MIRA INFORM REPORT

 

 

Report No. :

326165

Report Date :

16.06.2015

 

IDENTIFICATION DETAILS

 

Name :

M &A AUTO TRADERS (PVT) LTD

 

 

Registered Office :

# 155 /35, Dolalanda Garden, Thalawathugoda,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

28.07.2010

 

 

Com. Reg. No.:

PV 73445

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importers and Distribution of Motor Spare Parts.

 

 

No. of Employees :

Approximately 15

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

:

M &A AUTO TRADERS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Managing Director

:

K. D. Ananda Weerasinghe

d.

Primary Line of Business

:

Importers and Distribution Motor Spare Parts

e.

Place of Business

:

 

# 155 /35, Dolalanda Garden,

Thalawathugoda,

Sri Lanka.

 

Tel. No: (00 94 11) 279 6810 / 436 0740

Fax No: (00 94 11) 279 6808

 

E-mail: mandajaya@sltnet.lk

 

g.

No. of Employees

:

Approximately 15

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

PV 73445

b.

Date of Registration

:

28th  July 2010

c.

Registered Office

:

# 155 /35, Dolaland Garden, Thalawathgugoda.

d.

Board of Directors

As At

06th November 2014

:

K. D. Ananda Weerasinghe

Managing Director

P. D. Augustus Mohan Gilbert

    Director

Jayasiri Andaraweera

     Director

e.

Issued Share Capital

:

Rs.       1,000.00

No. of Shares

 

100

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

 

Share Holders

As At

06th November 2014

:

 

No. of

Shares

P. D. Augustus Mohan Gilbert

50

K. D. Ananda Weerasinghe

50

h.

Auditors

:

Nusith Kumaratunga And Company

(# 108/3, 1/1, Stanley Thilakaratna Mawatha, Nugegoda)

i.

Company Secretaries

:

Business Solution And Secretaries (Pvt) Ltd

(# 269A, Araliya Uyana, Hokandara Road)

j.

Bankers

:

Commercial Bank, HNB, Union Bank

k.

Trading Terms

:

Purchasing Terms: Cash and Cheque

Sales Terms: Cash and Cheque

 

l.

Type of customers

:

Retailers and End Users

 

 

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 is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION

 

New Picture (1)

 Company Logo

 

·         History.

 

The Subject Company is M & A AUTO TRADERS (PVT) LTD is a Private Limited Liability Company incorporated on 28th July 2010 under registration number PV 65262.

 

·         Location.

 

                  The Subject Company is located at # 155 /35, Dolalanda Garden, Thalawathugoda. The client given address # 939 /H / 2 New Parliament Road Pelawatta, Battaramulla Is Subject company Previous Business Place.

 

·         Operational Details.

 

General

The subject company primary line of business is Import and Distribution Motor Spare Parts.  

 

Products

                  Piston & Rings, Connection Rods, Shock Absorbers, Auto Horn, Motor Spare Parts

 

Brands

GOETZE, MACO, ARMSTRONG, ESCORTS, GRAVITY, MARUTI SUZUKI        

        

Import Countries

India, China

 

No of Employees

                  Approximately 15

 

·         Director’s Details

 

01)

Name

P. D. Augustus Mohan Gilbert

ID Number

681080147 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th April 1968

Age

47 Years

Address

# 392, Serpentine Road, Colombo 08

 

 

02)

Name

K. D. Ananda Weerasinghe

ID Number

570812530 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

21st March 1957

Age

58 Years

Address

# 6/16, Thalapathpitiya Road, Colombo 08

 

03)

Name

Jayasiri Andaraweera

ID Number

661931604 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th July 1966

Age

49 Years

Address

# 315, Wilfred Mawatha, Singharamulla, Kelaniya

 

·         Trade references

                  The subject company provided the following trade references:

 

 

·         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 (General Details)

 

Name :

Ms. Amila

Designation :

Accountant

Contact No.:

0094112796810

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.09

UK Pound

1

Rs.99.57

Euro

1

Rs.71.84

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

RAS

 

 

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%)

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