MIRA INFORM REPORT

 

 

Report No. :

492249

Report Date :

17.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

DILKETA GLASS & MIRROR

 

 

Registered Office :

# 101, Steel Road, Dangedara, Galle

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.01.1998

 

 

Com. Reg. No.:

G 4856

 

 

Legal Form :

Proprietorship Company

 

 

Line of Business :

Trading, Imports And Wholesale/Retail Dealers of Glass and mirror

 

 

No. of Employees :

15

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

Tourism has experienced strong growth during recent years following the resolution 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.

 

Source : CIA

 

Company Profile

 

 Basic Information

 

a.

Name of Subject of Inquiry

DILKETA GLASS & MIRROR

b.

Legal Form & Status

Proprietorship Company (In Operation)

c.

Chairman

MR RAVI WIJETHUNGA

d.

Primary Line of Business

IMPORTS AND WHOLESALE/RETAIL DEALERS OF GALSS

e.

Principal Place of Business

# 101, Steel Road, Dangedara, Galle Sri Lanka

Telephone : (00 94 91) 2244475/ +94 714969969 Fax : NA

E-Mail: thavish79@yahoo.com

Web Site: NA

f.

Employees

Approximately 15

 

 

Company Details

 

 

 

 

 

 

 

 

 

 

 

a.

Registration No

G 4856

Date of Registration

01st January 1998

b.

Re-registration No

NA

Date of Re-registration

NA

c.

Registered Office

# 101, Steel Road, Dangedara, Galle, Sri Lanka

 

d.

Director Board / Ownership As At 14.02.2018

Ravi Wijetunga

Proprietor

 

 

 

 

 

 

e.

Stated Share Capital

NA

f.

No. of Shares

NA

g.

Preferential Shares

NA

h.

Nominal Value of Share

NA

i.

Auditors

Ernst & Young Chartered Accountants

# 201, De Saram Place, Colombo 10, Sri Lanka.

j.

Company Secretaries

NA

k.

Main Bank/s

Union Bank PLC, Seylan Bank PLC

l.

Trading Terms

·         Purchasing Terms

cash, credit

·         Sales  Terms

Cash, credit

 

 

Shareholders

 

 NA

 

FINANCIAL DETAILS    

 

Most recent available Financial Information

 

NA

 

 

CURRENT INVESTIGATION

 

 

Company Logo

 

  • History.

 

The subject company was initially formed on 01st January 1998 under G 4856 under the companies Act for SME sector business registrations under the Provincial Councils of Sri Lanka. In this instance the company was registered under the Southern Provincial Council of Sri Lanka.

 

 

 

 

•   Operational Details. General

The subject company is into Glass Import and wholesale / Retail business. The subject company is a small entity located in the southern province of Sri Lanka. The company is operated by a sole owner and is a small scale entity in the Glass industry.

 

Products & Services

All types of Glass and Mirror

 

Employees

15 Approximately

 

Export Countries

NA

 

Import Countries

Dubai, India

 

Associate / Subsidiary Companies

NA

 

Factory / Warehouse and Sales Outlets

NA

 

 

INFORMATION PARTED BY GENERAL DETAILS

 

Name :

Mr. Ravi Wijetunga

Designation :

Proprietorship

Contact No.:

(00 94 91) 2244475

Date :

16.02.2018

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.91

UK Pound

1

INR 90.31

Euro

1

INR 80.17

LKR

1

INR 0.41

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHW

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

KET

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.