MIRA INFORM REPORT

 

 

Report Date :

06.06.2013

 

IDENTIFICATION DETAILS

 

Name :

RANKI ENGINEERING (PVT) LTD

 

 

Registered Office :

# 79/5, St. Peter’s Road, Moratuwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

23.09.1997

 

 

Com. Reg. No.:

N (PVS) 19785

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Importers and Distributors of Hardware items and Accessories.

 

 

No. of Employees :

Approximately 100

 

 

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

:

 

RANKI ENGINEERING (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

K. A. D. Ranil Leonard Colman Pieris

d.

Primary Line of Business

:

Importers and Distributors of Hardware items and Accessories.

e.

Head office

&

Place of Business

 

:

 

# 1331, New Galle Road,

Koralawella,

Moratuwa,

Sri Lanka.

 

Tel. No: (00 94 11) 265 7133 / 265 8137 / 421 4310 / 555 1834 - 5

Fax No: (00 94 11) 265 8380

 

E-Mail: ranki@sltnet.lk

 

g.

No. of Employees

:

Approximately 100

           

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 19785

Date of Registration

:

23rd September 1997

b.

Re-registration No

:

PV 8128

Date of Re-registration

:

15th  October 2008

c.

Registered Office

:

# 79/5, St. Peter’s Road, Moratuwa, Sri Lanka.

d.

Board of Directors

As At

31st December 2012

:

K. A. D. Ranil Leonard Colman Pieris

Managing Director

K. Niranjala Leoni Pieris

Director

e.

Issued Share Capital

:

Rs.            16,000,080.00

f.

Nominal Value of Share

:

Rs.                          10.00

g.

 

Share Holders

As At

31st December 2012

:

Share Holders

No. of

Shares

K. A. D. Ranil Leonard Colman Pieris

1,400,000

K. Niranjala Leoni Pieris

200,004

Mary Claudia Sheila Pieris

04

h.

Auditors

:

Wijeyeratne And  Company

i.

Company Secretaries

:

Maya Vinodhani Ediriwickrama

j.

Bankers

:

Sampath Bank, National Development Bank

 

 

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                      

 

                                              

                                                             Company Logo

·         History.

 

                  The Subject Company RANKI ENGINEERING (PVT) LTD is a Private    Limited   liability Company incorporated on 23rd September 1997 under registration number N (PVS) 19785 and then company was re-registered on 15th  October 2008 under registration number PV 8128

                

·         Location.

The Subject Company is located at client given address # 1331, New Galle Road, Koralawella, Moratuwa, Sri Lanka (25 Kilometres away from capital Colombo, on the southern highway).

 

·         Operational Details.

 

General

                  The subject company’s primary line of business is Import and sale of Zinc Aluminium roofing sheets and accessories.

 

                Products

                Roofing, Cladding, Purlin, Gutters and Accessories

 

 

Export Products

Roofing

Cladding

Rain Water Systems

Purlin

Channels

Louvers

                      

 

Import Products

Blue Scope Steel

Union Steel

 

Services

Installation, Transport Arrangements

 

The subject company Ranki Engineering involve in supplying their products for major projects are such as,

·           Seruwawila Raja Maha Viharaya

·           Aruna Tea Factory

·           Blue Mount Tea Factory

·           Panadura Blue Stand

·           CNJ Hotel

·           St.Xavier's Church

·           University Grants Commission Auditorium

 

Brand Name

“RANDEK”

 

 

Import Countries

Australia and Korea

 

No of Employees

Approximately 100

                 

·         Detail’s of Directors     

 

 

        01)

Name

K. A. D. Ranil Leonard Colman Pieris

Sex

Male

Nationality

Sri Lankan

National ID No.

593360083 V

Date of Birth

01st December 1959

Age

54 Years

 

 

                      02)

Name

K. Niranjala Leoni Pieris

Sex

Female

Nationality

Sri Lankan

National ID No.

635610085 V

Date of Birth

01st March 1963

Age

51 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.56.42

UK Pound

1

Rs.86.54

Euro

1

Rs.73.86

 

 

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.