MIRA INFORM REPORT

 

 

Report No. :

316620

Report Date :

10.04.2015

 

IDENTIFICATION DETAILS

 

Name :

ALMAR TRADING COMPANY (PVT) LTD

 

 

Registered Office :

# 143/ 17, Sri Wickrama Mawatha, Colombo-15

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.12.1993

 

 

Com. Reg. No.:

PV 1700

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Engaged as supplier of Rubber & Rubber Proofed Sheet & Fabrics.

Engaged as exporter of Sheet Rubber to the manufacture and supply of high quality Centrifuged Latex

Engaged as supplier of Rubber Sheet to Michelin, Good Year, MRF, CEAT and Apollo.

 

Subject product ranges includes:

Thick / Thin Pale Crepe

Brown Crepe

Skim Crepe

Sole Crepe

Centrifuged Latex 60% DRC

Ribbon Smoked Sheets

Other Specialize Products

 

 

No of Employees :

Not Available

 

[NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 glance

 

Name of Subject of Inquiry

:

ALMAR TRADING COMPANY (PVT) LTD

Also known as

:

ALMAR TRADING CO. (PTE)LTD.

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

Managing Director

 :

A. Buddhini Weerasinghe (Ms)

Primary Line of Business

:

Engaged as supplier of Rubber & Rubber Proofed Sheet & Fabrics.

Engaged as exporter of Sheet Rubber to the manufacture and supply of high quality Centrifuged Latex

Engaged as supplier of Rubber Sheet to Michelin, Good Year, MRF, CEAT and Apollo.

Head Office

:

 

# 143/ 17, Sri Wickrama Mawatha,

Colombo-15,

Sri Lanka

 

Tel: (00 94 11) 254 6281 – 3 / 252 7530

Fax: (00 94 11) 534 4100

 

Email: almarub@sltnet.lk

             almarco@slt.lk

 

No. of Employees

:

-Not Disclosed-

 

 

Company details

 

Registration & Shareholder Details

Registration No

:

N (PVS) 12165

Date of Registration

:

16th December 1993

Re-registration No

:

PV 1700

Date of Re-registration

:

31st December 2007

Registered Office

:

# 143/ 17, Sri Wickrama Mawatha, Colombo-15

Board of Directors

As at

14th October 2014

:

Aurasie  Buddhini Weerasinghe

Managing Director

Asanga Viswajith Weerasinghe

Director

Avindra Manisha Weerasinghe

Director

Amanda Lalindra Weerasinghe

Director

Issued  Share Capital

:

Rs. 125,000,000.00

Number of Shares

:

12,500,000

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007            

Share Holders

As at

14th October 2014

:

Share Holders

No. of    Shares

AshaneeNilindra De Mel

 3,125,000

Amanda Lalindra Weerasinghe

 3,125,000

Asanga Viswajith  Weerasinghe

 3,125,000

Avindra Manisha  Weerasinghe

 3,125,000

Auditors

:

Ernst & Young

# 201. De Saram Place, Colombo 10

Company Secretaries

:

Co-Serv (Pvt) Ltd

# 78, Rosmead Place, Colombo 07

Bankers

:

National Development Bank, Seylan Bank, Sampath Bank, Nation Trust Bank, Commercial Bank

 

 

Directors’ Details

 

01)

Name

A. Buddhini Weerasinghe

ID Number

347071978 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

25th July 1934

Age

80 Years

Address

# 34/3A, Bullers Lane, Colombo 07

 

02)

Name

A. Viswajith Weerasinghe

ID Number

572062279 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

24th July 1957

Age

57 Years

Address

# 34/3A, Bullers Lane, Colombo 07

 

03)

Name

A. Manisha Weerasinghe

ID Number

613620184 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th December 1961

Age

53 Years

Address

# 42/56, Kandewatta Road, Battaramulla

 

04)

Name

A. Lalindra Weerasinghe

ID Number

631060420 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th April 1963

Age

51  Years

Address

# 42/5C, 4th Lane, Kandewatta Road, Battaramulla

 

 

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 ALMAR TRADING COMPANY (PVT) LTD is a Private    Limited   Liability Company incorporated on 16th December 1993 under registration number N (PVS) 12165 and then the company was re-registered on 31st December 2007 under registration number PV 1700

 

·         Location.

The Subject Company is located at the client # 143/ 17, Sri Wickrama

Mawatha, Colombo-15.

 

about_us

 

·         Operational Details.

 

General

Engaged as supplier of Rubber & Rubber Proofed Sheet & Fabrics.

Engaged as exporter of Sheet Rubber to the manufacture and supply of high quality Centrifuged Latex

Engaged as supplier of Rubber Sheet to Michelin, Good Year, MRF, CEAT and Apollo.

 

Products

o    Thick / Thin Pale Crepe

o    Brown Crepe

o    Skim Crepe

o    Sole Crepe

o    Centrifuged Latex 60% DRC

o    Ribbon Smoked Sheets

o    Other Specialize Products

 

Export Country

USA, Japan, Italy, Spain, China, Turkey, UK, Germany, France, Spain, Pakistan, Kenya, Netherlands, India, Brazil, South Africa, Rumania, Taiwan, Hong Kong

 

No of Employees

                  -Not Disclosed-

               

·         Trade references

                    The subject company did not provide any trade references

 

·         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.

 

 

ANALYSIS

 

Appraisal of Subject Company

Rating:

a) Management Capability

Average

b) Commercial Morality

Average

c) Reputation

Average

d) Market Situation

Very Competitive

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.26

UK Pound

1

Rs.92.49

Euro

1

Rs.66.99

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 

 

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.