MIRA INFORM REPORT

Report Date :

25.01.2011

IDENTIFICATION DETAILS

Name :	AKAI FASTENERS (PVT) LTD
Registered Office :	# 128 A, Bandaranayake Mawatha, Colombo 12
Country :	Sri Lanka
Date of Incorporation :	28.03.2003
Com. Reg. No.:	PV 16678
Legal Form :	Private Limited Liability Company
Line of Business :	Import and Distribution of all kinds of bolts and engineering Tools

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 :	No Complaints
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Sri Lanka	b1	b1

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	:	AKAI FASTENERS (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In operation)
Managing Director		Vaithiyalingam Pillai Muththiah
Primary Line of Business	:	Import and Distribution of all kinds of bolts and engineering Tools
Place of Business	:	# 128 A, Bandaranayake Mawatha, Colombo 12, Sri Lanka Tel. No: (00 94 11) 585 1039 / 562 6059 Fax No: (00 94 11) 239 2152 E Mail: akai@dialogsl.net info@akaifasteners.com
No. of Employees	:	Approximately 20

COMPANY DETAILS- Registration and Shareholder Details

Registration No		:		N (PVS) 45609
Date of Registration		:		28^th March 2003
Re-registration No		:		PV 16678
Date of Re-registration		:		3rd November 2009
Registered Office		:		# 128 A, Bandaranayake Mawatha, Colombo 12
Board of Directors As At 03^rd November 2009		:		Vaithiyalingam Pillai Muththiah	Managing Director
				Saroja Muththiah	Director
				P. Kokila	Director
				Muththiah Jaganathan	Director
Issued Share Capital	:		Rs. 40.00
Nominal Value of Share	:		Rs. 10.00
Share Holders As At 03^rd November 2009			Share Holders			No. of Shares
			P. Kokila			01
			Saroja Muththiah			01
			Vaithiyalingam Pillai Muththiah			01
			Muththiah Jaganathan			01
Auditors	:		N. Jeyam Associates
Company Secretaries	:		Muththiah Yoganathan
Bankers	:		-Not Disclosed-

CURRENT INVESTIGATION

· History.

Company Logo

The Subject Company AKAI FASTNERS (PVT) LTD is a Private Limited Liability Company incorporated on 28^th March 2003 under registration number N (PVS) 45609 and then the company was re-registered on 3rd November 2009 under registration number PV 16678.

· Location.

The Subject Company is located at the client given address # 128 A, Bandaranayake Mawatha, Colombo 12, Sri Lanka

· Operations Details.

General

The subject company primary line of business is Importing and Distribution of all kind of Fasteners, Engineering Tools, PVS Hose, M.S. Rods Tubes Pipes, Suctions, Sheets and Manufacture of Steel Sloted Angles which are used for making Racks.

Products

Hexagon Bolts, Socket Head Bolt, Mashroom Head Square Neck, Flang Head, Wing Screws, U Bolts, Machine Screws, S. S Machine Screws, M. S Nical Plated Self Tapin Screws, S.S Self Tapin Screws, Dry Wall Screws, Hex Head Wood Screw, Self Drilling Screw, Shoulder Screws, Wire Rope Accessories, Washers, Thread Rods, Blind Riverts, Abrasives,

Import Country

China, Taiwan, Japan, India, UK, German, France

No of Employees

Approximately 20

· Directors & Shareholders Information

Name	P. Kokila
Nationality	Sri Lankan
Sex	Female
National ID No	765611407 X
Date of Birth	01^st March 1976
Age	33 Years
Resident Address	192, Modara Street, Colombo 15, Sri Lanka

Name	Saroja Muththiah
Nationality	Sri Lankan
Sex	Female
National ID No	476663083 V
Date of Birth	14^th June 1947
Age	62 Years
Resident Address	# 50/10, Jubilee Mawatha, Colombo 15, Sri Lanka

Name	Vaithiyalingam Pillai Muththiah
Nationality	Sri Lankan
Sex	Male
National ID No	361101715 V
Date of Birth	19^th April 1936
Age	73 Years
Resident Address	# 50/10, Jubilee Mawatha, Colombo 15, Sri Lanka

Name	Muththiah Jaganathan
Nationality	Sri Lankan
Sex	Male
National ID No	673211011 V
Date of Birth	16^th November 1967
Age	42 Years
Resident Address	# 50/10, Jubilee Mawatha, Colombo 15, Sri Lanka

· Financial Data

The company has declined to provide information on its finances

· General Comments

When we contacted the subject company they provided background information to prepare this report but fail to disclose any operational or financial information.

· Trade references

The subject company did not provide any trade references

· 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.45.58
UK Pound	1	Rs.72.79
Euro	1	Rs.62.01

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

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%)

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