MIRA INFORM REPORT

 

 

Report No. :

356481

Report Date :

29.12.2015

 

IDENTIFICATION DETAILS

 

Name :

K A G ASSOCIATES (PVT) LIMITED

 

 

Registered Office :

# 10A, D.W. Rupasinghe Mawatha, Nugegoda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

03.09.1980

 

 

Com. Reg. No.:

PV 1694

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Wholesalers, Trading, Importing and Distribution of Motor Cycle Parts, Three Wheeler Spare Parts.

 

 

No. of Employees :

60 Approximately

 

 

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

:

K A G ASSOCIATES (PVT) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

K.A. Gamini Jayatilaka

d.

Primary Line of Business

:

Wholesalers, Trading, Importing and Distribution of Motor Cycle Parts, Three Wheeler Spare Parts.

e.

Group Head Office

:

# 918, Maradana Road,

Colombo 08.

Sri Lanka

 

Tel. No: (00 94 11) 267 3380- 83, 269 7675, 474 0658

Fax No: (00 94 11) 267 3382, 281 1052

Email: info@kagassociates.com, kagaltd@gmail.com

g.

No. of Employees

:

60 Approximately

 

 

 

 

 

 

 

 

 

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

 

a.

Registration No

:

PVS 6816

Date of Registration

:

03td September 1980

b.

Registration No

:

PV 1694

Date of Registration

:

31st December 2007

c.

Registered Address/ Warehouse

:

# 10A, D.W. Rupasinghe Mawatha, Nugegoda.

d.

Board of Directors

As At

14th October 2015

:

K.A. Gamini Jayatilaka

Managing Director

D. Senani Jayatilaka (Ms)

Director

K.A. Chandri Jayatilaka (Ms)

Director

e.

Issued Share Capital

:

Rs.16,200,000.00

 

Issued Shares

:

1,620,000

 

f.

Nominal Value of Share

:

Not Stated vide Companies Act #7 of 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g.

Share Holders

As At

14th December 2015

:

  Share Holders

No. Of

Shares

K.A. Gamini Jayatilaka

1,080,000

D. Senani Jayatilaka (Ms)

540,000

h.

Company Secretaries

:

Corporate Management (Pvt) ltd, Vision House, #52, Galle Road, Col, 04.

i.

Auditors

:

A and S Associates, #52, Galle Road, Colombo 04.

j.

Bankers

:

Seylan Bank Limited, Sri Lanka

Commercial Bank Limited, Sri Lanka 

Peoples Bank,

 

k.

Importers

:

Country : India, China, Singapore, Taiwan

 

 

 

 

 

 

 

 

 

 

 

Directors’ Details

 

01)

Name

K.A. Gamini Jayatilaka

ID Number

532360226V

Nationality

Sri Lankan

Gender

Male

Date of Birth

10th August 1953

Age

62 Years

Address

# 10A, D.W. Rupasinghe Mawatha, Nugegoda.

 

2)

Name

Dishanthi Senani Jayatilaka

ID Number

615470244V

Nationality

Sri Lankan

Gender

Female

Date of Birth

16th February1961

Age

 54 Years

Address

# 10A, D.W. Rupasinghe Mawatha, Nugegoda.

 

 

3)

Name

K.A. Chandri Jayatilaka

ID Number

887323267V

Nationality

Sri Lankan

Gender

Female

Date of Birth

19th August  1988

Age

 27 Years

Address

# 10A, D.W. Rupasinghe Mawatha, Nugegoda.

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

 

The company has declined to provide information on its finances due to security reasons.

 

However, it should be taken in to consideration that the particular industry/trading segment the    Company involved has a very good growth potential and as such it can be expected for the  Company to have good income prospects.

                                                                                                                                                                       

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 K A G ASSOCIATES (PVT) LIMITED is a Private Limited liability Company incorporated in 03rd September 1980 under registration number PVS 6816 and then the company was re-registered on 31st December 2007 under registration number PV 16938.

 

The subject company is a family business venture.

 

·         Location.

 

               The Subject Company is located at the client 918, Maradana Road,

                  Colombo 08.

 

Operational Details.

 

General

                  The subject company primary line of business is Import and distribution of motor cycle parts.

 

The company specializes in supplying the totality of motor cycle parts sourced from all over Asia for all types of motor cycles. Company states that within Sri Lanka, the distribution is carried out by a fleet of vehicles and a network of over 700 dealers.

 

Products

The company specializes in supplying the totality of motor cycle parts sourced from all over Asia for all types of motor cycles.

 

Brands

ROLON, ROBIN, GABRIEL, VARROC, MAKINO, SAM, PAVNA, RECCO, OOH/MISUBA OKO/NST, BTX, PUMA STATR etc.

 

 

Imports Countries

India, China, Japan, Singapore, Taiwan, Thailand, South Korea etc

 

No of Employees

                  60 Approximately

 

                             

·         Trade references

 

Not disclosed

 

 

·         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.

 

 

INFORMATION PARTED BY (General Details)

 

Name :

Mr. K.A. Gamini Jayatilaka

Designation :

Dircetor

Contact No.:

(00 94 11) 267 3380

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.14

UK Pound

1

Rs.98.69

Euro

1

Rs.72.55

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 :

TRI

 

 

Report Prepared by :

NIT

 

 

               


 

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.