MIRA INFORM REPORT

 

 

Report No. :

352383

Report Date :

07.12.2015

 

IDENTIFICATION DETAILS

 

Name :

NAVAM LANKA LTD

 

 

Registered Office :

Plot # 27 “A” MEPZ, Mirigama export Prosessimg Zone, Mirigama

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

24.02.2000

 

 

Com. Reg. No.:

N (PBS) 871

 

 

Legal Form :

Public Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacture , Export & Import of Refined Copper & Lead Alloys

 

 

No. of Employees :

Not Available

 

 

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 – 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

:

 

NAVAM LANKA LTD

 

b.

Legal Form  & Status

:

Public Limited Liability Company  (In Operation)

c.

Managing Director

:

Agrawal Rajat

d.

Primary Line of Business

:

Manufacture , Export & Import of Refined Copper & Lead Alloys

e.

 

Place of Business

 

:

Plot # 27 “A” MEPZ,

Mirigama export Prosessimg Zone,

Mirigama,

Sri Lanka

 

 

Tel. No: (00 94 33)  227 5394

Fax No: (00 94 33)  227 5395

 Mob No : 0777 414880

 

Email –sales@navamlanka.com

f.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PBS)  871

Date of Registration

:

24th February 2000

b.

Re-registration No

:

PB 470

Date of Re-registration

:

01st  August 2008

c.

Registered Office

:

Plot 27 “A” MEPZ , Mirigama Export Processing

d.

Board of Directors

As At

30th July 2015

:

Agrawal Rajat  ( India )

Managing Director

Tanwar Vijender   Singh ( India )

Director

Suranna Rajeev  (India)

Director

e.

Issued Share Capital

:

Rs.   89,634,400.00

Number of Shares

:

896,344

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007           

 

 

Registration and Shareholder Details

 

g.

 

Share Holders

As At

30th July 2015

:

Share Holders

No. of

Shares

Agrawal Ramesh

127,622

Maheshwari Ved Prakash

     56,066

Sunita Maheshwari 

     22,440

Mukesh Maheshwari

     56,066

Mittal Asha

     78,403

Somani Pushpa Devi

     56,066

 Somani Mahesh

     33,619

Gravita  Netherland BV

(Netherland)

    466,062

h.

Auditors

:

Ponnamperuma and Company

# 241, 1st Floor, Havelock Road, Colombo 06

i.

Company Secretaries

:

Esjay Corporate Services (Pvt) Ltd

Level 04, # 2, Castle Lane, Colombo 04

k.

Bankers

:

Not Disclosed

 

 

Director’s Details

 

01)

Name

Agrawal Rajat

Passport No

Z 2532528

Nationality

India

 

 

02)

Name

Tanwar Vijender Singh

Passport No

Z 1996255

Nationality

India

 

 

03)

Name

Surana Rajeev

ID Number

Z 1996354

Nationality

India

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

For the year ended 31st March

 

                                                                                   

 

2015

Rs.

2014

Rs.

A

Revenue

:

1,254,792,711

1,313,821,409

B

 Cost of Sales

:

(1,058,759,657)

(1182,139,112)

C

 Gross Profit

:

196,033,054

131,682,297

D

Other Income

:

902,280

2,720,887

E

Administration Expenses

:

(28,605,499)

(79,520,271)

E

Finance Expenses

:

(9,916,953)

(15,110,453)

F

Selling & Distribution Expenses

:

(12,132,957)

(13,208,456)

I

Net Profit / (Loss) before Tax

:

146,279,925

26,564,005

J

Taxation

:

(16,732,288)

(9,597,429)

 

Net Profit / (Loss) After Tax:

:

129,547,637

16,966,576

 

 

FINANCIAL DETAILS - Most recent available Financial Information (Cont/d….)

 

As at 31st March                                                                                                                                                         

 

 

2015

Rs.

2014

Rs.

a)

Non-current Assets

:

76,522,034

80,610,129

b)

Current Assets

:

273,171,713

274,742,182

c)

Non Current Liabilities

:

3,870,529

3,448,840

d)

Current Liabilities

:

15,797,531

151,425,421

e)

Total Liabilities

:

19,668,060

154,874,261

f)

Total Assets

:

349,693,746

355,352,309

g)

 

Net Worth

 

:

330,025,686

200,478,048

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

The Subject Company NAVAM LANKA LTD is a Public Limited Liability Company incorporated on 24th February 2000 under registration number N (PBS) 871 and then the company was re-registered on 01st August 2008 under registration number PB 470.

 

·         Location.

 

               The Subject Company is located at client Plot 27 ‘A” MEPZ, Mirigama 

               Export Processing Zone, Mirigama. It is 35 km away from the Bandaranayake International  

               Airport and 55 km Away from the seaport of Colombo

.

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacture, Export & Import of Refined Copper & Lead Alloys.

                  The subject company has earned certified by ISO 14001:2004, ISO 9001:2000.

 

                  Import Products

                  Battery Plate Scrap

                  Lead Scrap

                  Lead Ash

                  Lead Residues

                  Lead Ore

 

                  Export Products

                  Pure Lead

                  Lead Alloys

                  Polypropylene Chips

                  Remelted Lead Ingots / Blocks

 

Country

                  India

 

No of Employees

Not Disclosed

 

 

·         Trade references

 

Board of Investment

 

 

·         Credit Recommendations

 

  No computerized 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 DECLINED BY

 

Name :

Mr. Krishan

Designation :

Accounts Department

Contact No.:

009433-2275394

Date :

04.12.2015

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.84

UK Pound

1

Rs.101.04

Euro

1

Rs.73.05

LKR

1

Rs.0.46

 

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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.