3decades

MIRA INFORM REPORT

Report No. :	485248
Report Date :	18.01.2018

IDENTIFICATION DETAILS

Name :	ASHOK STEEL INDUSTRIES (PVT) LTD

Registered Office :	8th Floor, I B M Building, # 48, Nawam Mawatha, Colombo 02

Country :	Sri Lanka

Date of Incorporation :	25.01.2001

Com. Reg. No.:	PV 19282

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers & Dealers of Steel and Construction Items

No. of Employees :	83 Employed + 225 Sub Contracted

RATING & COMMENTS

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

MIRA’s Rating :

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

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 an IMF program. 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 77% of GDP and remains among the highest of the emerging markets.

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.

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

Basic Information

a.	Name of Subject of Inquiry	ASHOK STEEL INDUSTRIES (PVT) LTD
b.	Legal Form & Status	Private Limited Liability Company (In Operation)
c.	Managing Director	Mr Ajay Agarwal
d.	Primary Line of Business	Manufacturers & Dealers of Steel and Construction Items
e.	Principal Place of Business	8th Floor, I B M Building, # 48, Nawam Mawatha, Colombo 02 Sri Lanka. Tel. No: (00 94 11) 7388 940 / 7388 941 / 555 3215 Fax. No: (00 94 11) 2314 970 E-Mail: ashoksteel ipl@sltnet.lk Web Site: www.ashoksteelindustries.com
f.	Employees	83 Employed + 225 Sub Contracted

Company Details

a.	Registration No	N(PVS)28684
	Date of Registration	2001.01.25
b.	Re-registration No	PV 19282
	Date of Re-registration	2010.09.02
c.	Registered Office	8th Floor, I B M Building, # 48, Nawam Mawatha, Colombo 02, Sri Lanka
d.	Area :	Owned
e.	Location :	commercial
f.	Board of Directors As At 20th June 2017	Mutcheli Sai Anantha Rama Krishna	Director
		Shreyans Agarwal	Director
		Venkatramasubramaniam Gopalakrishnan	Director
		Kamal Krishore Chankak	Director
g.	Sated Share Capital	LKR 112,501,000.00
h.	No. of Shares	11,250,100
I.	Preferential Shares	NA
j.	Nominal Value of Share	LKR 10.00
k	Auditors	M/S Shaffy M Jiffry & Company Chartered Accountants Maradana Road, Colombo 10, Sri Lanka
l	Company Secretaries	IMS Secretaries (Pvt) Ltd # 291/2, Havelock Road, Colombo 06, Sri Lanka.
l.	Main Bank/s	Sampath Bank PLC
m	Public Quoted Date	NA

Shareholders

	NO.	NAME	NUMBER OF SHARES
1.		A M L Steel Limited (India)	5,250,000
2.		Ashok Agarwal	100
3.		Copper Kraft (Pvt) Ltd	6,000,000

FINANCIAL DETAILS

- Most recent available Financial Information

CURRENT INVESTIGATION

Company Logo

· History.

The subject company was initially formed on 05^th January 2001 under N (PVS) 28684 under the Companies Act of Sri Lanka. The Subject company was subsequently Re-registered on 02^nd September 2010 under PV 19282 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Operational Details.

General

The subject company, Ashok Sleet Industries (Pvt) Ltd is a subsidiary company of A M L Steel India and Copper Kraft (Pvt) Ltd. The company has its manufacturing plant located in Wattala Sri Lanka for its Sri Lankan Operations and producers Steel Rods for the Construction Industry.

Products

Steel Rods

Employees

83 Employed + 225 Sub Contracted

Import Countries

India

Associate / Subsidiary Companies

A M L Steel Limited (India)

Copper Kraft (Pvt) Ltd

Factory Complex

# 237/4 Hekitta Road, Wattala, Sri Lanka

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Mutcheli Sai Anantha Rama Krishna
ID Number	B 5661745
Nationality	Indian
Gender	Male
Date of Birth	NA
Age	NA
Address	#6, Barrocks Street, Chennai 600001, India

Director 2

ITEM	DETAIL
Name	Shreyans Agarwal
ID Number	F 8357669
Nationality	Indian
Gender	Female
Date of Birth	NA
Age	NA
Address	Flat #144,Devadarshan Apartments, #1, Barnaby Road, Kilpauk, Chennai, India

Director 3

ITEM	DETAIL
Name	Venkatramasubramaniam Gopalakrishnan
ID Number	K 3856407
Nationality	Indian
Gender
Date of Birth
Age
Address	8^th Floor, IBM Building, # 48 , Nawam Mawatha, Colombo 02, Sri Lanka.

Director 4

ITEM	DETAIL
Name	Kamal Krishore Chankak
ID Number	K 2374695
Nationality	Indian
Gender
Date of Birth
Age
Address	# 237/4, Hekitta Road, Wattala, Sri Lanka.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vashikaran
Designation :	Account Manager
Contact No.:	(00 94 11) 7388 940
Date :	12.01.2018

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.98
UK Pound	1	INR 88.13
Euro	1	INR 78.35
SRL	1	INR 0.016

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

INFORMATION DETAILS

Information Gathered by :	POO

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.