MIRA INFORM REPORT

 

 

Report Date :

23.12.2013

 

IDENTIFICATION DETAILS

 

Name :

SUNIL TRADERS

 

 

Registered Office :

# 57, 5th Cross Street, Colombo-11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.12.1985

 

 

Com. Reg. No.:

W 1130

 

 

Legal Form :

Partnership Company  

 

 

Line of Business :

Subject company primary line of businesses is Import and Distribution of Fresh Fruits & other commoditise.

 

 

No. of Employees :

200

 

 

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

:

SUNIL TRADERS

Legal Form  & Status

:

Partnership Company   (In Operation)

Managing Partner

:

Sunil Muthumala

Primary Line of Business

:

Import, Export and Distribution of Fresh Fruits & other commoditise

Head Office

 

 

 

# 180/ 53, Peoples Park Shopping Complex,

Colombo – 11.

 Sri Lanka 

        

Tel. No: (00 94 11)  247 2105/ 254 2613

Fax No: (00 94 11)  233 5036

 

E-Mail : suniltraders@sltnet.lk

 

Sales Office

:

 

# 57, 5th Cross Street,
Colombo 11,

Sri lanka.

 

Tel. No: (00 94 11) 242 1176

Fax. No: (00 94 11) 233 6882

 

Outlets

 

LG93, Peoples Park Shopping Complex,

Colombo 11.

 

Tel. No: (00 94 11) 232 8397

Fax. No: (00 94 11) 254 2316

 

95, 4th Cross Street, 
Colombo 11.

 

Tel. No: (00 94 11) 232 6041

 

Cold Rooms

:

 

800/2, Kaduwela Road,
Malabe.

 

Tel. No: (00 94 11) 256 2648

Fax. No: (00 94 11) 2562649

 

 

Associate Companies

:

 

(a) Leisure world Water Parks (Pvt) Ltd.

        Seethawaka, Kaluaggala.

 

        Tel. No: (00 94 36) 225 3999

        Fax No: (00 94 36) 225 3426

        E-mail : Leisureworld@sltnet.lk

 

b) Leisure World Travel & Tourism (Pvt) Ltd    

 

(c) Sha Lanka Trading,

      Pelawatte, Battaramulla.

       

No. of Employees

:

Approximately 200

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

W 1130

Date of Registration

:

02nd December 1985

Registered Office

:

 

# 57, 5th Cross Street, Colombo-11.

 

Partners

 

:

Sunil Muthumala

Managing Partner

S. Sujeeva Muthumala

Partner

S. W. Muthumala

Partner

Auditors

:

Wickramasinghe & Dayananda

Bankers

:

Bank of Ceylon, Sampath Bank, Peoples Bank

 

3) FINANCIAL DETAILS - Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                                   

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability/Partnerships/Proprietorship is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

4) CURRENT INVESTIGATION  

                                               

                                

                                                    

Company Logo

 

·         History.

The Subject Company SUNIL TRADERS is a Partnership Company incorporated in 02nd December 1985 under registration number W 1130.   

 

The subject company has four branches which are located in deferent places in the Colombo City in close proximity to each other, where they import and distribute their products in wholesale and retail. They also maintain large cold rooms at Malabe, and Battaramulla (in close proximity to each other) approx. 15 kilo meters from Colombo.

 

·         Location.

                   The subject company head office is located at # 180/ 53, Peoples Park Shopping Complex,

Colombo – 11. The client # 57, 5th Cross Street,
Colombo 11 is sales office address

 

·         Operations Details.

 

General

The subject company primary line of businesses is Import and Distribution of Fresh Fruits & other commoditise.

The subject company all imported fresh fruits are accompanied by a Phytosanitary Certificate issued by an authorized officer of the Plant Quarantine Service of the country of origin

 

                   Sha Lanka Trading is an Associate Company of Sunil Traders is import and distributor of a

                   Milk powder from Australia and New Zeland under the brand name “Candy”

 

Imports Products

Oranges, Apple, Grapes, Pomegranates, Onion, Potato, Chillies, Garlic

      

 

Export Products

Tea, cashew nuts, Coconuts, Pineapples, Vegetable….

 

Country

India, Pakistan, China, Australia, New Zeland, Iraq, South Africa.

 

Employees

                  Approximately 200

 

·         Financial Data

The subject company has declined to provide information on its finance.

 

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

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

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

 

·         Trade references

                  The subject company did not provide any trade reference referrals

 

·         Credit Recommendations

                        Since no financial information has been forthcoming from the company, it is not possible to comment on the Credit amount.

 

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.62.24

UK Pound

1

Rs.101.80

Euro

1

Rs.84.87

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.