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Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
VENE STORES |
|
|
|
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Registered Office : |
# 165, K.K.S. Road, Jaffna |
|
|
|
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Country : |
Sri Lanka |
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|
|
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Date of Incorporation : |
Not Available |
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|
|
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Com. Reg. No.: |
Not Available |
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|
|
|
Legal Form : |
Proprietorship Concern |
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|
|
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Line of Business : |
Importers , Dealers & Distributors of Grocery & Household Items |
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|
|
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No. of Employees : |
Not Available |
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 30th, 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 |
|
Name of Subject of Inquiry |
: |
VENE STORES |
|
Legal Form & Status |
: |
Proprietorship Concern (In Operation) |
|
Managing Partner |
: |
Kandaiveniyam |
|
Primary Line of Business |
: |
Importers ,
Dealers & Distributors of Grocery
& Household Items |
|
Office & Place of Business |
: |
# 165. K.K.S. Road, Jaffna, Sri Lanka. Tel/Fax. No: (00 94 21) 222 2509, 222 2046 Mobile: (00 94 77) 161 1865 (Mr. Kandaiveniyam) |
|
No. of Employees |
: |
Not
Disclosed |
|
Registration No |
: |
Not disclosed |
|
Date of Registration |
: |
Not disclosed |
|
Registered Office |
: |
# 165, K.K.S. Road, Jaffna. Sri Lanka |
|
Proprietor |
: |
Kandaiveniyam |
|
Auditors |
: |
Not
Disclosed |
|
Bankers |
: |
Not
Disclosed |
HISTORY:
The Subject
Concern VENE STORES 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 # 165, K.K.S. Road, Jaffna, Sri Lanka, the capital city in the
Northern Province, approx. 400 kilo meters from Colombo.
OPERATIONAL
DETAILS
General:
The subject concern ’ primary line of business is Import & Distributors of Grocery and household items as a retail
& wholesale dealer.
Products
All types of Food Items such as sugar,
potatoes, lentils, onions etc.
All types of Household items such as
ceramics and stainless items
Importing
Countries
India, China
Employees
Not Disclosed.
Financial Data:
The Proprietor of the Concern has
declined to provide information on its Finances and also operational details.
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
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.21 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.67.75 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.