MIRA INFORM REPORT

 

 

Report Date :           

10.03.2012

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE DIAMOND TOOLS (PVT) LTD

 

 

Registered Office :

C/O, South Asia granite and Marbel (pvt) Ltd Bepz, Walgama, P.O, Malwana Biyagama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

05.12.2003

 

 

Com. Reg. No.:

PV 20947

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture and exporter of Diamond Tools

 

 

No. of Employees :

Approximately 200

 

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

:

RELIANCE DIAMOND TOOLS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

 :

K. Raghara Reddy

Primary Line of Business

:

Manufacture and exporter of Diamond Tools

Place of Business & Factory

:

 

Plot No. 92, 93 & 94 
Biyagama Export Processing Zone (BEPZ) 

Phase-I, Biyagama,

Malwana,

SriLanka

 

Tel. No: (00 94 11) 246 5867

Fax No: (00 94 11) 246 5868 / 481 9370

 

E Mail: sales@reliancediamondtools.com

 

No. of  Employees

:

Approximately 200

 

           

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PVS) 35976

Date of Registration

:

05th  December 2003

Re-registration No

 

PV 20947

Date of Re-registration

 

22nd  March 2011

Registered Office

:

C/O, South Asia granite and Marbel (pvt) Ltd Bepz, Walgama, P.O, Malwana Biyagama.

Board of Directors

As At

22nd March 2011

:

 K. Raghava Reddy 

Managing Director

K. Soumya

Director

Issued Share Capital

:

Rs.    400,000,020.00  

 

Nominal Value of Share

:

Rs.                     10.00

 

Share Holders

As At

22nd March 2011

 

 

                       Share Holders

No. of Shares

 

K. Raghava Reddy

01

 

K. Soumya

01

 

Midwest Granite (Pvt) Ltd – Incorp in India

4,000,000

 

Auditors

:

M/S Weerasinghe and Company

 

Company Secretaries

:

IMS Corporate Services (Pvt) Ltd

 

Bankers

:

Not Disclosed

 

 

 

CURRENT INVESTIGATION

                                               

·         History.

 

The Subject Company RELIANCE DIMOND TOOLS (PVT) LTD is a Private    Limited   Liability Company incorporated on 05th December 2003 under registration number     N (PVS) 35976, and then the company was re-registered on 22nd March 2011 under registration number PV 8306.

 

·         Location.

 

The Subject Company is located at the client given address Plot #, 92, 93 and 94 Biyagama Export Procesing Zone (BEPZ) Phase- I, Biyagama

 

·         Operations Details.

 

General

 The subject company primary line of business is manufacture and exporter of Diamond Tools.

 

Products

Diamond Wires & Beads, Circular saw, Mutli-Wire

 

diamond wire diamond segments diamond blades

Export Countries

India, China, Korea, EuropE

 

No of Employees

             Approximately 200

 

·         Financial Data

The company has declined to provide information on its finances

 

Financial Information of private limited liability/partnership/ proprietorship Companies are not  

made available for public use. 

 

·         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.50.02

UK Pound

1

Rs.79.00

Euro

1

Rs.66.18

 

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.