MIRA INFORM REPORT

 

 

Report Date :

04.06.2008

 

IDENTIFICATION DETAILS

 

Name :

LOADSTAR (PVT) LIMITED

 

 

Registered Office :

# 04, Hunupitya Road, Colombo 02, Sri Lanka

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2004

 

 

Date of Incorporation :

02.10.1984

 

 

Com. Reg. No.:

N (PVS) 1368

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturers, Exporters and Dealers of Solid rubber tyres, Pneumatic Tyres, Rims, Tracks 

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

GENERAL - Basic information at a glance

               

Name of Subject of Inquiry

:

LOADSTAR (PVT) LIMITED

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

 :

Mr. Tissaweera Nihal Jinsena

Primary Line of Business

:

Manufacturers, Exporters & Dealers of Solid rubber tyres, Pneumatic Tyres, Rims, Tracks 

Place of Business

:

P.O. Box 196

# 04, Hunupitya Road, Colombo 02, Sri Lanka 

 

Tel. No: (00 94 11) 483 7900

Fax No: (00 94 11) 223 2344

 

E Mail: loadstar@loadstarlk.com

              pierre.pringiers@unilink.lk (Mr. Pierre Pringiers)

              tissa@loadstarlk.com (Mr. Tissa Jinasena)

              koenraad.pringiers@unilink.lk (Mr. K. Pringiers)

Factory

:

# 218, Minuwangoda Road,

Ekala,

Ja Ela

 

Tel. No: (00 94 11) 223 2379, 223 2380

No. of Employees

:

3305+

           

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

N (PVS) 1368

Date of Registration

:

02nd October 1984

Registered Office

:

# 04, Hunupitya Road, Colombo 02, Sri Lanka

Board of Directors

As At

09th June 2004

:

Mr. Tissaweera Nihal Jinsena (Sri Lankan)

Chairman

Mr. Pierre Pringiers (Belgian)

Managing Director

Mr. Tissaweera Sriyan Jinsena (Sri Lankan)

Director

Mr. Freddy De Timmerman (Belgian)

Director

Mr. Ranjith Tissaweera Jinsena (Sri Lankan)

Director

Mr. Philippe Danneels (Belgian)

Director

Mrs. Koenraad Werner Marie Therese Pringiers   (Belgian)

Director

Auditors

:

Ernst And Young

Company Secretaries

:

Secretaries And Registrars Limited

Bankers

:

Stranded Charted Bank Limited

 

Authorised Share Capital

:

Rs.    2,500,000,000.00

Issued Share Capital

:

Rs.    1,300,000,000.00

Nominal Value of Share

:

Rs.                       10.00

Share Holders

As At

10th April 2005

:

Share Holders

No. of Shares

Ordinary

Shares

Preference Shares

Mr. Tissaweera Nihal Jinsena

01

 

Mr. Ranjith Tissaweera Jinsena

01

 

Mr. Tissaweera Sriyan Jinsena

5,000,001

 

Mr. Tissaweera Rohan Jinsena

01

 

Jinasena New Technology Holdings (Pvt) Limited

(Company Incorporated in

Sri lanka)

39,999,996

 

Solid Deal Limited

(Company Incorporated in Hongkong)

55,000,000

 

Standard Chartered Grind lays Bank

(Company Incorporated in

Sri lanka)

 

30,000,000

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

LOADSTAR (PVT) LIMITED, being a Sri Lankan company, maintains accounts in Sri Lanka Rupees and the figures given below are in Sri Lanka Rupees.     (US $ 1.00 = approx. SL Rs. 100.00)

                                                                                                                                                                       

 

Year Ended

31-03-2004

Rs’000

Year Ended

31-03-2003

Rs’000

Revenue

:

9,983,443

7,435,385

 

 Cost of Sales

:

(7,679,213)

(5,549,298)

 

 Gross Profit

:

2,304,230

1,886,087

 

Other Income

:

Nil

Nil

 

Administration Cost

:

(414,870)

(314,909)

 

Distribution Cost

:

(981,373)

(723,474)

 

Finance & Other Cost

:

(116,533)

(106,871)

 

Net Profit / (Loss) before Tax

:

791,454

740,833

 

Taxation

:

Nil

Nil

 

Net Profit / (Loss) After Tax:

:

791,454

740,833

 

 

 

 

 

As At

31-03-2004

Rs’000

As At

31-03-2003

Rs’000

Non-current Assets

:

4,197,656

3,392,221

 

Investment

:

Nil

Nil

 

Current Assets

:

3,427,357

2,734,073

 

Non-current Liabilities

:

1,048,723

889,595

 

Current Liabilities

:

3,517,341

2,472,202

 

Total Liabilities

:

4,566,064

3,361,797

 

Total Assets

:

7,625,013

6,126,294

 

 

Net Worth

 

:

3,058,949

2,764,497

 

 

 

 

 

 

 

 

Current investigation

                                               

·         History.

 

                  The Subject Company is LOADSTAR (PVT) LIMITED (LPL) a Private Limited liability Company incorporated in 11th September 1984.There is no company in the name of Solideal Loadstar (Pvt) Ltd registered in the government ROC. 

 

·         Location.

 

                 The Subject Company is located at the client given address P.O. Box 196 # 04, Hunupitya   Road, Colombo 02, Sri Lanka 

.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacturers, Exporters & Dealers of Solid rubber tyres, Pneumatic Tyres, Rims, Tracks. 

 

 

Products

“Centric” Water Pumps, Electric Motors, Power Generators, General Castings for industry, Industrial Tyres, “Agrimec” Threshers, Reapers and Tractors (2 & 4 wheels)

 

Country

- Not Disclosed-

 

Employees

              

                   The employee strength of the subject company is approximately 305 employees.

 

                   The total strength of employees in the group was stated as 3305+.

 

 

·         General Comments

 

The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from informal sources but clearly originating from the company.

                 

 

·         Trade references

 

                  The subject company did not provide any trade reference referrals

 

 

·         Credit Recommendations

 

The Subject Company, LOADSTAR (PVT) LIMITED declined a request for an interview to gather information to prepare this report and refused to provide any operational or financial information whatsoever and as such all information in this report has been obtained from other non-formal sources but clearly originating from 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.

 

 

ANALYSIS & RATING - Appraisal and Rating of Subject Company

 

 

Rating:

a) Business Scale         

Medium

b) Business Trend

Growing

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Very Competitive

                                   

 

                                                           

 

 

 

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