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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
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Name : |
ZAISTRAR TRADING COMPANY |
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Registered Office : |
# 18, Vivekananda Road, Colombo 06 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
02.02.1999 |
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Com. Reg. No.: |
W 26811 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
importer & distributor
of Food Items such as Rice, Masala Recipes
and Syrups |
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No. of Employees : |
04 |
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) |
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Sri Lanka |
A2 |
A2 |
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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.
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Source : CIA |
Basic information
at a glance
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Name of Subject of Inquiry |
: |
ZAISTRAR TRADING COMPANY
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Legal Form & Status |
: |
Partnership Concern (In Operation) |
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Managing PARTNER |
: |
Farook Yusoof Somar |
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Primary Line of Business |
: |
Import & Distribution of Food Items |
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Office & Place of Business |
: |
# 18, Vivekananda Road, Colombo 06. Sri
Lanka. Tel./Fax
No: (00 94 11) 790 2485 Mobile:
(00 94 77) 7 343537 (Mr. Farook Yoosuf) Email: Farook@zaistar.com
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No. of
Employees |
: |
04
Employees |
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Registration No |
: |
W 26811 |
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Year of Registration |
: |
02nd February, 1999 |
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Registered Address |
: |
# 18, Vivekananda Road, Colombo 06. Sri Lanka. |
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Partners |
: |
Mr. Farook Yusoof Somar |
Managing Partner |
|
Mr. Zaid Farook Somar |
Partner |
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Auditors |
: |
A & S Associates |
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Bankers |
: |
Nations Trust Bank (Homagama Branch) |
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THE CONCERN HAS
DECLINED TO PROVIDE INFORMATION ON ITS FINANCES.
Based on the corporate laws of Sri Lanka, legal entities which are Private Concern with Limited Liability/Proprietorships/Partnerships are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity
History:
The subject concern, ZAISTAR TRADING COMPANY is a Partnership Concern, in operation. It has been established on 2nd February, 1999 under Registration No. W 26811.
Subject concern is a subsidiary of “NASNA IMPEX GARMENT INDUSTIRES”, a apparel manufacturing and exporting concern.
Our investigator visited the client, and the Managing Partner, Mr.
Farook was very polite and cooperative to provide all necessary operational details
(Except financials for which he needed the identity of the calling party)
Location.
The subject concern ZAISTAR TRADING COMPANY is located at the client given Address, #18, Vivekananda Road, Colombo 06, a prominent business area in the city.
Operational Details.
General
The details of the
subject concern’s primary line of business is importing & distribution of
Food Items.
Products
Rice, Masala Recipes and Syrups
Importing Countries
Pakistan, Turkey
No of Employees
04
mployees
Financial Data
The concern has declined to provide information on its finances.
Based on the corporate laws of Sri Lanka, legal entities which are Private Concern with Limited Liability/Proprietorships/Partnerships are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity
Trade references
The subject concern declined to provide any trade references
Credit
Recommendations
Since no financial or any other concern 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 concern 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.62.24 |
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UK Pound |
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.