MIRA INFORM REPORT

 

 

Report Date :

23.04.2013

 

IDENTIFICATION DETAILS

 

Name :

KAILASH METACHEM (PVT) LTD

 

 

Registered Office :

# 51/1A, Fife Road, Colombo 05

 

 

Country :

Sri lanka

 

 

Date of Incorporation :

22.01.2001

 

 

Com. Reg. No.:

PV 5292

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture, Import and export of led Oxide, Zinc Oxide

 

 

No. of Employees :

Approximately 55

 

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 following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. 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 with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.

 

Source : CIA

 

GENERAL

Basic information at a glance

     

Name of Subject of Inquiry

:

KAILASH METACHEM (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Chairman

:

Muni Dilip Mukundrai

Primary Line of Business

:

Manufacture, Import and export of led Oxide, Zinc Oxide

Head Office

&

Place of Business

 

:

 

# Lot No. B – 1,

Seethawaka Industrial Zone,

Avissawella.

Sri Lanka.

                   

Tel. No: (00 94 36) 223 2801  

Fax No: (00 94 36) 223 2537

Mobile : (00 94 77) 727 2203 (Mr. Lal Leelaratne)

 

E-mail: kailashmet@hotmail.com

 

No. of Employees

:

Approximately 55

 

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 29082

Date of Registration

 

22nd January 2001

Re-registration No

:

PV 5292

Date of Re-registration

 

10th July 2008

Registered Office

:

# 51/1A, Fife Road, Colombo 05, Sri Lanka.

Board Of Directors

As At

        15th October 2012

:

Muni Dilip Mukundrai (Indian)

Chairman

Muni Jitesh Mukundrai (Indian)

Managing

Director

Patel Gautham Biharilal

Director

Issued Share Capital

:

Rs.       24,565,200.00 

Nominal Value of Share

:

Rs.                     10.00

Share Holders

As At

15th October 2012

:

 Share Holders

No of Shears

Kedar Metals (Pvt) Ltd

1,174,519

Muni Dilip Mukundrai

      640,000

M. Ratilal Mooni

      640,001

Dr. Heresh Muni

          1,000

Patel Gautham Viharilal

          1,000

Secretaries

:

Nexia Corporate Consultants (Pvt) Ltd

Auditors

:

B. R. De Silva & Company

Bankers

:

Seylan Bank, Bank of Ceylon, Standard Chartered Bank, State Bank of India

 

 

 

 

FINANCIAL DETAILS

Most recent available Financial Information

     

THE COMPANY HAS DECLINED TO PROVIDE ANY FINANCIAL INFORMATION

 

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 KAILASH METACHEM (PVT) LTD is a Private    Limited   liability Company incorporated on 22nd January 2001 under Reg. No N (PVS) 29082. The company has been re-registered on 10th July 2008 under Reg. No PV 5292.

 

·         Location.

The Subject Company is located at the client given address Lot #. B – 1, Seethawaka Industrial Zone, Avissawella, approx. 40 kilo meters east of Colombo.

 

·         Operations Details.

 

General

                   The subject company’s primary line of business is Manufacture, Import and exporting of Lead Oxide, Zinc Oxides and paint dryers.

 

Products

Led Oxide, Zinc Oxide, Polyvinyl Chloride, PVC and Paint Dryers

 

Export Countries

India, Turkey, Saudi Arabia, Singapore, Taiwan, Thailand, Australia and Japan

 

No of Employees

                    Approximately 55

 

·         Director’s Details

 

            01)

Name

Muni Dilip Mukundrai

PP Number

Z 1588406

Nationality

Indian

 

             02)

Name

Muni Jitesh Mukundrai

PP Number

F 9137026

Nationality

Indian

 

             03)

Name

Patel Gautham Biharilal

PP Number

Z 1837386

Nationality

Indian

 

·         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.54.17

UK Pound

1

Rs.82.45

Euro

1

Rs.70.70

 

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.