MIRA INFORM REPORT

Report No. :	308689
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	BOPITIYA AUTO ENTERPRISES

Registered Office :	# 668, Nugape, Pamunugama.

Country :	Sri Lanka

Date of Incorporation :	1981

Com. Reg. No.:	W 13533

Legal Form :	Proprietorship Company (In Operation)

Line of Business :	Manufacture & distributors of motor spare parts.

No. of Employee :	100

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Sri Lanka

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 a glance

a.	Name of Subject of Inquiry	:	BOPITIYA AUTO ENTERPRISES
b.	Legal Form & Status	:	Proprietorship Company (In Operation)
c.	Proprietor	:	B.K. Jude Rodrigo
d.	Primary Line of Business	:	Manufacture & distributors of motor spare parts.
e.	Place of Business & Factory	:	# 668, Nugape, Pamunugama. Sri Lanka. Tel. No: (00 94 11) 483 0541, 483 1535, 483 0074 Fax No: (00 94 11) 534 3867 E-mail: info@bopitiyaauto.com
f.	No. of Employees	:	Approximately 100

COMPANY DETAILS

- Registration and Shareholder Details

Registration No

W 13533

Date of Registration

1981

Registered Office

# 668, Nugape, Pamunugama. Sri Lanka

Auditors

Rajeev Gayatilake and Company

Company Secretaries

-Not Applicable for this category of companies

Bankers

· Bank of Ceylon

· Peoples Bank

· Hatton Bank

· Commercial Bank

Trading Terms

Selling :	Cash and Credit
Purchasing :	Cash and Credit

Type of Customer

Wholesalers

Customers

Auto Spare Company, Colombo

Suppliers

Loyyed Steel, Colombo

Capital

Rs. 10.000 Millions (Owned)

Sales Turnover

2012-2013 Rs.10 Crs (LKR)

2013-14 Rs. 11.5 Crs (LKR)

Expectation

2014-2015 Rs. 12 Crs (LKR)

FINANCIAL DETAILS

- Most recent available Financial Information

The company has declined to provide detailed information on its finances

However, It should be noted that the particular industry/trade segment the company is involved has very good growth potential and as such it can be expected for the company to expect fair growth in income.

Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability/Partnerships/Proprietorships 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 BOPITIYA AUTO ENTERPRISES is a proprietorship Company.

Note: The Proprietorship/ Partnership companies are being registered at the Provincial Registrar of Companies and when the owner does not provide the registration details it is not possible to extract such details from the Registrar’s office as it is not computerised and the are maintained in a disorderly manner. Therefore, it is essential that we be provided with the Registration number of the subject to access the file physically to examine details.

Location.

The Subject Company is located at the client # 668, Nugape, Pamunugama, an area in the Gampaha District, approx. 25 kilo meters north of Colombo city. The premise is consisted of the office and the workshop/factory, which is well maintained.

Ofice & factory

Operations Details.

General

The subject company’s primary line of business is manufacture and distribution of motor and tractor spare parts for Japanese and Indian models. Subject states that these are for local distribution and also export to other countries including India and Bangladesh.

Products

Bronze Bushes, U-Bolts, Centre Bolts, Rubber Auto Parts, Mounts, Nylon Co-Polymer Bush, Shackle Bracket, Spring Pin, Bolts & Nuts etc. as per specific requirements for all brands of motor vehicles such as Nissan, Toyota, Isuzu , Mitsubishi, Mazda etc.

Import Country

Machinery imported from India & China.

Export Country

Motor Spare Parts, Steel Bars

India, Bangladesh

No of Employees

Approximately 100

General Comments

When we contacted the subject company provided details. It is said to be following 5S code of ethics. The workplace which consists of heavy machinery, furnace and lathe etc is well maintained. Office is computerised.

Trade references

Subject is a member of Lanka Motor Spare Parts Dealers Association and is known to motor car owners.

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 parted by

Name :	Mr. B.K. Jude Rodrigo
Designation :	Proprietor
Contact No.:	750523741
Date :	20.02.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Analysis Done by :	HNA

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%)

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