|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEW BENSON TRADING (PVT) LTD |
|
|
|
|
Registered Office : |
#.186, Bankshall Street, Colombo-11 |
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|
|
|
Country : |
Sri Lanka |
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|
|
|
Financials (as on) : |
31.03.2012 |
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|
|
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Date of Incorporation : |
27.05.2009 |
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|
|
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Com. Reg. No.: |
PV 67913 |
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|
|
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Legal Form : |
Private Limited Liability Company (In Operation) |
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|
|
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Line of Business : |
Import, Export and distribute of Food
Commodities |
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|
|
|
No. of Employees : |
Approximately 200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Regular |
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|
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
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Off-credit |
D |
Sri Lanka - ECONOMIC OVERVIEW
Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. 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 strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.
|
Source : CIA |
|
Name of Subject of Inquiry |
: |
NEW
BENSON TRADING (PVT) LTD
|
|
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
|
Managing
Director |
: |
J. M. Jesanco Coonghe |
|
Primary Line of Business |
: |
|
|
Place of Business |
: |
#
186, Bankshall Street, Colombo
– 11, Sri
Lanka. Tel. No: (00 94 11) 233 2475 /247 2193 Fax No: (00 94 11) 247 2074 E-mail: benson.trading@yahoo.com |
|
No. of Employees |
: |
Approximately
200 |
|
Registration No |
: |
PV 67913 |
||
|
Date of Registration |
: |
27th May 2009 |
||
|
Registered Office |
: |
#.186,
Bankshall Street, Colombo-11, Sri Lanka. |
||
|
Board of Directors As At 31st December 2012 |
: |
J. M. Jesanco Coonghe |
Managing Director |
|
|
J. J. Jerry Coonghe |
Director |
|||
|
Issued Share Capital |
: |
Rs 20.00 |
||
|
Nominal Value of Share |
: |
Rs 10.00 |
||
|
Share Holders As At 31st December 2012 |
: |
Share Holders |
No. of Shares |
|
|
J. M. Jesanco Coonghe |
01 |
|||
|
J. J. Jerry Coonghe |
01 |
|||
|
Auditors |
: |
Management
Accounts |
||
|
Company Secretaries |
: |
Corporate Management Systems (Pvt) Ltd |
||
|
Bankers |
: |
DFCC Bank, Union Bank, HNB Plc, Commercial Bank
PLC, Seylan Bank PLC, Bank of Ceylon, Nations Trust Bank |
||
Most recent
available Financial Information
THE COMPANY HAS
PROVIDED INFORMATION ON ITS FINANCES- 2011/2012
|
Income Statement |
For the year Ending 31st March,2012 (Sri Lankan Rupees) |
|
||
|
A |
Revenue |
: |
2,624,693,813 |
|
|
B |
Cost of Sales |
: |
2,577,166,283 |
|
|
C |
Gross Profit |
: |
47,577,530 |
|
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D |
Other Income |
: |
42,895 |
|
|
E |
Administration
Cost |
: |
( 10,834,395) |
|
|
F |
Distribution
Cost |
: |
(1,584,388) |
|
|
G |
Finance &
Other Cost |
: |
(18,684,170) |
|
|
H |
Net Profit / (Loss) before Tax |
: |
16,517,472 |
|
|
I |
Taxation |
: |
(4,481,463) |
|
|
J |
Net Profit / (Loss) After Tax: |
: |
12,036,009 |
|
THE COMPANY HAS
PROVIDED INFORMATION ON ITS FINANCE
|
BALANCE SHEET |
For the Year Ending 31st March, 2012 (Sri Lankan Rupees) |
|
||
|
a) |
Non-current
Assets |
: |
7,902,464 |
|
|
b) |
Investment |
: |
- |
|
|
c) |
Current Assets |
: |
261,719,054 |
|
|
d) |
Current
Liability |
: |
143,554,706 |
|
|
e) |
Non-current
liability |
: |
103,778,570 |
|
|
f) |
Total
Liabilities |
: |
247,333,276 |
|
|
g) |
Total Assets |
: |
269,621,518 |
|
|
h) |
Net Worth |
: |
22,288,242 |
|
·
History.
·
Location.
The Subject Company is located
at the client #.186, Bankshall Street,
Colombo-11
·
Operational
Details.
General
The subject
company primary line of business is Import, Export and distribute of Food
Commodities
The subject company
from 2010 to 2012, the export number of the first three
suppliers
Countries accounted for 100.00%
of the total import number of New Benson Trading PVT.
LTD. The top supplier
Countries are Canada (100 %).
Products
Lentils, Red Split
Lentil, Beans, Soybeans…etc
Import Countries
India, China, Taiwan,
Australia, Pakistan, Canada
No of Employees
Approximately 200
·
Directors’ Details
01)
|
Name |
J. M. Jesanco Coonghe |
|
ID Number |
630512328 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date of Birth |
20th
February 1963 |
|
Age |
49 Years |
02)
|
Name |
J. J. Jerry Coonghe |
|
ID Number |
750460739 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date of Birth |
15th
February 1975 |
|
Age |
37 Years |
·
Financial Data
The company has
provided information on its finances- for the year 2011/2012
·
Trade references
The subject
company provided the following trade references:
·
Credit
Recommendations
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.54.40 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
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.