MIRA INFORM REPORT

 

 

Report Date :

02.01.2014

 

IDENTIFICATION DETAILS

 

Name :

GNANAM IMPORTS (PVT) LTD

 

 

Registered Office :

# 180/1/123, Peoples Park Shopping Complex, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.07.1992

 

 

Com. Reg. No.:

N (PVS) 15845

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import and Distribution of food products

 

 

No. of Employees :

100

 

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, 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

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 (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

 

 

 

 

company name and address

 

a.

Name of Subject of Inquiry

:

GNANAM IMPORTS (PVT) LTD

 b.

Legal Form  & Status

:

Private Limited Liability Company   (In operation)

c.

Managing Director

:

Gnanasambanthan Rajendren

d.

Primary Line of Business

:

Import and Distribution of food products

e.

 

 

Place of Business

 

:

# 79,5th Cross Street,

   Colombo 11,

   Sri Lanka.

 

Tel. No: (00 94 11) 244 9255 / 243 9334 / 462 2178

Fax No: (00 94 11) 239 3339

 

Email: sales@gnanamimports.com

f.

Registered office

:

 

 

 

 

 

# 180/1/123, Peoples Park Shopping Complex,

    Colombo 11.

    Sri Lanka

 

Tel. No: (00 94 11) 244 1944 / 462 2185 / 462 2184

Fax No: (00 94 11) 471 5443 / 247 2171 / 760 2345

 

E-mail : gnanam@sierra.lk

               gnanam@sltnet.lk

           

g.

Sales Outlets

:

# 168, 4th Cross Street,
Colombo 11

# 44, 46 4th Cross Street,
Colombo 11

# 79, 5th Cross Street ,Colombo-11

Tel. No: (00 94 11) 239 3339

h.

No. of Employees

:

Approximately 100

                       

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 15845

Date of Registration

 

01st July 1992

b.

Re-registration No

:

PV 4593

Date of Re-registration No

 

23rd June 2008

c.

Registered Office

:

# 180/1/123, Peoples Park Shopping Complex, Colombo 11.

d.

Board Of Directors

As at

14th  October 2013

:

Gnanasambanthan Rajendren

Managing Director

Nallu Krishnamoorthy

  Director

Malathi Rajendran

  Director

Tharshika Rajendran 

   

      Director

Shalini Rajendran 

 

      Director

f.

Issued Share Capital

:

Rs.     30,000,000.00

g.

Nominal Value of Share

:

Rs.                   10.00  (Total Number of Shares 3,000,000)

h.

Share Holders

As at

14th  October 2013

:

 Share Holders

No of Shears

Gnanasambanthan Rajendren

2,520,000

Nallu Krishnamoorthy

260,000

Malathy Rajendran

220,000

i.

Secretaries

:

G R S Management and  Secretarial Services (Pvt) Ltd

j.

Auditors

:

K. K. Gnanenthiran Associates

k.

Bankers

:

Bank of Ceylon, Nations Trust Bank, Sampath Bank, Union Bank of Colombo Ltd

 

 

Director’s Details

 

       01)

Name

Gnanasambanthan Rajendren

ID Number

6102020381 V

Nationality

Sri Lankan

Gender

Male

Date of birth

20th January 1961

Age

52 Years

 

 

           

                     02)

Name

Nallu Krishnamoorthy

ID Number

572930769 V

Nationality

Sri Lankan

Gender

Female

Date of birth

19th October 1957

Age

56 Years

 

 

03)

Name

Malathi Rajendran

ID Number

S G 50667

Nationality

India

 

 

 

                     04)

Name

Tharshika Rajendran 

ID Number

927550024 V

Nationality

Sri Lankan

Gender

Female

Date of birth

11th September 1992

Age

21 Years

 

                     05)

Name

Shalini Rajendran 

ID Number

895210820 V

Nationality

Sri Lankan

Gender

Female

Date of birth

21st January 1989

Age

24 Years

 

 

FINANCIAL DETAILS 

 

Most recent available Financial Information

                                                                                   

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                       

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

 

 

CURRENT INVESTIGATION                      

 

 

 

History.

The Subject Company, GNANAM IMPORTS (PVT) LTD is a Private Limited Liability Company incorporated on 1st July 1992 under registration no N (PVS) 15845. Then the company was re-registered on 23rd June 2008 under registration no PV 4593.

 

 

Location.

The Subject Company’s located at client # 79,5th Cross Street, Colombo 11, Sri 

Lanka, one of the main business areas in the city of Colombo.

 

 

Operational Details

 

General

The subject company’s primary line of business is Import and Distribution of food products.

 

Products

Commodities and Food items such as Thai Fragment Rice, Basmati Rice, Canned Fish, Papadam, Chickpeas, Yeast, Sugar, Mustard Seeds, Turmeric, Coriander, Cummin Seeds, Yellow Split Peas, Red Split Lentils, Sago seeds, Green peas, Pearl Barley, Urid Dhal, Methi, Green Mung, garlic, Chillies, Fennel seeds

 

 

 

              products      products    products  

 

 

Import Countries

UK, India, Pakistan, Republic of Chile, USA, Australia, Canada, Iran, Dubai, Turkey, Bulgaria , Rumania, Thailand, China, Hong Kong, Myanmar, Australia, Singapore, Brazil, Germany, Morocco, Romania, Afghanistan, Syria, Dubai, Egypt, Holland

 

No of Employees

Approximately 100

          

 

Financial Data

 

The company has declined to provide information on its finances

 

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

 

Members of Sri Lanka – Canada Business council

The National Chamber of Commerce

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.102.39

Euro

1

Rs.85.12

 

 

INFORMATION DETAILS

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.