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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
IDEAL IMPORTS |
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Registered Office : |
# 96-3/2, Wasala Road, Colombo 13 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Not Available |
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No. of Employees |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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. 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. 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, but strong remittances from Sri Lankan workers
abroad help offset the trade deficit. Government debt of about 80% of GDP remains
among the highest in emerging markets.
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Source : CIA |
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Name of Subject of Inquiry |
: |
IDEAL IMPORTS |
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Legal Form & Status |
: |
Partnership Concern (In Operation) |
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Managing Partner |
: |
Dinesh Balasunderam |
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Primary Line of Business |
: |
Refused to disclose on phone. Business place could not be located |
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No. of Employees |
: |
Not
Disclosed. |
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Registration No |
: |
Refused to
disclose details |
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Year of
Registration |
: |
Refused to
disclose Details |
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Registered
Address |
: |
# 96-3/2, Wasala Road, Colombo 13. |
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Partners |
: |
Dinesh Balasunderam |
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Managing Partner |
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Balasunderam (Senior) |
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Partner |
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Auditors |
: |
Not Disclosed |
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Bankers |
: |
Not Disclosed |
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THE CONCERN HAS REFUSED TO PROVIDE INFORMATION ON ITS FINANCES
Based on the corporate laws of Sri Lanka, legal entities which are Private Concern with Limited Liability/Proprietorship/Partnership is not required to make public disclosure of their Annual financials. Therefore no financials are available for this entity
History
Subject Concern IDEAL
IMPORTS is a Partnership concern AS TOLD BY Mr. Balasunderam.. This
is owned by family members who are partners.
When contacted, Mr. Dinesh Balasunderam who claimed to be the Managing Partner of the subject Company, refused to disclose any operational details of the Company, without knowing the details of the end user of this report. Further he said that he is “not interested” with the enquiry as they in business for the last 7 years with their suppliers and clients without a problem. He re-iterated his displeasure in obtaining concern details through a third party and insisted the identity of the end user for him to provide details.
Initially our investigator visited the client given address # 96-3/2,
Wasala Road, Colombo 13 which is a flat in a housing complex and delivered a
letter from the TCM requesting for concerndetails. We were able to obtain the
mobile number of the partners and was able to contact them. However, they
refused to disclose details as stated above IN SPITE OF OUR DETAILED
EXPLANATION MADE IN THE FORMAL LETTER, which he confirmed receiving.
Note:
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 concerndetails at the Registrar’s office to verify the Partnership/Proprietorship details etc and check the authenticity of the details provided by the subject company.
Note: Please be noted that we had to wait for a reply from the owner but received no Response as they refused to provide any details.
Location.
The business place of the Subject Concern is NOT DISCLOSED. The client given address # 96-3/2, Wasala Road, Colombo 13 is a flat in the housing complex.. The business place should be elsewhere, the details of which are refused to divulge by the partners due to reasons stated above.
Operational
Details.
Not disclosed
Products
Not disclosed
Imports &
Countries
Not disclosed
No of Employees
Not disclosed.
Financial Data
The concern has refused to provide information on its finances without knowing the details of the end user of this report.
Based on the corporate laws of Sri Lanka, legal entities which are Private Concern with Limited Liability/Proprietorship/Partnership is not required to make public disclosure of their Annual financials. Therefore no financials are available for this entity
Trade references
subject concern did not provide any trade
references
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.32 |
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UK Pound |
1 |
Rs.100.04 |
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Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
-- |
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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.