MIRA INFORM REPORT

 

 

Report Date :

15.05.2012

 

IDENTIFICATION DETAILS

 

Name :

SOLAS MARINE LANKA (PVT) LTD

 

 

Registered Office :

# 129, Carmel Mawatha, Elakanda, Hendala, Wattala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

12.09.2008

 

 

Com. Reg. No.:

PV 65531

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Import & Distributor of Life Saving & Fire fighting Equipment

 

 

No. of Employees :

110

 

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 :

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

SOLAS MARINE LANKA (PVT) LTD

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

Managing Director

 :

P. Subraya Kamath

Primary Line of Business

:

Manufacturer, Import & Distributor of Life Saving & Fire fighting Equipment

Head Office

&

Place of Business

:


# 129, Carmel Mawatha,

Elakanda,

Hendala,

Wattala

Sri Lanka.

 

Tel: (00 94 11) 293 6227 / 293 3685 / 293 1617

Fax. (00 94 11) 293 3684

 

E mail : info@solasmarine.com / abey@solasmarinelanka.com

Location : Owned

No. of Employees

:

110

 

COMPANY DETAILS- Registration and Shareholder Detail

 

Registration No

:

PV 65531

Date of Registration

:

12th September 2008

Registered Office

:

# 129, Carmel Mawatha, Elakanda, Hendala, Wattala

 

Board of Directors

As at

14th October  2010

:

P. Subraya Kamath

Managing Director

Prashant Kamath

Director

Preethi Kamath

Director

K. Praveen Shenoy

Director

Issued  Share Capital

:

Rs.  173,425,260.00

Nominal Value of Share

:

Rs.                  10.00

 

Share Holders

As at

14th October  2010

:

Share Holders

No. of    Shares

P. Subraya Kamath

6,444,612

Prashant Kamath

6,064,455

Preethi Kamath

4,833,459

Auditors

:

Earnest & Young

Company Secretaries

:

J & J Secretarial & Management Services

Bankers

:

ICICI Bank, Wattala Branch

Facility: Overdraft

Bank Guarantee (12.5 Million Dollars (USD))

Importers of

:

Products:  Life Saving & Fire fighting Equipment

Country: India, Singapore, Dubai

Trading Terms :

:

Purchasing Terms :Cash Credit

Selling Terms :Cash Credit

 

Customer Types

:

·         Retailers

Wholesalers

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

                                                                                                                                                                                                  (Amt. in USD)

 

31.03.2012

31.03.2011

 

 

Revenue

:

2 Million Dollar

1 Million Dollar

 

Expected Sales (2012-2013):- 8.500 Millions Dollars (USD)

 

 

Information Parted By:

Name               : Mr. Abey

Designation     : Accounts Manager

Mobile No.       : 94-11-2936227

Date                 : 14.05.2012

 

 

CURRENT INVESTIGATION                      

                                         

                                                   

                                                         Company Logo

 

·         History.

 

                  The Subject Company SOLAS MARINE LANKA (PVT) LTD .is a Private     

                  Limited   liability Company Incorporated on 12th September 2008 under registration number 

                  PV 65531

 

·         Location.

The Subject Company is located at the client given address # 129, Carmel Mawatha, Elakanda, Hendala, Wattala

 

·         Operational Details.

 

General

                   The subject company primary line of business is Import & Distributor of Life saving &             

                    Fire fighting Equipment

 

Products

Life Boat, Rescue Boats, Portable gas monitors, Breathing Apparatus, Fire Alarms, Gas Alarms……etc

 

                  Country

                   Worldwide

 

No of Employees

                    110

 

Director’s Details

 

01)

Name

P. Subraya Kamath

PP Number

Z 1178021

Nationality

Indian

 

02)

Name

Prashant Kamath

PP Number

Z 033347

Nationality

Indian

 

03)

Name

Preethi Kamath

PP Number

F 9007365

Nationality

Indian

 

04)

Name

K. Praveen Shenoy

PP Number

F 2519034

Nationality

Indian

 

 

 

·         General Comments

When the Subject Company was contacted they were very cooperative and polite in providing some information given in this report, however they were reluctant to provide financial and any other background information that would have been useful to enhance this report.

                 

 

Trade references

·         Ministry of Defence in India

Saertex India (P) Ltd

 

·         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.53.71

UK Pound

1

Rs.86.34

Euro

1

Rs.69.23

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.