MIRA INFORM REPORT

 

 

Report No. :

350329

Report Date :

26.11.2015

 

IDENTIFICATION DETAILS

 

Name :

COLONIAL ENGINEERING (PRIVATE) LIMITED

 

 

Registered Office :

# 138, Sri Sumanatissa Mawatha, Colombo -12,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

23.06.1997

 

 

Com. Reg. No.:

PV 8443

 

 

Legal Form :

Private Limited Liability Company   

 

 

Line of Business :

Import, Supply, Retailers & Wholesalers of Pipes, Steel, Engineering, Construction & Plumbing materials

 

 

No. of Employee :

Not Available

 

 

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 – 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

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 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

:

COLONIAL ENGINEERING (PRIVATE) LIMITED

b.

Legal Form  & Status

 

 

:

Private Limited Liability Company    (In Operation)

c.

Managing Director

:

Pawan Nadaraja Sathieshraja

d.

Primary Line of Business

:

Import, Supply, Retailers & Wholesalers of Pipes, Steel, Engineering, Construction & Plumbing materials

e.

Head Office

&

Place of Business

:

 

# 138, Sri Sumanatissa Mawatha,

Colombo -12,

Sri Lanka.

 

Tel No: (00 94 11) 233 4197,247 2639/461 0302/ 238 7584,

             238 7585

Fax No: (00 94 11) 461 0260

 

E-mail: coloneng@sltnet.lk

 

f.

No. of Employees

:

Not Disclosed

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

 N (PVS) 19278

Date of Registration

:

23rd June 1997

b.

Re-registration No

:

PV 8443

Date of Re-registration

:

22nd October 2008

c.

Registered Office

:

# 138, Sri Sumanatissa Mawatha, Colombo 12

d.

Board Of Directors

As At

14th October 2013

( Updated details of other directors not available due to relevant file not found at the ROC)

:

Pawan Nadaraja Sathieshraja

Chairman

Nadaraja Mohanraj

 Director

h.

Issued Share Capital

:

Rs.  5,000,000.00

No. Of Shares

:

500,000

 

i.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

j.

 

Share Holders

As At

14th October 2013

( Updated details of other directors not available due to relevant file not found at the ROC)

:

              Share Holders

No. of

Shares

Pawan Nadaraja Sathieshraja

300,000

Rajamani Selladurai

100,000

Selladurai Mahendran

50,000

Pawan Nadaraja Sathieshraja

50,000

e.

Auditors

:

K.K. Gnanenthiran Associates

# 99, Sea Street, Colombo 11

f.

Company Secretaries

:

G R S Management & Secretarial Services (Pvt) Ltd

# 103, Sea Street, Colombo 11

g.

Bankers

:

People’s Bank, Commercial Bank

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

(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 COLONIAL ENGINEERING (PRIVATE) LIMITED is a Private Limited   Liability Company incorporated on 23rd June 1997 under registration number N (PVS) 19278 and the company has been re-registered on 22nd October 2008 under registration number PV 8443.

 

·         Location.

The Subject Company’s located at client # 138, Sri Sumanatissa Mawatha, Colombo 12, an area where hardware merchants are operating

 

·         Operational Details.

 

General

The subject company’s primary line of activity is an Import, Supply, Retailers & Wholesalers of Pipes, Steel, Engineering, Construction & Plumbing materials

                   .

Products

Pipes, Fittings, All Kinds of Valves, Cutting Wheels, Caster Wheels & All Hardware Products

         

Import Countries

China, India, South Korea, Malaysia, South Africa, United Kingdom, Italy, Indonesia, Taiwan

 

 

No of Employees

Not Disclosed

 

         

·         Trade references

Chamber of Commerce

 

 

·         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 denied BY

 

Name :

Mr. Bala

Designation :

Accountant

Contact No.:

0009411-4610302

Date :

13.11.2015

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.38

UK Pound

1

Rs.100.45

Euro

1

Rs.70.55

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TRU

 

 

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.