MIRA INFORM REPORT

 

 

Report Date :

14.08.2014

 

IDENTIFICATION DETAILS

 

Name :

NICO BATTERY MANUFACTURES (PVT) LTD

 

 

Registered Office :

Vihara Mawatha, Panawewa, Bingiriya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

15.11.1991

 

 

Com. Reg. No.:

PB 762

 

 

Legal Form :

Public Limited Liability Company  

 

 

Line of Business :

Manufacturers & Distributors Of Motor Vehicles batteries 

 

 

No of Employees :

Not Disclosed

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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

 

 

GENERAL - Basic information at a glance

 

a.

Name of Subject of Inquiry

:

 

NICO BATTERY MANUFACTURES (PVT) LTD

b.

Legal Form  & Status

:

Public Limited Liability Company   (In Operation)

c.

Managing Director

:

N.D. Sampath Sajeewa Guneratne

d.

Primary Line of Business

:

Manufacturers & Distributors Of Motor Vehicles batteries 

e.

Head Office

&

          Place of Business

 

 

 

Vihara Mawatha,  

Panawewa, 

Bingiriya,

Sri Lanka

                        

Tel. No: (00 94 32) 224 6156

Fax. No: (00 94 32) 224 6141

 

Email: nicobattery@yahoo.co.uk

 

f.

Employees

:

Not Disclosed

 

 

COMPANY DETAILS    - Registration and Shareholder Details

 

a.

Registration No

:

N (PBS) 298

Date of Registration

:

15th November 1991

b.

Re-registration No

:

PB 762

Date of Re-registration

:

27th November 2008

c.

Registered Office

:

Vihara Mawatha, Panawawa, Bingiriya

d.

Board of Directors

As At

30th April 2012

:

N.D. Sampath Sajeewa Guneratne

Managing Director

Kusumalatha Guneratne

Director

N.D. Janeshra Panditha Guneratne

Director

e.

Number of Shares

:

504,800

Total Value of Shares

:

Rs.  5,048,000.00

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

 

 

Registration and Shareholder Details

 

g.

Share Holders

As At

30th April 2012

:

  Share Holders

No. Of

Shares

D. Liyanora Amarasinghe

25

Kusumalatha Guneratne

71,000

N.D. Janeshra Panditha Guneratne

101,000

N.D. Ranjith Guneratne

151,500

N.D. Sampath Sajeewa Guneratne

111,000

N.D. Dinusha Samanti Guneratne

70,250

N.D. Sunethra Nandani  Guneratne

25

h.

Auditors

:

Terence Perera & Company

i.

Company Secretaries

:

E S Management (Pvt) Ltd

j.

Bankers

:

Not Disclosed

 

·         Director Details

 

01)

Name

N.D. Sampath Sajeewa Guneratne

ID Number

713581070 V

Nationalty

Sri Lankan

Gender

Male

Date of Birth

23rd December 1971

Age

42 Years

 

 

02)

Name

Kusumalatha Guneratne

PP Number

M 1453090

Nationalty

Sri Lankan

 

03)

Name

N.D. Janeshra Panditha Guneratne

ID Number

731040613 V

Nationalty

Sri Lankan

Gender

Male

Date of Birth

13th April 1973

Age

41 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 NICO BATTERY MANUFACTURES (PVT) LTD is a Public Limited

liability Company incorporated on 15th November 1991 under registration number N (PBS) 298 and then the

company was re-registered on 27th November 2008 under registration number PB 762

 

·         Location.

 

The Subject Company’s located at client Vihara Mawatha, Panawawa, Bingiriya

 

·         Operations Details.

 

General

 

The subject company’s primary line of business is Manufacturers & Distributors of Motor Vehicles batteries.

 

 

Products

 

Motor Vehicles batteries.

 

 

Export Country

 

South Korea, India, and Philippines

 

 

No of 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

 

Board of Investment

 

·         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.

 

 

ANALYSIS - Appraisal of Subject Company

 

Rating:

a) Business Scale       

Medium

b) Business Trend

Growing

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Competitive

 

 

INFORMATION denied BY

 

Name :

Mr. N.D. Sampath Sajeewa Guneratne

Designation :

Director

Contact No.:

91-0777578741

Date :

14.08.2014

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.24

UK Pound

1

Rs. 103.01

Euro

1

Rs. 81.89

 

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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.