MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SAHANA ENTERPRISES |
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Registered Office : |
#175, 5th Cross Street, Colombo 11 |
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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 : |
Proprietorship Company (in operation) |
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Line of Business : |
General Merchants, Importers & Distributors of Food items |
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No of Employees : |
Approx. 10 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 |
GENERAL
Basic information at a glance
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a. |
Name of Subject of Inquiry |
: |
SAHANA ENTERPRISES
|
|
b. |
Legal Form & Status |
: |
Proprietorship Company (in operation) |
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c. |
Proprietor |
: |
M. Raveenthirarajah |
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d. |
Primary Line of Business |
: |
General
Merchants, Importers & Distributors of Food items |
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e. |
Office & Place of Business |
: |
#
175, 5th Cross Street, Colombo
11. Sri
Lanka. Tel./Fax
No: (00 94 11) 233 4454, 234 8133 |
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f. |
No. of Employees |
: |
Approx.
10 |
COMPANY DETAILS
Registration
and Shareholder Details
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a. |
Registration No |
: |
- Not Disclosed
- |
||
|
b. |
Date of
Registration |
: |
- Not Disclosed
- |
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c. |
Registered
Address |
: |
#175,
5th Cross Street, Colombo 11 |
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|
d. |
Proprietor |
: |
M. Raveenthirarajah |
Managing
Proprietor |
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|
e. |
Auditors |
: |
- Not Disclosed
- |
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f. |
Bankers |
: |
- Not Disclosed
- |
||
CURRENT INVESTIGATION
·
History
The Subject
Company SAHANA ENTERPRISES is PROPRIETORSHIP Company, in operation.
Mr.
RAVEENTHIRARAJAH, the Managing Proprietor of the company
declined to provide details regarding the Company registration details without
knowing the details of the end user of this enquiry.
The Proprietorship/ Partnership companies
are being registered at the Provincial Registrar of Companies and when the
owner does not provide the registration details it is not possible to extract
such details from the Registrar’s office and verify the details provided by the
subject.
Location.
The office and the
place of business are located at the client #175, 5th Cross Street, Colombo 11, one of the main business
areas in the city.
Please
find below pictures of the shop/company with commodities. These were taken with
utmost secrecy as the shopkeepers do not allow taking photographs.
Operational Details
General
The main line of
business of the subject company is import & distribution of food items.
Products/Services
- All kinds of food items such as rice,
lentils, potatoes, onions, canned foods, dried fish, sugar, plums etc.
Import Countries
No. of Employees
Approx.10
·
Financial Data
The subject company
declined to provide information on its finances without knowing the details of the end user of this enquiry.
Based on the
corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make
public disclosure of their annual financials. Therefore no financials are
available for this entity
·
Trade references
The subject company did not provide any trade reference referrals.
·
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.
ANALYSIS
& RATING
Appraisal and Rating of Subject Company
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Rating: |
|
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a) Business Scale |
NR -
Insufficient Information on finances
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b) Business Trend |
NR- Insufficient Information on finances |
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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 |
NR- Insufficient Information on finances |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.47 |
|
|
1 |
Rs. 102.94 |
|
Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.