3decades

MIRA INFORM REPORT

Report No. :	507889
Report Date :	10.05.2018

IDENTIFICATION DETAILS

Name :	SIMMET (PVT) LTD

Registered Office :	3rd Floor, Yathama Building, # 142, Galle Road, Colombo 03

Country :	Sri Lanka

Date of Incorporation :	03.07.2001

Com. Reg. No.:	PV 7255

Legal Form :	Private, Limited Liability Company (In Operation)

Line of Business :	Manufacturer, exporter of copper sheets and copper alloy sheets

No. of Employees :	50

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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

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

Name of Subject of Inquiry	SIMMET (PVT) LTD
Legal Form & Status	Private, Limited Liability Company (In Operation)
Primary Line of Business	Manufacturer, exporter of copper sheets and copper alloy sheets
Principal Place of Business	Lot No 9 & 10, BOI EPZ, Horana Phone : (00 94 ) 34 2255515 Fax : (00 94 ) 34-2255777 (94) 75-4644914 Rajendra E-Mail: simmet123@yahoo.com
Employees	50 Approximately

Company Details

Registration No	N(PVS) 28747
Date of Registration	03^rd July 2001
Re-registration No	PV 7255
Date of Re-registration	05^th September 2008
Registered Office	3rd Floor, Yathama Building, # 142, Galle Road, Colombo03, Sri Lanka.
Director Board / Ownership As At 29^thDecember 2016	Ashok Talesara Kumar	Director
	Shah Rohit Vrajlal	Director
	Rajendra Choudhary	Director
	Kishan Lal Kumar	Director
	Nangal Singh Balla	Director
Stated Share Capital	LKR 21,000,200.00
No. of Shares	210,002
Auditors	Nanayakkara & Company 3rd Floor, Yathama Building, # 142, Galle Road, Colombo03, Sri Lanka.
Company Secretaries	Aims Secretarial Services (Pvt) Ltd 3rd Floor, Yathama Building, # 142, Galle Road, Colombo03, Sri Lanka.
Main Bank/s	Peoples bank, Sri Lanka State bank of India Sri Lanka

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Ashok Talesara Kumar	01
2.	Shah Rohit Vrajlal	30,001
3.	Rajendra Choudhary	15,000
4.	Kishan Lal Kumar	15,000
5.	Abhishek Kachhara (Dubai Holdings)	150,000

FINANCIAL DETAILS

Most recent available Financial Information

SALES TURNOVER

Year Amount

2017-2018 128.000 Million

CURRENT INVESTIGATION

Company Logo

History.

The subject company was initially formed on 03^rd July 2001 under N (PVS) 28747 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 05^th September 2008 under PV 7255 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Operational Details.

General

Employees

50 Approximately

Export goods

Finished goods

Export Countries

India

Import goods

Copper scrap, brass scrap, zinc ingot

Import Countries

UK, Middle East countries, Malaysia, African countries, Europe countries

Trading terms

Purchasing terms

Advance payment / credit (30 Days)

Sales terms

Advance payment / credit (30 Days)

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Ashok Talesara Kumar
ID Number	Z 004768
Nationality	Indian
Gender
Date of Birth
Age
Address	# 42/46, Mugbhat Lane, Girgaum Bombay 400004

Director 2

ITEM	DETAIL
Name	Shah Rohit Vrajlal
ID Number	710356188
Nationality	Indian
Gender
Date of Birth
Age
Address	# 42/46, Mugbhat Lane, Girgaum Bombay 400004

Director 3

ITEM	DETAIL
Name	Rajendra Choudhary
ID Number	E 3071369
Nationality	Indian
Gender
Date of Birth
Age
Address	Nani Ji Ka Bage Bus Stand Nathdwara Rajastan

Director 4

ITEM	DETAIL
Name	Kishan Lal Kumar
ID Number	E 1637687
Nationality	Indian
Gender
Date of Birth
Age
Address	V P Chapra PO Mazawari The Gogunda Dist.Udaipur Raj. India

Director 5

ITEM	DETAIL
Name	Nangal Singh Balla
ID Number	K 96667999
Nationality	Indian
Gender
Date of Birth
Age
Address	Ballo Ka Kheda PO Liki Via Charbhuia Road Amet Rajsamanda Raj

INFORMATION PARTED

Name :	Mr. Rajendra Choudhary
Designation :	Director
Contact No.:	(94) 75-4644914
Date :	09.05.2018

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.38
UK Pound	1	INR 91.09
Euro	1	INR 79.75
LKR	1	INR 0.43

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

INFORMATION DETAILS

Information gathered by :	SUP

Analysis Done by :	VAR

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)

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.