MIRA INFORM REPORT

 

 

Report Date :

13.12.2013

 

IDENTIFICATION DETAILS

 

Name :

VICTORIA MOTOR STORES (PVT) LTD

 

 

Registered Office :

# 131, Jayantha Weerasekera Mawatha,Colombo 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.01.1998

 

 

Com. Reg. No.:

PV 5078

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importer & Supplier of Motor Spare Parts such as Brake Pads, Engine Valves, Piston, Clutches & Gaskets

 

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

     

Name of Subject of Inquiry

:

VICTORIA MOTOR STORES (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

D. Anton Deepthi Jayamaha

Primary Line of Business

:

Importer & Supplier of Motor Spare Parts

Head office

&

Place of Business

 

 

 

# 131, Jayantha Weerasekera Mawatha,

Colombo 10

Sri Lanka.

 

Tel. No: (00 94 11) 243 1906 (Hunting)

Tel. No: (00 94 11) 232 5607

 

Fax No: (00 94 11) 242 3078

 

Email: Victoria@sltnet.lk

 

Spare Parts – Sales Division

:

 

# 54, Panchikawatte Road,

Colombo 10.

 

Tel. No: (00 94 11) 232 1788 / 247 8419

 

No. of Employees

:

Not Disclosed

           

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N(PVS) 20407        

Date of Registration

 

02nd January 1998

Re-registration No

:

 PV 5078

Date of Re-registration

 

07th July 2008

Registered Office

:

# 131, Jayantha Weerasekera Mawatha,Colombo 10, Sri Lanka

Board of Directors

As at

14th October 2012

:

D. Anton Deepthi Jayamaha

Managing Director

D. Marian Prema Shanthini

Director

D. Rasika Angela Madanayake

Director

D. Alexander Dinike Jayamaha

Director

Issued Share Capital

:

Rs.    41,125,000.00              

Nominal Value of Share

:

Rs.                  10.00  (Total Number of Shares 4,112,500)                   

 

Share Holders

As at

14th October 2012

:

Share Holders

No. of

Shares

Ceylon Auto Industries Ltd

2,100,000

D. Anton Deepthi Jayamaha

1,108,300

D. Marian Prema Shanthini

42,100

D. Rasika Angela Madanayake

42,100

Victoria Developments (Pvt) Ltd

800,000

D. Alexander Dinike Jayamaha

20,000

Auditors

:

BDO Partners

Company Secretaries

:

BDO Secretaries

Bankers

:

People’s Bank

 

 

Directors Details

 

         01)

Name

D. Anton Deepthi Jayamaha

ID Number

592610086 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

17th September 1959

Age

52 Years

 

         02)

Name

D. Marian Prema Shanthini

ID Number

537631635 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

19th September 1953

Age

59 Years

 

         03)

Name

D. Rasika Angela Madanayake

ID Number

637850210 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

11th October 1963

Age

48 Years

 

         04)

Name

D. Rasika Angela Madanayake

ID Number

852381728 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

25th August 1985

Age

28 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 VICTORIA MOTOR STORES (PVT) LTD is a Private    Limited   liability Company incorporated on 02nd January 1998 under registration number N (PVS) 20407 and then the company was re-registered on 07th July 2008 under registration number PV 5078.

 

                  The subject company is a member company of the Victoria Group. Victoria Group has grown to such an extent that it boasts of several subsidiary companies but mainly focusing on the core business of auto parts with its flagship companies Ceylon Auto Industries (Pvt) ltd. and Victoria motor Stores (Pvt) Ltd

 

·         Location.

The subject company is located at client # 131, Jayantha Weerasekera Mawatha, Colombo 10, Sri Lanka

 

·         Operational Details.

 

General

            The subject company primary line of business is Importer & Supplier of Motor Spare Parts.

 

            Products

Brake Pads, Engine Valves, Piston, Clutches, Gaskets

 

                  The subject company has earned certified by ISO 9001:2000

 

Country

China, India, Japan

 

                 Brands

                 MK Brake Pads & Shoes, Asahi, Rocky, NPR

 

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 subject company did not provide any trade reference referrals

 

 

·         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.61.62

UK Pound

1

Rs.100.84

Euro

1

Rs.84.98

 

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.