MIRA
INFORM REPORT
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Report Date : |
9th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MODERN CHEMICALS |
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Registered Office : |
# 157, 4th Cross Street,
Colombo 11 |
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Country : |
Sri
Lanka |
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Legal Form : |
Partnership Company |
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Line of Business : |
Importers & General Merchants of
Commodities & Food items. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
GENERAL
Basic information at a glance
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a. |
Name
of Subject of Inquiry |
: |
MODERN CHEMICALS |
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b. |
Legal Form &
Status |
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Partnership Company (In Operation) |
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c. |
Managing Partner |
: |
Mr. Siripala Silva |
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d. |
Primary
Line of Business |
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Importers & General Merchants of Commodities & Food items. |
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e. |
Head Office & Place of Business |
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# 157, 4th Cross Street, Colombo 11. Tel No: (00 94 11) 245 8110 / 238 000 / 245 8108 - 9 Fax No: (00 94 11) 242 1337 E Mail: modchem@lankacom.net |
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f. |
No. of Employees |
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Approximately 15 |
COMPANY DETAILS
Registration and Shareholder Details
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a. |
Registration No |
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Not Disclosed |
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b. |
Year of Registration |
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Not Disclosed |
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c. |
Registered Office |
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# 157, 4th Cross Street, Colombo 11. |
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d. |
Partners |
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Mr. Siripala Silva |
Managing
Partner |
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Mr.
Saminda Silva |
Partner |
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e.
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Auditors |
: |
Not Disclosed |
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CURRENT INVETIGATION
History.
The Subject Company MODERN CHEMICALS is a Partnership Company.
Location.
The Subject Company is located at the client given address # 157, 4th Cross Street, Colombo 11.
The subject company is located in a highly commercial area in the city of Colombo which is in close proximity to the Colombo harbour. During peak business hours there is lot of traffic congestion and there is difficulty in approaching this area.
Operational Details.
General
The subject company primary line of business is Importers & General Merchants of Commodities & Food items for the local companies.
Products
Onions, potatoes, spices, pulses, etc.
Import Countries
India, Pakistan, Dubai, Turkey, Canada, Australia, USA, Singapore, China and Thailand.
Employees
The
employee strength of the subject company is approximately 15 employees.
Financial Data
The company has declined to provide information on its finances
General Comments
The Subject company is essentially run and managed by a father and son team Mr. Siripala Silva the Managing Partner of the subject company did not make himself available for an interview, but his son Mr. Saminda Silva undertook to provide information on the company to prepare this report but to date he has not provided any information whatsoever and also from the beginning declined to disclose any financial information or plans for the future for the company.
It was however disclosed by Mr. Saminda Silva that the company is still in its infancy and that it is still in the process of building up its distribution and client base. The Subject Company is not known to this Industry or to any of the larger manufacturer/distributors of household chemicals and / or paint and paint accessories.
Since the
company is a partnership, and is not willing to disclose their registration
(date & number) details, we are not able to obtain verification from the
provincial registrar of companies under whose ambit such partnerships are registered.
It is a moot question as to the reasons for the partners to refuse information about the company especially when the reasons for the request have been clearly enumerated to them. As such, we are reluctant to make any recommendations whatsoever.
Trade references
The subject company did not provide any trade reference referrals
Credit Recommendations
Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.
No
computerised data bases exist to make checks whether the partners or the
company has any legal action or lawsuit initiated against any of them but
informal (but not in-depth) checks do not indicate any such cases in the public
knowledge.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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