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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
GANPATH OVERSEAS |
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Registered Office : |
NO. 94/38, Sri Wickramapura
Mattakkuliya Colombo 15 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
2005 |
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Com. Reg. No.: |
WA 96968 |
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Legal Form : |
Proprietorship Company |
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Line of Business : |
Importers and distributors of food items like, Rice, Potatoes, Onions,
Chillies, Lentils, Green Gram, Sugar |
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No. of Employees : |
7 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Sri Lanka |
A2 |
2 |
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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 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 |
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Name of Subject of Inquiry |
: |
GANPATH OVERSEAS |
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Legal Form & Status |
: |
Proprietorship Company (In Operation) |
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Managing
Proprietor |
: |
Karan |
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Primary Line of Business |
: |
Importers and distributors of food items |
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Office & Place of Business |
: |
#
210-2/7, Airtel Market, Main Street, Colombo
11. Sri Lanka Tel./Fax
No: (00 94 11) 233 3799 Mobile Tel No: (00 94 77) 358 7465 (Mr. Karan) E-mail: goverseas25@yahoo.com |
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No. of
Employees |
: |
Approximately 07 |
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Registration No |
: |
WA 96968 |
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Date of Registration |
: |
2005 |
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Registered Office |
: |
# 94/38, Sri Wickramapura, Mattakkuliya
Colombo 15, Sri Lanka |
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Proprietor |
: |
Karan |
Managing Proprietor |
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Auditors |
: |
Ethiraj &
Co. |
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Bankers |
: |
Bank of Ceylon |
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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/Partnerships/Proprietorships are not required to make
public disclosure of their annual financials. Therefore no financials are
available for this entity
·
History:
The Subject
Company GANPATH OVERSEAS is Proprietorship Company,
Incorporated in
2005 under Registration No. WA 96968.
·
Location.
The Subject
Company is located at # 210-2/7, Airtel
Market, Main Street, Colombo 11, ,
one
of the most important business areas in
Colombo
The client #
94/38, Sri Wickramapura, Mattakkuliya Colombo 15, Sri Lanka, is the registered address of the subject
and also the residence of the proprietor.
·
Operations
Details.
General
The subject
company primary line of business is importers and distributors of food items
Products
Rice, Potatoes,
Onions, Chillies, Lentils, Green Gram, Sugar
Import Countries
India, Pakistan, Australia, China
No of Employees
07 Employees
·
Financial Data
The company has
declined to provide information on its finances.
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/Partnerships/Proprietorships are not required to make public
disclosure of their annual
financials. Therefore, no
financials are available for this entity
·
General Comments
When the Subject Company was contacted they were
polite in providing the basic information given in this report, however they
were reluctant to provide financial without knowing the identity of the end
user of the report.
·
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.
GLOSSARY -
Explanation of terms used in this report
TCA1 - Credit or business dealings
recommended
TCA3 - Credit or business dealings upon a regular monitoring
basis
TCA4 - Credit or business dealings are advised
upon a close watch preferably
Under
secured basis
TCA5 - Credit or business dealings upon
secured basis only.
TCA6 - Credit dealings are not advised
whereas business dealings, if
Necessary
should only be upon secured basis.
The credit
appraisal provides an assessment of the creditworthiness of a company. It takes into account significant elements of
credit including history, business performance management, background,
financial position, payment history, overall market conditions, market trends
and the reputation of the company.
NR is stated where there is insufficient
information to facilitate rating.
However, it is not to be construed as unfavourable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
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|
1 |
Rs.99.66 |
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Euro |
1 |
Rs.83.49 |
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 |
|
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 |
-- |
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.