MIRA INFORM REPORT

 

 

Report Date :

18.09.2012

 

IDENTIFICATION DETAILS

 

Name :

ASSOCIATED SPECIALITY RUBBERS (PVT) LTD

 

 

Registered Office :

Yatideriya Rubber Factory, Yatideriya, Undogoda  

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

18.04.1986

 

 

Com. Reg. No.:

PV 3704

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Manufacturers, Exporters and Dealers of Natural Rubber

 

 

No. of Employees :

500

 

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, 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

 

 

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

 

 

Name of Subject of Inquiry

:

ASSOCIATED SPECIALITY RUBBERS (PVT) LTD

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

Managing Director

:

Mohamed Thowfeek Kamardeen

Primary Line of Business

:

Manufacturers, Exporters and Dealers of Natural Rubber

Head Office & Factory

:

Yatideriya Rubber Factory,

Yatideriya,

Undogoda.   

 

Tel: (00 94 35) 227 8812 /227 8694 /567 9443

Fax: (00 94 35)227 8811 / 222 0506 / 222 0006

 

E mail: asrltd@slt.lk

              info@specialityrubber.com

 

Liaison Office

:

 

# 478/3B, K. Cyril C. Perera Mawatha,
Colombo 05.

 

Tel: (00 94 11) 535 2367/ 8

Fax: (00 94 11) 239 9682

 

E mail: asrhd@sltnet.lk

 

No. of Employees

:

Approximately 500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General- Basic information at a glance

 

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

 

Registration No

:

N (PVS) 2563

Date of Registration

:

18th April 1986

Re-registration No

:

PV 3704

Date of Re-Registration

:

09th May 2008

Registered Office

:

Yatideriya Rubber Factory, Yatideriya, Undogoda.

Board of Directors

As at

29th November 2011

:

Mohamed Thowfeek Kamardeen

Managing Director

Sithy Mazeena Kamardeen

Director

M. Arshad Muhamed Iqbal

Director

Issued  Share Capital

:

Rs.          50,000,000.00

Nominal Value of Share

:

Rs.                        10.00

Share Holders

As at

29th November 2011

:

Share Holders

No. of    Shares

Mohamed Thowfeek Kamardeen

4,800,000

Mohamed Shazni Kamardeen

140,000

Sithy Mazeena Kamardeen

60,000

Auditors

:

Amerasekara & Company

Company Secretaries

:

Management Applications (Pvt) Ltd

Bankers

:

-Not Disclosed-

 

 

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                      

 

 

                                                               

                                                              Company Logo

 

·         History.

                  The Subject Company ASSOCIATED SPECIALITY RUBBERS (PVT) LTD is a Private    Limited   liability Company incorporated in 18th April 1986 under registration number N (PVS) 2563 and then the company was re-registered on 09th May 2008 under registration number PV 3704.

                  The subject company is engaged in Natural Rubber Industry since 1955 Through the Parent Company Associated Traders Rubber Exporters. Associated Speciality Rubbers Pvt Ltd.

 

·         Location.

The Subject Company is located at the client given address Yatideriya Rubber Factory, Undogoda. And also the Subject Company have a Liaison Office at # 478/3B, K. Cyril C. Perera Mawatha, Colombo 05.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacturers, Exporters and Dealers of Natural Rubber.

 

Products

Technically Specified Rubber, Crepe Rubber, Natural Rubber, Liquid Rubber, Granulated Rubber

 

Export Country

                   South Africa, Europe, Asian Countries

 

No of Employees

                    Approximately 500

Directors’ Details

 

01)

Name

Mohamed Thowfeek Kamardeen

ID Number

491314923 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

10th  May 1949

Age

63 Years

 

 

02)

Name

Sithy Mazeena Kamardeen

ID Number

605302149 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

30th  January 1960

Age

52 Years

 

03)

Name

M. Arshad Muhamed Iqbal

ID Number

780934670 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd  April 1978

Age

34 Years

·         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

National Chamber of Exporters of Sri Lanka.

 

·         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.53.97

UK Pound

1

Rs.87.52

Euro

1

Rs.70.84

 

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.