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Report No. : |
316015 |
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Report Date : |
14.04.2015 |
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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|
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Date of Incorporation : |
06.08.1979 |
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|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-20710 |
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|
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Legal Form : |
Limited Liability Company |
|
|
|
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Line of Business : |
Spinning Mills |
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No. of Employee : |
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 |
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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 – 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. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
Name of Company :
P.T. GOKAK INDONESIA
A d d r e s s :
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
- No. AHU-AH.01.10-20710
Dated 28 May 2013
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
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
Annual Sales :
2012 – Rp. 312.7 billion
2013 – Rp. 325.0 billion
2014 – Rp. 337.0 billion
Net Profit :
2012 – Rp. 21.9 billion
2013 – Rp. 22.8 billion
2014 – Rp. 23.5 billion
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. Jimmy Parakh AKA Parakh Jimmy
Jahangir
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. 92 dated 19 April 2013 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.01.10-20710 dated May 28, 2013.
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.
Year 2013 was a very challenging for the trade and business in general
and for Polyester sector in particular where it undergone very turbulent
period. The Global economic slowdown had an impending and prolonged impact on the
demand that has been further exacerbated by the excessive supply due to over
capacity of PTA, Polyester Fiber and Filament yarn in Asia, mainly led by
China. This has triggered a global down-cycle in the polyester chain, which has
been lasting for an abnormally longer period and where many of the Asian and
Global manufacturers suffered considerably. The product spreads across the
polyester value chain continued to remain depressed due to stiff competition
and the softening trend in cotton and Rayon prices during the year. Polyester
and Raw material chain apparently reflect the current uncertainty and slow down
of the global economy and the overall growth of polyester production has slowed
down in the past two years 2012 and 2013. With the effective capacity of about
17 million tons added in the last two years, PTA operating dropped to 76% in
2013 from 90.2% and likely to fall below 74% in 2014 with rationalization of
the regional capacities. Polyester polymer production reaching 61.68 million
tons, a growth of 3.2 million tons or 5.5% in the year 2013, marginally
improved from4.6% in 2012 as the global economy recovered in the second half of
2013. Longer-term growth rates are trending better with over 6% look impressive
compared with other major petrochemical related business sectors.
Global economy is expected to grow by 3.7% in 2014 and 3.9% in 2015,
primarily due to recovery in advanced economies and the emerging economies to
expand by 5.10% and 5.4% respectively. Indonesian economy is projected to grow
moderately at 5.3% - 5.5% in 2014 and 2015 and the growth will be primarily
driven by strong domestic consumptions and modest increase in exports to its
major trading partners. The Indonesian rupiah (IDR) is likely to remain under
pressure in early 2014 amid uncertainty over the election results and U.S. Fed
tapering. Domestic environment for manufacturing sectors expect to pass through
a tough phase with the proposed hike in energy and manpower costs. Both Gas
prices and Electricity tariff are slated for a significant increase in 2014
putting pressure on cost competitiveness of the domestic manufacturers.
Industry is taking up the matter with the ministry for phasing out the
hike over a period of time instead at one go. With regard to polyester upstream
sector, with the additional capacity of Fiber and Filament yarn going on
stream, domestic market is expected to face a stiff price competition for
commodity products. However, the Company with its strong customer base and with
a diversified product mix is firmly placed to remain competitive and maintain
its leadership position. The delay in finding a solution to its long pending
secured debt restructuring continues to remain a setback to carry out its
growth plans. To expedite the process, the Company has recently submitted an
updated restructuring plan with alternate option to its secured creditors that
are under active consideration. Post restructure, the Company will have a sound
and healthy financial base with its debts brought down to sustainable levels.
This would in turn enable the company to raise finance from market to meet its
short and long terms investments to fund its growth plans. All of these efforts
will improve the performance of the Company significantly, and to reposition it
to the forefront of the polyester industry and retain its strategic and
leadership position.
National Polyester
Production, 2007 – 2014
|
Year |
Polyester Staple
Fiber (PSF) |
Polyester
Filament Yarns (PFY) |
Nylon Yarns (NY) |
|
2007 2008 2009 2010 2011 2012 2013 2014 |
497715 500,670 505,674 515,680 529,700 556,000 592,140 630,291 |
715,000 670,000 674,000 680,000 700,000 725,000 772,125 822,313 |
16,360 17,443 18,556 19,740 21,000 32,000 34,240 36,705 |
Source: APSyFI, Processed by ICB
P.T. GI has not been registered with Indonesian Stock Exchange, so that
they had not obliged to announce their financial statement. The management of
P.T. GI is very reclusive towards outsiders and rejected to disclose its
financial condition. We estimated the sales turnover in 2012 amounted at Rp.
312.7 billion increased to Rp. 325.0 billion in 2013 rose to Rp. 337.0 billion
in 2014 and projected to go on rising by at least 6% in 2015. The operation in
2014 has yielded a net profit of at least Rp. 23.5 billion. 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 management of P.T. GI is led by Mr. Mahaveer Appasaheb Kolhapuri
(51) a professional manager of India with experience in spinning mills. Daily
activity he is assisted by Mr. Manguesh Sadanand Kanago (42) and Mr. Humprey
Rithan Djemat, SH, LLM (59) 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.62.39 |
|
|
1 |
Rs.91.06 |
|
Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.