MIRA INFORM REPORT

 

 

Report Date :

24.08.2013

 

IDENTIFICATION DETAILS

 

Name :

R. G. BROTHERS

 

 

Registered Office :

# 103, 2/1, Maha Vidyalaya Mawatha, Colombo 13

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.11.2005

 

 

Com. Reg. No.:

WP 63712

 

 

Legal Form :

Proprietorship Concern   

 

 

Line of Business :

Importers and Distributors of Consumer food products such as Chickpeas, Chillies, Lentils, VSP, Canned Fish, Canned Dhal, Mustard, Garlic.

 

 

No. of Employees :

20 Approximately in the permanent cadre

 

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

 

Name of Subject of Inquiry

:

R. G. BROTHERS

 

Legal Form  & Status

:

Proprietorship Concern   (In Operation)

Proprietor

:

 Ponnampalam Ramanathan

Primary Line of Business

:

Importers and Distributors of Consumer food products.

 

Head Office

 

:

 

# 103 2/1, Mahavidyalaya Mawatha,

Colombo 13,

Sri Lanka

  

Mobile No: (00 94 77) 768 4067 - Mr. P. Ramanathan

 

Tel No: (00 94 11) 238 2572; 436 2541

Fax No: (00 94 11) 242 4062

Email: rg@hotmail.com

             rgbrotherslk@hotmail.com   

 

Sales Office

:

# 81, 5th Cross Street, Colombo 11, Sri Lanka

:

# 151, 04th Cross Street, Colombo 11, Sri Lanka

:

# 78, 04th Cross Street, Colombo 11, Sri Lanka

No. of Employees

:

20 Approximately in the permanent cadre

 

CONCERN DETAILS 

 

Registration and Shareholder Details

Registration No

:

WP 63712

Date of Registration

:

02nd November 2005

Registered Office

:

 

 # 103, 2/1, Maha Vidyalaya Mawatha, Colombo 13, Sri Lanka

 

Auditors

:

Joseph & Company

Company Secretaries

:

Not Applicable

Bankers

:

Sampath Bank, Hatton National bank; MCB Bank

Pan Asia Banking Corporation PLC

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

Based on the corporate laws of Sri Lanka, legal entities which are Private Concern  with Limited Liability/Proprietorship/Partnership is not required to make public disclosure of their annual financials.                

Therefore no Financials are available for this entity.

 

 

CURRENT INVESTIGATION                      

 

History.

The Subject Concern  R. G. BROTHERS is a Proprietorship Concern  incorporated on 02nd November 2005 under registration no. WP 63712.

 

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

 

Location.

The subject Concern  is located at client # 103 2/1, Maha Vidyalaya Mawatha, Colombo 13, Sri Lanka,

                 


The Sales Offices are located at:

 

# 151, 04th Cross Street, Colombo 11, Sri Lanka, # 78, 04th Cross Street, Colombo 11,  and Sri Lanka, # 81, 5th Cross Street, Colombo 11, Sri Lanka, the main business area in  The city.

 

       

Operational Details

 

General

The subject Concern ’ primary line of business is an Import and Wholesale/retail Distributors of consumer durables. Their business places are situated in the busiest business place in the city of Colombo where all types of general merchants are operating.

 

Products

Chickpeas, Chillies, Lentils, VSP, Canned Fish, Canned Dhal, Mustard, Garlic.

 

Importing Countries

India, Malaysia, Thailand, Singapore, China, Canada, USA, Turkey, Australia etc…

 

No of Employees

Approximately 20 in the permanent cadre and casual labour is used for loading and unloading  of shipments and other services which is approx.20 -50.

 

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 Concern  with Limited Liability/Proprietorship/Partnership is not required to make public disclosure of their annual financials. Therefore no Financials are available for this entity.

         

Trade references

The subject Concern  has provided a list of its importing companies as trade references and Are attached on Pages 10- 13 of this report

 

 

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.64.69

UK Pound

1

Rs.100.79

Euro

1

Rs.86.30

 

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.