MIRA INFORM REPORT

 

 

Report Date :

17.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

OREL CORPORATION (PVT) LTD

 

 

Registered Office :

# 49, Sri Jinaratana Road, Colombo 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

30.04.2010

 

 

Com. Reg. No.:

PV 72125

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufactures, Exporters & Distributors of Electronic Components and Electrical Accessories.

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

:

OREL CORPORATION (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

 :

Kushan Samantha Kodituwakku

d.

Primary Line of Business

:

Manufactures, Exporters & Distributors of Electronic Components and Electrical Accessories.

e.

Place of Business

:

 

# 34, Old Road,Nawinna,

Maharagama,

Sri Lanka.

 

Tel. No: (00 94 11) 479 2166 / 4792 278

Fax No: (00 94 11) 479 2199

 

Email: sales@orelpower.com

             info@orelpower.com

 

f.

No. of  Employees

:

Not Disclosed

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PV 72125

Date of Registration

:

30th April 2010

b.

Registered Office

:

# 49, Sri Jinaratana Road, Colombo 02, Sri Lanka.

c.

Board of Directors

As At

14th October 2013

:

K. Samantha Kodituwakku

Managing Director

T. Ranjani Kodituwakku

Director

R. Savanthi Kodituwakku

Director

d.

Issued Share Capital

:

Rs.  5,000,000.00

Number of Shares

:

500,000

e.

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

Orel MFG (Pvt) Ltd

500,000

h.

Auditors

:

Nihal Hettiarachchi & Company

i.

Company Secretaries

:

Management Applications (Pvt) Ltd

j.

Bankers

:

Commercial Bank PLC

People’s Bank

Sampath Bank PLC

Hatton National Bank PLC

 

 

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 OREL CORPORATION (PVT) LTD is a Private    Limited   Liability Company incorporated on 30th April 2010 under registration number PV 72125.

 

The Subject Company initially registered as OREL ELECTRONICS (PVT) LTD and then the name of the Subject Company changed to OREL MANUFACTURING (PVT) LTD on 23rd May 2011 and again name changed to OREL CORPORATION (PVT) LTD on 01st March 2013

 

·         Location.

 

The Subject Company head office is located at # 34, Old Road, Nawinna, Maharagama.

 

·         Operations Details.

 

General

The subject company primary line of business is Manufactures, Exporters & Distributors of Electronic Components and Electrical Accessories.

                                      

Products

                 Allied Accessories, Switches & Sockets, Appliances, Cables, Circuit Protection, Lighting,                  

                 Batteries, Datacom, Terra Blocks, Bricks

                  Allied Accessories  Switches and Sockets Appliances Cables Circuit Protection

          

Export Country

India, China, Malaysia, Bangladesh, Australia, Singapore, Hong Kong, Pakistan

 

No of Employees

                  Not Disclosed

 

 

Directors Details

 

           01)

Name

K. Samantha Kodituwakku

ID Number

721101355V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

19th April 1972

Age

40 Years

Address

#.67, Barnes Place, Colombo-07

 

 

           02)

Name

T. Ranjani Kodituwakku

ID Number

516511451V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

30th May 1951

Age

61 Years

Address

#.67, Barnes Place, Colombo-07

 

 

           03)

Name

R. Savanthi Kodituwakku

ID Number

765750024V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

15th March 1976

Age

37 Years

Address

#.67, Barnes Place, Colombo-07

 

·         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 by

                       

Name:

Mr. Kumar

Designation:

Finance Head

Tel No:

(0009411) 4792100

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.10

UK Pound

1

Rs.99.04

Euro

1

Rs.79.03

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

Calling by :

SVA

Report Prepared by :

PDT

 

               

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.