MIRA INFORM REPORT

 

 

Report No. :

330791

Report Date :

10.07.2015

 

IDENTIFICATION DETAILS

 

Name :

RATNE MOTORS (PVT) LTD

 

 

Registered Office :

# 252, Sri Sangaraja Mawatha, Colombo – 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

12.06.1989

 

 

Com. Reg. No.:

PV 11345

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Subject is Importers and Sales of Tractors spares and agricultural Implements.

 

 

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 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

:

 

RATNE MOTORS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Premasiri Seneviratne

d.

Primary Line of Business

:

Importers and Sales of Tractors spares and agricultural Implements.

e.

Head office

&

Place of Business

 

:

 

# 252, Sri Sangaraja Mawatha,

Colombo – 10,

Sri Lanka.

 

Tel. No: (00 94 11) 244 7468

Fax No: (00 94 11) 233 4472

 

Email:  ratnamotors@eureka.lk

 

 

f.

No. of Employees

:

Not disclosed

           

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

N(PVS) 5503                  

Date of Registration

 

12th June  1989

b.

Re-registration No

:

 PV 11345

Date of Re-registration

 

28th January 2009

c.

Registered Office

:

# 252 B, Sri Sangaraja Mawatha, Colombo - 10

d.

Board of Directors

As at

14th October 2014

:

Premasiri Seneviratne

Managing Director

Lilan Senaviratne

Director

Kamala Seneviratne (Mrs)

Director

e.

Issued Share Capital

:

Rs.   495,000.00              

Number of Shares

:

49,500

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

 

Share Holders

As at

14th October 2014

:

Share Holders

No. of

Shares

Kamala Seneviratne (Mrs)

4,500

Premasiri Seneviratne

45,000

h.

Auditors

:

 

BDO Partners

( # 65 / 2, Sir Chittampalam, A Gardiner Mawatha,

Colombo – 02 )

i.

Company Secretaries

:

 

BDO Secretaries (Pvt) Ltd

( # 65 / 2, Sir Chittampalam, A Gardiner Mawatha,

Colombo – 02 )

j.

Bankers

:

Seylan Bank, National Development Bank

 

 

Directors’ Details

 

         01)

Name

Kamala Seneviratne

ID Number

505033485 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

3rd January 1950

Age

65 Years

Address

252 B, Sri Sangaraja Mawatha, Colombo – 10.

 

         02)

Name

Lilan Senaviratne

ID Number

793093594 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

4th November 1979

Age

35 Years

Address

# 91, Pagoda Road, Nugegoda.

 

 

         03)

Name

Premasiri Seneviratne

ID Number

461120431 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

21st April 1946

Age

69 Years

Address

252 B, Sri Sangaraja Mawatha, Colombo – 10.

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                                   

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 RATNE MOTORS (PVT) LTD is a Private    Limited   liability Company incorporated in 12th June 1989 under registration No.N (PVS) 5503 and re-registered in terms of Companies Act #7 of 2007 on 28th January, 2009 under registration no. PV 11345.

 

 

·         Location.

 

                 The subject company is located at client # 252, Sri Sangaraja Mawatha,

                 Colombo – 10, Sri Lanka.

 

 

·         Operational Details.

 

General

 

            The subject company primary line of business is Importers and Sales of Tractors spares and agricultural Implements

 

 

            Products

                  Tractor Spare Parts, Agriculture Impiements             

 

Import Country

India, Pakistan

 

Employees

                  Not Disclosed

 

 

Trade references

 

The subject company did not provide any trade reference referrals

 

 

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 BY

 

Management non-cooperative (Tel. No. : 000941-1-2447468)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.51

UK Pound

1

Rs.97.85

Euro

1

Rs.70.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

 

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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