MIRA INFORM REPORT

Report Date :

03.08.2013

IDENTIFICATION DETAILS

Name :	WILSON TRADING COMPANY

Registered Office :	# 104/7, Dam Street, Colombo 12

Country :	Sri Lanka

Date of Incorporation :	09.01.1995

Com. Reg. No.:	WA 8285

Legal Form :	Partnership Company (in operation)

Line of Business :	Importers and Suppliers of Sugar

No. of Employees :	Approximately 25

RATING & COMMENTS

MIRA’s Rating :

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:

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ECGC Country Risk Classification List – March, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

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 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.

Source : CIA

GENERAL - Basic information at a glance

a.	Name of Subject of Inquiry	:	WILSON TRADING COMPANY
b.	Legal Form & Status	:	Partnership Company (in operation)
c.	Managing Partner	:	L. Hemantha Jayalath
d.	Primary Line of Business	:	Importers and Suppliers of Sugar
e.	Head Office & Place of Business	:	# 104/7, Dam Street, Colombo 12, Sri Lanka Tel. No: (00 94 11) 243 8950 / 234 3110 / 239 0544-6 Fax No: (00 94 11) 239 0115 Mobile No:(00 94 77) 308 5058 – Kasun Andrahennadi (General Manager)
f.	No. of Employees	:	Approximately 25

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No		:	WA 8285
b.	Date of Registration		:	09^th January 1995
c.	Registered Office		:	# 104/7, Dam Street, Colombo 12, Sri Lanka.
d.	Partners		:	L.Hemantha Jayalath	Managing Partner
				L. S. Priyantha Dayasiri	Partner
				L. S. Kithsiri	Partner
				N. Karunasiri Lokumanna	Partner
e.	Secretaries	:		-Not Applicable-
f.	Auditors	:		-Not Disclosed-
g.	Bankers		:	Seylan Bank

Partners Information

01)

Name	L. H. Jayalath
Sex	Male
Nationality	Sri Lankan
National ID No.	600370240 V
Date of Birth	06^th February 1960
Age	53 Years
Address	596/79, Bandaranayake Mawatha, Anuradhapura.

02)

Name	L. S. Priyantha Dayasiri
Sex	Male
Nationality	Sri Lankan
National ID No.	660621750 V
Date of Birth	02^nd March 1966
Age	47 Years
Address	596/79, Bandaranayake Mawatha, Anuradhapura.

03)

Name	L. Saman Kithsiri
Sex	Male
Nationality	Sri Lankan
National ID No.	622792893 V
Date of Birth	05^th October 1962
Age	50 Years
Address	596/79, Bandaranayake Mawatha, Anuradhapura.

04)

Name	N. Karunasiri Lokumanna
Sex	Male
Nationality	Sri Lankan
National ID No.	611831803 V
Date of Birth	01^st July 1961
Age	52 Years
Address	596/79, Bandaranayake Mawatha, Anuradhapura.

FINANCIAL DETAILS - Most recent available Financial Information

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

CURRENT INVESTIGATION

History.

The Subject Company WILSON TRADING COMPANY is a Partnership Company incorporated on 09^th January 1995 under registration number WA 8285.

The Proprietorship/Partnership companies are being registered at the Provincial

Registrar of Companies.

Location.

The Subject Company is located at the client # 104/7, Dam Street, Colombo 12, a highly commercial area

Operations Details.

General

The subject company’s primary line of business is Import and Supply of food items such as sugar.

Products

Sugar

Import Country

Taiwan and India

No of Employees

Approximately 25

Financial Data

Trade references

The subject company did not provide any trade reference

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.60.80
UK Pound	1	Rs.91.95
Euro	1	Rs.80.36

INFORMATION DETAILS

Report Prepared by :

SDA

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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