MIRA INFORM REPORT
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Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
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Name : |
R. G. BROTHERS |
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Registered Office : |
# 103 2/1, Mahavidyalaya Mawatha, Colombo 13 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
02.11.2005 |
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Com. Reg. No.: |
WP 63712 |
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Legal Form : |
Proprietorship Company (In
Operation) |
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Line of Business : |
Importers and Distributors of Consumer food products. |
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No. of Employees |
20 Approximately in the permanent cadre |
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 – March 31st, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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.
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 |
GENERAL - Basic information at a glance
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a. |
Name of Subject of Inquiry |
: |
R. G. BROTHERS |
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b. |
Legal Form & Status |
: |
Proprietorship
Company (In Operation) |
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c. |
Proprietor |
: |
Ponnampalam Ramanathan |
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d. |
Primary Line of Business |
: |
Importers and
Distributors of Consumer food products. |
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e. |
Head Office |
: |
# 103 2/1,
Mahavidyalaya Mawatha, Colombo 13, Sri Lanka Mobile No: (00 94
77) 768 4067 - Mr. P. Ramanathan Tel No: (00 94
11) 238 2572; 436 2541 Fax No: (00 94
11) 242 4062 Email: rg@hotmail.com
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f. |
Sales Office |
: |
# 81, 5th
Cross Street, Colombo 11, Sri Lanka |
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: |
# 151, 04th
Cross Street, Colombo 11, Sri Lanka |
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|
: |
# 78, 04th
Cross Street, Colombo 11, Sri Lanka |
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g. |
No. of Employees |
: |
20 Approximately
in the permanent cadre |
COMPANY DETAILS - Registration and Shareholder Details
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a. |
Registration No |
: |
WP 63712 |
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b. |
Date of Registration |
: |
02nd
November 2005 |
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c. |
Registered Office |
: |
# 103, 2/1, Maha Vidyalaya Mawatha,
Colombo 13, Sri Lanka |
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d. |
Auditors |
: |
Joseph &
Company |
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e. |
Company Secretaries |
: |
Not Applicable |
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f. |
Bankers |
: |
Sampath Bank,
Hatton National bank; MCB Bank Pan Asia Banking
Corporation PLC |
FINANCIAL
DETAILS - Most recent available Financial Information
Based on the corporate laws of Sri Lanka, legal entities which are
Private Company with Limited Liability/Proprietorship/Partnership 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 R. G.
BROTHERS is a Proprietorship Company incorporated on 02nd
November 2005 under registration no. WP
63712.
The Proprietorship/Partnership Companies are registered at the
Provincial Registrar of Companies
Location.
The subject company is located at client given address # 103 2/1, Maha Vidyalaya Mawatha, Colombo
13, Sri Lanka,
The Sales Offices are located at:
#
151, 04th Cross Street, Colombo 11, Sri Lanka, # 78, 04th
Cross Street, Colombo 11, and Sri Lanka, # 81, 5th Cross
Street, Colombo 11, Sri Lanka, the main business area in
The
city.
Operational
Details
General
The subject company’ primary line of
business is an Import and
Wholesale/retail Distributors of consumer durables. Their business places
are situated in the busiest business place in the city of Colombo where all
types of general merchants are operating.
Products
Chickpeas, Chillies, Lentils, VSP, Canned
Fish, Canned Dhal, Mustard, Garlic, Etc…
Importing
Countries
India, Malaysia, Thailand, Singapore, China,
Canada, USA, Turkey, Australia etc…
No
of Employees
Approximately 20 in
the permanent cadre and casual labour is used for loading and unloading
of shipments and
other services which is approx.20 -50.
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/Proprietorship/Partnership is not
required to make public disclosure of their annual financials. Therefore no
Financials are available for this entity.
Trade
references
The Ceylon 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.59.26 |
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UK Pound |
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
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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 |
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<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.