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MIRA INFORM REPORT
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Report No. : |
516098 |
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Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
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Name : |
C.V. LAM HONG |
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Registered Office : |
Jalan Rangkah 5 No. 22, Kelurahan Rangkah, Kecamatan
Tambaksari Surabaya, 60135, East Java |
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Country : |
Indonesia |
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Year of Establishment : |
1969 |
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Legal Form : |
Partnership with Sleeping Partner |
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Line of Business : |
Trading and
Exporter of Agriculture Products. |
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No. of Employees : |
11 |
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 : |
Satisfactory |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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.
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Source
: CIA |
COMPANY
NAME
C.V.
LAM HONG
BASIC
SEARCH
Name
of Company:
C.V. LAM HONG
A
d d r e s s :
Head Office
Jalan
Rangkah 5 No. 22
Kelurahan
Rangkah, Kecamatan Tambaksari
Surabaya,
60135
East
Java
Indonesia
Phone -
(62-31) 371 4883
E-mail - stevani.budiman@hotmail.com
Building Area - 1 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
1969’s
Legal
Form :
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partner
Company
Reg. No. :
Not
Required
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
Not
Available
Related
Company :
None
CAPITAL
AND OWNERSHIP
Capital
Structure :
Owned
Capital :
Rp. 250 million
Owners
:
a. Mr. Stevani Budiman (Active Partner)
b. Mr. Koh Poo Poo (Silent Partner)
BUSINESS
ACTIVITIES
Lines of Business :
Trading and Exporter
of Agriculture Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1969
Brand Name :
Lam Hong
Technical Assistance
:
None
Number of Employee :
11 persons
Marketing Area :
Local - 100%
Main Customer :
Buyers in Pakistan
and India
Market Situation :
Very Competitive
Main Competitors :
a. C.V. ADHIYAKSA
SUKSES MANDIRI
b. P.T. ADI SAMPOERNO
c. P.T. DAKAI IMPEX
d. UD. SUMBER JAYA
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Jalan
Veteran No. 18-24
Surabaya,
East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2015
– Rp. 8.0 billion
2016
– Rp. 8.6 billion
2017
– Rp. 9.3 billion
Net
Profit (estimated) :
2015
– Rp. 480 million
2016
– Rp. 516 million
2017
– Rp. 567 million
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
Director - Mr. Stevani Budiman
Manager -
Mr. Antonius
Board of Commissioners :
Commissioner - Mr. Koh Poo Poo
Signatories :
Director
(Mr. Stevani Budiman) is only the authorized person to sign the loan on behalf
of the company.
CAPABILITIES
Management Capability :
Fairly Good
Business Morality :
Fairly Good
OVERALL
PERFORMANCE
C.V. LAM HONG (C.V. LH) was established in Surabaya, East
Java in 1969’s with the legal status of C.V. (Commanditaire Vennootschap) or
Partnership with Sleeping Partner. The founding owners of the company are Mr.
Koh Poo Poo as silent partner and his son Mr. Stevani Budiman as active
partner, both of are Indonesian business family of Chinese extraction. As in
common in cases of companies with C.V. status, there is no mention in the
company’s notarial act of its capital structure. But going by the company’s
conditions, we estimate its capital at some Rp. 250 million.
C.V. LH is a private company started to be operating
since 1969’s dealing with trading and exporter of agriculture products. The
agriculture products are tamarind seeds, cashew nuts, clove, cumin seeds, fresh
or dried beans (vigna mungo hepper/vigna radiate ginger) and others. The whole
agriculture product is obtained from East Java, Central Java and other Eastern
of Indonesia (Sulawesi). According information from Mr. Antonius explained the
whole product is exporter to SABRI TRADING CO, LTD., Pakistan and India based
on job order basis. We observe that C.V. LH is classified a small sized company
of its kinds in the country with operation has been growing in the last three
years.
We have noticed that the demand for agricultural products
had increased some 10% to 11% per annum in the last five years in line with the
growth of industrial manufacturing in the country and international market. In
the coming years, the growth rate of demand is estimated at about 6% to 7% per
annum. The present market situation for agricultural products is very
competitive for a large number of similar companies operating in the country.
Meanwhile, competition is quite heavy in the export import of agricultural
products with many companies now doing business in this field in Indonesia. We
consider C.V. LH to be in a quite favorable position for having already got
hold of a steady clientele in Pakistan and India.
Until this time C.V. LH has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of the company is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimated that
total sales turnover of the company in 2015 amounted to Rp. 8.0 billion
increased to Rp. 8.6 billion in 2016 rose to Rp. 9.3 billion in 2017 and
projected to go on rising by at least 5% in 2018. The operation in 2017 gained
a net profit of at least Rp. 567 million. 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.
The management of C.V LH is led by Mr. Stevani Budiman
(54) a businessman with experience in trading and exporter of agriculture
products. 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. C.V. LAM HONG is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.52 |
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|
1 |
INR 90.60 |
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Euro |
1 |
INR 79.87 |
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IDR |
1 |
INR 0.0048 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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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.