MIRA INFORM REPORT
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Report No. : |
355606 |
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Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MODERN HARDWARE CENTRE |
|
|
|
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Registered Office : |
# 43, Abdul
Jabbar Mawatha, Colombo-12 |
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|
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Country : |
Sri Lanka
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Date of Incorporation : |
1975 |
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Com. Reg. No.: |
W 448 |
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Legal Form : |
Partnership Company [In Operation] |
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Line of Business : |
Importers and Distributors of Hardware items |
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No. of Employees : |
Approximately 50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
|
a. |
Name of Subject
of Inquiry |
: |
MODERN HARDWARE
CENTRE |
|
b. |
Legal Form
& Status |
: |
Partnership Company (In Operation) |
|
c. |
Managing Partner |
: |
S. Shanmuganathan |
|
d. |
Primary Line of
Business |
: |
Importers and Distributors
of Hardware items |
|
e. |
Place
of Business |
: |
# 43, Abdul Jabbar Mawatha, Colombo-12, Sri Lanka. Tel.
No: (00 94 11) 243 9280 / 243 5468 /
243 6537 / 232 8614 Fax
No: (00 94 11) 243 1890 E-mail
: modern43@sltnet.lk; kumar@modernhardware.lk |
|
f. |
No.
of Employees |
: |
Approximately 50 |
GENERAL - Basic information at a glance
COMPANY
DETAILS - Registration and Shareholder
Details
|
a. |
Registration No |
: |
W 448 |
|
|
b. |
Year of Registration |
: |
1975 |
|
|
c. |
Registered Office |
: |
No.43, Abdul
Jabbar Mawatha, Colombo-12 |
|
|
d. |
Partners |
: |
S. Shanmuganathan |
Managing Partner |
|
S. Kumar |
Partner |
|||
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e. |
Auditors |
: |
Gajma &
Company |
|
|
f. |
Company Secretaries |
: |
Not Applicable for Partnership Companies |
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|
g. |
Bankers |
: |
Hatton National Bank, Sampath Bank |
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FINANCIAL
DETAILS - Most recent available Financial Information
The subject
company has declined to provide information on its finances without knowing the identity of the end user
of the enquiry
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
detailed financials are available for this entity
Current
investigation
·
History.
The Subject Company MODERN HARDWARE CENTRE is a partnership company incorporated in 1975 under registration number W 448 at the Provincial Registrar of Companies, Colombo.
Note:
The
Proprietorship/Partnership companies are being registered at the
Provincial
Registrar of
Companies and when the owner refuses to provide details such as
Registration
number, date of registration, auditors etc., it is not possible to obtain those
details from the
Registry.
·
Location.
The Subject
Company is located at the client # 43,
Abdul Jabbar Mawatha,
Colombo-12, a location where hardware merchants are
operating.
·
Operational
Details.
General 
The subject company primary
line of business is Importers and Distributors, stockists of Hardware Items
(Iron & steel)
Products
All kinds of
Iron& steel products such as MS Plates, H Iron, Channel Iron, Flat Iron, MS
Angles and MS/GI Pipes, Rods, Seamless SHD 40, SHD 80 , GI Wire, Bolts &
nuts etc.
Import Countries
India, Thailand, Korea,
Malaysia, Taiwan, UK, Europe and China
No of Employees
Approximately 50
·
General Comments
When the Subject Company was contacted they were polite in providing the
basic information given in this report, however they were reluctant to provide financial
information that would have been useful to enhance this report, without knowing
the identity of the end user of the enquiry.
·
Trade references
The subject company did not
provide any trade reference
·
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 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. Prashant |
|
Designation : |
Not Divulged |
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Contact No.: |
0009411-2436537 |
|
Date : |
19.12.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
LKR |
1 |
Rs.0.46 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
Gathered by : |
NYA |
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|
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Analysis Done by
: |
KAS |
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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 |
|
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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.