MIRA INFORM REPORT

 

 

Report Date :

31.08.2013

 

IDENTIFICATION DETAILS

 

Name :

R T S FOODS

 

 

Registered Office :

# 69, 5th Cross Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

Not Available

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Proprietorship Concern 

 

 

Line of Business :

Importer, Wholesaler, retailer & Distributors of consumer durables including Chickpeas, Chillies, Lentils, Red and Big Onions, Sugar, Potatoes, Garlic & Rice (Basmati and other local varieties such as Nipuna.)

 

 

No. of Employees :

10 (approximately)

 

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 T S FOODS

 

Legal Form  & Status

:

Proprietorship Concern   (In Operation)

Proprietor

:

K. Padmanathan

Primary Line of Business

:

Importers and Distributors of Consumer food items

 

Office & Place of Business

 

:

 

# 69, 5th Cross Street,

Colombo 11.

Sri Lanka

  

Mobile No: (00 94 77) 731 7838 - Mr. K. Padmanathan

 

Tel No: (00 94 11) 238 0467, 238 7230

Fax No: (00 94 11) 238 7231

Email:  rtskpadma@slt.lk

   

 

No. of Employees

:

Approx. 10

 

           

CONCERN DETAILS 

Registration and Shareholder Details

 

Registration No

:

Not Disclosed

Date of Registration

:

Not Disclosed

Registered Office

:

 # 69, 5th Cross Street, Colombo 11, Sri Lanka

 

Auditors

:

Not Disclosed

Bankers

:

Not Disclosed

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

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/Partnerships/Proprietorships 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 T S FOODS is said to be Proprietorship Concern .

 

When our investigator visited the client, # 69, 5th Cross Street, Colombo 11, he was told by the person who claimed to be the proprietor of the subject concern , Mr. K. Padmanathan and he declined to provide any details without knowing the enquiring party. He said that his clients and suppliers are well known to them and if needed they can contact the subject direct and as such he is unable to provide any details.

 

The Proprietorship/Partnership Companies are registered at the Provincial Registrar of Companies and as the management declined to provide registration details, it is not possible to trace concern  details verify details at the Registrar’s office.                         

 

·         Location.

                   The client given address # 69, 5th Cross Street, Colombo 11, Sri Lanka which is a highly

                   commercial area where wholesale/retail merchants are operating.

 

                   Our investigators were able to take a photograph of the subject concern  for the benefit of

                   the client and gain an idea of the subject’s business as dealers of food items.

                 

·         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 one of the busiest business places in the city of Colombo where all types of general merchants are operating.

 

Products

Chickpeas, Chillies, Lentils, Red and Big Onions, Sugar, Potatoes, Garlic.

 

Rice (Basmati and other local varieties such as Nipuna.)

 

Food items stocked inside and outside of the shop

 

     

 

2013-08-28-0262 

 

 

2013-08-28-0263

 

 

Importing Countries

India, Thailand, China, Pakistan etc.

 

No of Employees

                    Not Disclosed by the subject .Approximately about 10 could be seen inside the shop.

 

·         Financial Data

                  Based on the corporate laws of Sri Lanka, legal entities which are Private Concern  with  

                   Limited Liability/Partnerships/Proprietorships is not required to make public disclosure of

                   their annual Financials. Therefore no financials   are available for this entity

   

·         General Comments

When the Subject Concern  was contacted, they declined to provide financial or operational  except basics information given in this report.

           

·         Credit Recommendations:

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.66.57

UK Pound

1

Rs.103.34

Euro

1

Rs.88.16

 

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.