MIRA INFORM REPORT

 

 

Report Date :

05.08.2014

 

IDENTIFICATION DETAILS

 

Name :

ALMAR TRADING COMPANY (PVT) LTD

 

 

Registered Office :

# 143/ 17, Sri Wickrama Mawatha,  Colombo-15,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

31.12.2007

 

 

Com. Reg. No.:

N (PVS) 12165

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of rubber proofed sheet & fabrics

 

 

No. of Employees

78

 

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 :

No complaints

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets

 

Source : CIA

 

 

 

Company name and address

a.

Name of Subject of Inquiry

:

ALMAR TRADING COMPANY (PVT) LTD

b.

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

c.

Managing Director

 :

A. Buddhini Weerasinghe (Ms)

d.

Primary Line of Business

:

Trader of rubber proofed sheet & fabrics

e.

Head Office/ Warehouses/ Branch Office

:

 

# 143/ 17, Sri Wickrama Mawatha,

Colombo-15,

Sri Lanka

 

Tel: (00 94 11) 254 6281 – 3 / 252 7530

Fax: (00 94 11) 534 4100

 

Email:  almarub@sltnet.lk

             almarco@slt.lk

             roshani@almar.lk

f.

No. of Employees

:

78

 

 

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 12165

Date of Registration

:

16th December 1993

b.

Re-registration No

:

PV 1700

Date of Re-registration

:

31st December 2007

c.

Registered Office

:

# 143/ 17, Sri Wickrama Mawatha, Colombo-15

d.

Board of Directors

As at

14th October 2013

:

Aurasie  Buddhini Weerasinghe

Managing Director

Asanga Viswajith Weerasinghe

Director

Avindra Manisha Weerasinghe

Director

Amanda Lalindra Weerasinghe

Director

e.

Issued  Share Capital

:

Rs.          125,000,000.00

f.

Nominal Value of Share

:

Rs.                        10.00  (Total Number of Shares 12,500,000)

g.

Trading Terms :

 

Purchasing Term :  Cash

Selling term :           Cash, LC, TT

h.

Banks

 

·         Bank of Ceylon, Colombia, Sri Lanka

·         Commercial bank of Ceylon,  Colombia, Sri Lanka

 

i.

Auditors

 

Ernst and Young

 

 

Registration and Shareholder Details Cont…

 

 

g.

Share Holders

As at

14th October 2013

:

Share Holders

No. of    Shares

AshaneeNilindra De Mel

 3,125,000

Amanda Lalindra Weerasinghe

 3,125,000

Asanga Viswajith  Weerasinghe

 3,125,000

Avindra Manisha  Weerasinghe

 3,125,000

h.

Auditors

:

Ernst & Young

i.

Company Secretaries

:

Co-serv (Pvt) Ltd

j.

Bankers

:

-Not Disclosed-

 

 

Directors’ Details

 

01)

Name

A. Buddhini Weerasinghe

ID Number

347071978 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

25th July 1934

Age

80 Years

 

 

02)

Name

A. Viswajith Weerasinghe

ID Number

572062279 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

24th July 1957

Age

57 Years

 

 

03)

Name

A. Manisha Weerasinghe

ID Number

613620184 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th December 1961

Age

53 Years

 

 

04)

Name

A. Lalindra Weerasinghe

ID Number

631060420 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th April 1963

Age

51  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 details financials are available for this entity

           

 

PARTICULARS

 

 

31.03.2014

31.03.2013

Sales Turnover (Approximately)

 

1900.000

(Rubber price went down)

2300.000

 

                                                           

CURRENT INVESTIGATION                      

 

History.

 

 The Subject Company ALMAR TRADING COMPANY (PVT) LTD is a Private    Limited   Liability Company incorporated on 16th December 1993 under registration number N (PVS) 12165 and then the company was re-registered on 31st December 2007 under registration number PV 1700

 

Location.

 

The Subject Company is located at the client # 143/ 17, Sri Wickrama

Mawatha, Colombo-15.

 

 

 

Operational Details

 

General

The subject company primary line of business is Trader of rubber proofed sheet & fabrics

 

Products

Thick / Thin Pale Crepe

Brown Crepe

Skim Crepe

Sole Crepe

Centrifuged Latex 60% DRC

Ribbon Smoked Sheets

Other Specialize Products

Rubber and Rubber Proofed sheet and Fabrics.

 

Export Country

USA, Japan, Italy, Spain, China, Turkey, UK, Germany, France, Spain, Pakistan, Kenya, Netherlands, India, Brazil, South Africa, Rumania, Taiwan, Hong Kong

 

No of Employees

78

 

 

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 detailed financials are available for this entity

                

 

Trade references

 

 The subject company did not provide any 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.

 

INFORMATION PARTED BY

 

NAME

Madam Roshani

DESIGNATION

Account Officer

CONTACT NO.:

0094112546281

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.02

UK Pound

1

Rs.102.69

Euro

1

Rs.81.91

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

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.