MIRA INFORM REPORT

 

 

Report Date :

23.03.2013

 

IDENTIFICATION DETAILS

 

Name :

RAJAPAKSE TRADING (PVT) LTD

 

 

Registered Office :

# 287, Grandpass Road, Colombo- 14

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.04.1996

 

 

Com. Reg. No.:

PV 7156

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Exporters and Dealers in rubber

 

 

No. of Employees :

Approximately 60

 

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 :

Slow

Litigation :

---

 

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

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

 

 

GENERAL

Basic information at a glance

    

Name of Subject of Inquiry

:

RAJAPAKSE TRADING (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

Chairman

:

M. J. Ahamed Sabir  

Primary Line of Business

:

Exporters and Dealers in rubber

Place of Business

:

 

# 287, Grandpass Road,

Colombo- 14,

Sri Lanka

 

Tel. No: (00 94 11)  243 3015 / 234 3624 / 254 3624

Fax No: (00 94 11)  244 5023

 

Email: ratra@eureka.lk

 

No. of Employees

:

Approximately 60

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Old Registration No

:

N (PVS) 16999

Year of Registration

:

02nd APRIL 1996

New Registration No

:

PV 7156

Year of Registration

:

04th September 2008

Registered Office

:

# 287, Grandpass Road, Colombo- 14, Sri Lanka

Board of Directors

As At

14th October 2012

:

M. J. Ahamed Sabir  

Chairman

S. Hashim Saheed

Managing Director

M. M. Kamarunissa Nissa Sabir       

Director

F. Faheema Saheed 

Director

Auditors

:

BDO Partners

Company Secretaries

:

BDO Secretaries (Pvt) Ltd

Bankers

:

Bank of Ceylon

Issued Share Capital

:

Rs.      40,000,000.00

Nominal Value of Share

:

Rs.                    10.00

 

Share Holders

As At

14th October 2012

:

Share Holders

No. of Shares

F. Faheema Saheed

700,000

Mohamed Jaleel Ahamed Sabir

1,300,000

M. M. Kamarunissa N. Sabir   

700,000

Shezard Hashim Saheed

1,300,000

 

 

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 RAJAPAKSE TRADING (PVT) LTD is a Private    Limited   Liability Company incorporated on 02nd April 1996 under registration number N (NPVS) 16999 and then the company was re-registered on 4th September 2008 under registration number PV 7156.

 

·         Location.

The Subject Company is located at the client # 287, Grandpass Road, Colombo- 14, Sri Lanka

 

·         Operational Details.

 

General

The subject company primary line of business is Manufacturer, Importers & Exporter of                         Natural Rubbers, Technically specified rubber and also Millers of rubber.

 

Products

                  Ribbed Smoke Sheet rubber, Thick Pale Crepe, Brown Crepe and Skim Crepe, Sole Crepe, Centrifuged Latex  

 

Export Countries

UK, France, Netherlands

 

Import Countries

India, Taiwan

 

No of Employees

                   Approximately 60

 

·         Directors Details

 

         01)

Name

M. J. Ahamed Sabir  

ID Number

490711813 X

Nationality

Sri Lankan

Gender

Male

Date Of Birth

11th March 1949

Age

64 Years

 

 

         02)

Name

S. Hashim Saheed

ID Number

721851010 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

03rd July 1972

Age

40 Years

 

 

         03)

Name

M. M. Kamarunissa Nissa Sabir       

ID Number

578162410 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

11th November 1957

Age

55 Years

 

 

         04)

Name

F. Faheema Saheed 

ID Number

727610065 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

17th September 1972

Age

40 Years

 

 

·         Financial Data

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

           

·         Trade references

                    The subject company did not provide any trade references

 

·         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.54.34

UK Pound

1

Rs.82.56

Euro

1

Rs.70.10

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.