MIRA INFORM REPORT
|
Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
V.V RAMASAMYPILLAI & SONS |
|
|
|
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Registered Office : |
# 58, Cross
Road, Nallur, Jaffna. |
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|
|
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Country : |
Sri Lanka |
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|
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Year of Establishment : |
1964 |
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|
|
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Legal Form : |
Partnership Company (In
Operation) |
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|
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Line of Business : |
Importers and Distributors of Tobacco (“Beedi”) Leaves |
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|
|
|
No. of Employees : |
Not Available |
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 |
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|
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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 – 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
|
a. |
Name of Subject of Inquiry |
: |
V.V
RAMASAMYPILLAI &SONS |
|
b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
|
c. |
Managing Partner
|
: |
R.V. Sathialingam |
|
d. |
Primary Line of Business |
: |
Importers and
Distributors of Tobacco (“Beedi”) Leaves |
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e. |
Head Office & Place of
Business |
: |
# 58,
Cross Road, Nallur, Jaffna. Sri Lanka. Tel.
No: (00 94 21) 222 6806 Contact
Person – Mr. Subramaniam, Manager Colombo
Office: #169,
Wolfendhal street, Colombo
11. Tel:
(00 94 11) 243 6380 (Mr. R.V. Sathialingam) |
|
h. |
No. of Employees |
: |
Not
disclosed |
Registration and
Shareholder Details
|
a. |
Registration No |
: |
-Not Disclosed- |
|
|
b. |
Date of Registration |
: |
1964 |
|
|
c. |
Registered Address |
: |
# 58,
Cross Road, Nallur, Jaffna. Sri Lanka |
|
|
d. |
Partners |
: |
R.V.
Sathialingam |
Managing
Partner |
|
R.V.
Kumaralingam |
Partner |
|||
|
e. |
Auditors |
|
-Not
Disclosed |
|
|
f.. |
Bankers |
: |
-Not
Disclosed- |
|
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
·
History.
The Subject Company V.V RAMASAMYPILLAI &SONS is Partnership Company, in operation.
The proprietor declined to provide operational and financial details without knowing the name and the details of the end user of this report.
The Proprietorship/Partnership Companies are registered at the Provincial Registrar of Companies and as the management declined to provide registration details it is not possible to trace company details at the Registrar’s office.
The company has been established in around 1964 and the business has been affected by the terrorist activities in the area until 2009 and since then the business revived.
·
Location.
The Subject Company is located at the client # 58, Cross Road, Nallur, Jaffna. Sri Lanka, which is the Main City of the Northern Province, approx.400 kilo Metres from Colombo.
·
Operational
Details.
General
The subject company primary line of business is an Importers and Distributors of Tobacco (“Beedi”) leaves and manufacture and distribution of “Beedi”, a smoking kind like the Cigarette.
The subject is having an associate company named “RVG (Pvt) LTD” at # 169, Wolfendhal Street, Colombo.
Products
Tobacco Leaves & “Beedi”
Importing Country
India.
Employees
Not disclosed
·
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
·
General
Comments
The subject company when contacted declined to disclose any financial information without knowing name/details of the end user of this report. However, information received from the company is included in the report.
·
Trade
references
The subject company
did not provide any trade reference referrals
·
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.54.24 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.