MIRA INFORM REPORT

Report Date :

02.03.2011

IDENTIFICATION DETAILS

Name :	WATMORE TRADERS
Registered Office :	# 30, Paasihena Road, Waragoda, Kelaniya
Country :	Sri Lanka
Date of Incorporation :	Not Divulged
Com. Reg. No.:	Not Divulged
Legal Form :	Proprietorship Concern
Line of Business :	Importers, Dealers & Distributors of Food items

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 :	Unknown
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Sri Lanka	b1	b1

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	:	WATMORE TRADERS
Legal Form & Status	:	Proprietorship Concern (In Operation)
Managing Partner	:	P.G. Jinadasa
Primary Line of Business	:	Importers , Dealers & Distributors of Food items
Office & Place of Business	:	# 30, Paasihena Road , Waragoda, Kelaniya. Sri Lanka Tel No: (00 94 77) 312 9511
No. of Employees	:	Not Disclosed

CONCERN DETAILS-Registration and Shareholder Details

Registration No	:	Not disclosed
Date of Registration	:	Not disclosed
Registered Office	:	#30, Paasihena Road, Waragoda, Kelaniya. Sri Lanka
Proprietor	:	P.G. Jinadasa
Auditors	:	Not Disclosed
Concern Secretaries	:	Not applicable
Bankers	:	Not Disclosed

CURRENT INVESTIGATION

HISTORY:

The Subject Concern WATMORE TRADERS is Proprietorship Concern in operation.

The Proprietorship/ Partnership companies are being registered at the Provincial Registrar of Companies and when the owner does not provide the registration details it is not possible to extract such details from the Registrar’s office.

Location:

The subject concern is located at the client given address # 30, Paasihena Road, Waragoda, Kelaniya. Sri Lanka, a residential and business area approx 10 kilometers from the Colombo city. Mr. P. G. Jinadasa is claiming to be the Managing Proprietor of the Concern . The client given address, where the business is in operation, is a residential house. No land telephone or fax. Mr. Jinadasa said that he distribute good through other dealers. He indents for the goods and dispose through dealers, wholesale. He declined to disclose operational or financial details.

OPERATIONAL DETAILS:

General:

The subject concern ’ primary line of business is Importing and distribution of Food items.

Products:

Onions, potatoes

Importing Countries:

India

Employees:

Not Disclosed.

Financial Data:

The Proprietor of the Concern has declined to provide information on its Finances and also operational details.

In Sri Lanka, Private Limited Liability/Proprietorship/Partnership Companies do not publish their Accounts for Public use, other than the Shareholders

Credit Recommendations:

Since no financial information has been forthcoming from the concern , it is not possible to comment on the merits or otherwise of the concern .

No computerised data bases exist to make checks whether the promoters or the concern 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 - Appraisal and Rating of Subject Concern

Rating:
Business Scale	Small
Market Situation	Competitive

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.12
UK Pound	1	Rs.73.43
Euro	1	Rs.62.32

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

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%)

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