MIRA INFORM REPORT
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Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ST THERESA INDUSTRIES |
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Registered Office : |
# 399, Gunasekera Mawatha, Heiyantuduwa. |
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Country : |
Sri Lanka |
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Date of Incorporation : |
1979 |
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Legal Form : |
Partnership Company (In Operation) |
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Line of Business : |
Manufacturers, Suppliers & Distributors
of steel materials and
fasteners |
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No. of Employees : |
Approximately 75 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
No Complaints |
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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 |
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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 |
GENERAL - Basic
information at a glance
|
a. |
Name of Subject of Inquiry |
: |
ST THERESA INDUSTRIES |
|
b. |
Legal Form & Status |
: |
Partnership
Company (In Operation) |
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c. |
Managing Partner |
: |
K.S. Collin S.
Fernando |
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d. |
Primary Line of Business |
: |
Manufacturers, Suppliers & Distributors of steel materials and fasteners |
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e. |
Office & Places of Business |
: |
# 399, Gunasekera Mawatha, Heiyantuduwa. Sri Lanka. Tel. No: (00 94
11) 465 1777 Fax No: (00 94
11) 481 0625 Mobile: (00 94
77) 310 4112 Email: info@sti.com |
|
f. |
No. of Employees |
: |
Approximately 75 |
COMPANY DETAILS -
Registration and Shareholder Details
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a. |
Registration No |
: |
Not Disclosed |
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b. |
Year of Registration |
: |
1979 |
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c. |
Registered Office |
: |
# 399, Gunasekera Mawatha, Heiyantuduwa. Sri Lanka |
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d. |
Partners |
: |
K.S.A. Collin S. Fernando |
Managing Partner |
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C. Fernando (Ms) |
Partner |
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K.S. Gayasri C. Fernando |
Partner |
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e. |
Auditors |
: |
Not Disclosed |
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f. |
Bankers |
: |
Bank of Ceylon, Sampath Bank |
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FINANCIAL
DETAILS - Most recent available Financial Information
THE COMPANY HAS DECLINED TO PROVIDE INFORMATION
ON ITS FINANCES
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, ST THERESA INDUSTRIES is a Partnership
Company in operation.
Subject Company is
a family owned business established in 1979 as a partnership company.
The Proprietorship/Partnership
Companies are registered at the Provincial Registrar of Companies and as the
management declined to provide registration details it is not possible to trace
company details at the
Registrar’s
office.
Subject is having the following associate companies:
Samudra Lanka Enterprises Private Limited
Samudra Lanka Private Limited
Location.
The Subject Company is located at the client # 399, Gunasekera
Mawatha, Heiyantuduwa, approx. 25 kilo meters from
Colombo.
Operational Details
General
The subject company’s primary line of business is steel fabrication and
manufacturing of fasteners for construction work. Their main suppliers are
Ceylon Electricity Board, LECO & LTL.
Products/Services
Steel Fabrication for electricity distribution and transmission,
Galvanized and Un-
Galvanized.
Cross Arms
Bracings and Brackets
Earth Wire Attachments
D-Brackets
Shackle Straps
Strut Brackets
Stay Clamp
Stay Assemblies
Earthing Steel components – Pipes, Rods and Nets
Fasteners and Washers
All types of Eyebolts
Thimbles
Danger Boards and Phase Plates
Pole end Caps
Transformer Mounting Brackets
Steel Fabrications for Street Lightning Equipment Mounting
Transmission and Telecommunication Tower Parts
Cross Arms Bracings and
Brackets Transmission and
Telecommunication Tower Parts
(b) Other Fabrications:
1. Steel Fabrications for Construction Industry – H-beams, Plates,
Channels etc
2. Iron Beds
(1)
(2)
(c) Steel Fabrications and Fasteners Manufacturing for Customers’
Requirements:
Cutting, Shearing, Punching, Notching,
Drilling Bending, welding, Grinding, stamping etc.
General Lathing and heating process
Stamping Grinding
Import Countries
Steel and machinery from India, China
No of Employees
Approximately 75
Financial Data
The company has declined to provide information on its finances.
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
However, the company states that “as per the audited financial statement
of the firm for the year ended 31st March 2010, their annual gross sales
turnover was Rs.367 M approximately. “The firm does not have overdue and / or
hardcore debtors or creditors with them. Further they own fixed assets at cost
amounting to Rs.31 M approximately and investment (FD) Rs.34 M, current market value
of which is substantially higher”.
Trade references
The subject company provided trade references
such as:
Ceylon electricity Board
Lanka Electricity Company Ltd (LECO).
LTL Holding (Pvt) Ltd
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.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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NB |
New Business |
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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.