MIRA INFORM REPORT

 

 

 

Report Date :

11.07.2008

 

IDENTIFICATION DETAILS

 

Name :

LANKA FASTNER LIMITED

 

 

Registered Office :

Phase II, I P Z Katunayake

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

09.09.1994

 

 

Com. Reg. No.:

N (PVS) PBS 13650

 

 

Legal Form :

Private Limited Liability Company  

 

 

Line of Business :

Exporter and Manufacturer of  Steel & Stainless Steel Nuts

 

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

 

 

 

 

 

 

 

 

GENERAL - Basic information at a glance

     

a.

Name of Subject of Inquiry

:

 

LANKA FASTNER LIMITED

 

 b.

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

c.

Managing Director

:

Mathew Rohan Joseph

d.

Primary Line of Business

:

 

 Exporter and Manufacturer of  Steel & Stainless Steel Nuts

e.

Head Office

&

Place of Business

 

:

 

 Phase II,

 I P Z Katunayake,

11420

 

Tel. No: (00 94 11) 537 8365 / 537 1384 / 537 1382 / 537 1361 /

                225 2750

 

Fax No: (00 94 11) 225 2749

 

Email: fastener@slt.lk

 

Web: www.lankafastener.com 

 

Factory Address:

Phase2,

InvestmentPromotionZone,

Katunayake.

 

f.

No. of Employees

:

Approximately  100

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) PBS 13650

b.

Date of Registration

:

09th September 1994

c.

Registered Office

:

Phase II, I P Z Katunayake

d.

Board Of Directors

As At

21st February 2008

 

:

Mathew Rohan Joseph

Managing Director

Mendis Alexius Malir

Director

Philip James Fletcher

Director

e.

Authorised Share Capital

:

Rs.      500,000,000.00

f.

Issued Share Capital

:

Rs.      28,000,000.00

g.

Nominal Value of Share

:

Rs.                    10.00

h.

Share Holders

As At

21st February 2008

 

:

 Share Holders

No of Shears

Mathew Rohan Joseph

2,799,994

Mendis Alexius Malir

01

Philip James Fletcher

01

J.L. Saliya

01

B. Suriyagupta

01

D.S.D. Sunil

01

K.M.R. Hemamalini

01

i.

Secretaries

:

Business Management Services Ltd

j.

Auditors

:

P.E. Mathew & Co

k.

Bankers

:

Peoples Bank, Commercial Bank, Bank of Ceylon

 

 

CURRENT INVESTIGATION

 

·         History.

 

The Subject Company LANKA FASTNER LIMITED is a Private    Limited   liability Company incorporated in 09th September 1994.

                

Lanka Fastener Limited was established in 1995. This 100% Sri Lankan company is one of the largest steel and stainless steel nut manufacturing facilities in South Asia, and has successfully obtained ISO 9000 certification. Located in the Investment Promotion Zone at Katunayake, Sri Lanka, the company has a monthly installed manufacturing capacity of 600 metric tons housed in 17,000 square metres of built-up factory space.

 

·         Location.

 

The Subject Company is located at the client given address Phase II, I P Z Katunayake

 

Lanka Fastener Limited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

·         Operations Details.

 

General

 

                  The subject company primary line of business is Manufacturing Industrial fasteners bolts, nuts, drum closures, tooling and moulding, plastic products with prior written tooling and moulding, plastic products with prior written approval of board of investment, hand tools

 

Products

 

Sample Photos

Nut Forming

 


 

 

 


                                                                                                 

 

 


INSIDE THE FACTOY (PHOTOS)

 

 

Polymer Moulding
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mould and Die Making
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


                  Exporting Countries

 

All Asian and Middle East countries

 

Employees

     

Approximately 100

 

·         Financial Data

 

The company has declined to provide information on its finances

              

·         General Comments

 

When the Subject Company was contacted they were very cooperative and polite in providing the information given in this report, however they were reluctant to provide financial and any other background information that would have been useful to enhance this report.

 

·         Trade references

 

                  The subject company did not provide any trade reference referrals

 

·         Credit Recommendations

 

                  Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

 

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.72

UK Pound

1

Rs.84.42

Euro

1

Rs.67.38

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions