MIRA INFORM REPORT

 

 

Report Date :           

29.12.2011

 

IDENTIFICATION DETAILS

 

Name :

U. S. S. SERVICES (PVT) LTD

 

 

Registered Office :

No.394/4, Colombo Road, Papiliyana, Boralesgamuwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.03.2001

 

 

Com. Reg. No.:

N (PVS) 28113

 

 

Legal Form :

Private Limited Liability Company   

 

 

Line of Business :

Importers and Distributors of Fibre Glass Material, Insulation Materials, Industrial Chemicals & Solvents, Marine & Hardware items

 

 

No. of Employees :

80 Approximately 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

U. S. S. SERVICES (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Managing Director

:

P. Sarath Silva

Primary Line of Business

:

Importers and Distributors of Fibre Glass Material, Insulation Materials, Industrial Chemicals & Solvents, Marine & Hardware items

 

Head Office

&

Place of Business

 

 

:

 

# 394/4,

Colombo Road,

Pepiliyana, Boralesgamuwa,

Sri Lanka

 

Tel No: (00 94 11) 282 6630 / 430 2795 / 431 9305 - 8         

Fax No: (00 94 11) 282 5168 /

Mobile : (00 94 77) 772 6620 / 71 227 8411 -  P. Sarath Silva

 

E-mail: ussservices@eureka.lk

Web: www.ussservices.com 

 

Branch Offices

 

No.83,

Mangala Road,Beruwala.

 

No.283,

Chilaw Road,Negombo

 

“Ganga Sri”,

No.5, Thotamuna Lane,

Matara.

 

No. of Employees

:

Approximately  80

 

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PVS) 28113

Date of Registration

:

22nd March 2001

Re-registration No

:

PV 8083

Date of Re-registration

:

13th October 2008

Registered Office

:

No.394/4, Colombo Road, Papiliyana, Boralesgamuwa.

Board Of Directors

As At

23rd August 2011

:

Priyankarage Sarath Silva

ManagingDirector

C. U. J. Kavikantha Kumarajeewa Kulatilake

Director

Issued Share Capital

:

Rs.     16,000,000.00  

Nominal Value of Share

:

Rs.                   10.00

Share Holders

As At

23rd August 2011

:

 Share Holders

No of Shears

C. U. J. Kavikantha Kumarajeewa Kulatilake

960,000

Priyankarage Sarath Silva

640,000

Secretaries

:

R. Laksman Srilal Crishokumara Jayarathna

Auditors

:

H. M. Karunarathna & Company

Bankers

:

Sampath Bank

Bank of Ceylon

Commercial Bank

Information Parted By:

 

Name               : Mr. P. Sarath Silva

Designation     : Managing director

Mobile No.       :  (00 94 11) 2826630

Date                 : 27.12.2011

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company U. S. S. SERVICES (PVT) LTD is a Private    Limited   liability Company incorporated on 22nd March 2001 under registration number N (PVS) 28113 and then the company was re-registered on 13th October 2008 under registration number PV 8083

 

·         Location.

 

                 The Subject Company is located at # 394/4, Colombo Road, Pepiliyana, Boralesgamuwa. The client given address No.46, Sunethradevi Road, Kohuwala, Sri Lanka is the previous business place of the Subject Company

 

 

·         Operational Details.

 

General

                  The subject company primary line of activity is an Importers Manufacturers and Distributors of all type of fibre glass material, Insulation Materials, Industrial Chemicals & Solvents, Marine & Hardware items

 

Import Products

o        Pre-accelerated Polyester Resins

o        Unsaturated Polyester Resins 

o        Pre accelerated Isophthalic Resins 

o        Pre-accelerated Gelcoats 

o        Alkyd Resins & Clear Resins

o        Car Putty Resins 

o        Tooling Gelcoats 

 

o        Tooling Gelcoats 

o        Tooling Gelcoats 

o        Chopped Strand Mat "Powder" Bond      (300/450/600gm/sq.m)

o        Pigment Paste

o        Talc Powder

o        Acetone

o        Cobalt 6% Drier 

o        Catalysts –MEKP & BPO

o        Mirror Glaze Wax

o        P.V.A. (Separator)

o        Styrene Monomer

o        Tissue Mat

o        Woven Roving (450/600gm/sq.m)

o        Glasswool & Aluminium Foiling as well as Rockwoo

o        Polyurethene Foam 

o        Silicon Sealant

o        Stainless Steel- Pipes, Angles, Flats of various sizes

o        Mild steel – Pipes Rods, Rounds, Angles, Flats & Other Sections

o        Engineering equipment, materials & spares


They supply of Fibreglass Raw Materials to the Sri Lanka Navy , Cordaid / Mensen in Nood (NGO) operating in Batticaloa and the Food & Agriculture Organization of the United Nations in Sri Lanka and Japan International Cooperation System, (JICS) and many reputed Private Boat Yards including the Cey-Nor Foundation Ltd., towards repairs and fabrication of new boats.

 

The Subject Company U. S. S. SERVICES (PVT) LTD secured a steady export market to the Republic of Maldives who is their largest buyer of Fibre Glass Raw Materials which in turn is catered to many Boatyards situated in their islands around the country.

 

Import Countries

Taiwan, Malaysia, Dubai, India, United Kingdom, Japan and Saudi Arabia

 

Export Countries

Republic of Maldives

 

Employees

                  Approximately 80

 

Major Clients of the Company

o        Sri Lanka Navy

o        Sri Lanka Air Force

o        Sri Lanka Ports Authority

o        Colombo Dockyard Ltd

o        Nerd Center of Sri Lanka

o        Ceynor Foundation Ltd

o        Neil Fernando & Co

 

 

 

 

 

Directors Details

Name

Priyankarage Sarath Silva

Nationality

Sri Lankan

ID Number

582730253 V

Gender

Male

Date of Birth

29th September 1958

Age

52 Years

Address

No.20A, Postmasters Place, Off Templers Road, Mount Lavinea

 

 

Name

C. U. J. K. Kumarajeewa Kulatilake

Nationality

Sri Lankan

ID Number

602120961 V

Gender

Male

Date of Birth

30th July 1960

Age

60 Years

Address

No.61, G. H. Perera Mawatha, Rattnapitiya, Boralesgamuwa

 

 

·         Financial Data

                  The company has declined to provide information on its finances

                                 

·         General Comments

When we contacted the Subject Company they were very polite and provided some basic details to prepare 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.53.21

UK Pound

1

Rs.83.32

Euro

1

Rs.69.51

 

 

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.