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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
OMEGA TRADERS |
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Registered Office : |
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Country : |
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Date of Incorporation : |
10.12.1981 |
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Com. Reg. No.: |
W 7300 |
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Legal Form : |
Partnership Company (In Operation) |
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Line of Business : |
Importers, Exporters, Wholesaler of Food
Items & Commission Agents |
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No. of Employees : |
Approximately 12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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.
|
Source
: CIA |
|
a. |
Name of Subject of Inquiry |
: |
OMEGA TRADERS |
|
b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
|
c. |
Managing
Partner |
: |
N. Selvaraj |
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d. |
Primary Line of Business |
: |
Importers, Exporters, Wholesaler of Food
Items & Commission Agents |
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e. |
Place of Business |
: |
# 62 A, Old Moor Street Colombo- 12, Sri Lanka. Tel. No: (00 94 11) 234 1747 / 243 2350 Fax. No: (00 94 11) 243 4905 Mobile No: (00 94 77) 776 0232 - Mr. N. Selvaraj Email: selvaomega@gmail.com |
|
f. |
No. of
Employees |
: |
Approximately 12 |
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a. |
Registration No |
: |
W 7300 |
|
|
b. |
Date of
Registration |
: |
10th December, 1981 |
|
|
c. |
Registered
Address |
: |
# 62 A, Old Moor Street, Colombo- 12, Sri
Lanka. |
|
|
d. |
Partners |
: |
N. Selvaraj |
Managing Partner |
|
E. Muthukrishnan |
Partner |
|||
|
e. |
Auditors |
: |
Burah Hathy & Co., Colombo 02 SrS Amd Associates |
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f. |
Bankers |
: |
Bank of Ceylon, Pettah Branch Sampath Bank, Pettah Branch |
|
Based
on the corporate laws of Sri Lanka, legal entities which are Private Companies
with
Limited
Liability/Proprietorships/Partnerships is not required to make public
disclosure of their
Annual
financials. Therefore no detailed financials are available for this entity
|
Capital (Owned) |
7 Billion |
|
Turnover |
2013-14 |
2012-13 |
|
|
4000 Millions |
3700 Millions |
History.
The Subject Company OMEGA TRADERS is a Partnership
Company incorporated on 10th
December, 1981 under registration number W7300.
Note:
The Proprietorship/Partnership
companies are being registered at the Provincial Registrar of Companies.
Location.
The Subject Company is located at the client # 62 A,
The client given contact number
+94 (11)2440530 is not in use / not a valid number.
Operational
Details.
General
The subject company primary line of business is Import & Export,
& Wholesale dealers of Food Items and Commission Agents.
Products(Imports)
Potatoes
Onions
Garlic
Canned Fish
Chillies
Green Gram, Rice, etc…
Products(Exports)
Spices such as Cloves, Cardamom, Cinnamon,
Pepper etc.
Import &
Export Countries
Vietnam, Pakistan
No of Employees
Approximately 12
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.
|
Rating: |
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a) Business Scale |
Small/Medium |
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b) Business Trend |
Growing |
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c) Management
Capability |
Average |
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d) Commercial Morality |
Average |
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e) Reputation |
Average |
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f) Market
Situation |
Very Competitive |
INFORMATION PARTED BY
|
Name : |
Mr. M Selvaraj |
|
Designation : |
Partner |
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Contact No.: |
947777760232 |
|
Date : |
28.11.2014 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
UK Pound |
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
SHG |
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Information
Gathered by : |
HNA |
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 |
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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 |
|
|
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 |
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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.