MIRA INFORM REPORT

 

 

Report Date :

24.12.2013

 

IDENTIFICATION DETAILS

 

Name :

SRI THIRUPPATHY (PVT) LTD

 

 

Registered Office :

# 130 , 4th Cross Street, Colombo -11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

21.10.2008

 

 

Com. Reg. No.:

PV 8382

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Importer, Wholesale & Distributor of Food Stuff

 

 

No. of Employees :

Approximately 10

 

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

     

a.

Name of Subject of Inquiry

:

 

SRI THIRUPPATHY (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Ramalingam Ganeshamoorthy

d.

Primary Line of Business

:

Importer, Wholesale & Distributor of Food Stuff

e.

Head office

&

Place of Business

 

:

 

# 130 ,

4th Cross  Street,

Colombo 11,

Sri Lanka.

 

Tel. No: (00 94 11) 242 4481

Fax No: (00 94 11) 234 2682

 

 

f.

No. of Employees

:

Approximately 10

                       

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 20795                               

Date of Registration

 

9th  March 1998

b.

Re-registration No

:

 PV 8382

Date of Re-registration

 

21st October 2008

c.

Registered Office

:

# 130 , 4th Cross Street, Colombo -11 Sri Lanka

d.

Board of Directors

As at

03rd May 2013

:

Ramalingam Ganeshamoorthy

Managing Director

Ratnewary Thiruvathirai

Director

Rajeswary Ganeshamoorthy

Director

Muthukumarasamy Aramvalarthasundaram

Director

e.

Issued Share Capital

:

Rs.    7,500,000

f.

Nominal Value of Share

:

Rs.        1000.00                    

g.

 

Share Holders

As at

03rd May 2013

:

Share Holders

No. of

Shares

Ramalingam Ganeshamoorthy

1,500

Ratnewary Thiruvathirai

5,250

Rajeswary Ganeshamoorthy

750

h.

Auditors

:

A.S.R. Associates

i.

Company Secretaries

:

Kanapathippillai Gnanasegram

k.

Bankers

:

Peoples Bank, Bank of Ceylon, Pettah Branch

 

 

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 is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

Current investigation

 

History.

 

The Subject Company SRI THIRUPPATHY (PVT) LTD is a Private    Limited   liability Company incorporated on 9th March 1998 under registration number N (PVS) 20795 and the company was re-registered on 21st October 2008 under registration number PV 8382, in terms of Companies Act #7 of 2007.

 

Location.

 

The subject company is located at client # 130, 4th Cross Street, Colombo -11 Sri Lanka, one of the main business areas in the city of Colombo.

 

 

Operational Details

 

General

 

The subject company primary line of business is Importer, Wholesaler & Distributor of Food Stuff.

 

Products

Potatoes, Onions...etc

 

Country

India

 

Employees

Approximately 10

 

 

Directors’ Details

 

         01)

Name

Ramalingam Ganeshamoorthy

ID Number

523242709 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

19th November 1952

Age

59 Years

 

         02)

Name

Ratnewary Thiruvathirai

ID Number

487682497 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

24th September 1948

Age

63 Years

 

 

         03)

Name

Rajeswary Ganeshamoorthy

ID Number

536122834 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

21st April 1953

Age

38 Years

 

        04)

Name

Muthukumarasamy Aramvalarthasundaram

ID Number

651560047 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

04th June 1965

Age

48 Years

 

 

Financial Data

 

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

 

Not Available

 

 

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

UK Pound

1

Rs.101.37

Euro

1

Rs.84.82

 

 

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%)

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