MIRA INFORM REPORT

 

 

Report Date :

17.08.2013

 

IDENTIFICATION DETAILS

 

Name :

DURRA BUILDING SYSTEMS (PVT) LTD

 

 

Registered Office :

# 70, S De S. Jayasinghe Mawatha , Kohuwala, Nugegoda.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.09.2005

 

 

Com. Reg. No.:

N (PVS )  43249

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Building Constructions and Import & Supplier of Constructions Products

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Undetermined

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

A1

A1

 

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

     

a.

Name of Subject of Inquiry

:

 DURRA BUILDING SYSTEMS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Chairman

:

Sarath Chandra Weerasooriya

d.

Primary Line of Business

:

Building Constructions and Import & Supplier of

Constructions Products

e.

            Head Office

                    &

               Factory

 

# 70, S De S. Jayasinghe Mawatha ,

Kohuwala,

Nugegoda.

 

Tel. No: (00 94 11) 440 0600 / 495 5525

Fax No: (00 94 11) 440 0241

 

E-mail : neilo@icc-construct.com

 

g.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS

- Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS )  43249

Date of Registration

:

19th September 2005

b.

Re-Registration No

 

PV 3185

Date of Re- Registration

 

03rd April 2008

c.

Registered Office

:

# 70, S .De , S,  Jayasinghe Mawatha, Kohuwala, Nugegoda.

d.

Board of Directors

As At

12th October 2012

:

Sarath Chandra Weerasooriya

Managing

Director

Harsha Mahendra De Saram

  Director

Manimel Peirislage Namal Siri Peiris

   Director

Nelo Asiri Dayananda De Mel

   Director

e.

Issued Share Capital

:

Rs   100,000,020.00

f.

Nominal Value of Share

:

Rs                   10.00

g.

 

Share Holders

As At

12th October 2012

:

Share Holders

No. of

Shares

Harsha Mahendra De Saram

     01

International Construction Consortium (pvt) Ltd

10,000,000

Sarath Chandra Weerasooriya

      01

h.

Auditors

:

Amarasekera & Company

i.

Company Secretaries

:

Senaratne Sembukutti Arachchige Dona Avanthika Rukshani

j.

Bankers

:

Not Disclosed

 

 

FINANCIAL DETAILS

- Most recent available 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 DURRA DUILDING SYSTEMS (PVT) LTD is a Private Limited Liability Company incorporated on 19th September 2005 under registration number N (PVS) 43249. Then the company was re-registered on 03rd April 2008 under registration number PV 3185.

                

·         Location.

 

                  The Subject Company is located at client # 70, S .De , S,  Jayasinghe 

                  Mawatha, Kohuwala, Nugegoda

 

·         Operational Details.

 

General

                 The subject company primary line of business is Building Constructions and Import &    

                  Supplier of Constructions Products

 

Products

·         Durra Fire Doors

·         Durra Double wall

·         Durra easy kit

·         Durra Cabana Ivory

·         Durra Sound proof

 

Countries

China

 

No of Employees

                  Not Disclosed

 

 

·         Director’s Details

 

01)

Name

Sarath Chandra Weerasooriya

ID Number

380181592 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th January 1938

Age

75 Years

 

02)

Name

Harsha Mahendra De Saram

ID Number

502461583 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd September 1950

Age

63 Years

 

03)

 

Name

Manimel Peirislage Namal Siri Peiris

ID Number

573452119 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

10th  December 1957

Age

56 Years

 

04)

Name

Nelo Asiri Dayananda De Mel

ID Number

520361316 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

05th February 1952

Age

61 Years

 

 

·         Financial Data

 

                  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

 Not Available

 

 

 

·         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.61.82

UK Pound

1

Rs.96.57

Euro

1

Rs.82.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.