MIRA INFORM REPORT

 

Report No. :

346260.2

Report Date :

03.12.2015

 

IDENTIFICATION DETAILS

 

Name :

FREE LANKA GRANITE (PVT) LTD

 

 

Registered Office :

# 48A, Ward Place Colombo 07,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

08.04.1999

 

 

Com. Reg. No.:

PV 13117

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturing, selling, exporting granite tiles and contract lying of granite tiles exporting blocks and selling of marble, minerals, metal.

 

 

No. of Employee :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 government's 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, but low tax revenues remain a 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

:

FREE LANKA GRANITE (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Geoffrey Joseph Aloysius

d.

Primary Line of Business

:

Manufacturing, selling, exporting granite tiles and contract laying of granite tiles Exporting blocks and selling of marble, minerals, metal

e.

Place of Business

 

:

 

# 48A, Ward Place

Colombo 07,

Sri Lanka.

         

Tel: (00 94 11) 494 4637

 

f.

No. of Employees

:

Not Disclosed

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 23445

Date of Registration

:

08th April 1999

b.

Re-registration No

 

PV 13117

Date of re-registration

 

04th May 2009

c.

Registered Office

:

# 48A, Ward Place, Colombo 07

d.

Board of Directors

As at

20th February 2015

 

:

Geoffrey Joseph Aloysius

Managing Director

W. Kithsiri Mevan Fernando

Director

Godfrey Anton Aloysius

Director

f.

Issued Share Capital

:

Rs. 20.00

g.

No. of Shares

:

02

h.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007            

i.

 

Share Holders

As At

20th February 2015

 

 

:

Share Holders

No. Of Shares

Kattar Aloysius

                     01

Geoffrey Joseph Aloysius

                     01

j.

Auditors

:

SJMS Associates

# 02, Castle Lane, Colombo 04

k.

Company Secretaries

:

Accounting Systems Secretarial Services (Pvt) Ltd

Level 03, # 11, Castle Lane, Colombo 04

l.

Bankers

:

Seylan Bank, People’s Bank

FINANCIAL DETAILS

 

Most recent available Financial Information

                                                                       

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 financials are available for this entity

 

 

Current investigation

 

History

 

The Subject Company FREE LANKA GRANITE (PVT) LTD is a Private    Limited   liability Company incorporated on 08th April 1999 under the registration number N (PVS) 23445 and then the company has been re-registered on 04th May 2009 under the registration number PV 13117

 

Location.

The subject company is located at client # 48A, Ward Place,

Colombo 07

 

Operational Details.

 

General

The subject company primary line of business is Manufacturing, selling, exporting granite tiles and contract lying of granite tiles Exporting blocks and selling of marble, minerals, metal.

           

Products

Granite, Marble, Minerals

 

Countrys

India, China, Egypt

 

Employees

Not Disclosed

 

 

Director Details

 

01)

Name

Geoffrey Joseph Aloysius

ID Number

582552398 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th September 1958

Age

57 Years

Address

# 07, Queens Avenue, Colombo 03

 

 

02)

Name

W. Kithsiri Mevan Fernando

ID Number

603435109 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

08th December 1960

Age

54 Years

Address

# 14/2, Rawathawatte Road, Moratuwa

 

 

03)

Name

Godfrey Anton Aloysius

ID Number

722833635 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

09th October 1972

Age

43 Years

Address

# 02, 6th Lane, Colombo 03

 

 

Trade references

Sri Lanka Granite Exporter’s Association

 

 

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 denied

 

MANAGEMENT NON CO-OPERATIVE

 

TEL NO.: (009411)4944637

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.62

UK Pound

1

Rs.100.34

Euro

1

Rs.70.67

LKR

1

Rs.0.47

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

Analysis Done by :

KIN

 

 

Report Prepared by :

TRU

 

 

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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