MIRA
INFORM REPORT
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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
EARN IMPORTS |
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Registered Office : |
# 189, 4th Cross street, 2nd Floor, Colombo 11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Proprietorship Company (in operation) |
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Line of Business : |
Importers & Distributors of Food items, and Commission Agents
& Indenting Agent |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Moderate |
B1 |
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High |
B2 |
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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.
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Source
: CIA |
GENERAL - Basic information at a glance
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a. |
Name of Subject of Inquiry |
: |
EARN IMPORTS |
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b. |
Legal Form & Status |
: |
Proprietorship
Company (in operation) |
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c. |
Proprietor |
: |
Ganesh S.Vinayagasundaran |
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d. |
Primary Line of Business |
: |
Importers & Distributors
of Food items, and Commission Agents & Indenting Agent |
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e. |
Office & Place of Business |
: |
# 189, 4th
Cross street, 2nd
Floor, Colombo 11 Tel./Fax No: (00
94 11) 2320188, 535 6467 Mobile: (00 94
77) 7582825- Mr. S.Vinayagasundaran
Email: earn_ganesh@yahoo.com
|
|
f. |
No. of Employees |
: |
- Not Disclosed
- |
COMPANY DETAILS - Registration and
Shareholder Details
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a. |
Registration No |
: |
- Not Disclosed
- |
||
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b. |
Date of Registration |
: |
- Not Disclosed
- |
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c. |
Registered Address |
: |
# 46 Luckmanjee
Square, Grandpass Road , Colombo –14 |
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d. |
Proprietor |
: |
Ganesh S.Vinayagasundaran |
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e. |
Auditors |
: |
- Not Disclosed
- |
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f. |
Bankers |
: |
Bank of Ceylon
Pettah Branch |
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CURRENT INVESTIGATION
History.
The Subject Company EARN IMPORTS is Proprietorship Company in
operation.
Mr Ganesh S.Vinayagasundaran is the proprietor of
the company and he declined to provide details regarding the Company
registration details without knowing the details of the end user of this
enquiry.
The Proprietorship/ Partnership companies are being registered at the
Provincial Registrar of Companies and when the owner does not provide the
registration details it is not possible to extract such details from the
Registrar’s office.
Visiting Card:
Location.
The client # 46 Luckmanjee
Square, Grandpass Road, Colombo –14 is the registered address of the
company and the residence of Mr. Ganesh S.Vinayagasundaran, the
proprietor. Within the premises there is a separate single storey building for
the office and a separate two storey building for the residence.
The office and the place of business are located at #189, 4th Cross Street, Colombo 11, one of the main business
areas in the city.
Operational Details
General
The main line of business of the subject
company is import & distribution of food items. Also they serve as
indenting & Commission Agents.
Products/Services
- All kinds of food items such as rice,
lentils, potatoes, onions, canned foods etc.
- Indenting & Commission Agents
Import
Countries
India, China
No.
of Employees:
Not disclosed
Financial Data
Mr Ganesh S.Vinayagasundaran, the Proprietor
of the
subject company declined to provide information on its finances without knowing the details of the end user
of this enquiry.
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
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 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.61.99 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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NB |
New Business |
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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.