|
Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
|
Correct Name : |
|
|
|
|
|
Registered Office : |
# 71, 4th Cross Street, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Partnership Concern |
|
|
|
|
Line of Business : |
· importer and distributor of Commodity Items such as Coriander, Lentils, Onions & Chillies. Subject is also a Commission Agent |
|
|
|
|
No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
: |
COLOMBO
COMMODITIES
|
|
Legal Form & Status |
: |
Partnership Concern |
|
Managing Partner |
: |
M. Basith |
|
Primary Line of Business |
: |
Importers and
distributors of Commodities, General Merchants & Commission Agents |
|
Office & Places of Business |
: |
# 71, 4th Cross Street, Colombo 11. Tel.
No: (00 94 11) 242 1430, 242 1432 Fax
No: (00 94 11) 242 1447 Mobile
No: (00 94 77) 391 8224 Email: cmbcomodities@sltnet.lk |
|
No. of
Employees |
: |
Not
disclosed |
Registration and
Shareholder Details
|
Registration No |
: |
Not Disclosed. Not
registered at the ROC |
|
|
Date of Registration |
: |
Not Disclosed. Not registered at the ROC |
|
|
Registered Address |
: |
# 71, 4th Cross Street, Colombo
11. |
|
|
Partners |
: |
M. Basith |
Managing Partner |
|
Not disclosed |
Partner |
||
|
Auditors |
: |
Not Disclosed |
|
|
Bankers |
: |
Not Disclosed |
|
Based on the corporate laws of Sri Lanka, legal entities which are Private Concern with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity
·
History:
The subject concern, COLOMBO COMMODITIES
is a Partnership Concern.
(Please note the correct name of the subject is “COLOMBO Commodities” not “Colombus Comodities”
When contacted Mr.
M. Basith, said that it is a Partnership
Concern and not prepared to give details in-spite of repeated requests
made. Therefore, it could be a Partnership Concern in operation but cannot be
verified since Mr. Basith declined to provide concern registration details
up-to date.
Note:
The Proprietorship/Partnership Companies are
registered at the Provincial Registrar of Companies and as the management declined
to provide registration details it is not possible to trace concern details at
the Registrar’s office for verification.
·
Location.
The subject concern is located at the
client given address # 71, 4th Cross Street, Colombo
11.
Note:
The
client given address (#17, 4th Cross St. Co.11) is also incorrect
and our
Investigator was very much inconvenienced in locating the subject as it
compelled
him to
go from one end to the other in search of the concern. The correct premise
number
is 71 not 17.
·
Operational
Details.
The primary line
of business of the subject concern is import and distribution commodity items
such as Coriander, Lentils, Onions & Chillies. Subject is also a Commission
Agent
Products
Coriander, Chillies, Lentils & Onions
·
Import & Countries
India
No of Employees
Not disclosed
·
Financial Data
The concern not found
at the given address.
Based on the corporate laws of Sri Lanka, legal entities which are Private Companies with
Limited Liability are not required to make public disclosure of their annual financials.
Therefore no financials are available for this entity
·
Credit
Recommendations
Since no financial or any
other concern 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
UK Pound |
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.