|
Report Date : |
21.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
THUSA ENTERPRISES
|
|
|
|
|
Registered Office : |
# 130-2/8, 2nd
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
05.11.2008 |
|
|
|
|
Com. Reg. No.: |
WA 80970 |
|
|
|
|
Legal Form : |
Partnership Concern |
|
|
|
|
Line of Business : |
Importer & distributor
of all kinds of Food Items such as Potatoes, Onions, Lentils, Sugar, Garlic &
Flour |
|
|
|
|
No of Employees : |
05 (Approximately) |
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 – 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 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
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 |
Basic information at a glance
|
Name of Subject of Inquiry |
: |
THUSA
ENTERPRISES
|
|
Legal Form & Status |
: |
Partnership
Concern (In Operation) |
|
Managing Partner |
: |
Marimuttu
Murugesu |
|
Primary Line of Business |
: |
Importer & distributor of all kinds of Food Items
such as Potatoes, Onions, Lentils, Sugar, Garlic
& Flour |
|
Office & Place of Business |
: |
# 143, Maliban Street, Colombo- 11 Sri Lanka. Tel. No: (00 94 11) 464 1507 Email:
mkgtcl2@gmail.com Office: #130-2/8, 2nd Floor, Main
Street, Colombo 11. Mobile :
(00 94 77) 891 6959 ( Mr. Murugesu) (00 94 77) 341 1471 ( Mr.
Vijaykanth) |
|
No. of
Employees |
: |
Approximately 05 |
|
Registration No |
: |
WA 80970 |
|
|
Date of
Registration |
: |
05th November, 2008 |
|
|
Date of
Re-Registration(in terms of Companies Act #7 of 2007) |
: |
13th July, 2010 |
|
|
Registered
Address |
: |
# 130-2/8, 2nd Floor, Main
Street, Colombo- 11. Sri Lanka. |
|
|
Partners |
: |
Marimuttu Murugesu |
Managing Partner |
|
Marimuttu Vijayakanth |
Partner |
||
|
A.P. Durgarani Ganesan (Ms) ( appointed on 19th March,
2014) |
Partner |
||
|
Auditors |
: |
Velu & Co. |
|
|
Bankers |
: |
Hatton National Bank PLC |
|
The concern has declined to provide information on its finances without details of the end user.
Based on the corporate laws of Sri Lanka, legal entities which are Private Concern with Limited Liability/partnership/proprietorship is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity
01)
|
Name |
Marimuttu
Murugesu |
|
ID Number |
472542958V |
|
Nationality |
Sri Lankan/Male |
|
Date of Birth |
10th September,1947 |
|
Age |
66 Years |
|
Residence Address |
# 15/491,
Negombo Road, Wattala. Sri Lanka |
02)
|
Name |
Marimuttu
Vijayakanth |
|
ID Number |
813641542V |
|
Nationality |
Sri Lankan/Male |
|
Date of Birth |
29th December, 1981 |
|
Age |
32 Years |
|
Residence Address |
# 128,
Central Road, Colombo 12. Sri Lanka |
03)
|
Name |
Anandalaxmi Priyadarshani
Durgarani Ganesan (Ms) |
|
ID Number |
578273077V |
|
Nationality |
Sri Lankan/Female |
|
Date of Birth |
22nd November 1957 |
|
Age |
56 Years |
|
Residence Address |
# 398,
Lake City, Ja-ela. Sri Lanka |
·
History:
The subject
concern, THUSA ENTERPRISES is a Partnership Concern in operation.
The concern has been
registered on 05th November, 2008 under Registration No. WA
80970 and re-registered on 13th
July, 2010 in terms of companies Act #7 of 2007.
A new partner A.P.
Durgarani Ganesan (Ms) has been added to the partnership w.e.f. 19th
March, 2014.
·
Location.
The
Subject Concern is presently located at
Lanka, which is a highly commercial area where wholesale/retail
Merchants are
operating.
We were told that
they were earlier operating at the client, #128, Central
Road, Colombo 11, which is also the registered address and has
shifted to the new location to
improve business.
It is also the residence address of one partner, Mr. Vijayakanth
Concern registration address also has
been changed to #130-2/8, 2nd Floor, Main Street,
Colombo 11.
·
Operational Details.
General
The subject concern’s primary
line of business is Import & distribution of all kinds of Food Items.
Products
Potatoes, Onions, Lentils, Sugar, Garlic &
Flour
·
Import
& Countries
India, Pakistan,
Dubai, Malaysia
No of Employees
Approximately 05
·
Financial Data
The concern has
declined to provide information on its finances.
Based on the
corporate laws of Sri Lanka, legal entities which are Private Concern with Limited Liability/partnership/proprietorship
is not required to make public disclosure of their annual financials. Therefore
no financials are available for this entity
·
Trade
references
The subject concern declined
to provide any trade references
·
Credit
Recommendations
Since no financial
information has been forthcoming from the concern, it is not possible to
comment on the merits or otherwise of the concern.
No computerised data bases exist to make checks whether the partners or
the concern 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: |
|
|
a) Business Scale |
Small |
|
b) Business Trend |
Steady |
|
c) Management Capability |
Average |
|
d) Commercial Morality |
Average |
|
e) Reputation |
Average |
|
f) Market Situation |
Competitive |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.33 |
|
UK Pound |
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.