MIRA INFORM REPORT

 

 

Report Date :

11.02.2008

 

IDENTIFICATION DETAILS

 

Name :

DEVI TRADING COMPANY

 

 

Registered Office :

No. 125, Bankshall Street,Colombo-11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.05.1971

 

 

Com. Reg. No.:

W 6217

 

 

Legal Form :

Partnership Company

 

 

Line of Business :

Importers, Exporters, and Wholesaler Merchants of Chemicals Dyes, and Waxes

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

GENERAL - Basic information at a glance

     

a.

Name of Subject of Inquiry

:

DEVI TRADING COMPANY

 b.

Legal Form  & Status

:

Partnership Company(In operation)

c.

Managing Partner

:

Mr. A. Vengadasalam

d.

Primary Line of Business

:

Importers, Exporters, and Wholesaler Merchants of chemicals dyes, and Waxes.

e.

 

 

Place of Business

 

:

 

# 125, Bankshall Street,

Colombo-11.

 

Tel. No: (00 94 034) 233 5124 / 5 243 7453 / 243 2444

Fax No: (00 94 034) 243 2444

E- mail: devi@slt.lk

Web     :www.devitrading.biz

f.

No. of Employees

:

Approximately 50

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

W 6217

b.

Date of Registration

:

01st May 1971

c.

Registered Office

:

 

No. 125, Bankshall Street,Colombo-11, Sri Lanka

d.

Partners

:

 

Mr. A. Vengadasalam

Managing Partner

 

Mr. A. Netthikumar

Partner

 

Mrs. M. Vengadasalam

Partner

e.

Auditors

:

Balarathnum & Company

f.

Bankers

:

 

Hatton National Bank Ltd

Sampath Bank Ltd

Muslim Commercial Bank Ltd

Habib Bank Ltd

 

 

 

CURRENT INVESTIGATION                      

 

The Subject Company DEVI TRADING COMPANY is a Partnership Company Registered in 01st May 1971.The subject company is located at the client given address No. 125, Bankshall Street, Colombo-11,

Sri Lanka.

 

The Subject Company DEVI TRADING COMPANY is a specialist worldwide trader with a history of over 30 years of active business in the area of imports, exports and trading. The company has three associate companies located in China, Hong Kong and India. and trades with more than 25 Countries.

 

The Subject Company is a well established name in the market located in the main wholesale business area of the Colombo districts. They are sole agents in Sri Lanka for Indian dyesstuff industry India. and Grasim Industry India. They also cover a wide spectrum of products, enabling Sri Lankan Industries to meet there overseas clients requirements. The  chemicals are more aligned with the textile industry and other related fields such as chemicals for water Purification. The Subject company Imports, a variety of foodstuffs, including Red Split Lentils, Yellow Split Lentils, Methi seeds, Fennel seeds, Commins seeds, garlic, green peas , chick peas, Onions, potatoes, Barley, Sago, Turmeric, Chillies, Green Beans, Coriander, They also have a strong  market share for pearl, Barley, sego seeds , and potatoes.

 

The Subject Company DEVI TRADING COMPANY Exports Cloves cinnamon which is available in cinnamon Quills cylindrical Bales, and cut lengths, Featherings, Chips, Powder, cinnamon Bark  and leaf oil, quelling superfine.No.1and Faq. Other Products are nutmeg, and mace, betel nuts, Black Pepper, fresh Coconut, Natural Rubber, ( Five Grades, Rss. 1,2,3,4,5 Sorted on the basis on the amount of dust or resinous, particles  found).and Ekels.   

 

The Subject Company DEVI TRADING COMPANY has entrepot trading in fresh foods hardware light Industry chemicals and spices. They also treade in fresh ginger, Fresh garlic, Ground nut kernels.

 

Giving below are addresses of two associated companies:

1, Unit 7, 10th Floor,

CCT Telecom Building,

No.11, WO shing Street, 

Foton, Shatin, NT. Hong Kong.

 

Tel: + (852) 2679 0519 / 2670 7851

Fax: + (852) 2639 5376

 

No. 28, K Daxin Building,

Baoan South Road,

Luohu District,

Shenzhen, China.

 

Tel: + (86 755) 557 6066 / 557 7613

Fax: + (86 755) 557 9418

 

The subject company DEVI TRADING COMPANY when approached for information decline to provide any operational or financial information pert ting to the company. 

 

DEVI TRADING COMPANY is not a limited liability company and as such they are not required to file annual financial returns with the registrar of companies and since the company has declined to provide any information pertaining to its operational and finances, it is not possible to comment on the merits or otherwise of the company.

                                                                                                   

The Employee Strength of the company approximately 50 employees.

 

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.

 

The subject company did not provide any trade reference referrals.

   

 

ANALYSIS & RATING - Appraisal and Rating of Subject Company

 

Rating:

Management Capability

Average

Commercial Morality

Average

Reputation

Average

Market Situation

Very Competitive

                       

 

     

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

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