MIRA INFORM REPORT

 

 

Report Date :

18.11.2014

 

IDENTIFICATION DETAILS

 

Name :

EVEREST INDUSTRIAL LANKA (PVT) LTD

 

 

Registered Office :

# 101, Phase III, Export Processing Zone, Katunayake

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.12.2003

 

 

Com. Reg. No.:

PV 5602

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Trader & Distributors of Refrigerators & Freezers

 

 

No. of Employees :

480 Approximately

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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

:

 

EVEREST INDUSTRIAL LANKA (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Sajith Neranjan Hewakuramburage

d.

Primary Line of Business

:

Trader & Distributors of Refrigerators & Freezers

e.

Head office

&

Place of Business

 

:

 

# 101, Phase III,

Export Processing Zone,

Katunayake,

Sri Lanka.

 

Tel. No: (00 94 11) 738 9351 -8 / 226 0062 -3

Fax. No: (00 94 11) 226 0063

 

E-Mail: everestmktg@everestindustrial.com

    

 

f.

No. of Employees

:

480 Approximately

           

           

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 36067

Date of Registration

:

16th December 2003

b.

Re-registration No

 

PV 5602

Date of Re-registration

 

24th July 2008

c.

Registered Office

:

# 101, Phase III, Export Processing Zone, Katunayake

d.

Board of Directors

As At

14th July 2013

:

Sajith Neranjan Hewakuramburage

Managing Director

Haytham Sawwaf Duwaji

Director

S. Upul Siri Fernando

Director

Ziad Bouklis Hasan

Director

Imad Sawaf Duwagji

Director

e.

Issued Share Capital

:

Rs. 918,910,670.00              

Number of Shares

:

91,891,067

f.

Nominal Value of Share

:

Rs. 10.00   

g.

 

Share Holders

As At

14th July 2013

:

Share Holders

No. of

Shares

Sajith Neranjan Hewakuramburage

01

H.D. Paul Desmond Roshan

01

Everest International Holding Ltd (Incorporated in U A E)

78,644,458

Cellcity Lanka (Pvt) Ltd

13,246,607

h.

Auditors

:

SJMS Associates

i.

Company Secretaries

:

Corporate Advisory Services (Pvt) Ltd

j.

Bankers

:

National Development Bank, Srilanka Main Branch

k.

Exporters of

:

Finished Goods

 

Countries

 

India, UAE

l.

Importers of

:

Finished Goods

 

Countries

 

China, Mid Korea

j.

Holding

:

Everest industrial, Holding, UAE

 

 

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

 

History.

 

The Subject Company EVEREST INDUSTRIAL LANKA (PVT) LTD is a Private Limited Liability Company incorporated on 16th December 2003 under the Registration Number N (PVS) 36067 and then the company was re-registered on 24th July 2008 under the registration number PV 5602.

 

Location.

 

The Subject Company is located at client # 101, Phase III, Export Processing Zone, Katunayake.

 

Operational Details.

 

General

The subject company primary line of business is Import & Distributors of Refrigerators & Freezers

 

Products

Refrigerators & Freezers, Cold Merchandising Equipment, Ice Cream conservators And Water coolers

 

Country

USA, India

 

No of Employees

Not Disclosed

 

 

Director’s Details

 

01)

Name

Sajith Neranjan Hewakuramburage

Sex

Male

Nationality

Sri Lankan

National ID No.

673160450 V

Date of Birth

11th November 1967

Age

45 Years

 

02)

Name

Haytham Sawwaf Duwaji

Nationality

Syrian

PP No.

N 005429916

 

03)

Name

S. Upul Siri Fernando

Sex

Male

Nationality

Sri Lankan

National ID No.

622130416 V

Date of Birth

30th July 1962

Age

50 Years

 

04)

Name

Ziad Bouklis Hasan

Nationality

Syrian

PP No.

N 004327529

 

05)

Name

Imad Sawaf Duwagji

Nationality

Syrian

PP No.

N 005618977

 

      

Trade references

 

Not Available

 

 

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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Thisara Induruwa

Designation :

Cost Manager

Contact No.:

94-11-7389351

Date :

14.11.2014

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.68

UK Pound

1

Rs.96.94

Euro

1

Rs.77.36

 

INFORMATION DETAILS

 

Information Gathered by :

HTL

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

               

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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