MIRA INFORM REPORT
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Report No. : |
347383 |
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Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ROTEX STEEL COMPANY |
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Registered Office : |
# 142, Maha Vidyalaya Mawatha, Colombo 13 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Partnership Company |
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Line of Business : |
Importing and
distribution of all kinds of hardware/ steel tubes items. |
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No. of Employees : |
Approximately 05 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 government's 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, but low tax revenues remain a 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 |
: |
ROTEX STEEL COMPANY |
|
b. |
Legal Form
& Status |
: |
Partnership Company (In Operation) |
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c. |
Managing Partner |
: |
K. Murugiah |
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d. |
Primary Line of Business |
: |
Importers, Stockists , Dealers & Distributors of Hardware |
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e. |
Office & Place of Business |
: |
# 142, Maha Vidyalaya Mawatha, Colombo 13. Sri Lanka Tel No: (00 94 11)
244 0749, 243 0659, 244 9822 Tel/Fax No:(00 94 11) 245 1705 Email: rotexsteelcompany@gmail.com
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|
f. |
No. of Employees |
: |
Approx. 05 |
COMPANY
DETAILS
Registration
and Shareholder Details
|
a. |
Registration No |
: |
Not disclosed |
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|
b. |
Date of
Registration |
: |
Not disclosed |
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c. |
Registered Office |
: |
# 142, Maha Vidyalaya Mawatha, Colombo 13. Sri Lanka |
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d. |
Partners |
: |
K. Murugiah |
Managing Partner |
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Details of other partners
not disclosed |
- |
|||
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e. |
Auditors |
: |
Not Disclosed |
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f. |
Bankers |
: |
Not Disclosed |
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CURRENT
INVESTIGATION
HISTORY:
The Subject Company ROTEX STEEL COMPANY is a Partnership company in operation as
General Merchants of importing & distribution of hardware.
The Managing Partner of the subject company
was contacted and refused to provide details of partners and company
registration. up to now. They refused to give even the names of partners’
details due to unavailability of the identity of the client for reason of
confidentiality and security.
Note: The
Proprietorship/ Partnership companies are being registered at the Provincial Registrar
of Companies and when the owner does not provide the registration details it is
not possible to extract such details from the Registrar’s office to verify
same.
Location:
The subject company is located at the client # 142 Maha Vidyalaya Mawatha, Colombo 13, which
is a premier Hardware business area in the Colombo city.
OPERATIONAL
DETAILS
General:
The subject
company’ primary line of business is Importing and distribution of all kinds of
hardware/ steel tubes items.
Products:
M.S. Angle Iron / Plates, BI sheets, Aluminium sheets, deformed bars,
M.S. flats, GI pipes, channel iron, Stainless steel sheets, hollow tubes, rectangle tubes, electric
welding rods, TOR Steel, hoop iron, Jumper Steel , MS lipped channels.
Visual of an Ad published
Importing Countries:
India, China, Pakistan
Employees:
Details refused. Our investigators have seen about 05 people
working inside the shop.
Financial
Data
The Company has declined to provide
information on its Finances details due to unavailability of the identity of the
client for reason of confidentiality and security.
Note: Based on the corporate laws of Sri
Lanka, legal entities which are Private Company with Limited Liability/Proprietorship/Partnership
is not required to make public disclosure of their annual financials. Therefore
no financials are available for this entity
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 promoters 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
denied
Management non-cooperative (0009411-2440749)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.57 |
|
UK Pound |
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
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Information
Gathered by : |
NYA |
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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|
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 |
|
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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 |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
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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.