MIRA
INFORM REPORT
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Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GOKAK INDONESIA |
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|
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Registered Office : |
Kodel House 8th Floor Jalan
H.R. Rasuna Said Kav. B-4 Jakarta Selatan, 12910 |
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Country : |
Indonesia |
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Date of Incorporation : |
06.08.1979 |
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Com. Reg. No.: |
No. AHU-AH.01.10-25838 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Spinning Mills |
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No. of Employees : |
Spinning Mills |
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 |
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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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. GOKAK INDONESIA
Address:
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 AND OWNERSHIP
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
BUSINESS ACTIVITIES
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
BANKER, AUDITOR & LITIGATION
Bankers :
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
FINANCIAL FIGURE
Annual Sales :
2010 – Rp. 278.3 billion
2011 – Rp. 295.0 billion (estimated)
2012 – Rp. 312.7 billion (estimated)
2013 – Rp. 162.5 billion (January – June) estimated
Net Profit :
2010 – Rp. 16.2 billion
2011 – Rp. 20.6 billion (estimated)
2012 – Rp. 21.9 billion (estimated)
2013 – Rp. 11.4 billion (January – June) estimated
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
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
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
OVERALL PERFORMANCE
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.
Polyester fiber is the most used synthetic fiber worldwide, with a
market share of about 72%. In fact, not only is its production cost reasonably
low, but it is also successfully used in many industrial and textile
applications, as well as in the automotive industry. For many years, the world
market for polyester fiber has enjoyed sustained annual growth rates of 7–9%.
However, since mid-2008, consumption has significantly slowed, mainly as a
consequence of the global economic recession. In 2008, world consumption of
polyester fiber was about 1.8% less than in 2007. However, in 2009, world
consumption recovered and was back to the 2007 level again, mainly as a result
of Chinese consumption growth. In Europe, North America and Japan in 2008 and
2009, the market decreased by more than 15% annually; however, during the same
period, consumption in China increased at a rate of over 4% per year. In the
rest of the world, consumption decreases have mostly occurred, although of
variable extent from region to region.
The following pie
chart shows world consumption of polyester fibers:
China consumes about 64% of the polyester fiber produced worldwide,
principally for textile applications. The country consumes fibers in a chain of
textile weaving, dyeing and apparel-making industries, then exports large
amounts of finished goods, including apparel, curtains and bedding, around the
world. Moreover, since the abolition of textile quotas in 2004, Chinese exports
of apparel and other textile products have been increasing very rapidly.
Threatened by this large volume of low-cost fabrics entering their countries,
many producers in the more economically developed countries have been forced to
restructure their businesses. China accounts for over 66% of the global output
of polyester fibers, up from only 27% in 2000. This extraordinary increase has
led to surplus in the worldwide supply for the past few years.
Indonesia is the 6th largest producer world to
polyester with a production capacity of 1.4 million tons per year.
Manufacturers of synthetic in Indonesia domestic market oriented, PSF and PFY
90% 65%. The main raw material 100% polyester is the PTA supplied the domestic
industry and MEG supplied 30% of the domestic industry, 70% of imports.
Caprolactam as raw material Nylon 100% imported. Demand for polyester textile raw materials
in the country (Indonesia) is still high because organic textile
raw material such as cotton is difficult to grow in Indonesia. So the polyester
is still an option for the textile industry in Indonesia.
National Polyester
Production, 2007 – 2012
|
Year |
Polyester Staple
Fiber (PSF) |
Polyester Filament
Yarns (PFY) |
Nylon Yarns (NY) |
|
2007 2008 2009 2010 2011 2012 |
497715 500,670 505,674 515,680 529,700 556,000 |
715,000 670,000 674,000 680,000 700,000 725,000 |
16,360 17,443 18,556 19,740 21,000 32,000 |
Source: APSyFI,
Processed by ICB
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. As from January to
June 2013 the sales turnover has amounted at Rp. 162.5 billion with a net
profit of Rp. 11.4 billion. It is projected the sales revenue will be higher by
at least 5% in 2014. 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.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.