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Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
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Name : |
FLEMINGO DUTY FREE (PVT) LTD |
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Registered Office : |
# 881, T Z
Tower, Negombo Road, Liyanagemulla, Seeduwa. |
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Country : |
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Date of Incorporation : |
07.07.2011 |
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Com. Reg. No.: |
PV 78359 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Import & Distributors of Foreign Liquors and other
goods |
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No. of Employees |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 |
: |
FLEMINGO DUTY FREE
(PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
|
c. |
Managing Director |
: |
P. Karumbaiah Thimmayya |
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d. |
Primary Line of Business |
: |
Import & Distributors of Foreign Liquors and other goods |
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e. |
Head Office & Place of Business |
: |
# 881, T Z
Tower, Negombo Road, Liyanagemulla, Seeduwa. Tel. No: (00 94
11) 469 6969 Fax. No: (00 94 11) 469 6930 E-mail: mselvakumar@flemingo-intl.com |
|
f. |
No. of Employees |
: |
Not Disclosed |
Registration and
Shareholder Details
|
a. |
Registration No |
: |
PV 78359 |
||
|
Date of
Registration |
|
07th July 2011 |
|||
|
c. |
Registered Office |
: |
# 881, TZ Tower, Negombo Road, Liyanagemulla, Seeduwa |
||
|
d. |
Board of Directors As at 14th
July 2013 |
: |
P. Karumbaiah Thimmayya |
Managing Director |
|
|
A. Veera Raghavan |
Director |
||||
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e. |
Issued Share
Capital |
: |
Rs. 110,000,000.00 |
||
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No. Of Shares |
: |
1,100,000 |
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f. |
Nominal Value of
Share |
: |
Not applicable vide Companies Act #7 of 2007 |
||
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Major Share
Holders As at 14th
July 2013 |
: |
(Major )Share Holders |
No. of Shares |
||
|
Flemingo International Ltd |
1,100,000 |
||||
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h. |
Auditors |
: |
KPMG |
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i. |
Company
Secretaries |
: |
Professional Assignments & Secretarial Services (Pvt) Ltd |
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k. |
Bankers |
: |
Hatton National Bank |
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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
History
The Subject Company FLEMINGO LANKA (PVT) LTD is a Private Limited liability Company incorporated on 07th July 2011 under registration number PV 78359.
The subject company
has a subsidiary company of FLEMINGO
INTERNATIONAL (PVT) LTD.
Location.
The subject company is located at the # 881, T Z Tower, Negombo
Road, Liyanagemulla,
Seeduwa. The client
is subject company subsidiary company operational address.
General
The Primary line of activity of the subject company is Import & Distributors of Foreign
Liquors and other goods
Products
Liquors, Cigarettes, Tobacco, Perfumes, Cosmetics and Confectionery Items etc
Country
Local Distribution
Employees
Not Disclosed
1)
|
Name |
P. Karvmbaiah
Thimmayya |
|
PP Number |
G 0471682 |
|
Nationality |
Indian |
2)
|
Name |
A. Neera Raghavan |
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PP Number |
E 6957496 |
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Nationality |
Indian |
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
The subject company did not provide any trade reference referrals
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.
|
Name |
Mr. S Kapil Kanth |
|
Designation |
Senior Executive Finance |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.01 |
|
|
1 |
Rs.102.72 |
|
Euro |
1 |
Rs.81.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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|
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 |
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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 |
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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.