0MIRA INFORM REPORT

 

 

Report Date :

30.08.2011

 

IDENTIFICATION DETAILS

 

Name :

ONIDA STEELS

 

 

Registered Office :

# 41, Quarry Road,  Colombo-12

 

 

Country :

Sri Lanka

 

 

Year of Establishment :

1993

 

 

Legal Form :

Partnership Company

 

 

Line of Business :

Importer, Stockist & Supplier of Iron and Steel.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GENERAL

- Basic information at a glance

     

 

Name of Subject of Inquiry

:

 

ONIDA STEELS

 

Legal Form  & Status

:

Partnership Company  (In Operation)

Managing Partner

:

 

Mr. Suppiah Ganesh

( Other Partners Name Not Divulged)

 

Primary Line of Business

:

Importer, Stockist & Supplier of Iron and Steel.

Head Office & Place of Business

 

:

 

 # 41, Quarry Road,

 Colombo-12,

 Sri Lanka.

             

Tel. No: (00 94 11)  233 8889/ 244 5065/ 245 9990

Fax No: (00 94 11)  245 9991

 

E-mail: info@onidasteels.com

Area: 900 sq.ft

Location: Rented

Warehouse

:

 

Located At:

6 Warehouse in Sri Lanka

 

No. of Employees

:

Approximately 45

           

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

 

Registration No

:

Not Disclosed

Year of Incorporation

:

1993

Registered Office

:

# 41, Quarry Road, Colombo-12,Sri Lanka.

 

Partners

 

:

Ganesh

Managing Partner

Auditors

:

Not Divulged

Company Secretaries

:

Not Applicable

Bankers

:

Hatton National Bank PLC, Colombo

Sampath Bank, Colombo

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

                                                                                                                                                        

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

        

Information parted by

 

Name                                                   : Mr. Ganesh

 

Designation                                         : Partner

 

Date                                                     : 30.08.2011                                                                                         

 

 

 

 

 

 

Current investigation

 

·    History.           

 

         The Subject Company ONIDA STEELS is a Partnership company in operation. We have been told that they are in operation since 1990s but declined to provide the date of registration etc.

 

The Proprietorship/Partnership companies are being registered at the Provincial Registrar of Companies and when the owner decline to provide such details, it is not possible to obtain such details from the registry.

 

·         Location.

 

The Subject Company is located at the client given address # 41, Quarry Road, Colombo-12.  one of the highly commercial areas in Capital Colombo and also the hardware merchants are in operation.

 

·         Operational Details.

 

General

 

The subject company’s primary line of business is Import and distribution of Iron and Steel.

 

 Products: 

       Aluminium Plain Sheets, Aluminium Chequered Plates, Sheets, Channel iron, Square & Rectangular tubes, Round bars, Schedule Pipes etc

 

         

 

      Import Countries

India, China, South Korea, Malaysia, Russia, Singapore, Taiwan, Europe

 

 

No of Employees

      Approximately 45

 

    

·         Financial Data

 

                  The company has declined to provide information on its finances.

 

                      In Sri Lanka, Private limited liability/partnership/proprietorship Companies do not   

                      publish their Company Accounts for public use, other than their shareholders.

 

 

 

 

·         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

 

 

ANALYSIS & RATING

- Appraisal and Rating of Subject Company

 

Rating:

Business Scale           

Medium

Management Capability

Average

Commercial Morality

Average

Reputation

Average

Market Situation

Competitive

                                   

 

 

 

 

 

 

 

 

 

 

 

       


 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.87

UK Pound

1

Rs.75.14

Euro

1

Rs.66.68

 

 

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%)

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.