MIRA INFORM REPORT

 

 

Report Date :

22.08.2013

 

IDENTIFICATION DETAILS

 

Name :

WOODLANDS  COMPANY

 

 

Registered Office :

# 192, 4th Cross Street, Colombo-11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

24.12.1992

 

 

Com. Reg. No.:

W 49479

 

 

Legal Form :

Partnership concern  (In operation)

 

 

Line of Business :

Importers and Distributors of Consumer Food Products including Chickpeas, Chillies, Lentils, VSP, Canned Fish, Canned Dhal, Mustard, Garlic, Cinnamon, Millet, Green Mung, Pop Corn, Grid Dhal.

 

 

No. of Employees :

Approximately 30

 

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 :

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

 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 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

:

WOODLANDS  COMPANY

b.

Legal Form  & Status

 

:

 

Partnership concern   (In operation)

c.

Managing Partner

:

Markandu Linganathan

d.

Primary Line Of  Business

:

Importers and Distributors of Consumer Food Products

e.

Head Office

&

Place of Business

:

 

# 192, 4th Cross Street,

Colombo-11,

Sri Lanka.

             

Tel. No: (00 94 11) 242 2426 / 232 7451 / 232 5781

Fax No: (00 94 11) 254 1879

 

Mobil No:(00 94 77) 736 4557

 

E-mail : lincoln@vinet.lk 

 

f.

Number of Employees

:

  Approximately 30

 

 

 

CONCERN  DETAILS

Registration and Shareholder Details

 

a.

Registration No

:

W 49479

b.

Date of Registration

:

24th December 1992

c.

Registered Office

:

# 192, 4th Cross Street, Colombo – 11

d.

Partners

:

Markandu Linganathan

Managing Partner

Markandu Jeganathan

Partner

Kathiresu Markandu 

Partner

Markandu Pushparajini

Partner

Markandu Pushpalatha

Partner

Markandu Pushpashanthi

Partner

e.

Auditors

:

W. S. Kiruparatnam & Co

f.

Company Secretaries

:

-Not Applicable-

g

Bankers

:

 

Hatton National Bank Ltd

Pan Asia Banking Corporation

Sampath Bank Ltd

Seylan Bank PLC

Habib Bank

Bank of Ceylon

 

 

 

 

CURRENT INVESTIGATION

                                                           

·         History.

 

                  The Subject Concern  WOODLANDS COMPANY is a Partnership Concern  incorporated on 24th December 1992 under registration number W 49479.

 

                  The Proprietorship/Partnership companies are being registered at the Provincial Registrar of Companies.

 

·         Location.

 

The Subject Concern  is located at the client # 192, 4th Cross Street, Colombo-11.

 

                             

·         Operational Details.

 

General

                  The subject concern  primary line of activity is an Importers and Distributors of consumer durables.

 

 

Products

Chickpeas, Chillies, Lentils, VSP, Canned Fish, Canned Dhal, Mustard, Garlic, Cinnamon, Millet, Green Mung, Pop Corn, Grid Dhal

 

Import Countries

Pakistan, India, Bulgaria, Australia, South Africa, Canada, Chilli, Romania, Russia, Egypt, china and Turkey.

 

 

No of Employees

                  Approximately 30

 

 

·         Financial Data

 

The concern  has declined to provide information on its finances

 

The concern  has declined to provide financial information without knowing the details of the end user of this report.

 

                  In Sri Lanka, Private Limited Liability/Proprietorship/Partnership Companies do not   

                  Publish their Accounts for Public use, other than the Shareholders

 

                            

·         Trade references

Not Available

 

 

·         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.63.46

UK Pound

1

Rs.99.42

Euro

1

Rs.85.12

 

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%)

 

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.