MIRA INFORM REPORT

 

 

Report Date :

04.07.2014

 

IDENTIFICATION DETAILS

 

Name :

SAZ HOLDING (PVT) LTD

 

 

Registered Office :

# 16A, Aponsu Mawatha, Laxapathiya, Moratuwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.10.2003

 

 

Com. Reg. No.:

PV 4428

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Import & distribution of all kinds of industrial machinery and spare parts.

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

:

 

SAZ HOLDING (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company 

c.

Managing Director

:

Zareen Liyanage (Ms)

d.

Primary Line of Business

:

Refused to disclose the present nature of business.

e.

Head office

&

Place of Business

 

 

 

# 16A, Aponsu Mawatha,

Laxapathiya,

Moratuwa.

Sri Lanka

 

Tel. No: (00 94 11) 262 2717

Fax No: (00 94 11) 262 2717

 

Contact  Person : 0777 599 071   (Mr. Liyanage)

 

f.

No. of Employees

:

 

Not disclosed

 

 

 

COMPANY DETAILS    - Registration and Shareholder Details

 

a.

Registration No

 

:

 

N (PVS) 35460

Date of Registration

 

:

20th October, 2003

b.

Re-registration No

 

PV 4428

Date of Re-registration

 

 

16th June 2008

c.

Registered Office

:

# 16A, Aponsu Mawatha, Laxapathiya, Moratuwa, Sri Lanka

d.

Board of Directors

As At

21st December 2013

:

Zareen Liyanage (Ms)

Managing

Director

Anusha Kumari Liyanage (Ms)

Director

f.

Issued Share Capital

:

Rs.  20.00

g.

Nominal Value of Share

:

Rs.  10.00

h.

 

Share Holders

As At

21st December 2013

:

Share Holders

No. of

Shares

Zareen Liyanage (Ms)

01

Anusha Kumari Liyanage (Ms)

01

i

Auditors

:

S & A Associates

j.

Company Secretaries

:

S & A Consultants (Pvt) Ltd

k.

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 SAZ HOLDING (PVT) LTD is a Private Limited Liability Company incorporated on 20th October, 2003 under registration number N (PVS) 35460 and re-registered in terms of Companies Act. # 07 of 2007 on 16th June, 2008 under Registration number PV 4428.

 

  • Location.

 

The Subject Company is located at the client # 16A, Aponsu Mawatha, Laxapathiya, Moratuwa, a town approx. 15 kilo meters from Colombo on the southern Highway.

 

  • Operational Details.

 

General

 

The subject company’s primary line of business had been import & distribution of all kinds of industrial machinery and spare parts.

Now, when contacted, a lady answered the phone and said that the given address is their house and presently not engaged either with the previous business which was import & distribution of industrial machinery and spare parts or any other business either and referred to her husband Mr. Liyanage. Further to our questioning, the male, Mr. Liyanage, was rather rude in his attitudes and said that the businesses not in operation at present, no dealings with India or Taiwan either and refused to answer our queries further. He refused even our investigators visiting the site to meet him for discussion and disconnected the line.

 

This is a family business and the husband of the MD is the key person who is running the show behind and it maybe the reason to hide information!

 

Products

 

Refused to disclose the present nature of business

 

Import Country

 

Subject denied having dealings with India or Taiwan and refused to disclose details.

 

No of Employees

 

-Not Disclosed-

 

  • Directors’ Details

01)

Name

Zareen Liyanage

ID Number

527711967 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

27th September 1952

Age

62 Years

Address

16 /A Aponsu  Mawatha Laxapathiya, Moratuwa

 

02)

Name

Anusha Kumari Liyanage

ID Number

825770917 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

17th March 1982

Age

32 Years

Address

16 /A Aponsu  Mawatha Laxapathiya, Moratuwa

 

 

  • 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 refused to 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.

 

 

ANALYSIS - Appraisal of Subject Company

 

Rating:

a) Business Scale         

NA

b) Business Trend

NA

c) Management Capability

NA

d) Commercial Morality

NA

e) Reputation

NA

f) Market Situation

NA

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 59.72

UK Pound

1

Rs. 102.45

Euro

1

Rs. 81.54

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.