MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	ABC IMPORTS & EXPORTS
Registered Office :	# 562/16C, Lower Bagathale Road, Colombo- 03
Country :	Sri Lanka
Date of Incorporation :	Not Available
Com. Reg. No.:	Not Available
Legal Form :	Proprietorship Concern
Line of Business :	Importers, Dealers & Distributors of Food Items
No. of Employees :	Approximately 05 employees

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Sri Lanka	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Sri Lanka - ECONOMIC OVERVIEW

Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

Source : CIA

GENERAL

Basic information at a glance

Name of Subject of Inquiry	:	ABC IMPORTS & EXPORTS
Legal Form & Status	:	Proprietorship Concern (In Operation)
Proprietor	:	Ibrahim Anis
Primary Line of Business	:	Importers, Dealers & Distributors of Food Items
Office & Place of Business	:	# 201, 4^th Cross Street , Colombo- 11, Sri Lanka. Tel. No: (00 94 11) 232 7302 Fax. No: (00 94 11) 243 5205 Email: Ibrahim.anis@yahoo.com
No. of Employees	:	Approximately 05

CONCERN DETAILS

Registration and Shareholder Details

Registration No	:	Not Disclosed
Year of Registration	:	Not Disclosed
Registered Office	:	# 562/16C, Lower Bagathale Road, Colombo- 03. Sri Lanka.
Proprietor	:	Ibrahim Anis	Managing Proprietor
Auditors	:	Not Disclosed
Bankers	:	Not Disclosed

CURRENT INVESTIGATION

· History.

The subject concern, ABC IMPORTS & EXPORTS is a Proprietorship Concern in operation.

The Proprietorship/Partnership companies are being registered at the Provincial

Registrar of Companies and when the owner refuses to provide details such as

Registration number, date of registration, auditors etc., it is not possible to obtain

Such details from the registry.

There is an associate concern of the subject concern operating at the same premises, namely “Meezan Trading Company”.

· Location.

The Subject Concern is located at # 201, 4^th Cross Street, Colombo 11, which is a highly

Commercial area where wholesale/retail Merchants are operating.

The client given address #562/16C, Lower Bagathale Road, Colombo 03 is the Registered

Address of the Subject Concern .

· Operational Details.

General

The subject concern primary line of business is Import & distribution of all kinds of Food items.

Products

Coriander, Red/Small onions, Ground nuts, Yeasts, Potatoes, Dates, Garlic, Chillies etc.

Countries

India, Middle East, China, Pakistan

No of Employees

Not Disclosed

· Financial Data

The concern has declined to provide information on its finances.

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with

Limited Liability is not required to make public disclosure of their annual financials.

Therefore no Financials are available for this entity.

· General Comments

When we contacted the concern owner but he declined to provide any details to prepared this report

· Trade references

The subject concern declined to provide any trade references

· 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 .

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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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.