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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
S MART GLOBAL |
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Registered Office : |
# 180/1/123, Peoples Park Complex, Colombo- 11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
28.06.2010 |
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Com. Reg. No.: |
W/A 88880 |
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Legal Form : |
Partnership Company (In Operation) |
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Line of Business : |
Importers & Distributors Food Items |
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No. of Employees : |
Approximately 10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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.
|
Source
: CIA |
|
a. |
Name of Subject of Inquiry |
: |
S MART GLOBAL |
|
b. |
Legal Form & Status |
: |
Partnership
Company (In Operation) |
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c. |
Managing Partner |
: |
G. Rajendran |
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d. |
Primary Line of Business |
: |
Importers & Distributors Food Items |
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e. |
Office & Place of Business |
: |
# 180/1/123, Peoples Park Complex, Colombo- 11 Sri Lanka. Tel. No: (00 94 11) 244 1944 Fax No: (00 94 11) 239 3339 Email: gnanam@sltnet.lk |
|
f. |
No. of Employees |
: |
Approximately 10 |
|
a. |
Registration No |
: |
W/A 88880 |
|
|
b. |
Year of Registration |
: |
28th June, 2010 |
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|
c. |
Registered Office |
: |
# 180/1/123, Peoples Park Complex, Colombo-
11 Sri Lanka. |
|
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d. |
Partners |
: |
G. Rajendran |
Managing Partner |
|
R. Salini (Ms) |
Partner |
|||
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e. |
Auditors |
: |
G & B Associates |
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f. |
Bankers |
: |
Bank of Ceylon, Nations Trust Bank, Sampath Bank |
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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 company, S MART
GLOBAL is a Partnership Company (in operation) registered on 28th
June, 2010 under Registration No. W/A 88880.
The
Proprietorship/Partnership companies are being registered at the Provincial
Registrar
of Companies
The
subject company is an associate company of GNANAM IMPORTS (PVT) LTD, a Company engage with importing and
distribution of food items (wholesale & retail).
Location.
The Subject Company is located at the client
# 180/1/123, Peoples Park Complex, Colombo-11,
Sri Lanka, which is a highly commercial area where Wholesale/retail Merchants are operating.
Operational
Details.
General
The subject company primary line of business
is Import & distribution of all kids of Food Items.
Products
Potatoes, Onions,
Lentils, Sugar, Green peas, Cumming seeds etc.
Import
& Countries
India, Pakistan, China
No
of Employees
Approximately 10 (Group 100)
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
Not Available
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.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.