MIRA INFORM REPORT

 

 

Report Date :

02.09.2013

 

IDENTIFICATION DETAILS

 

Name :

GOLDEN LANKA IMPORTS (PVT) LTD

 

 

Registered Office :

Golden Plaza, #.130,2/8, 2nd Floor, Main Street, Colombo-11,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

07.05.2010

 

 

Com. Reg. No.:

PV 72223                             

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Import and Distribution of Foodstuff

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate 

 

 

Payment Behaviour :

Unknown 

 

 

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

GENERAL - Basic information at a glance

     

a.

Name of Subject of Inquiry

:

 

GOLDEN LANKA IMPORTS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Murugesu Vijayakanth

d.

Primary Line of Business

:

Import and Distribution of Foodstuff

e.

Head office

&

Place of Business

 

:

 

Golden Plaza,

#.130,2/8, 2nd Floor

Main Street,

Colombo-11,

Sri Lanka.

 

Tel. / Fax. No: (00 94 11) 232 1786

 

f.

No. of Employees

:

Not Disclosed

           

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PV 72223                             

Date of Registration

 

07th May 2010

c.

Registered Office

:

Golden Plaza, #.130,2/8, 2nd Floor, Main Street, Colombo-11

d.

Board of Directors

As at

02nd June 2010

:

Murugesu Vijayakanth

Managing Director

Marimuttu Murugesu

Director

Manokanth Murugesu

Director

R.A.M. Riaz Shahid

Director

M.I.R. Muhammed Riaz Shahid

Director

e.

Issued Share Capital

:

Rs.    60.00              

f.

Nominal Value of Share

:

Rs.    10.00                    

g.

 

Share Holders

As at

02nd June 2010

:

Share Holders

No. of

Shares

Murugesu Vijayakanth

02

Marimuttu Murugesu

02

Manokanth Murugesu

02

h.

Auditors

:

Not Disclosed

i.

Company Secretaries

:

Marimuttu Murugesu

k.

Bankers

:

Not Disclosed

 

 

Directors Details

 

         01)

Name

Murugesu Vijayakanth

ID Number

813641542 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

29th December 1981

Age

31 Years

 

         02)

Name

Marimuttu Murugesu

ID Number

472542958 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

10th September 1947

Age

65 Years

 

         03)

Name

Manokanth Murugesu

ID Number

900712731 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

11th March 1990

Age

23 Years

 

         04)

Name

R.A.M. Riaz Shahid

PP Number

TM 1155951

Nationality

Pakistan

 

         05)

Name

M.I.R. Muhammed Riaz Shahid

PP Number

AS 9913531

Nationality

Pakistan

 

3) FINANCIAL DETAILS - Most recent available Financial Information

 

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

 

4) Current Investigation

                                               

·         History

 

                  The Subject Company GOLDEN LANKA IMPORTS (PVT) LTD is a Private    Limited   liability Company incorporated on 07th may 2010 under registration number PV 72223.

 

·         Location.

 

The subject company is located at client Golden Plaza, #.130,2/8, 2nd Floor, Main Street, Colombo-11.

 

·         Operational Details.

 

General

 

            The subject company primary line of business is Import and Distribution of Foodstuff.

 

            Products

                  Tea, Rubber, Coconut, Coir products, Spices, Milk foods...etc

 

Country

India, China

 

Employees

                  Not Disclosed

 

 

·         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 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.66.57

UK Pound

1

Rs.103.34

Euro

1

Rs.88.16

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.