MIRA INFORM REPORT
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Report Date : |
08.11.2014 |
IDENTIFICATION DETAILS
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Name : |
THE MERIDIEN STEELS |
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Registered Office : |
#459, Old Moor Street, Colombo- 12 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Disclosed |
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Com. Reg. No.: |
Not Disclosed |
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Legal Form : |
Proprietorship Company |
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Line of Business : |
Importers, Suppliers &
Merchants of General Hardware |
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No. of Employees : |
Approx 25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. 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.
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Source
: CIA |
GENERAL - Basic information at a glance
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a. |
Name of Subject of Inquiry |
: |
THE MERIDIEN
STEELS |
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b. |
Legal
Form & Status |
: |
Proprietorship Company (In Operation) |
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c. |
Managing
Partner |
: |
V. Mahatheva |
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d. |
Primary Line of Business |
: |
Importers,
Suppliers & Merchants of General
Hardware |
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e. |
Office & Place of Business
|
: |
#459, Old Moor Street, Colombo- 12. Sri Lanka Tel. No: (00 94 11) 232
5014, 232 5015, 573 8873 Fax No: (00 94 11) 244 9225 Email: meridiensteels@gmail.com |
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h. |
No. of Employees |
: |
Approx 25 |
COMPANY
DETAILS
Registration and Shareholder
Details
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a. |
Registration No |
: |
Not Disclosed |
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b. |
Date of Registration |
: |
Not Disclosed |
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c. |
Registered Office Address |
: |
# 459, Old Moor Street, Colombo
12. |
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d. |
Proprietor |
: |
V. Mahatheva |
Managing Proprietor |
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i. |
Auditors |
: |
Not Disclosed |
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j. |
Company Secretaries |
: |
Not applicable for
proprietorship/partnership companies |
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k. |
Bankers |
: |
Hatton National Bank PLC, Peoples
Bank |
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FINANCIAL
DETAILS
Most recent available Financial
Information
Based
on the corporate laws of Sri Lanka, business entities which are Private Company
with Limited Liability/ partnerships / proprietorships are not required to make
public disclosure of their annual
Financials. Therefore no financials are available for this entity
CURRENT
INVESTIGATION
HISTORY:
The Subject Company is
PROPRIETORSHIP Company, in operation.
Our investigators visited the
subject company, and were told that the Proprietor has gone out of the country
and the manager provided only basic details to prepare this report. In spite of
our explaining the advantage of “Credit Report”, he declined company
registration and operational details in the absence of the owner and also due
to identity of the enquired party not been available to him. It transpired that
they fear that classified company details might go to wrong party or the competitors.
Note:
The Proprietorship/Partnership
companies are being registered at the Provincial Registrar of Companies and
when the owner refuses to provide details such as registration number, date of registration,
auditors etc., it is not possible to obtain such details from the registry
Location
The Subject Company is located
at the client. # 459, Old Moor Street,
Colombo- 12, a popular area where hardware merchants are in operation.
OPERATIONAL
DETAILS
General
The subject company’ primary line of business is Import & Supplying of General Hardware.
Our investigators who visited the premise have seen about 10-15
people working inside and therefore it can be construed that the company is
well established, having good business.
Products
Various kinds of Hardware Items-
*Aluminium Sheets, Zinc Coated Sheets, Plates, steel, cold rolled
*MS Plates, Coils, GI Wire & Sheets
*Steam Pipes, Seamless Pipes
*Square Iron, Tubes & Pipes
* Stainless Steel Sheets, Tubes & Bright Steel Shafting
Below- An image of an ad published in the Tele Directory, 2014.
Importing
Countries
Malaysia, India, China
Employees
Approx. 25
Trade
references
The subject
company did not provide any trade reference referrals.
INFORMATION
PARTED BY
|
Name : |
Mr. V. Mana Thera |
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Designation : |
Proprietor |
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Contact No.: |
(00 94 11) 232
5014 |
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Date : |
07.11.2014 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.76.16 |
INFORMATION DETAILS
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Information
Gathered by : |
NYA |
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SNT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.