MIRA INFORM REPORT
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Report No. : |
320076 |
|
Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ELSTEEL (PVT) LTD |
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|
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Registered Office : |
Spur Road 2, Phase 1, Export Processing Zone, Katunayake |
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Country : |
Sri Lanka |
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Date of Incorporation : |
06.02.1981 |
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Com. Reg. No.: |
PV 2369 |
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Legal Form : |
Private Limited Liability Company (In Operation) |
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Line of Business : |
Manufactures, Exporters & distributors of, Sheet Steel enclosures for Switch Boards and Control Panels & Accessories. |
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No. of Employee : |
Approximately 450 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
: |
ELSTEEL
(PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private
Limited Liability Company (In Operation) |
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|
|
|
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|
c. |
Managing
Director |
: |
Mr.
L.E. Land Sperg Mr.
Feodora Landsperg Logstrup |
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|
|
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d. |
Primary Line of
Business |
: |
Manufactures,
Exporters & distributors of, Sheet Steel enclosures for Switch Boards and
Control Panels & Accessories |
|
|
|
|
|
|
e. |
Place of
Business & Factory |
: |
Spur
Road 2, Phase 1, Export
Processing Zone, Katunayake. Sri
Lanka Tel:
(00 94 11) 2 259 333/ 2 253183 / 225 2485 Fax:
(00 94 11) 2 252 698 Email
: elsales@slt.lk Contact
Person: Mr. Nayana Ranatunga, Marketing Manager |
|
f. |
No. of Employees |
: |
Approximately 450 |
COMPANY
DETAILS
- Registration and
Shareholder Details
|
a. |
Registration No |
: |
PVS
7248 |
|
|
Date of
Registration |
: |
06th
February, 1981 |
||
|
b. |
Re-Registration
No |
: |
PV
2369 |
|
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Date of
Re-Registration |
|
11th
February 2008 |
||
|
c. |
Registered
Office |
: |
Spur
Road 2, Phase 1, Export Processing Zone, Katunayake. Sri Lanka. |
|
|
d. |
Board of
Directors As at 08th
December 2014 |
: |
L.E.
Land Sperg (Danish) |
Managing
Director |
|
Feodora
Landsperg Logstrup ( Danish) |
Director |
|||
|
e. |
Issued Share Capital |
: |
Rs. 26,500,000.00 |
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f. |
No of Share |
: |
26,500 |
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g. |
Authorised Share
Capital |
: |
Not
applicable/declared vide Companies Act #7 of 2007 |
|
|
h. |
Share Holders As at 08th
December 2014 |
: |
Share Holders |
No. of Shares |
|
Elsteel
(Pvt) Ltd (Maltas) |
26,500 |
|||
|
i. |
Auditors |
: |
Tudor V Perera
& Company (3rd Floor,
De Mel Building, Chatham Street, Colombo - 01) |
|
|
j. |
Company
Secretaries |
: |
Financial
Consultants and Allied Services (Pvt) Ltd ( Floor, De Mel Building, Chatham Street,
Colombo - 01) (00 94 11) 254 1689 / 243 1941 |
|
|
k. |
Bankers |
: |
National
Development Bank |
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l. |
Trading Terms
(Purchase / Sales) |
: |
Cheque
and Credit |
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m. |
Type of
Customers : |
: |
End
Users and OEM’s |
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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
%20LTD%20-%20320076%2006-May-2015_files/image012.jpg)
Company Logo
- History.
The Subject Company ELSTEEL (PVT)
LTD is a Private Limited liability Company incorporated on 06th February, 1981 under Registration No. PVS 7248 and Re-registered in terms of
Companies Act # 7 of 2007 on 11th
February 2008 under Registration No.
PV 2369.
The Subject Company
has earned certified by ISO 9001 Certifies and company Board of Investment
(BOI) approved company.
- Location
The subject company is located at the client Spur Road 2, Phase 1,
Export Processing
Zone, Katunayake, approx. 25 kilo meters north of Colombo.
- Operational
Details.
General
The subject company’s primary line of business is Manufacture, Export & Distribution of Sheet Steel enclosures for
Switch Boards and Control Panels, and all kinds of accessories.
El Steel is a one stop
supplier of all electrical enclosures from the smallest terminal boxes to
The largest panel boards.
They assure you to provide the very best and innovative enclosure system
in the market as their techno module is the most modern of all modular systems
and are constantly developing. They claim that Techno module can accommodate
all brands of electrical equipment since it is not linked to any breaker
manufacturer.
Products
Sheet Steel enclosures for Switch Boards and Control Panels, Distribution
Boards, Wall mounted/ floor standing boxes/cabinets, Power cassettes, Panel
boards, Motor Vision, Marine Simulators, Green Panels, Chassis, Brackets, Crowbar mounting rails, Mounting
plates etc…
Distribution Boxes, panels & boards.
%20LTD%20-%20320076%2006-May-2015_files/image013.jpg)
%20LTD%20-%20320076%2006-May-2015_files/image014.jpg)
%20LTD%20-%20320076%2006-May-2015_files/image015.jpg)
Export
Country
Europe, Americas, Middle East, Africa, Australia, Asia, Singapore /
Malaysia, China, Russia
Company is having a production plant in Goa, India and distributors in
several countries in the above mentioned regions.
Employees
Approximately 450
Trade References:
Board of Investment (BOI) Sri Lanka
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 : |
Ms. Fazninas |
|
Designation : |
HR Department |
|
Contact No.: |
0009411 2252485 |
|
Date : |
02.05.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.52 |
|
|
1 |
Rs.95.96 |
|
Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.