).
The global
economic crisis followed by fast rising local bank interest rates has also had
a negative impact on the company's. Meanwhile, the local TPT (Textile and
Textile Products) industries and other factors causing the declining
competitive ability of the national TPT products are the increasing production
costs, high interest rates, expensive customs office costs, illegal
retributions, textile and garment machinery restructuring costs and the rising
prices of production components (oil fuel prices and electric base tariffs). We
observe the operation of P.T. GI has been growing and developing well in the
last three years.
The demand for textile
chemicals tended to be fluctuating within the last five years in line with the
fluctuating of Indonesian textile industry in general. According to the Central
Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to
333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in
2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0
million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons
(US$ 5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in
2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons
(US$ 6,598.0 million) in 2010 rose to 450.9 ton (7,801.5 million) in 2011.. The
Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9
million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$
3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to
1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0
million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to
1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8
million) in 2010 decreased to 1,493.3 tons (5,563.3 million) in 2011.
The domestic
textile producers are pessimism the textile export in 2009 could match the export
numbers in 2008. The blow of the global economic crisis is resulted in the
reduced of demand from the export destination countries like the United States
(U.S.), Japan, and European Union region. While this year’s the exports
expected fall into US$ 9.7 billion. The Chairman of the Indonesian Textile
Association (API), Mr. Benny Soetrisno said that the decline in global
purchasing power caused of the demand in the Indonesian textile products could
not be able to grow as tight as 2008. The export volume and value of the
national TPT products in 2002 to 2011 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 |
Source: Central Bureau of
Statistic
P.T. GI has not
been registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. According to Financial Statement which
audited by Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan which ended
31 December 2009 amounted Rp. 219.2 billion with a net profit of Rp. 9.0
billion increased to Rp. 278.3 billion with a net profit of Rp. 16.2 billion in
2010. We estimated the sales turnover in 2011 amounted at Rp. 295.0 billion
with a net profit of Rp. 20.6 billion rose to Rp. 312.7 billion with a net
profit of Rp. 21.9 billion in 2012. It is projected the sales revenue will be
higher by at least 5% in 2013. We observe that P.T. GI is supported by foreign
partner with has financially strong and sound behind it. So far, we did not
heard that the company having been black listed by the Central Bank (Bank Indonesia).
The company usually pays its debts punctually to suppliers. Financial condense
per 31 December 2009 and 2010 is attached below.
(In Million Rupiah)
|
Descriptions |
As per 31 December |
|
|
2010 |
2009 |
|
|
A. ASSETS |
|
|
|
a. Current Assets |
91,291 |
73,199 |
|
b. Non Current Assets |
83,488 |
80,238 |
|
c. Other Assets |
1,318 |
1,318 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
174,779 |
153,437 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
a. Current Liabilities |
113,733 |
103,790 |
|
b. Non Current
Liabilities |
27,914 |
32,774 |
|
c. Stockholders Equity
: -
Paid Up Capital -
Capital paid in excess Rupiah -
Retained Earnings Total Stock holders Equity |
2,594 1,406 29,132 33,132 |
2,594 1,406 12,873 16,873 |
|
C. INCOME STATEMENT |
|
|
|
a. Sales Net |
278,326 |
219,229 |
|
b. Gross Profit |
36,824 |
20,322 |
|
c. Net Profit |
16,259 |
8,984 |
Notes: Ended 31 December 2010 and 2009 Audited by Paulhadiwinata &
Rekan
The management of
P.T. GI is led by Mr. Mahaveer Appasaheb Kolhapuri (49) a professional manager
of India with experience in spinning mills. Daily activity he is assisted by
Mr. Manguesh Sadanand Kanago (40) and Mr. Humprey Rithan Djemat, SH, LLM (57)
as Directors. The company's management is handled by professional staff in the
above business. They have wide relations with private businessmen within and
outside the country. 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. GOKAK INDONESIA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
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.