MIRA INFORM REPORT

 

 

Report No. :

323306

Report Date :

26.05.2015

 

IDENTIFICATION DETAILS

 

Name :

C T R KOREA LANKA (PVT) LTD

 

 

Registered Office :

173/2, 2nd Lane,  Araliya Uyana, Depanama, Pannipitiya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.05.2011

 

 

Com. Reg. No.:

PV 78923

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in Wholesale of Bath Room Fittings

 

 

No. of Employee :

4

 

 

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

:

 C T R KOREA LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Managing Director

:

Mary Lucillie Vidanage

d.

Primary Line of Business

:

Trading of bathroom accessories

e.

 

 

 

 

Head Office

&

Place of Business

 

 

 

:

 

 

 

 

 

# 173/2, 2nd Lane,

Araliya Uyana, Depanama,

Pannipitiya,

Sri Lanka.

 

Tel No: (00 94 11) 269 4346

Contact Person: (00 94 77) 756 2840 (M.L. Vidanage)

Contact Person: (00 94 77) 335 3974 / (00 94 71) 015 0438 (Mr. Jitendra)

 

Email: dilhan.vidanage@gmail.com

 

g.

No. of Employees

:

04 (Approximately)

 

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

 

Registration No

:

PV 78923

Date of Registration

:

20th May 2011

  b.      

Registered Office

:

# 173/2, 2nd Lane, Araliya Uyana, Depanama, Pannipitiya,

Sri Lanka.

c.

Board of Directors

As At

31st December 2013

:

Mary Lucillie Vidanage (Ms)

Managing Director

Jitendra Dilhan Vidanage

Director

Rachel Dinali Vidanage (Ms)

Director

d.

Issued Share Capital

:

Rs. 40.00

Number Of Share

 

16

e.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

 

f.

Share Holders

As At

31st December 2013

:

 Share Holders

Number 

Of

Shares

Mary Lucillie Vidanage

06              

Jitendra Dilhan Vidanage

05

Rachel Dinali Vidanage

05

g.

Auditors

:

H T Peiris and Company

 Third Floor, West wing, Methodist Central Building,

2/5, Station Road, Colombo 03

h.

Company Secretaries

 

H T P Business Services (Pvt) Ltd

Third Floor, West wing, Methodist Central Building,

2/5, Station Road, Colombo 03

i.

Bankers

 

Peoeles Bank, Borella, Sri Lanka

 

 

Directors

 

01)

Name

Mary Lucillie Vidanage

ID Number

625390052 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

08th February 1962

Age

53 Years

Address

#173/2, 2nd Lane, Araliya Uyana, Depanama, Pannipitiya

 

02)

Name

Jitendra Dilhan Vidanage

ID Number

911690543 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th June 1991

Age

24 Years

Address

#173/2, 2nd Lane, Araliya Uyana, Depanama, Pannipitiya

 

03)

Name

Rachel Dinali Vidanage

ID Number

916694563 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

17th June 1991

Age

24 Years

Address

#173/2, 2nd Lane, Araliya Uyana, Depanama, Pannipitiya

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

    

     The company has declined to provide information on its finances without the identity of the end user.

 

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                      

 

·         History.

 

                  The Subject Company C T R KOREA LANKA (PVT) LTD is a Private          Limited   liability Company incorporated in 20th May 2011 under registration number PV 78923

 

·         Location.

 

                  The Subject Company is located at the client # 173/2, 2nd Lane, Araliya

                  Uyana, Depanama, Pannipittiya, Sri Lanka.

                  Owned

      Locality : Commercial

                                                                       

 

Operational Details

 

General

The subject company’ primary line of business is Importers, Dealers & Distributors of

Bathroom accessories

 

Products

Bathroom accessories

 

Import

China

 

Country

India

 

Customer

Roghary Tools Lanka

 

 

Supplier

Krtoon Faniation

 

Employees

                  04 Employees

 

 

General Comments

 

The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from non-formal sources but clearly originating from the company                         

 

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 :

Mr. Jitendra

Designation :

Director

Contact No.:

00094773353974

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.62

UK Pound

1

Rs.98.51

Euro

1

Rs.69.93

 

INFORMATION DETAILS

 

Information Gathered by :

MNJ

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.