MIRA INFORM REPORT

 

 

Report Date :

21.05.2013

 

IDENTIFICATION DETAILS

 

Name :

STONE ASIA (PVT) LTD

 

 

Registered Office :

37 A, Export Processing Zone, Mirigama

 

 

Country :

Sri Lanaka

 

 

Date of Incorporation :

17.07.2009

 

 

Com. Reg. No.:

PV 68135

 

 

Legal Form :

Private Limited Liability Company (In operation)

 

 

Line of Business :

Exporting Worked Monumental stones

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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)

Sir 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

:

STONE ASIA (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Managing Director

:

Shethia Shirishkumar Bahavanji

Primary Line of Business

:

Exporting Worked Monumental stones

Head Office,

Place of Business

&

Factory

 

:

 

# 37, A , export Processing Zone Mirigama.

 

Tel. No: (00 94 33) 227 6412

Fax No: (00 94 33) 227 6414

 

E- mail : stoneasia@dialogenet.lk

 

No. of Employees

:

--

 

        

COMPANY DETAILS 

- Registration and Shareholder Details

 

Registration No

:

 PV 68135

Date of Registration

:

17th July 2009

Registered Office

:

37 A, Export Processing Zone ,  Mirigama

Board Of Directors

As At

15th October 2012

:

Shethia Shirishkumar Bahavanji

Managing  Director

Anil Jain

Director

Ashutosh Sane

  Director

Deepak Singhvi

  Director

Ramakant Mahendra Pani

  Director

Issued Share Capital

:

Rs.50.00

Nominal Value of Share

:

Rs.10.00

Share Holders

As At

15th October 2012

:

 Share Holders

No of Shears

Shethia Shirishkumar Bahavanji

01

Anil Jain

01

Ashutosh Sane 

01

Deepak Singhvi

01

Ramakant Mahendra Pani

01

Secretaries

:

Nexia Corporate Consultants (pvt) Ltd

Auditors

:

B.R. De Silva and Company

Bankers

:

-Not Disclosed-

 

 

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 and public limited liability Company 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 STONE ASIA (PVT) LTD is a Public Limited liability Company             

                 incorporated on 17TH June 2009 under registration number  PV 68135.

 

 

·         Location.

 

The Subject Company is located at the client 37 A, Export Processing Zone ,  Mirigama

 

·         Operational Details.

 

General

                  The subject company primary line of business is Exporting Worked Monumental stones

 

 

Import Products

. India.

 

 

·         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 and public limited liability Company is not required to make public disclosure of their           

                 annual financials. Therefore no financials are available for this entity

 

 

·         General Comments

 

When the Subject Company was contacted they were very cooperative and polite in providing the information given in this report, however they were reluctant to provide financial and any other background information that would have been useful to enhance this report.

                 

 

 

·         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.55.04

UK Pound

1

Rs.83.61

Euro

1

Rs.70.68

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

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