|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITED STORES |
|
|
|
|
Registered Office : |
# 46, Old Moor Street, Colombo -12. |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
01.01.1984 |
|
|
|
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Com. Reg. No.: |
W 2613 |
|
|
|
|
Legal Form : |
Partnership Concern |
|
|
|
|
Line of Business : |
Importer and
Distributor of essential, consumer food items such as Rice, Onions,
Potatoes, Gingerly Oil & Lentils |
|
|
|
|
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 |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Basic information at
a glance
|
Name of Subject of Inquiry |
: |
UNITED STORES |
|
Legal
Form & Status |
: |
Partnership Concern (In Operation) |
|
Managing
Partner |
: |
Velu Sellaiah |
|
Primary Line of Business |
: |
Importer and
Distributor of essential, consumer food items |
|
Head
office & Place of Business |
: |
# 46,Old Moor Street, Colombo -12. Sri Lanka. Tel. No: (00 94 11) 243 4155, 233 8685 Tel. No: (00 94 11) 244 1758 |
|
No. of Employees |
: |
Approx. 10 |
|
Registration No |
: |
W 2613 |
|
|
Date of Registration |
: |
01st January, 1984 |
|
|
Registered Office |
: |
# 46, Old Moor Street, Colombo -12. |
|
|
Partners |
: |
Velu Selliah |
Managing Partner |
|
Saraswathie Selliah |
Partner |
||
|
A. Subramaniam |
Partner |
||
|
N. Nadarajah |
Partner |
||
|
N. Selvarajah |
Partner |
||
|
G. Gunasekeran |
Partner |
||
|
Auditors |
: |
-Not Disclosed- |
|
|
Concern
Secretaries |
: |
Not Applicable |
|
|
Bankers |
: |
Bank of Ceylon |
|
1)
|
Name |
Velu Selliah |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Address |
# 232/1, Vivekananda Hill Colombo 12. |
|
Name |
Saraswathie Selliah |
|
Nationality |
Sri Lankan |
|
Gender |
female |
|
Address |
#232/1, Vivekananda Hill Colombo 12. |
|
Name |
A. Subramaniam |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Address |
#46, Old Moor Street, Colombo 11 |
|
Name |
N. Nadarajah |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Address |
#290/5, Kospattadeniya Road, Wattla |
|
Name |
N. Selvarajah |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Address |
# 50, Shopping Complex, Bandarawela |
|
Name |
G. Gunasekeran, |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Address |
# 84/3, Lauries Road, Bambalapitiya,
Colombo 4. |
Most recent available
Financial Information
Based on the corporate laws of Sri Lanka, legal entities which are Private Concern 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 Concern is UNITED
STORES is a Partnership Concern , established on 01st January, 1984 under the registration
number W 2613.
The Proprietorship/Partnership companies are being registered at the Provincial Registrar of Companies.
·
Location.
The Subject
Concern is located at the client # 46, Old Moor Street, Colombo-12, a highly
commercial and business area.
·
Operational
Details.
General
The subject concern primary line of business is Importer and Suppler of essential food
items
Products
Rice, Onions, Potatoes, Gingerly Oil, Lentils
Importing
Countries
India, China, Thailand
Employees
Approx. 10
·
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 concern , it is not possible to comment on the
merits or otherwise of the concern .
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.61.99 |
|
UK Pound |
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.