MIRA INFORM REPORT

 

 

Report No. :

339647

Report Date :

18.09.2015

 

IDENTIFICATION DETAILS

 

Name :

LANKA MARITIME SERVICES LTD 

 

 

Registered Office :

1st Floor, Robert Senanayake Building  # 46/5, Navam Mawatha, Colombo 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.11.1996

 

 

Com. Reg. No.:

PB 620

 

 

Legal Form :

Limited Liability Company  (In Operation)

 

 

Line of Business :

Freight Forwarding and Bunkering Services.

 

 

No. of Employee :

Approximately 1,500

 

 

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

 

:

 

LANKA MARITIME SERVICES LTD 

b.

Legal Form  & Status

:

Limited Liability Company  (In Operation)

c.

Managing Director

 :

Mohamed Reza

d.

Primary Line of Business

:

Freight Forwarding and Bunkering Services.

e.

Place of Business

:

 

1st Floor,

Robert Senanayake Building

# 46/5, Navam Mawatha,

Colombo 02,

Sri Lanka.

 

Tel. No: (00 94 11) 233 6853

Fax No: (00 94 11) 243 7479 / 243 7420

 

E-Mail : lankaship@slsc.lk

               bunkers@slsc.lk

 

f.

No. of Employees

 

Approximately 1,500

 

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PBS) 681

 

Date of Registration

:

29th November 1996

 

b.

Re-registration No

 

PB 620

 

Date of re-registration

 

16th September 2008

 

c.

Registered Office

:

3rd Floor, # 46/5, Navam Mawatha, Colombo 02.

 

d.

Board of Directors

As At

07th November 2014

:

Mohamed Reza

Managing Director

 

Sonia Weidman

Director

 

Feroza Delpechitrea

Director

 

Lester Paul Weinman

Director

 

e.

Issued Share Capital

:

Rs.        97,480,991.00

f.

 

:

               9,175,716

g.

Nominal Value of Share

:

Not declared/disclosed vide Companies Act #7 of 2007

h.

 

Share Holders

As At

07th November 2014

:

Share Holders

No. of Shares

Sri Lankan Shipping Company Ltd

9,175,716

i.

Auditors

:

V.S. & Associates

(#15/7, Victoria Place, Elvitigala Mawatha, Colombo 08)

j.

Company Secretaries

:

E S Management (Pvt) Ltd

(2nd Floor, YMBA Building, Colombo 01)

k.

Bankers

:

Bank of Ceylon, Peoples Bank, Commercial Bank

 

 

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

 

  • History.

 

The Subject Company, LANKA MARITIME SERVICES LTD is a private Limited Liability Company incorporated on 29th November 1996 under registration number N (PBS) 681 and then the company was re-registered on 16th September 2008 under registration number PB 620.

 

LANKA MARITIME SERVICES LTD is a fully owned subsidiary of Sri Lanka shipping, is a Board of Investment Company. Which is owns and operates modern coastal tankers / bunker barges for the offshore delivery of bunker fuels.

 

  • Location.

 

The Subject Company is located at the client Robert Senanayake Building,                                      # 46/5, Navam Mawatha Colombo 02 Sri Lanka.

 

 

  • Operational Details.

 

General

 

The subject company primary line of business is Freight Forwarding and Bunkering

 

Lanka Maritime Services Ltd owns and operates three coastal tankers for delivery of Bunkers, Lubricants, Freshwater, etc. within Port, Offshore and Coastal limits. All vessels comply with the requirements of The Marine Pollution & Prevention Authority.

 

 

Services

Bunkers

Lubricants

Freshwater

 

No of Employees

Approximately 1500

 

 

Directors Detail’s

 

01)

Name

Mohamed Reza 

ID Number

602650227 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

21st September 1960

Age

55 Years

Address

#79/1, Sri Saranankara Road, Dehiwala

 

 

02)

Name

Sonia Weinman

ID Number

495130452 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

13th January 1949

Age

66 Years

Address

Apartment 30B, Iceland Residencies, #49/4, Galle Road, Colombo 03.

 

 

03)

Name

Feroza Delpechitrea  

ID Number

507962009 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

22nd October 1950

Age

65 Years

Address

#51/4, Rajamahavihara Road, Pitakotte.

 

 

04)

Name

Lester Paul Weidman

ID Number

450920061 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

01st April 1945

Age

70 Years

Address

Apartment 30B, Iceland Residencies, #49/4, Galle Road, Colombo 03.

 

 

  • Financial Data

The company has declined to provide any financial information               

           

  • 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.

 

 

INFORMATION DENIED

 

MANAGEMENT NON CO-OPERATIVE

 

TEL NO.: (009411)2336853

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.50

UK Pound

1

Rs.101.99

Euro

1

Rs.75.02

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

RAS

 

 

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%)

 

 

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.