MIRA INFORM REPORT

 

 

Report No. :

511174

Report Date :

26.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

V K ENGINEERING (PVT) LTD

 

 

Registered Office :

# 51, Dutugemunu Street, Kohuwela

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

08.11.2011

 

 

Com. Reg. No.:

PV 82354

 

 

Legal Form :

Private, Limited Liability Company (In Operation)

 

 

Line of Business :

Plywood Door Manufacture and Suppliers For Local Market.

 

 

No. of Employees :

Approximately 6

 

 

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 :

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

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

V K ENGINEERING (PVT) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Chairman

Mr Varun Dayaram Vuayakumar

d.

Primary Line of Business

Plywood Door Manufacture and Suppliers For Local Market

e.

Principal Place of Business

#          86, K CYRILL C PERERA MAWATHA COLOMBO

-OLD ADDRESS NO MORE

#          188, Nawala Road, Nugegoda, Sri Lanka. -Outlet

#          103/25,Mahawatte Road, Colombo 14, Sri Lanka. - Factory

Phone : (00 94 11) 4690000

Fax : (00 94 11) 4645033

E-Mail: nuzeekan@vke.lk   

Web Site:  www.vke.lk 

 

Employees

Approximately 6

 

 

Company Details

 

a.

Registration No

PV 82354

 

 

Date of Registration

08th November 2011

b.

Re-registration No

NA

 

 

Date of Re-registration

NA

c.

Registered Office

# 51, Dutugemunu Street, Kohuwela, Sri Lanka.

d.

Director Board / Ownership As At 14th October 2017

Varun Dayaram Vuayakumar

Director

 

 

 

 

Viraj Vijayakumar Dayaram

Director

e.

Stated Share Capital

LKR 20.00

f.

No. of Shares

02

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

S D M & Company Chartered Accountants

# 129, Kirulapana Avenue, Colombo 05, Sri Lanka.

j.

Company Secretaries

Nexia Corporate Consultants (Pvt) Ltd

# 51/1 A, Fife Road, Colombo 05, Sri Lanka.

k.

Main Bank/s

Seylan Bank PLC

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

 

1.

Varun Dayaram Vuayakumar

01

2.

V K Enterprises (Pvt) Ltd

01

 

 

FINANCIAL DETAILS    

 - Most recent available Financial Information

 

NA

 

 

CURRENT INVESTIGATION

 

Company Logo

 

·         HISTORY

 

The subject company was initially formed on 08th November 2011 under PV 82354 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka. V K Engineering is a subsidiary of V K Enterprises (Pvt) Ltd

 

·         OPERATIONAL DETAILS

 

General

V.K. Enterprises (Pvt) Ltd (VKE) a trusted household name for Architects Contractors and Interior Decorators since 1980. We are now considered to be one of the largest importers of Construction Hardware Materiels carrying a range of building materials, hardware items and interior products that are currently sold to over 2,000 customers throughout the country. Our marketing outreach is the biggest in the country for the line of products we carry, with a retail base of 5 outlets across the city of Colombo.

 

V.K is a well-established company carrying the most exclusive range of Ceiling & Dry wall products that include Asbestos Free Cement Board, Gypsum Plaster Board & other Mineral and Aluminium based options along with the entire framing system.

 

Our Skilled Operatives work to the highest standards to give the best service. We have a very efficient team to ensure a smooth execution of works & complete customer satisfaction.

 

Products & Services

Doors, Dry Walls, Ceiling framework, wood panels, ceiling panels, tapes, Clad laminates, Furniture, Wood products.

 

·         Boral Plaster Board - Thailand

·         UAC Berhad – Malaysia

·         Astino – Malaysia

·         Dongwha - Malaysia

 

Employees

Approximately 6

 

Export Countries

NA

 

Import Countries

Thailand and Malaysia

 

Associate / Subsidiary Companies

V K Enterprises (Pvt) Ltd

 

Factory / Warehouse and Sales Outlets

Owned

 

·         Kottahena

·         Nugegoda

·         Nawinna

·         Kohuwala

·         Mahawatta

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Varun Dayaram Vuayakumar

ID Number

850353581V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04.02.1985

Age

33 Years

Address

# 06, Palmgrove, Colombo 06, Sri Lanka.

 

Director 2

 

ITEM

DETAIL

Name

Viraj Vijayakumar Dayaram

ID Number

863310563V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26.11.1986

Age

33 Years

Address

# 06, Palmgrove, Colombo 06, Sri Lanka.

 

 

Information declined

 

MANAGEMENT NON CO-OPERATIVE

 

Contact No.: (009411) 4690000

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.26

UK Pound

1

INR 91.22

Euro

1

INR 79.88

LKR

1

INR 0.43

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHL

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

NIT

 

 

 

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.