MIRA INFORM REPORT

 

 

Report Date :

31.12.2014 

 

IDENTIFICATION DETAILS

 

Name :

RANJITHATRADERS

 

 

Registered Office :

# 121, 5th Cross Street, Pettah, Colombo 11.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

1987

 

 

Legal Form :

Partnership Company 

 

 

Line of Business :

Importers, Suppliers & General Merchants of Food Items and Commission Agents

 

 

No. of Employees :

30

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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

 

Company name and address

 

   

a.

Name of Subject of Inquiry

:

RANJITHATRADERS

b.

Legal Form  & Status

:

Partnership Company  (In Operation)

c.

Managing Partner

:

Mr. V. Maheswaran

d.

Primary Line of Business

:

Trader, Importers, and Suppliers of Food Items and Commission Agents

e.

Office & Places of Business

 

:

 

# 121, 5th Cross Street, Pettah,

Colombo- 11.

Sri Lanka. 

        

Tel. No: (00 94 11) 243 1802, 242 2830, 242 2840

Fax No: (00 94 11) 242 2850

Email: globaltradingandco@gmail.com

 

 

Branch Office

 

#180, Colombo Street,

Kandy.

Sri Lanka.

 

Tel. No: (00 94 81) 223 2350, 222 9155

Fax No: (00 94 81) 222 9156

 

 

 

 

h.

No. of Employees

:

 Approx 30

                       

 

 

 

 

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

Not Disclosed

b.

Date of Registration

:

1987

c.

Registered Office Address

:

 # 121, 5th Cross Street, Pettah, Colombo 11.

d.

 

Partners

 

:

M. Maheswaran

Managing Partner

P. Palaniappan

Partner

Mrs. P. Palaniappan

Partner

P. Kishore Kumar

Partner

i.

Auditors

:

Not Disclosed

j.

Company Secretaries

:

Not applicable for proprietorship/partnership companies

k.

Bankers

:

Pan Asia Bank PLC

Corporation Bank , Sri Lanka

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

     

   (Note: Based on the corporate laws of Sri Lanka, business entities which are Private Company with Limited Liability/ partnerships / proprietorships are not required to make public disclosure of Financials. Therefore no financials are publicly available)

              

       

CURRENT INVESTIGATION

 

HISTORY:

 

The Subject Company RANJITHA TRADERS is Partnership Company, in operation since 1987.

 

(Note: The Proprietorship/Partnership companies are being registered at the Provincial Registrar of Companies and when the owner refuses to provide details such as registration number, date of registration, auditors etc., it is not possible to obtain such details from the registry)

 

 

Location:

 

The Subject Company is located at the client # 121, 5TH Cross Street, Colombo- 11, a popular and highly commercial area in the city where wholesale and retails merchants are in operation.

 

The subject company is having a Branch in Kandy, the Capital city of Central Province approx. 100 kilo meters from Colombo.

 

 

OPERATIONAL DETAILS

 

General:

 

The subject company’ primary line of business is Import, distribution & General Merchants of Food Items and Commission Agent.

 

Products:

All kinds of food Items such as Rice, Onions, Lentils, Potatoes, sugar etc.                                                              

 

Importing products :

Food Items

 

Importing Countries:

 India, China, Canada, Taiwan, Australia

 

Employees:

Approx. 30

 

                    

Trade references

 

The subject company did not provide any trade reference referrals.

 

 

 

Information parted by (genral details)

 

Name

MR. VASANTH

Designation

Manager

Contact No.:

009411-2422830

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.75

UK Pound

1

Rs.99.88

Euro

1

Rs.77.32

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.