MIRA INFORM REPORT

 

 

Report Date :

29.10.2012

 

IDENTIFICATION DETAILS

 

Name :

GENERAL SALES COMPANY (PVT) LTD

 

 

Registered Office :

#Senanayake Building, 07, Station Road, Colombo-03.

 

 

Country :

Sri lanka

 

 

Date of Incorporation :

21.09.1997

 

 

Com. Reg. No.:

PV 7657

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importer and Distributor of Engineering items

 

 

No. of Employees :

Approximately 900

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Sri Lanka - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

 

Source : CIA

 

 

 

GENERAL

Basic information at a glance

   

Name of Subject of Inquiry

:

GENERAL SALES COMPANY (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company (In operation)

Chairman

:

Charles Senanayake

Primary Line of Business

:

Importer and Distributor of Engineering items.

Head office

&

Place of Business

:

 

Senanayake Building,

# 07, Station Road,

Colombo-03.

 

Tel. No: (00 94 11) 257 4511 – 5               

Fax No: (00 94 11) 257 3673 / 257 6238

 

E-mail: gesco@sltnet.lk

 

No. of Employees

:

Approximately 900

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

 PVS 4795

Date of Registration

:

21st September 1997

Re-registration No

:

PV 7657

Date of Re-registration

:

22nd September 2008

Registered Office

:

#Senanayake Building, 07, Station Road, Colombo-03.

Board of Directors

As At

14th October 2011

:

Charles Senayake

Chairman

Dushmantha Senanayake

Managing Director

Deepali Kesawan Senanayake

Director

K. L. Srinath Mahesh Silva                            

Director

L. K. Dilrukshan Cabral

Director

Auditors

:

V. S. & Associates

Company Secretaries

:

Consultants and Corporate Secretaries (Pvt) Ltd.

Bankers

:

Hatton National Bank, India Overseas Bank

Issued Share Capital

:

Rs.     88,816,130 .00

Nominal Value of Share

:

Rs.                    10.00

 

 

 

Share Holders

As At

14th October 2011

:

 Share Holders

No. Of. Shares

 

Charles Senanayake

6,061,672

 

D. Collins Abeywardena

01

 

Dushmantha Senanayake

209,945

 

P. Raman Thilakaratrne

100

 

N. Swineetha Abeywardena

    9,895

 

Swedish Trading Co Ltd.

 (Co. Incorp. In Sri Lanka)

   500,000

 

Clair Marsretta Henritta Senanayake

   100,000

Green Soil (Pvt) Ltd

2,000,000

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                       

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION                      

 

·         History.

The Subject Company GENERAL SALES COMPANY LIMITED (GESCO) is a private limited liability Company incorporated on 21st September 1997 under registration number PVS 4795 and the company was re-registered on 22nd September 2008 under re-registration number PV 7657.

 

GENERAL SALES COMPANY LIMITED is a member company of CHANDRA SENANAYAKE HOLDINGS.

 

·         Location.

The Subject Company is located at Client Senanayake Building, # 07, Station Road, Colombo-03.

 

·         Operational Details.

 

General

                  The subject company primary line of activity is essentially an engineering services based company, which is the Sri Lanka representative of many prestigious internationally well-known engineering products.

 

Products that the company represents are as follows;

Automobile Division, Electrical Division, Water Division, Medical division, Mechinery Division.

 

Import Countries

India, China, Taiwan

 

No of Employees

                  Approximately 900

 

·         Directors Details

01)

Name

Charles Senananayake

Id Number

330351705 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

4th February 1933

Age

79 Years

Address

#.11th, St.Marry’s Road, Mount Lavinia.

 

02)

Name

Dushmantha Senananayake

Id Number

572551393 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th September 1957

Age

55 Years

Address

#.18, Urban Side, Dehiwala.

 

 

03)

Name

Deepali Kesawan Senanayake

Id Number

602590186 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th September 1960

Age

52 Years

Address

#.11th, St.Marry’s Road, Mount Lavinia

 

 

 

 

04)

Name

K. L. Srinath Mahesh Silva

Id Number

612910197 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th October 1961

Age

50 Years

Address

#.181 C, Pore, Athurugiriya

 

 

05)

Name

L. Kapila Dilrukshan Cabral

Id Number

593573796 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

22nd December 1959

Age

51 Years

Address

#.55, Melder Place, Nugegoda

 

·         Financial Data

The company has declined to provide information on its finances.

                     

                  Based on the corporate laws of Sri Lanka, legal entities which are Private Company with 

                  Limited Liability is not required to make public disclosure of their annual financials.                                                             

Therefore no financials are available for this entity   

 

·         Trade references

                  The subject company did not provide any trade reference.

 

·         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.53.63

UK Pound

1

Rs.86.18

Euro

1

Rs.69.75

 

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.