MIRA
INFORM REPORT
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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
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Name : |
DEVI TRADING COMPANY |
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Registered Office : |
No. 125, Bankshall Street,Colombo-11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
01.05.1971 |
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Com. Reg. No.: |
W 6217 |
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Legal Form : |
Partnership Company |
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Line of Business : |
Importers, Exporters, and Wholesaler Merchants of chemicals dyes, agro
foods and Waxes |
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No. of Employees : |
70 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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, 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.
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Source : CIA |
GENERAL
Basic information at a glance
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Name of Subject of Inquiry |
: |
DEVI TRADING COMPANY
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Legal Form & Status |
: |
Partnership Company (In operation) |
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Managing Partner |
: |
A. Vengadasalam |
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Primary Line of Business |
: |
Importers, Exporters,
and Wholesaler Merchants of chemicals dyes, agro foods and Waxes. |
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Place of Business |
: |
#
125, Bankshall Street, Colombo-11, Sri
Lanka. Tel.
No: (00 94 11) 233 5124 Sales: (00 94 11) 232 0314 Sales:
(00 94 11) 233 5125 Fax
No: (00 94 011) 243 2444 E-
mail: devi@slt.lk |
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No. of Employees |
: |
Approximately
70 |
COMPANY DETAILS
Registration and Shareholder Details
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Registration No |
: |
W 6217 |
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Date of
Registration |
: |
01st
May 1971 |
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Registered
Office |
: |
No.
125, Bankshall Street,Colombo-11, Sri Lanka |
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Partners |
: |
A. Vengadasalam |
Managing Partner |
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A. Netthikumar |
Partner |
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M. Vengadasalam |
Partner |
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Auditors |
: |
Balarathnum
& Company |
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Bankers |
: |
Hatton National
Bank Ltd Sampath Bank Ltd Muslim Commercial Bank Ltd Habib Bank Ltd |
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3) FINANCIAL DETAILS
- Most recent available Financial Information
Based on the corporate laws of Sri Lanka, business entities
which are Private Company with Limited
Liability/ partnerships / proprietorships
are not required to make public disclosure of their annual
Financials. Therefore no financials are
available for this entity
4) CURRENT
INVESTIGATION
Company Log
·
History.
The Subject Company DEVI TRADING
COMPANY is a Partnership Company
registered on 01st May 1971
under registration number W 6217.
The Proprietorship/Partnership companies are being registered at the
Provincial Registrar of Companies.
·
Location.
The Subject Company
is located at the client # 125,
Bankshall Street, Colombo-11, Sri Lanka, a highly commercial area in the city
of Colombo.
·
Operational
Details.
General
The Subject
Company DEVI TRADING COMPANY is a trading company with a history of over 30
years of active business in the areas of imports, exports and trading. The
company is having three associate companies located in China, Hong Kong &
India and trading with more than 25 Countries.
DEVI TRADING COMPANY has earned certified by ISO
22000-2005/ HACCP
Giving below are addresses of two associated companies:
1, Unit 7, 10th Floor,
CCT Telecom Building,
No.11, WO shing Street,
Foton, Shatin, NT. Hong Kong.
Tel: + (852) 2679 0519 / 2670 7851
Fax: + (852) 2639 5376
No. 28, K Daxin Building,
Baoan South Road,
Luohu District,
Shenzhen, China.
Tel: + (86 755) 557 6066 / 557 7613
Fax: + (86 755) 557 9418
Export Products
Cloves, Cinnamon, Nutmeg & Mace, Betel
Nuts, Black Pepper, Fresh Coconut, Natural Rubber, Coconut Ekels, Tamarind
Import Products
Chemicals & Dyestuff, Foodstuff
Import Export countries
USA, Australia, China, New Zealand, India, Pakistan, Hong Kong, UK,
European Countries
No of Employees
Approximately 70
·
Financial Data
The company has
declined to provide information on its finances
Based
on the corporate laws of Sri Lanka, business entities which are Private Company
with
Limited Liability/ partnerships
/ proprietorships are not required to make public disclosure of
Their annual Financials. Therefore no
financials are available for this entity.
·
Trade references
National Water Supply & Drainage Board
Spices & Allied Products
Producer’s & Traders Association
·
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.44 |
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|
1 |
Rs.81.33 |
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Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.