|
|
|
MIRA INFORM REPORT
|
Report No. : |
493124 |
|
Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
COLOMBO STONE INDUSTRIES PVT LTD |
|
|
|
|
Registered Office : |
# 39 B, Export Processing Zone, Mirigama |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
18.01.1999 |
|
|
|
|
Com. Reg. No.: |
PV 9910 |
|
|
|
|
Legal Form : |
Private Limited Liability Company (In Operation) |
|
|
|
|
Line of Business : |
Manufacturer and exporter of granite stone |
|
|
|
|
No. of Employees : |
Approximately 40+ |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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
|
Name of Subject of Inquiry |
COLOMBO STONE INDUSTRIES
PVT LTD |
|
Legal Form & Status |
Private Limited Liability
Company (In Operation) |
|
Managing Director |
Mr Gurmeet Modi |
|
Primary Line of Business |
Manufacturer and exporter
of granite stone |
|
Principal Place of
Business |
# 39 B, Export Processing
Zone, Mirigama, Sri Lanka. Sri Lanka. Tel. No: (00 94 )
332275290 /332275291 Fax. No: (00 94 ) 332274807 E-Mail:
csi.lanka@gmail.com /csi.prvn@gmail.com Web Site: NA |
|
Location
|
Owned
|
|
Locality
|
Industrial |
|
Employees |
Approximately 40+ |
Company Details
|
Registration No |
N(PVS)22895 |
|
|
Date of Registration |
18th January
1999 |
|
|
Re-registration No |
PV 9910 |
|
|
Date of Re-registration |
02nd December
2008 |
|
|
Registered Office |
# 39 B, Export Processing
Zone, Mirigama, Sri Lanka. |
|
|
Board of Directors As At
07th August 2013 |
Gurmeet Modi |
Managing Director |
|
Dhanwant Manpreet Singh
Modi |
Director |
|
|
Issued Share Capital |
LKR 2,963,070.00 |
|
|
No. of Shares |
296,307 |
|
|
Preferential Shares |
NA |
|
|
Nominal Value of Share |
LKR 10.00 |
|
|
Auditors |
N.B.G Nanayakkara & Company
# 205/1, Castle Street, Colombo 08, Sri Lanka. |
|
|
Company Secretaries |
I M S Corporate Services
(Pvt) Ltd # 291/2, Havelock Road, Colombo 06, Sri Lanka. |
|
|
Main Bank/s |
State Bank of India/
Seylan Bank PLC |
|
|
Imports
|
Raw
material |
|
|
Countries
|
Norway,
India, Turkey |
|
|
Type
of customer |
Wholesalers
|
|
|
Trading
terms |
|
|
|
Purchasing
|
Letter of
credit |
|
|
Sales
|
Letter of
credit |
|
Shareholders
|
NO. |
NAME |
NUMBER OF SHARES |
|
1. |
Link Marble & Granites
(Pvt) Ltd |
296, 307 |
FINANCIAL DETAILS
Most recent available Financial Information
NA
CURRENT INVESTIGATION
History
The subject company was
formed on 18th January 1999
under N(PVS) 22895 under
the ROC act of Sri Lanka. The company was subsequently Re-registered on 02nd December 2008 under
PV 9910 under the Act No 07, of 2007
of ROC. The company is a fully owned subsidiary of Link Marble and Granite
(Pvt) Ltd India. The company provided all required information and is a well
reputed entity in the industry segment.
General
The company initiated in
1999, is into applying value additions to Granite where the Granite is imported
from Norway and India where the Granite natural stones are polished and cut to
specification for export purposes.
Products
Natural Stones (Granite)
Employees
40+ Approximately
Export Countries
India
Import Countries
Norway / India
Associate Companies
NA
Business
Location
Owned
Personal Details of Key Persons
Director 1
|
ITEM |
DETAIL |
|
Name |
Gurmeet Modi |
|
ID Number/Passport Number |
Z 2022260 |
|
Nationality |
Indian |
|
Gender |
NA |
|
Date of Birth |
NA |
|
Address |
# 99, Diamond Next, 1st
Floor, unit no 103 B D A Main Road, N P Colany Murugesh Palya Old Airport
Road, Bangalore, India |
|
Local Address |
# 39 B, Export Processing
Zone, Mirigama, Sri Lanka. |
Director 2
|
ITEM |
DETAIL |
|
Name |
Dhanwant Manpreet Singh
Modi |
|
ID Number/Passport Number |
H 3376558 |
|
Nationality |
Indian |
|
Gender |
NA |
|
Date of Birth |
NA |
|
Age |
NA |
|
Local Address |
# 39 B, Export Processing
Zone, Mirigama, Sri Lanka. |
INFORMATION
PARTED BY [general details]
|
Name : |
Mr. Dinesh |
|
Designation : |
Accountant |
|
Contact No.: |
(000 94 ) 332275290 |
|
Date : |
23.02.2018 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
|
LKR |
1 |
INR 0.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
SYL |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.