MIRA INFORM REPORT

 

 

Report No. :

310522

Report Date :

19.03.2015

 

IDENTIFICATION DETAILS

 

Name :

CHAMATHKARA HOLDINGS (PVT) LIMITED

 

 

Registered Office :

# 400, High Level Road, Maharagama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

18.02.2013

 

 

Com. Reg. No.:

PV 91113

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Engaged in providing Travel & logistics Services

 

[NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

 

 

No of Employees :

Not Available

 

[NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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

:

CHAMATHKARA HOLDINGS (PVT) LIMITED

 

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

Managing Director

 :

M.G. Neville Fillitian Perera

Primary Line of Business

:

Engaged in providing Travel & logistics Services

Head Office &

Place of Business

:

 

#30/64, Longdon Place,

Colombo 07.

Sri Lanka

 

Tele/Fax No:  (00 94 11) 438 3983-7

 

 

No. of  Employees

:

Not Disclosed

 

           

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

PV 91113

Registration Date

:

18th February, 2013

Registered Address

:

# 400, High Level Road, Maharagama

Board of Directors

As At

31st December 2013

:

M.G. Neville Fillitian Perera

Managing

Director

H. Manjula Prasanna de Silva

    Director

D.P. Jayalath Krishan Peiris

    Director

Issued Share Capital

:

Rs.  10.00

Issued Shares

:

01 

Nominal Value of Share

:

Not disclosed/declared vide companies Act#7 of 2007                             

Share Holders

As At

31st December 2013

 

 

                       Share Holders

No. of Shares

D.P. Jayalath Krishan Peiris

01

Auditors

:

Kalyananda de Silva & Company, # 400, High Level Road, Maharagama

Company Secretaries

:

Alliance Management System (Pvt) Ltd, #241, High Level Road, Navinna, Maharagama.

Bankers

:

-Not Disclosed-

 

 

Directors’ Details

 

1)

Name

Meegama Gamaralalage Neville Fillitian Perera

ID Number

550582430V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th February1955

Age

60 Years

Address

# 25, Dhammadaja Mawatha, Horethuduwa, Keselwatte.

 

2)

Name

Heetiyanmullage  Manjula Prasanna de Silva

ID Number

762492580V

Nationality

Sri Lankan

Gender

Male

Date of Birth

05th September 1976

Age

38 Years

Address

#51, Wattegedera Road, Maharagama

 

3)

Name

Dombagaha P.athirage Jayalath Krishan Peiris

ID Number

640610344V

Nationality

Sri Lankan

Gender

Male

Date of Birth

01st March 1964

Age

51 Years

Address

#499/1/J, Gonahena, Kadawatha

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

Mr. Fellician Perera MD of the company has declined to provide information, without the identity of the end user of the enquiry.

 

 

(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.

The Subject Company CHAMATHKARA HOLDINGS (PVT) LIMITED is a Private Limited Liability Company incorporated under the registration number PV 91112 on 18th February, 2013.

 

Location.

The Subject Company is located at the client # #30/64, Longdon Place, Colombo 07, which is highly residential area.


Operations Details.

 

General

The subject company’s primary line of business is Travel & Logistics. The subject is a newly formed company and it is not listed in travel and/or telephone directories.

 

When the MD of the company was contacted by our investigator at the promise and also on phone, they declined to provide company’s operational details or the services provided by the company, which is a general requirements of a travel or Logistics Company, we have doubts about their performances. This may be that the company is still in the preliminary stages.

 

Product/Services

Travel & Logistics, No details available

 

No of Employees

Not Disclosed

 

Countries served

Not disclosed

       

Trade references

The subject company did not provide any 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.

 

 

ANALYSIS & RATING

Appraisal of Subject Company

 

Rating:

a) Market Situation

Very Competitive

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.67

UK Pound

1

Rs.92.46

Euro

1

Rs.66.34

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MNL

 

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.