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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
WAKKUMBURA INDUSTRIAL TECHNOLOGY COMPANY (PVT) LTD |
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|
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Registered Office : |
# 463/4, Lake Road, Thalangama South. |
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Country : |
Sri Lanka |
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Date of Incorporation : |
21.12.2006 |
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Com. Reg. No.: |
N (PVS) 48635 |
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Legal Form : |
Private Limited Liability Company (In Operation) |
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Line of Business : |
Import & Distributors
of Lubricants |
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|
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
- Basic
information at a glance
|
a. |
Name of Subject of Inquiry |
: |
WAKKUMBURA
INDUSTRIAL TECHNOLOGY COMPANY (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
|
c. |
Managing
Director |
: |
Nalaka Wakkubura |
|
d. |
Primary Line of Business |
: |
Import &
Distributors of Lubricants |
|
e. |
Head office & Place of
Business |
: |
# 985/2,
Pannipitiya Road, Thalangama
South, Pelawatte, Sri Lanka. Tel: (00 94 11) 789 1671 Fax: (00 94 11)789 1672 E-mail: info@witcolk.com |
|
f. |
No. of Employees |
: |
Not
Disclosed |
|
a. |
Registration No |
: |
N (PVS) 48635 |
||
|
Date of Registration |
: |
21st December 2006 |
|||
|
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Re-registration No |
: |
PV 12374 |
||
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Date of Re-registration |
: |
19th March 2009 |
|||
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c. |
Registered Office |
: |
# 463/4, Lake Road, Thalangama South. |
||
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d. |
Board of Directors As At 14th October 2012 |
: |
Nalaka Wakkubura |
Managing Director |
|
|
Mahinda Lakshman Wijayaratne |
Director |
||||
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f. |
Issued Share Capital |
: |
Rs. 20.00 |
||
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g. |
Nominal Value of Share |
: |
Rs.
10.00 |
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h. |
Share Holders As At 14th October 2012 |
: |
Share Holders |
No. of Shares |
|
|
Nalaka Wakkubura |
01 |
||||
|
Mahinda Lakshman Wijayaratne |
01 |
||||
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i. |
Auditors |
: |
Anthony Naleen
Suranjith De Silva |
||
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j. |
Company Secretaries |
: |
I R Management Services (Pvt) Ltd |
||
|
k. |
Bankers |
: |
Commercial Bank |
||
·
Directors Details
01)
|
Name |
Nalaka Wakkubura |
|
ID Number |
732490221 V |
|
Nationality |
Sri Lankan |
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Gender |
Male |
|
Date Of Birth |
05th September 1973 |
|
Age |
39 Years |
02)
|
Name |
Mahinda Lakshman Wijayaratne |
|
ID Number |
472852035 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date Of Birth |
11th October 1947 |
|
Age |
65 Years |
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
·
History
The Subject Company WAKKUMBURA INDUSTRIAL TECHNOLOGY COMPANY
(PVT) LTD is a Private Limited liability Company incorporated on 21st December 2006 under
registration number N (PVS) 48635 and
then the company was re-registered on 19th
March 2009 under the registration number PV 12374
·
Location.
The subject company is
located at # 985/2, Pannipitiya Road, Thalangama South,
Pelawatte. Client # 90-1/1, Pannipitiya Road, Thalangama South address
Is not belongs to
the company and they didn’t know anything this address.
·
Operational Details.
General
The subject company primary line of
business is Import & Distributors of Lubricants.
Products
Lubricants
Country
UK, Germany
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
The Company has declined to provide trade
references
·
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.67.70 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.