MIRA INFORM REPORT

 

 

Report Date :           

26.03.2011

 

IDENTIFICATION DETAILS

 

Name :

LOADSTAR (PVT) LIMITED 

 

 

Registered Office :

Regent Court, # 218, Minuwangoda Road, Ekala, Ja-ela 

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.10.1984

 

 

Com. Reg. No.:

PV 3541

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers, Exporters & Dealers of Solid rubber tyres, Pneumatic Tyres, Rims, Tracks

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Sri Lanka

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Information declined by

 

Name               : Mr. Sanjay

Designation     : Senior Manager

 

Name               : Ms. Nimali 

Designation     : Accounts Executive

 

Date                 : 24.03.2011

 

 

GENERAL- Basic information at a glance

               

Name of Subject of Inquiry

:

LOADSTAR (PVT) LIMITED

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

 :

Tissaweera Nihal Jinsena

Primary Line of Business

:

Manufacturers, Exporters & Dealers of Solid rubber tyres, Pneumatic Tyres, Rims, Tracks 

Head Office & Factory

:

 

Regent Court,

# 218, Minuwangoda Road,

Ekala,

Ja Ela

Sri Lanka 

 

Tel. No: (00 94 11) 223 2349 / 223 6566 / 483 7900/ 483 2760

Fax No: (00 94 11) 223 2344 / 223 1750

 

Email: keerthi.bandara@loadstarlk.com

 

No. of Employees

:

Approximately 6,000

 

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PVS) 1368

 

Date of Registration

:

02nd October 1984

 

Re-registration No

:

PV 3541

 

Date of Re-registration

:

30th April 2008

 

Registered Office

:

Regent Court, # 218, Minuwangoda Road, Ekala, Ja-ela 

 

Board of Directors

As At

12th  August 2010

:

Dr. T. Nihal Jinsena

Chairman

 

Pierre Pringiers  (Belgium)

Vice Chairman

 

T. Sriyan Jinsena

Joint Managing Director

 

K. Werner Marie Therese Pringiers (Belgium)

Joint Managing Director

 

Philippe Danneels (France)

Director

 

Paul Richard Garns (USA)

Director

 

Auditors

:

Ernst And Young

 

Company Secretaries

:

Secretaries & Registrars (Pvt) Limited

 

Bankers

:

Stranded Charted Bank Limited, Citi Bank, Bank of Ceylon, Hatton National Bank, HSBC, Commercial Bank

 

Issued Share Capital

:

Rs.    3,300,000,000.00

Nominal Value of Share

:

Rs.    10.00

Share Holders

As At

12th  August 2010

:

Share Holders

No. of Shares

Ordinary

Shares

Preference Shares

Dr. T. Nihal Jinsena

01

 

R. Tissaweera Jinsena

01

 

T. Sriyan Jinsena

01

 

T. Rohan Jinsena

01

 

Jinasena New Technology Holdings (Pvt) Limited

119,999,996

 

Solid Deal Limited – Inc. in Hong Kong

180,000,000

 

Standard Chartered Grindlays Bank

 

30,000,000

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company is LOADSTAR (PVT) LIMITED is a Private Limited Liability Company incorporated on 02nd October 1984 under registration number N (PVS) 1368 and re-registered in terms of Companies` Act # 7 of 2007 on 30th April 2008 under registration number PV 3541.

        Loadstar (PVT) Limited, is a joint venture between Solideal Belgium and the Jinasena Group,  Sri Lanka.

 

·         Location.

 

                    The Subject Company is located at the client given address, Regent Court, 218, Minuwangoda Road, Ekala, Ja-Ela, approx. 20 kilo meters north of Colombo City. 

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacture, Export & Distribution of Solid rubber tyres, Pneumatic Tyres, Rims, Tracks. 

 

Loadstar (Pvt.) Ltd. manufactures and exports solid rubber tires in Sri Lanka. The company’s products include solid and pneumatic industrial and construction tires, rubberized tracks, wheels, and rims. The company was incorporated in 1984 and is based in Colombo, Sri Lanka. Loadstar (Pvt.) Ltd. operates as a joint venture between Jinasena Group of Companies and Solideal Ltd.

 

Products

 

*       Solid Rubber Tyres

*       Pneumatic Tyres

*       Rims

*       Tracks

 

                

Export Countries

Europe, USA and India

 

 

No of Employees

                  Approximately 6,000

 

·         Financial Data

 

The company has declined to provide information on its finances

Further, In Sri Lanka, Private Companies do not publish their Accounts for Public use other than the Shareholders

 

 

·         Trade references

 

                  The subject company provided the following trade references:

-          Board of Investment ,Sri Lanka

-          Sri Lanka Export Development Board (EDB)

 

·         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

 

 

Directors’ Personal Details

 

1)

Name

Dr. T. Nihal Jinsena

ID Number

401952403 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th July 1940

Age

70Years

Address

No.9, Gampaha Road, Ekala, Ja-Ela

 

 

2)

Name

T. Sriyan Jinsena

ID Number

482563074 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

12th September 1948

Age

62Years

Address

No.57, Lake Crescent, Colombo - 02

 

3)

Name

Pierre Pringiers

ID or PP  Number

EF 076355

Nationality

Belgium

 

 

4)

Name

K. Werner Marie Therese Pringiers

ID or PP  Number

EG 057185

Nationality

Belgium

 

 

5)

Name

Philippe Danneels

ID or PP  Number

Not Disclosed

Nationality

French

 

 

6)

Name

G. Paul Richard

ID or PP  Number

4221496187

Nationality

American

 

 

ANALYSIS & RATING - Appraisal and Rating of Subject Company

 

 

Rating:

a) Business Scale        

Large

b) Business Trend

Growing

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Very Competitive

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.91

Euro

1

Rs.63.28

 

 

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%)

 

 

 

 

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.