MIRA INFORM REPORT

 

 

Report Date :

14.10.2014

 

IDENTIFICATION DETAILS

 

Name :

THE WHEELWORKS (PVT) LTD

 

 

Registered Office :

No.68, Block A, Biyagama Export Processing Zone, Walgama, Malwana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.04.2004

 

 

Com. Reg. No.:

N (PVS) 37329

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturers and Exporters of Wheels & rubber tyres

 

 

No of Employees :

Approximately 300

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

:

THE WHEELWORKS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Sauro Rosalani                                 

d.

Primary Line of Business

:

Manufacturers and Exporters of Wheels & rubber tyres

e.

Head office,

Place of Business

&

Factory

 

:

# 68, Block-A,

Export Processing Zone,

Biyagama,

Sri Lanka.

                

Tel. No: (00 94 11) 246 5096 - 9

Fax No: (00 94 11)  246 5102

 

E-Mail: info@wheelworks.lk

             wheelworks@sol.lk

 

g.

No. of Employees

:

Approximately 300

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 37329

Date of Registration

:

22nd April 2004

b.

Re-registration No

:

PV 11845

Date of Re-registration

:

18th February 2009

c.

Registered Office

:

No.68, Block A, Biyagama Export Processing Zone, Walgama, Malwana

d.

Board of Directors

As At

14th October 2013

:

Sauro Rosolani                              

Managing Director

A. Osborne Goonawardena

Director

B. Gamage Sarathchandra  

Director

e.

Issued Share Capital

:

Rs. 328,566929.00        

Number of Shares

:

33,516,038

f.

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

g.

 

Share Holders

As At

14th October 2013

:

Share Holders

No. of

Shares

Sauro Rosalani                              

560,346

A. Osborne Goonawardena

560,346

B. Gamage Sarathchandra  

1,025,165

Trasia AG – Incorporated in Switzerland

10,086,400

Trasia AG – Incorporated in Switzerland

18,088,183

Rosolani SPA – Incorporated in Italy

3,195,598

h.

Auditors

:

Jayasinghe & Company

i.

Company Secretaries

:

M. Varuni Krishanthi Perera

j.

Bankers

:

DFCC Bank

Sampath Bank

 

 

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

(Note: 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 detailed financials are available for this entity)

 

Particulars

 

2013-14

Sales Turnover (Sri Lankan Currency)

50 million per month

 

 

 

                                                                                               

CURRENT INVESTIGATION

                                                           

                                                   New Picture (1)

                                                     Company Logo

·         History.

The Subject Company THE WHEEL WORKS (PVT) LTD is a Private    Limited   liability Company incorporated on 22nd April 2004 under registration number N (PVS) 37329 and then the company was re-registered on 18th February 2009 under registration number PV 11845

 

·         Location.

The Subject Company is located at the client # 68, Block-A, Export Processing Zone, Biyagama.

 

·         Operational Details.

 

General

The subject company is 100% Board of Investment (BOI) export approved company and their primary line of business is manufacturing and exporting of wheels and solid rubber tyres of various sizes for trolleys, fork lifts,

 

Products

Wheels & Rubber tyres.

 

Export Country

Germany, Italy, France

 

Import Country

China, India

 

Employees

Approximately 300

 

·         Director Details

 

Name

Sauro Rosalani                               

PP Number

C 650033

Nationality

Italian

 

Name

A. Osborne Goonawardena

PP Number

M 2203040

Nationality

Australian

 

Name

B. Gamage Sarathchandra  

ID Number

633050031 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st October 1963

Age

50 Years

 

·         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.

 

 

INFORMATION PARTED

 

Name :

Mr. Sudheera

Designation :

Commercial Manager

Contact No.:

(00 94 11) 246 5096

Date :

11.10.2014

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.24

UK Pound

1

Rs.98.68

Euro

1

Rs.77.60    

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

 

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.