MIRA INFORM REPORT

 

 

Report Date :

11.01.2014

 

IDENTIFICATION DETAILS

 

Name :

TARS LANKA (PVT) LTD

 

 

Registered Office :

# 106, Industrial Zone, Katuwana, Homagama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

17.03.2003

 

 

Com. Reg. No.:

PV4015

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

·         importer & distributor of printing papers, boards

manufacturer & distributor of Offset and duplex Printing papers, board, cartons and Packaging

 

 

No. of Employees :

Approx. 45

 

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

     

Name of Subject of Inquiry

:

TARS LANKA (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Managing Director

:

Tuan Nilam Jaldin

Primary Line of Business

:

Printing Papers and Packaging

Head Office

&

Place of Business

 

:

 

# 106 Industrial Zone,

Katuwana,

Homagama.

Sri Lanka.

                      

Tel. No: (00 94 11) 401 0145, 4209 127-8, 420 9108

Fax No: (00 94 11) 2895 012

Email: tarslanka@sltnet.lk

 

 

No. of Employees

:

Approx. 45

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 33243

Date of Registration

:

17th March 2003

Re-Registration No

 

PV4015

Date of Re-Registration

 

30th May, 2008

Registered Office

:

# 106, Industrial Zone, Katuwana, Homagama

Board Of Directors

As At

09th October 2013

:

Tuan Nilam Jaldin

Managing Director

Kairul Jenneth Bee Khan (Ms)

Director

Tuan Rizan Jaldin

Director

Fathima Nashreen Jaldin (Ms)

Director

Tuan Ameer Ashger Jaldin

Director

Issued Share Capital

:

Rs. 10,000,020.00

Nominal Value of Share

:

Rs.               10.00                     

Share Holders

As At

         14th October 2013

:

Share Holders

No of Shears

Tuan Nilam Jaldin

400,001

Kairul Jenneth Khan (Ms)

225,001

Tuan Ameer Ashgar Jaldin

125,000

Tuan Rizan Jaldin

125,000

Tuan Siraj Jaldin

125,000

Secretaries

:

Es Es Secretaries (PVT) LTD

Auditors

 

Piyawardena Associates

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 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 TARS LANKA (PVT) LTD is a Private Limited liability Company incorporated on 17th march 2003 under registration number N (PVS) 33243 and Re-registered on 30th May 2008 under Registration No. PV 4015, in terms of Companies Act #7 of 2007.

Location.

The Subject Company is located at the client # 106, Industrial Zone, Katuwana, Homagama, an industrial and residential town on the High Level Road, approx 26 kilo meters South East of Colombo city.

 

Operations Details.

 

General

The subject company’s primary line of business is importing & distribution of printing papers, boards and manufacture & distribution of Offset and duplex Printing papers, board ,cartons and Packaging

 

Products

Paper products such as Offset Printer and duplex papers, board, cartons and packaging

 

Importing Countries

India, China

 

Employees

Approx.45

 

 

Directors Details

 

             01)

Name

Tuan Nilam Jaldin

ID Number

490260447V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

26th January 1949

Age

63 Years

 

 

             02)

Name

Kairul Jenneth Bee Khan

ID Number

507421610V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

29th August 1950

Age

63 Years

 

03)

Name

Tuan Rizan Jaldin

ID Number

780863153V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

26th March 1978

Age

35 Years

 

              04)

Name

Fathima Nashreen Jaldin

ID Number

878171390V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

12th November 1987

Age

26 Years

 

                05)

Name

Tuan Ameer Ashgar Jaldin

ID Number

760730165V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

13th March 1976

Age

37 years

 

 

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

The subject company did not provide any trade reference

 

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.

 

 

Rating:

a) Business Scale         

NA- Insufficient Information on Finance

b) Business Trend

NA

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Very Competitive

                                   

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.