MIRA INFORM REPORT

 

 

Report Date :           

01.06.2011

 

IDENTIFICATION DETAILS

 

Name :

GROSSART (PVT) LTD

 

 

Registered Office :

# 400, Deans Road, Colombo 10, Sri Lanka

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

05.08.1991

 

 

Com. Reg. No.:

PB 788

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture Export and Distributor of Rubber Gloves

 

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

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

       

a.

Name of Subject of Inquiry

:

GROSSART (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Chairmen

 :

A. Mohan Pandithage

d.

Primary Line of Business

:

Manufacture Export and Distributor of Rubber Gloves

e.

Head Office

:

 

# 400, Deans Road,

Colombo 10,

Sri Lanka.

 

Tel. No: (00 94 11) 269 9100

Fax No: (00 94 11) 269 9246 / 268 8977

 

E Mail: info@cau.hayleys.com

 

f.

Place of Business

:

Brahmanagama,

Pannipitiya,

Sri Lanka

 

Tel No: (00 94 11) 278 0954

g.

No. of  Employees

:

Not Disclosed

           

 

COMPANY DETAILS- Registration and Shareholder Details

 

a.

 

Registration No

:

N (PBS) 288

Date of Registration

:

05th August 1991

b.

Re-registration No

 

PB 788

Date of Re- registration

 

21st November 2008

c.

Registered Office

:

# 400, Deans Road, Colombo 10, Sri Lanka

d.

Board of Directors

As At

14th October 2010

:

A. Mohan Pandithage

Managing Director

J.A. Guyomer Anandarajah

Director

N. Yohan Fernando

Director

N.A.G.R. Ramesh Silva

Director

D.B. Kumara Pandithage

Director

S. Clement Ganegoda

Director

K.I. Mahesha Ranasoma

Director

e.

Auditors

:

KPMG Ford Rhodes Thornton & Company

f.

Company Secretaries

:

Hayleys Group Services Limited

g.

Bankers

:

Bank of Ceylon,

NDB

Seylan

Peoples bank

 

 

h.

 

Share Holders

As At

14th October 2010

:

Share Holders

No. of Shares

Dipped Products PLC

4,199,998

Hayleys PLC

02

j.

Issued Share Capital

:

Rs     4,200,000.00

k.

Nominal Value of Share

:

Rs.                10.00                 

 

 

 

CURRENT INVESTIGATION

 

·         History.

 

                    The Subject Company GROSSART (PVT) LTD is a Private    Limited   liability Company incorporated in 05th August 1991 under registration number N (PBS) 288, and then re-registered under the registration number PB 788 on 21st November 2008.

 

The Subject Company, GROSSART (PVT) LTD, is a subsidiary company of DIPPED PRODUCTS PLC.

·         Location.

 

                  The Subject Company is located at client given address # 400, Deans Road, Colombo 10

 

·         Operational Details.

 

General

                    The subject company primary line of business is Manufacture Export and Distributor of Rubber Gloves

                 

Products

                  Rubber Gloves

 

No of Employees

                    Not Disclosed

 

·         Directors Information

 

             01)

Name

A. Mohan Pandithage

Gender

Male

Nationality

Sri Lankan

National ID No.

511291887 V

Date of Birth

25th May 1951

Age

60 Years

 

                02)

Name

J.A. Guyomer Anandarajah

Gender

Male

Nationality

Sri Lankan

National ID No.

491463481 V

Date of Birth

25th May 1949

Age

62 Years

 

 

             03)

Name

N. Yohan Fernando

Gender

Male

Nationality

Sri Lankan

National ID No.

5334711498 V

Date of Birth

12th December 1953

Age

57 Years

 

             04)

Name

N.A.G.R. Ramesh Silva

Gender

Male

Nationality

Sri Lankan

National ID No.

641710601 V

Date of Birth

19th June 1964

Age

46 Years

 

 

             05)

Name

D.B. Kumara Pandithage

Gender

Male

Nationality

Sri Lankan

National ID No.

530651630 V

Date of Birth

05th March 1953

Age

58 Years

             06)

Name

S. Clement Ganegoda

Gender

Male

Nationality

Sri Lankan

National ID No.

622330369X

Date of Birth

20th August 1962

Age

48 Years

 

 

             07)

Name

K.I. Mahesha Ranasoma

Gender

Male

Nationality

Sri Lankan

National ID No.

643521245 V

Date of Birth

17th December 1964

Age

46 Years

 

 

·         Financial Data

The company has declined to provide information on its finances

 

·         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.

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.03

UK Pound

1

Rs.74.43

Euro

1

Rs.64.75

 

 

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.