MIRA INFORM REPORT

 

 

Report Date :

23.08.2013

 

IDENTIFICATION DETAILS

 

Name :

S.R. STEEL (PRIVATE) LTD

 

 

Registered Office :

# 321, Dam Street, Colombo – 12.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.10.1995

 

 

Com. Reg. No.:

N (PVS) 16084

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturer, Export and distribute of Stainless Steel Products

 

 

No. of Employees :

Not Available

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

       

a.

Name of Subject of Inquiry

:

S.R. STEEL (PRIVATE) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

 :

Robinson Selladurai Frank

d.

Primary Line of Business

:

Manufacturer, Export and distribute of Stainless Steel Products

e.

Head Office

:

# 321, Dam Street,

Colombo – 12,

Sri Lanka

 

Tel. No: (00 94 11) 242 1473

Fax No: (00 94 11) 245 4627

 

E Mail: robin@eureka.lk

Factory

:

 

# 370C, Canal Road,

Avarakotuwa,

Handala,

Wattala.

 

Tel. No: (00 94 11) 233 2185 / 492 5270

Fax. No: (00 94 11) 535 1096

 

E-mail: seram@srsteel.biz

 

f.

No. of  Employees

:

Not Disclosed

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 16084

Date of Registration

 

19th October 1995

b.

Re-registration No

:

PV 10786

Date of Re-registration

 

08th January 2009

c.

Registered Office

:

# 321, Dam Street, Colombo – 12.

d.

Board of Directors

As At

27th December 2012

:

Robinson Selladurai Frank

Managing Director

Robinson Manjula Darshini

Director

e.

Issued Share Capital

:

Rs.        4,500,090.00

f.

Nominal Value of Share

:

Rs.                   10.00   

g.

Share Holders

As At

27th December 2012

 

                             Share Holders

No. of Shares

Robinson Selladurai Frank

300,006

Robinson Manjula Darshini

150,003

h.

Auditors

:

Manievannan & Company

j.

Company Secretaries

:

Esjay Corporate Services (Pvt) Ltd

k.

Bankers

:

Not Disclosed

 

 

·   Director’s Details

 

01)

Name

Robinson Selladurai Frank

ID Number

681711724 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19th June 1968

Age

45 Years

 

02)

Name

Robinson Manjula Darshini

ID Number

718600626 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

 25th December 1971

Age

41 Years

 

 

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 S.R. STEEL (PRIVATE) LTD is a Private Limited Liability Company incorporated on 19th October 1995 under the registration number N (PVS) 16084 and then the company was re-registered on 08th January 2009 under registration number PV 10786.

 

·         Location.

 

The Subject Company’s head office located at the client # 321, Dam Street, Colombo – 12.

      

·         Operations Details.

 

General

The subject company’s primary line of business is Manufacturer, Export and distribute of Stainless Steel Products.

 

 

Products

Rubbed Steel Bars, Steel Wires Rods, Angle iron, Box Bars….etc

 

 

Countries

India

 

 

No of Employees

Not Disclosed

 

 

·         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.65.42

UK Pound

1

Rs.102.09

Euro

1

Rs.87.32

 

 

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.