|
Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK STEEL INDUSTIES (PVT) LTD |
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|
|
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Registered Office : |
8th Floor,IBM Building, # 48, Nawam Mawatha,
Colombo 02 |
|
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|
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Country : |
Sri Lanka |
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|
|
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Date of Incorporation : |
25.06.2001 |
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|
|
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Com. Reg. No.: |
PV 19282 |
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|
|
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Legal Form : |
Private Limited Liability Company
(In Operation) |
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|
|
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Line of Business : |
Importers & Dealers of Hardware Items |
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|
|
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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 |
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Payment Behaviour : |
Unknown |
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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 – 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 |
Basic information
at a glance
|
a. |
Name of Subject of Inquiry |
: |
ASHOK STEEL
INDUSTIES (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited
Liability Company (In Operation) |
|
c. |
Managing Director |
: |
Ashok Agarwal |
|
d. |
Primary Line of Business |
: |
Importers & Dealers
of Hardware Items |
|
e. |
Head office & Place of Business |
: |
8th Floor,IBM Building, # 48, Nawam Mawatha, Colombo 02, Sri Lanka. Tel. No: (00 94 11) 555 3215 Fax No: (00 94 11) 245 4470 / 231 4970 Email: indcopp@lankabellnet.com |
|
f. |
No. of Employees |
: |
Not Disclosed |
Registration and
Shareholder Details
|
a. |
Registration No |
: |
N(PVS)
28684 |
||
|
Date of Registration |
|
25th
June 2001 |
|||
|
b. |
Re-registration No |
: |
PV 19282 |
||
|
Date of Re-registration |
|
02nd
September 2010 |
|||
|
c. |
Registered Office |
: |
8th Floor,IBM Building, # 48, Nawam Mawatha,Colombo 02, Sri Lanka. |
||
|
d. |
Board of Directors As at 15th December 2012 |
: |
Ashok Agarwal |
Managing
Director |
|
|
Anita Agarwal |
Director |
||||
|
Mutchel Sai
Anantha Rama Krishna |
Director |
||||
|
e. |
Issued Share Capital |
: |
Rs. 52,501,000.00 |
||
|
f. |
Nominal Value of Share |
: |
Rs. 10.00 |
||
|
g. |
Share Holders As at 15th December 2012 |
: |
Share Holders |
No. of Shares |
|
|
A M L Steel Ltd
(Incorporated in India) |
5,250,000 |
||||
|
Ashok Agarwal |
100 |
||||
|
h. |
Auditors |
: |
Shaffy M Jiffry
& Company |
||
|
i. |
Company Secretaries |
: |
Integrated
Management Systems (Pvt) Ltd |
||
|
k. |
Bankers |
: |
Not Disclosed |
||
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
History
The Subject Company ASHOK STEEL
INDUSTIES (PVT) LTD is a Private
Limited liability Company
incorporated on 25th June
2001 under registration number N(PVS)
28684 and then the company was re-registered on 02nd September 2010 under registration number PV 19282.
Location.
The Subject Company is located at client 8th Floor, IBM Building, #
48, Nawam Mawatha, Colombo 02.
Operational
Details.
General
The subject company primary line of business is Importers & Dealers of Hardware Items.
Products
Ribbed Steel, MS Rod, Flat bar
Country
China, India
Employees
Not Disclosed
Directors Details
01)
|
Name |
Ashok Agarwal |
|
PP Number |
E 8564771 |
|
Nationality |
Indian |
02)
|
Name |
Anita Agarwal |
|
PP Number |
A 8165760 |
|
Nationality |
Indian |
03)
|
Name |
Mutchel Sai
Anantha Rama Krishna |
|
PP Number |
B 5661745 |
|
Nationality |
Indian |
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
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.62.18 |
|
|
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.