MIRA INFORM REPORT

 

 

Report Date :

11.02.2014

 

IDENTIFICATION DETAILS

 

Name :

MAYFAIR LANKA (PVT) LTD

 

 

Registered Office :

# 104/ 11, Grandpass Road, Colombo – 14

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.06.1995

 

 

Com. Reg. No.:

N (PVS) 15274

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturers, Importers and Distributors of Confectionery Items

 

 

No. of Employees :

Not Available

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

:

MAYFAIR LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Deivanayagam Eassuwaran

d.

Primary Line of Business

:

Manufacturers, Importers and Distributors of Confectionery Items

e.

Head office

&

Place of Business

 

:

 

# 104/ 11, Grandpass Road,

Colombo – 14,

Sri Lanka.

 

Tel. No: (00 94 11) 479 6796 / 233 4748 / 242 3268 / 479 6764

Fax No: (00 94 11) 233 6033

 

E-Mail: arun@eswaran.com

g.

No. of Employees

:

Not Disclosed

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 15274

Date of Registration

:

29th June 1995

 

Re-registration No

:

PV 16955

Date of Re-registration

:

25th November 2009

c.

Registered Office

:

# 104/11, Grandpass Road, Colombo 14

d.

Board of Directors

As At

01st August 2013

:

Deivanayagam Eassuwaran

Managing Director

Deivanayagam Piramanayagam

Director

Jawed Iqbal                                   

Director

Shahid Iqbal                                

Director

Eassuwaran Deivanayagam

Director

f.

Issued Share Capital

:

Rs.       34,390,000.00          

g.

Nominal Value of Share

:

Rs.                     10.00

 

Registration and Shareholder Details

 

h.

Share Holders

As At

01st August 2013

:

Share Holders

No. of

Shares

Deivanayagam Eassuwaran         

1,192,520

Deivanayagam Piramanayagam 

73,311

Deivanayagam Veerabahu

100,949

Deivanayagam Arunachalam

32,607

Deivanayagam Shanmugasundaram

320,113

Brrookside Investments (Pvt) Ltd

1,719,500

i.

Auditors

:

B.D.O Chartered Accounts

j.

Company Secretaries

:

Sivapatham Senthuran

k.

Bankers

:

-Not Disclosed-

 

 

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 MAYFAIR LANKA (PVT) LTD is a Private    Limited   liability           Company incorporated in 29th June 1995 under registration number N (PVS) 15274 and       

Then the company was re-registered on 25th November 2009 under the registration 

Number PV 16955.

 

Location.

 

The Subject Company is located at the # 104/ 11, Grandpass Road, Colombo – 14 and client # 267, Sea Street, Colombo – 11 was company previous business place.

 

Operational Details.

 

General

                  The subject company primary line of business is Manufacturers, Importers and Distributors of Confectionery Items.

 

Import Products

Raw Materials

 

Country

China, Pakistan and India

 

Products

Bubble Gum, Confectionery Items

 

 

Brands

Mayfair, ACE, Captain Cool, Splash

 

Employees

Not Disclosed

 

 

Directors Details

 

1)

Name

Deivanayagam Eassuwaren

ID Number

420643624 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

4th March 1942

Age

71 Years

 

2)

Name

D.  Piramanayagam

ID Number

481240123 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

03rd May 1948

Age

65 years

 

 

3)

Name

E. Deivanayagam

ID Number

652900640 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th October 1965

Age

48 years

 

 

4)

Name

Shahid Iqbal                                

PP Number

DH 133782

Nationality

Pakistani

 

 

5)

Name

Jawed Iqbal                                   

PP Number

DH 1331471

Nationality

Pakistani

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.19

UK Pound

1

Rs.102.14

Euro

1

Rs.84.74

 

 

INFORMATION DETAILS

 

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%)

 

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