MIRA INFORM REPORT

 

 

 

 

Report No. :

333589

Report Date :

31.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SAMAYAWARDHANA BOOKSHOP (PVT) LTD

 

 

Registered Office :

# 61, Van Hikkaduwa Sri Sumangala Nahimi Mawatha, (Maligakanda Road), Colombo 10.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.02.2000

 

 

Com. Reg. No.:

PV 2879

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Printers, Publishers, Import & Distribution of Books

 

 

No. of Employees :

Approximately 30

 

 

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

:

SAMAYAWARDHANA BOOKSHOP (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Managing Director

:

Dinushi Ruwanga Abeywickrama Weeraman

d.

Primary Line of Business

:

Printers, Publishers, Import & Distribution of Books

e.

Place of Business

:

#61-63, Ven Hikkaduwa Sri Sumangala Nahimi Mawatha,

Colombo 10,

Sri Lanka.

 

Tel. No: (00 94 11) 267 7539

Fax No: (00 94 11) 269 8977

 

Email: samayabooks@sltnet.lk

 

g.

No. of Employees

:

Approximately 30

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 25455

b.

Date of Registration

:

22nd February 2000

c.

Re-Registration No

:

PV 2879

d.

Date of Re-Registration

:

18th March 2008

c.

Registered Address

:

# 61, Van Hikkaduwa Sri Sumangala Nahimi Mawatha, (Maligakanda Road), Colombo 10.

d.

Board of Directors

As At

31st December 2014

:

Dinushi Ruwanga Abeywickrama Weeraman

Managing

Director

Ariyadasa Abeywickrama Weeraman

  Director

Indra Premalatha Weeraman

  Director

e.

Issued Share Capital

:

Rs. 30.00

Issued Shares

:

       03

f.

Nominal Value of Share

:

Not declared/stated vide Companies Act #7 of 2007

g.

 

 Share Holders

As At

31st December 2014

:

Share Holders

No. of

Shares

Dinushi Ruwanga Abeywickrama Weeraman

01

Ariyadasa Abeywickrama Weeraman

01

Indra Premalatha Weeraman

01

h.

Auditors

:

H T Pieris and Company

(321/A, Galle Road, Colombo 03)

i.

Company Secretaries

:

H T P Business Services (Pvt) Ltd

(3rd Floor, 2/5, Station Road, Colombo 03)

j.

Bankers

:

Not Disclosed.

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

The company has declined to provide information on its finances

                                                                       

(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity)

 

CURRENT INVESTIGATION

 

·         History.

 

130327030314samaya-logo_LT_S2

 

Company Logo

 

The Subject Company SAMAYAWARDHANA BOOKSHOP (PVT) LTD is a Private Limited Liability Company incorporated on 22nd February 2000 under registration number N (PVS) 25455 and then the company was re-registered on 18th March 2008 under re-registration number PV 2879.

 

·         Location.

 

                 The Subject Company is located at the client, #61-63 Van Hikkaduwa Sri Sumangala Nahimi Mawatha, (Maligakanda Road), Colombo 10.

 

·         Operational Details.

 

General

The subject company primary line of business is Printers, Publishers, Import & Distribution of Books.

 

Products

Books, Magazines & Stationery

                      

Import Countries

India.

 

No of Employees

                  Approximately 30

 

 

 

·         Directors’ Details

 

01)

Name

Dinushi Ruwanga Abeywickrama Weeraman

ID Number

748530592 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

18th December 1974

Age

41 Years

Address

# 06, Turnour Road, Colombo 08

 

02)

Name

Ariyadasa Abeywickrama Weeraman

ID Number

433661834 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st December 1943

Age

72 Years

Address

# 06, Turnour Road, Colombo 08

 

03)

Name

Indra Premalatha Weeraman

ID Number

457800118 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

06th October 1945

Age

70 Years

Address

# 06, Turnour Road, Colombo 08

 

 

INFORMATION DENIED

 

Management Non Co-Operative (Tel No.: 009411-2677539)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.01

UK Pound

1

Rs.99.83

Euro

1

Rs.70.07

 

INFORMATION DETAILS

 

Information Gathered By :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

               

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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