MIRA INFORM REPORT

 

 

Report No. :

309605

Report Date :

07.03.2015

 

IDENTIFICATION DETAILS

 

Name :

ASHOK STEEL INDUSTIES (PVT) LTD

 

 

Registered Office :

8th Floor,IBM Building, # 48, Nawam Mawatha,Colombo 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

25.06.2001

 

 

Com. Reg. No.:

PV 19282

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importers & Dealers of Hardware Items

 

 

No. of Employee :

180

 

 

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

     

Name of Subject of Inquiry

:

ASHOK STEEL INDUSTIES (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Ashok Agarwal

Primary Line of Business

:

Importers & Dealers of Hardware Items

Head office

&

Place of Business

 

:

 

8th Floor,IBM Building,

# 48, Nawam Mawatha,

Colombo 02,

Sri Lanka.

 

Location : Owned

 

Tel. No: (00 94 11) 7388940 / (0009411) 2454470/2314970

Fax No: (00 94 11) 245 4470 / 231 4970

 

Email: ashoksteelipl@sltnet.lk

 

No. 237/4, Hekitta Road, Wattala, Sri lanka

 

No. of Employees

:

180

Trading Terms

:

Purchasing Terms :

 

Cash

 

Sales Terms :

 

Cash and Cheque

 

Type of Customers

:

Wholesaler, Retailer and End User

           

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

Registration No

:

N(PVS) 28684            

Date of Registration

 

25th June 2001

Re-registration No

:

 PV 19282

Date of Re-registration

 

02nd September 2010

Registered Office

:

8th Floor,IBM Building, # 48, Nawam Mawatha,Colombo 02, Sri Lanka.

Board of Directors

As at

30th June 2014

:

Ashok Agarwal

Managing Director

Anita Agarwal (Ms)

Director

Mutcheli Sai Anantha Rama Krishna

Director

Ajay Agarwal

Director

Shreyans Agarwal

Director

Issued Share Capital

:

Rs.    52,501,000.00              

Number Of Shares

 

          5,250,100

Nominal Value of Share

:

       

 

Share Holders

As at

30th June 2014

:

Share Holders

No. of

Shares

A M L Steel Ltd (Incorporated in India)

5,250,000

Ashok Agarwal

100

Auditors

:

Shaffy M Jiffry & Company, Maradana Road, Colombo 10

Company Secretaries

:

Integrated Management Systems (Pvt) Ltd, No 291/2, Havelock Road, (Edward Lane), Colombo 6

Bankers

:

State Bank of India

(Address : Colombo Branch, Sri Lanka)

 

 

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 ASHOK STEEL INDUSTIES (PVT) LTD is a Private    Limited   liability Company incorporated on 25th June 2001 under registration number N(PVS) 28684 and then the company was re-registered on 02nd September 2010 under registration number PV 19282. It is a subsidiary company of A M L Steel Ltd, India.

 

·         Location.

 

                  The Subject Company is located at client 8th Floor, IBM Building, # 48,  

                  Nawam Mawatha,Colombo 02.

 

·         Operational Details.

 

General

            The subject company primary line of business is Import & Selling of Hardware Items.

 

            Products

Ribbed Steel, MS Rod, Flat bar

 

Importing Country

China, India

 

Employees

                  180 (Approximately)

 

·         Directors Details

 

         01)

Name

Ashok Agarwal

PP Number

E 8564771

Nationality

Indian

Address

8th Floor,IBM Building, # 48, Nawam Mawatha,Colombo 02, Sri Lanka.

         02)

Name

Anita Agarwal

PP Number

A 8165760

Nationality

Indian

Address

8th Floor,IBM Building, # 48, Nawam Mawatha,Colombo 02, Sri Lanka.

 

         03)

Name

Mutcheli Sai Anantha Rama Krishna

PP Number

B 5661745

Nationality

Indian

Address

8th Floor,IBM Building, # 48, Nawam Mawatha,Colombo 02, Sri Lanka.

 

 

         04)

Name

Ajay Agarwal

PP Number

J 3726277

Nationality

Indian

Address

8th Floor,IBM Building, # 48, Nawam Mawatha,Colombo 02, Sri Lanka.

 

         05)

Name

Shreyans Agarwal

PP Number

F 8357669

Nationality

Indian

Address

8th Floor,IBM Building, # 48, Nawam Mawatha,Colombo 02, Sri Lanka.

 

 

·         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 PARTED BY

 

Name :

Mr. Kamal

Designation :

Accountant

Contact No.:

0009411-7388940

Date :

27.02.2015

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.94.71

Euro

1

Rs.68.60

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

 

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%)

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.