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Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ARAVINDA TRADING CO. |
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Registered Office : |
# 47, Station Road, Gampola |
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Country : |
Sri Lanka |
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Year of Establishments: |
1990 |
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Com. Reg. No.: |
Not available |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Importers, exporters and Suppliers of food items |
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No. of Employees : |
Not available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Sri Lanka ECONOMIC OVERVIEW
Sri Lanka continues to experience strong economic growth following the
end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE).
The government has been pursuing large-scale reconstruction and development
projects in its efforts to spur growth in war-torn and disadvantaged areas,
develop small and medium enterprises and increase agricultural productivity.
The government's high debt payments and bloated civil service have contributed
to historically high budget deficits, but fiscal consolidation efforts and
strong GDP growth in recent years have helped bring down the government's
fiscal deficit. However, low tax revenues are a major concern. 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 with the end of the war and an IMF
agreement, resulting in two straight years of 8% growth in 2010-11. Growth
moderated to about 6% in 2012. Agriculture slowed due to a drought and weak
global demand affected exports and trade. In early 2012, Sri Lanka floated the
rupee, resulting in a sharp depreciation, and took steps to curb imports. A
large trade deficit remains a concern. Strong remittances from Sri Lankan
workers abroad have helped to offset the trade deficit.
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Source : CIA |
|
Name of Subject of Inquiry |
: |
ARAVINDA TRADING
CO. |
|
Legal
Form & Status |
: |
Partnership Concern (In Operation) |
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Managing Partner |
: |
Tekshan Gunatillake |
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Primary Line of Business |
: |
Importers, exporters
and Suppliers of food items |
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Head Office & Place of Business |
: |
Gampola. Tel. No: (00 94 81)
657 0019 Fax No: (00 94 81) 235 3062 E-mail: aravindaimport@yahoo.com |
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No. of Employees |
: |
Not disclosed |
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Registration No |
: |
Not disclosed |
||
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Date of Registration |
: |
1990 |
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Registered Office |
: |
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Partners |
: |
Tekshan Gunatillake |
Managing Partner |
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P. Gunatillake |
Partner |
|||
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K. Gunatillake (Ms) |
Partner |
|||
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Auditors |
: |
-Not Disclosed- |
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Bankers |
: |
Not disclosed |
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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
·
History.
The Subject Concern ARAVINDA
TRADING CO is a Partnership Concern
incorporated in 1990. Partners are the father and the mother of the
Managing Partner. Further details not given by the Managing Partner upto date,
although he promised earlier.
The Proprietorship 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 # 47, Station Road, Gampola, a city
in the Central
Province, approx 150 kilo meters from Colombo.
·
Operations Details.
General
The subject concern primary line of business is Importers, export and Suppliers of food
items & Agro Commodities:
Products
Onions, potatoes, Lentils
Importing Countries
India,
China, Pakistan
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
The subject concern when contacted provided limited information
to prepare this report and declined to disclose any financial information.
·
Trade references
The subject concern did not provide any trade reference referrals
·
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 partners 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.54.29 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
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 |
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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 |
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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 |
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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.