MIRA INFORM REPORT

 

 

Report No. :

341442

Report Date :

24.09.2015

 

IDENTIFICATION DETAILS

 

Name :

ASSOCIATED CEAT (PVT) LTD

 

 

Registered Office :

Nungamugoda, Kelaniya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

24.02.1992

 

 

Com. Reg. No.:

PV 3677

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacture and Exporters of Tyres

 

 

No. of Employee :

Approximately 1600 (Group)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

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 andTRADE. 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

:

ASSOCIATED CEAT (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairmen

:

Ruwanpura Chanaka Dharmajith De Silva

d.

Primary Line of Business

:

Manufacture and Exporters of Tyres

e.

Head Office

&

Place of Business

 

:

 

Nungamugoda,

Kelaniya,

Sri Lanka.

 

Tel. No: (00 94 34) 493 8500

Fax No: (00 94 34) 222 3106

 

E-Mail: info@ceatsrilanka.com

 

f.

No. of Employees

:

Approximately 1600 (Group)

           

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

 

Registration No

:

 N (PVS) 8786

Date of Registration

:

24th February 1992

b.

Re-registration No

 

PV 3677

Date of Re-registration

 

8th May 2008

c.

Registered Address

:

Nungamugoda, Kelaniya, Sri Lanka

d.

Board of Directors As At 30th April 2015

:

Ruwanpura Chanaka Dharmajith De Silva

Chairmen

Rohan Tilak Fernando

Director

Lasantha Premalal Fernando

Director

Tilak De Soysa

Director

Tom Kottukappallil Thomas

Director

D. Soshan Kamantha Amarasekara

Director

Arnab Banerjee

Director

Anant Vardhan Goneka

Director

Arindam Chakrabarti

(Alternate Director to Tom Kottukappallil Thomas)

Director

Vijaysinh Srimantrao

Director

f.

Issued Share Capital

:

Rs.  100,000,000.00

No. of Issued  Shares

:

10,000,000

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

 

 

COMPANY DETAILS     - Registration and Shareholder Details

 

h.

Share Holders

As At 30th April 2015

:

Share Holders

No. of Shares

Kelani Tyres Plc

01

Associate Ceat Holding Company (Pvt) Ltd

01

Ceat Kelani Holdings (Pvt) Ltd

9,999,998

i.

Auditors

:

Kreston  MNS & Co

(# 50/2, Sir James Pieris Mawatha, Colombo 02)

j.

Company Secretaries

:

P. R. Secretarial Services (Pvt) Ltd

(# 59, Gregory’s Road, Colombo 07)

k.

Bankers

:

Sampath Bank, Commercial Bank, Nations Trust Bank, Hatton National Bank, DFCC, HSBC

 

 

FINANCIAL DETAILS

 

 - Most recent available Financial Information

 

The company has declined to provide information on its finances

 

We have contacted the accounts division of the company to obtain financial information and   they declined to give us any financial information as they insist to know the details of the end user. 

It should be noted that the particular industry segment the company is involved has very good 

Growth potential and as such it can be expected for the company to expect a good growth

Prospects

                                                                                   

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

                           

                                        rpg_our-business_tyres_ceatsrilanka_ceat-Logo

                                          Company Logo

 

  • History.

 

The Subject Company ASSOCIATED CEAT (PVT) LTD is a Private Limited liability Company incorporated on 24th February 1992 under registration number N   (PVS) 8786 and then the company was re-registered on 8th May 2008 under registration number PV 3677

 

The subject company ASSOCIATED CEAT (PVT) LTD is a subsidiary of the CEAT KELANI HOLDINGS (PVT) LTD.

 

The following are Associate Companies:

Associated Ceat Holdings Company (PVT) LTD

CEAT- Kelani International Tyres (Pvt) Ltd

Associated CEAT - Kelani Radials (Pvt) Ltd

Kelani Tyres PLC

 

  • Location.

 

The Subject Company’s office and the Factory #1 are located at the client Nungamugoda, Kelaniya, approx 15 kilo meters from Colombo and on the Highway 1. The other factory is located at Nagoda, Kalutara, and approx. 40 kilo meters from Colombo and on the Southern highway.

 

 

  • Operational Details.

 

General

The subject company primary line of business is Manufacture and exporters of tyres

 

Products

Tyres for Trucks, Light Trucks, Farm Vehicles, Two/Three Wheelers & Radials for Cars &             

   Vans

 

Export Countries

South Asia Countries, Egypt, United Arab Emirates, Mauritius, Nigeria, Kenya, Uganda, Ghana, Afghanistan

 

No of Employees

Approximately 1600 (Group)

 

 

Directors Details

 

1)

Name

Ruwanpura Chanaka Dharmajith De Silva

ID Number

421161690 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

25th April 1942

Age

73 Years

Address

# 12, Charles Circus, Colombo 03

 

2)

Name

Rohan Tilak Fernando

ID Number

581821514 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th June 1958

Age

57 Years

Address

# 19/1, St. Stephan’s Mawatha, Rajagiriya

 

 

3)

Name

Lasantha Premalal Fernando

ID Number

450413704 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

10th February 1945

Age

70 years

Address

# 19, St. Stephan’s Mawatha, Rajagiriya

 

4)

Name

Tilak De Soyza

ID Number

462731779 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29th September 1946

Age

69 Years

Address

# 09, Wijayaba Mawatha, Nawala Road, Nugegoda

 

5)

Name

Tom Kottukappallil Thomas

PP Number

ZP25965

Nationality

Indian

 

6)

Name

D. Soshan Kamantha Amarasekara

ID Number

710292060 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29th January 1971

Age

44 Years

Address

# 44/5, Dias Place, Thalahena, Malabe

 

7)

Name

Arnab Banerjee

PP Number

G 1954759

Nationality

Indian

 

8)

Name

Anant Vardhan Goneka

PP Number

Z 2025271

Nationality

Indian

 

9)

Name

Arindam Chakrabarti

PP Number

Z 2948860

Nationality

Indian

 

 

10)

Name

Vijaysinh Srimantrao Gambhire

PP Number

J 3852184

Nationality

Indian

 

 

  • Trade references

 

The Ceylon National Chamber of Industries

 

 

  • 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.: (009434) 4938500

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.97

UK Pound

1

Rs.101.19

Euro

1

Rs.73.38

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

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%)

 

 

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.