MIRA INFORM REPORT

 

 

Report Date :

23.07.2011

 

IDENTIFICATION DETAILS

 

Name :

FABNA INDUSTRIES (PVT) LTD

 

 

Registered Office :

# 2, Udugalla Estate, Paragastota, Bandaragama

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

22.03.2011

 

 

Com. Reg. No.:

N (PVS) 45525

 

 

Legal Form :

Private Limited Liability Company   

 

 

Line of Business :

Manufacture and import of rubber products

 

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 :

Usually Correct

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 details

 

- Basic information at a glance

      

Name of Subject of Inquiry

:

FABNA INDUSTRIES (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Managing Director

:

K. A. Chandrasena

Primary Line of Business

:

Manufacture and import of rubber products

Head Office

&

Place of Business (Factory)

 

:

 

# 2,

Udugalla Estate,

Paragastota,

Bandaragama

 

Tel. No: (00 94 34) 429 8561

Mobile: (00 94 77) 387 3603

 

E-mail: info@fagatyres.com

 

Area : 3 Acers

Location: Owned

 

No. of Employees

:

Approximately 30

 

 

 

 

           

 

 

                       


 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

Registration No

:

N (PVS) 45525

Date of Registration

:

22nd March 2006

Re-registration No

:

PV 20772

Date of Re-registration

:

22nd March 2011

(According to Sri Lankan Government Act Registered on 3rd March 2011

Registered Office

:

No.2, Udugalla Estate, Paragastota, Bandaragama

Board Of Directors

As At

3rd March 2011

:

K. A. Chandradasa

Managing Director

S. C. Shanthi Latha De Silva

Director

K. A. Chaminda Vidyarathne

Director

Issued Share Capital

:

Rs.  1,000.00   

Nominal Value of Share

:

Rs.       10.00

Share Holders

As At

14th November 2003

:

 Share Holders

No of Shears

K. A. Chandradasa

45

S. C. Shanthi Latha De Silva

40

K. A. Chaminda Vidyarathne

15

Secretaries

:

W. Alwis Weerasinghe

Sister Concern:

:

 

Faga Tyres Limited

Activities: Manufacturer of Tyres

 

Auditors

:

Setunge and Coore Associates

Bankers

:

Sampath Bank PLC

Seylan Bank PLC, Moratuwa Branch, Sri Lanka

Customers

:

Manufacturer

 

 

Information Parted By

 

Name:                                      Mr. K A Chaminda Vidyaratne

 

Designation:                            Director

 

Mobile No.:                              91-94773873601

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

     

 

31.03.2011

31.03.2010

 

Sale Turnover

:

LKR 20.000 Millions

LKR 10.000 Millions

                                                        

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company FABNA INDUSTRIES (PVT) LTD is a Private    Limited   liability Company incorporated on 22nd March 2006 under registration number N (PVS) 45525 and then the company was re-registered on 3rd March 2011 under registration number PV 20772.

 

·         Location.

 

The Subject Company is located at the client given address No.2, Udugalla Estate, Paragastota, Bandaragama

 

 

 

 

·         Operations Details.

 

General

The subject company primary line of business is Manufacture and import of rubber products

 

Products

Solid Tyres, Master Batch, Tyre Compound, Footwear Compound, Rubber Curbs, Tyre Curbs

 

Import Countries

India, China, Belgium

 

Employees

                  Approximately 30

 

Trading Terms

Purchasing Terms:                                     L/C, Depends

Selling Terms:                                           Credit (30 Days)

 

Trade Reference:

Loadstar Private Limited, SriLanka

DSI Samson Group, Sri Lank

 

·         Information of Directors

 

 

Name

K. A. Chandradasa

Gender

Male

Nationality

Sri Lankan

National ID No.

561252556V

Date of Birth

4th May 1956

Age

53 Years

 

 

 

Name

S. C. Shanthi Latha De Silva

Gender

Female

Nationality

Sri Lankan

National ID No.

536632166 V

Date of Birth

11th June 1953

Age

58 Years

 

 

 

Name

K. A. Chaminda Vidyarathne

Gender

Male

Nationality

Sri Lankan

National ID No.

810511788 V

Date of Birth

20th February 1981

Age

30 Years

 

 

·         Financial Data

provide financial information

                                

·         General Comments

 Provided all the basic information to prepare this report. Also when we talk with Mr. Chandradasa who is the Managing Director of the company stated that main buyer of the Subject Company is LOADSTAR (PVT) LTD who is a leading solid tyre manufacturing company in Sri lanka.

 

 

·         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:

Management Capability

Above Average

Commercial Morality

Average

Reputation

Average

Market Situation

Competitive

Credit Rating

TCA 3

                                   

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.72.34

Euro

1

Rs.63.87

 

 

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.