|
Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
KESELWATTA METAL INDUSTRIES (PVT) LTD |
|
|
|
|
Registered Office : |
# 226, Diggala Road, Keselwatte, Panadura |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
28.03.1996 |
|
|
|
|
Com. Reg. No.: |
N (PVS) 16935 |
|
|
|
|
Legal Form : |
Private Limited Liability Company
(In Operation) |
|
|
|
|
Line of Business : |
Manufacture Import and Distribution of Hardware Items |
|
|
|
|
No of Employees : |
1,500 |
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 |
Basic information at a glance
|
a. |
Name of Subject of Inquiry |
: |
KESELWATTA METAL
INDUSTRIES (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited
Liability Company (In Operation) |
|
c. |
Managing Director |
: |
M.P. Dickson
Cooray |
|
d. |
Primary Line of Business |
: |
Manufacture Import and
Distribution of Hardware Items |
|
e. |
Head Office & Place of Business |
|
# 226, Diggala
Road, Keselwatte, Panadura, Sri Lanka. Tel. No: (00 94 38) 229 7903 / 223 5872 Fax. No: (00 94 38) 119 7907 E-Mail: anjali@keselwattadistributors.uk |
|
g. |
No. of Employees |
: |
1,500 |
Registration and Shareholder Details
|
a. |
Registration No |
: |
N (PVS) 16935 |
|||
|
Date of registration |
: |
28th
March 1996 |
||||
|
b. |
Re-registration No |
: |
PV 19844 |
|||
|
Date of re-registration |
: |
24th
November 2010 |
||||
|
c. |
Registered Office |
: |
# 226, Diggala
Road, Keselwatte, Panadura |
|||
|
d. |
Board of Directors As At 31st August 2011 |
: |
M.P. Dickson
Cooray |
Managing
Director |
||
|
W.S. Bernadeth
De Silva |
Director |
|||||
|
M.P. Hasitha
Sanjeewa Cooray |
Director |
|||||
|
e. |
Issued Share Capital |
: |
Rs.
51,850,000.00 |
|||
|
Number of Shares |
: |
5,185,000 |
||||
|
f. |
Nominal Value of Share |
: |
Rs.10.00 |
|||
|
h. |
Share Holders As At 31st August 2011 |
: |
Share Holders |
No. of Shares |
||
|
M.P. Dickson
Cooray |
3,111,000 |
|||||
|
W.S. Bernadeth
De Silva |
1,037,000 |
|||||
|
M.P. Hasitha
Sanjeewa Cooray |
1,037,000 |
|||||
|
i. |
Auditors |
: |
Jasinghe &
Company |
|||
|
j. |
Company Secretaries |
: |
I M S Corporate
Services (Pvt) Ltd |
|||
|
k. |
Bankers |
: |
NDB Bank Commercial Bank |
|||
01)
|
Name |
M.P. Dickson
Cooray |
|
ID Number |
462760604 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date of Birth |
02nd October
1946 |
|
Age |
68 Years |
02)
|
Name |
W.S. Bernadeth
De Silva |
|
ID Number |
537220686 V |
|
Nationality |
Sri Lankan |
|
Gender |
Female |
|
Date of Birth |
09th
August 1953 |
|
Age |
61 Years |
03)
|
Name |
M.P. Hasitha
Sanjeewa Cooray |
|
ID Number |
741631601 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date of Birth |
11th
June 1974 |
|
Age |
40 Years |
The Subject Company KESELWATTA
METAL INDUSTRIES (PVT) LTD is
a Private Limited Liability Company incorporated
on 28th March 1996 under the registration number N (PVS) 16935 and then company has
been re-registered on 24th
November 2010under the registration number PV 19844.
The Subject Company is located at client # 226, Diggala Road, Keselwatte,
Panadura, approx. 25 kilometers from the city of
Colombo
General
The subject company’s primary line of business is Manufacture Import and Distribution of Hardware Items.
Products
Barbed Wire, Hot dip Galvanized Buckets, Door Hinges, Wheel Barrows,
Wire Nails. Importers of Zinc Ingots, Cold Rolled Steel Sheets, Mild Steel Wire
Rods, Ammonium Chloride, Foundry Coke, G.I.Wire, Bolts & Nuts, M.S.Wire
Drawing Dies & Wire Drawing Lubricant
Employees
1,500
Not Disclosed
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.
|
Name : |
Madam Anjali |
|
Designation : |
Import Manager |
|
Contact No.: |
00771874216 |
|
Date : |
18.10.2014 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.