MIRA INFORM REPORT

 

 

Report Date :

10.09.2013

 

IDENTIFICATION DETAILS

 

Name :

UNITED STORES

 

 

Registered Office :

# 46, Old Moor Street, Colombo -12

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.01.1984

 

 

Com. Reg. No.:

W 2613

 

 

Legal Form :

Partnership Concern

 

 

Line of Business :

Importer and Distributor of essential, consumer food items

 

 

No. of Employees :

Approx. 10

 

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 :

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

      

Name of Subject of Inquiry

:

UNITED STORES

Legal Form  & Status

:

Partnership Concern  (In Operation)

Managing Partner

:

Velu Sellaiah

Primary Line of Business

:

Importer and Distributor of essential, consumer food items

Head office

&

Place of Business

 

:

# 46,Old Moor Street,

Colombo -12.

Sri Lanka.

 

Tel. No: (00 94 11) 243 4155, 233 8685

Tel. No: (00 94 11) 244 1758

No. of Employees

:

Approx. 10

           

 

CONCERN DETAILS 

 

Registration and Shareholder Details

 

Registration No

:

W 2613

Date of Registration

:

01st January, 1984

 

Registered Office

 

:

# 46, Old Moor Street, Colombo -12.

 

 

Partners

 

 

 

 

:

 

Velu Selliah

 

Managing Partner

Saraswathie Selliah

Partner

A. Subramaniam

 

Partner

 

N. Nadarajah

 

Partner

 

N. Selvarajah

Partner

G. Gunasekeran

Partner

Auditors

:

-Not Disclosed-

Concern Secretaries

:

Not Applicable

Bankers

:

Bank of Ceylon

 

 

PARTNER’S DETAILS

 

 

Name

Velu Selliah

Nationality

Sri Lankan

Gender

Male

Address

# 232/1, Vivekananda Hill Colombo 12.

 

 

Name

Saraswathie Selliah

Nationality

Sri Lankan

Gender

female

Address

#232/1, Vivekananda Hill Colombo 12.

 

 

Name

A. Subramaniam

Nationality

Sri Lankan

Gender

Male

Address

#46, Old Moor Street, Colombo 11

 

 

Name

N.Nadarajah

Nationality

Sri Lankan

Gender

Male

Address

#290/5, Kospattadeniya Road, Wattla

 

 

Name

N.Selvarajah

Nationality

Sri Lankan

Gender

Male

Address

# 50, Shopping Complex, Bandarawela

 

 

Name

G. Gunasekeran,

Nationality

Sri Lankan

Gender

Male

Address

# 84/3, Lauries Road, Bambalapitiya, Colombo 4.

 

 

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

 

 

CURRENT INVESTIGATION                      

 

·         History.

      The Subject Concern is UNITED STORES is a Partnership Concern, established on    01st January, 1984 under the registration number W 2613

 

·         Location.

 

The Subject Concern is located at the client # 46, Old Moor Street, Colombo-12, a highly commercial and business area.

 

·         Operational Details.

 

General

                   The subject concern primary line of business is Importer and Suppler of essential food items

 

Products:

 Rice, Onions, Potatoes, Gingerly Oil, Lentils etc.

 

Importing Countries:

India, China, Thailand

 

Employees

                   Approx. 10

 

·         Financial Data

                  Based on the corporate laws of Sri Lanka, legal entities which are Private Concern 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 concern, it is not possible to comment on the merits or otherwise of the concern.

 

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.65.96

UK Pound

1

Rs.102.91

Euro

1

Rs.86.58

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

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