MIRA INFORM REPORT

 

 

Report Date :

06.09.2011

 

IDENTIFICATION DETAILS

 

Name :

TESCO

 

 

Registered Office :

# 5, Hubert Place, Colombo -15

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

2001

 

 

Legal Form :

Partnership Company

 

 

Line of Business :

Importer and Wholesaler of  Food Items such as Potatoes, Onions, Chillies, Dals, Geen Moog etc.

 

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

:

TESCO

Legal Form  & Status

:

Partnership Company

Partners

:

 

1. Mr. Thulasikaran

2. Mr. Thulasidasan

3. Mr. Herath

4. Mr. Devendar

5. Madam Delanie

 

Primary Line of Business

:

Importer and Wholesaler of  Food Items such as Potatoes, Onions, Chillies, Dals, Geen Moog etc.

Sales Office

(Place of Business)

:

#17A, 4th Cross Street.

Colombo-11.

Sri Lanaka

 

Tel. No.: 00 94 11 – 4374559

Fax No.: 00 94 11 – 2348132

 

Office & Stores

:

# 5, Hubert Place,

Colombo -15

 

Mobile: (00 94 11) 365 8470- (Mr. Thulasikaran)

Email: thulasikkaran@gmail.com

 

Area: 850 sq.ft

Location: owned

No. of  Employees

:

Approximately 25

           

 

 

 

 

 

 

 

        

COMPANY DETAILS 

- Registration and Shareholder Details

 

Registration No

:

- Not Disclosed-

Year of Establishment

:

2001

Registered Office

:

#5 Hubert Place, Colombo-05

Auditors

:

Yesudasan and Company

 

Company Secretaries

:

Not Applicable

 

Bankers

:

Nation Trust Bank.

Bank of Ceylon, Petha Branch, Colombo, Sri Lanka 

 

Sister Concern

:

Vinayahar Imports and Exports Private Limited, Sri Lanka 

 

Customers

:

Wholesalers

 

 


 

FINANCIAL DETAILS

- Most recent available Financial Information

 

THE COMPANY HAS PROVIDE INFORMATION ON ITS FINANCES

 

 

31.03.2011

 

Sales Turnover

:

LKR 10.000 millions (monthly)

 

 

Information parted by

 

Name                           : Mr. Thulasikaran

 

Designation                 : Partner

 

Mobile No.                   : 0094773658470

 

Date                             : 05.09.2011

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                 The Subject Company TESCO is a partnership company in operation. The partner

                  declined to provide details.

                 The Proprietorship/Partnership companies are being registered at the Provincial Registrar of Companies and when the owner refuse to provide such details, it is not possible to obtain such details from the registry.

 

·         Location.

 

                  The Subject Company is located at # 17A, 4th Cross Street, Colombo-11 and the client given                   address # 5, Hubert Place, Colombo -15, is where the stores are housed.

 

·         Operational Details.

 

General

                  The subject company’s primary line of business is Import and Distribution (Wholesale) of food items.

 

 

                  Products

                  Potatoes, Onions, Chillies, Lentils etc.

 

                  Export country

                  India

                 

 

Import Country

India, China, Pakistan, Turkey, Australia, Canada

 

 

Employees

                  The employee strength of the subject company is approximately 25 employees.

 

Trading Terms

Purchases: L/C, Depend, DA

Selling:  L/C, Cash, Credit

 

 

·         Financial Data

 

The company has provide information on its finances.

                  Further, In Sri Lanka, Private Companies do not publish their Accounts for Public use  

other than the Shareholders

          

 

·         General Comments

 

The subject company when contacted declined to disclose any operational or financial information. The partner, Mr. Thulasikaran said that they are at present having enough business partners and further information could be given when the necessity arose in the future.

 

However all information received is from non-formal sources but clearly originating from the company.

               

 

·         Trade references

 

1.       Gnanam Imports Private Limited, Colombo

2.       R G Brothers, Colombo

 

·         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.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.12

UK Pound

1

Rs.74.18

Euro

1

Rs.64.87

 

 

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.