MIRA INFORM REPORT

 

 

Report Date :

25.08.2011

 

IDENTIFICATION DETAILS

 

Name :

FAVOURITE INTERNATIONAL (EXPORTS) LTD

 

 

Registered Office :

Level 6, The Landmark, #. 385, Galle Road, Colombo 03

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

12.01.1973

 

 

Com. Reg. No.:

PVS 3648

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Importer, Exporter and Wholesaler of Local Trader of Alcoholic Beverage and Non Alcoholic Beverages.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GENERAL

- Basic information at a glance

     

Name of Subject of Inquiry

:

FAVOURITE INTERNATIONAL (EXPORTS) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Prakash Ramchand Mirchandani 

Primary Line of Business

:

Importer, Exporter and Wholesaler of Local Trader of Alcoholic Beverage and Non Alcoholic Beverages.

Corporate Head office

:

 

Level 6, The Landmark,

#. 385, Galle Road,

Colombo 03,

Sri Lanka.

 

Tel. No: (00 94 45) 237 4500

Fax No: (00 94 45) 237 0011

Mobile No.: 00 94 777319544 (Mr. Mahinda)

 

E Mail: contact@favouritegroup.com

            mahinda@fovouriteinternational.com

 

web Site: www.favouritegroup.com

 

Location: Owned (by one of the group company)

Area: 400 sq.ft

 

Place of Business

:

 

# 395, Galle Road,

Colombo 03,

Sri Lanka.

 

Tel. No: (00 94 45) 237 2838 – 40

Fax No: (00 94 45) 237 0011

 

Location: Owned (by one of the group company)

Area: 3500 sq.ft

No. of Employees

:

Approximately 18

           

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

Registration No

:

PVS 3648

Date of Registration

:

12th January 1973

Re-registration No

 

PV 2000

Date of Re-registration

 

21st January 2008

Registered Office

:

Level 6, The Land Mark, No. 385, Galle Road, Colombo-03

     Board of Directors

              As at

     20th October 2010

 

Prakash Ramchand Mirchandani

Managing Director

Radhka Ramchand Mirchandani

Director

Kumar Ramchand Mirchandani

Director

Suren Ramchand Mirchandani

Director

C.R. Suraj De Silva

Director

Issued Share Capital

:

Rs.           4,825,000.00

Nominal Value of Share

:

Rs.                       10.00

Share Holders

As at

20th October 2010

:

Share Holders

No. of Shares

Prakash Ramchand Mirchandani

01

Kumar Ramchand Mirchandani

01

Ramchand Naraindas Mirchandani

01

Radhka Ramchand Mirchandani

01

Suren Ramchand Mirchandani

01

F G Holdings (Pvt) Ltd

482,495

Secretaries

:

Ceylon Secretarial Services (Pvt) Limited

Auditors

:

M/s. Haqque Martin & Company

Bankers

:

HSBC

Hatton National Bank PLC

Parent Company

:

F G Holdings (Pvt) Ltd

Sister Company

:

 

1.       Regent Plaza Pvt. Ltd.

2.       Favourite Garments Pvt. Ltd.

3.       Deccan Aviation Pvt. Ltd.

4.       Favourite Investment Pvt. Ltd.

5.       Growth Capital Pvt. Ltd.

6.       International Brands Pvt. Ltd.

 

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

THE COMPANY HAS TO PROVIDE INFORMATION ON ITS FINANCES

                               

 

31.03.2011

31.03.2010

 

Sales Turnover

:

LKR 100 millions

LKR 80 millions

 

 

Information parted by

 

Name                                       : Mr. Mahinda Gamage

 

Designation                             : Finance Manager

 

Mobile No.                               : 00 94 777319544

 

Date                                         : 24.08.2011

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company FAVOURITE INTERNATIONAL (EXPORTS) LTD is a Private    Limited   liability Company incorporated in 12th January 1973 under registration number PVS 3648 and then the company was re-registered on 21st January 2008 under registration number PV 2000.

 

The Subject Company client given FAVOURITE INTERNATIONAL (EXPORTS) LTD name   was now changed, changed date was 01st June 2010. The subject company new name is FAVOURITE INTERNATIONAL (PVT) LTD.

·         Location.

 

The client given address of the subject company is # 395, Galle Road, Colombo 03 is a place of business and the Corporate Head office is at Level 6, The Land Mark, No. 385, Galle Road, Colombo-03.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Importers, Exporters and Wholesalers of Foreign Liquors.

 

Import and Re Export Products

Finlandia Premium Vodka, Corona Extra Beer, Premium Wines, Boutique Wines, Italian Wines.

 

                   Import Country

Mexico, Spain, Australia and Italy.

 

Export Country

Maldives and Bangladesh 

 

Employees

                  Approximately 18

 

     Trading Terms

                 Purchasing Terms: DA

                  Selling Terms: TT at Site and DA

 

                 Type of Customers

     Wholesaler, Retailers

 

 

 

 

 

 

 

·         Directors Details

 

             01)

Name

Prakash Ramchand Mirchandani

PP Number

 N 2563851

Nationality

Sri Lankan

Gender

Male

Address

#.04, Maitland Crescent, Colombo-07

 

 

             02)

Name

Radhka Ramchand Mirchandani

ID Number

323381194 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

03rd December 1972

Age

78 Years

Address

#.04, Maitland Crescent, Colombo-07

 

 

             03)

Name

Kumar Ramchand Mirchandani

ID Number

621550039V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

03rd June 1962

Age

49 Years

Address

#.40A, Lake Drive, Kotte

 

 

             04)

Name

Suren Ramchand Mirchandani

ID Number

722370678 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

24th August 1972

Age

38 Years

Address

#.04, Maitland Crescent, Colombo-07

 

 

             05)

Name

C.R. Suraj De Silva

ID Number

722371992 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

24th August 1972

Age

38 Years

Address

#. 98/3A, Nagahawatta Road, Maharagama

 

 

·         Financial Data

The company has provided information in its finance.

                            

 

·         General Comments

 

The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from non-formal sources but clearly originating from the company.                

 

 

·         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.

 

 

ANALYSIS & RATING

- Appraisal and Rating of Subject Company

 

 

Rating:

Business Trend

Growing

Reputation

Average

Market Situation

Very Competitive

                                   

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.77

UK Pound

1

Rs.75.57

Euro

1

Rs.65.97

 

 

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

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.