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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GREEN FOODS |
|
|
|
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Registered Office : |
# 94 A, Manikkamulla,
Gothatuwa, |
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|
|
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Country : |
Sri Lanka |
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|
|
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Date of Incorporation : |
Not Available |
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|
|
|
Legal Form : |
Partnership Company |
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|
|
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Line of Business : |
Importers and
Wholesalers of Food Items |
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|
|
|
No. of Employees |
10 |
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 |
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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 |
|
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 |
|
a. |
Name of Subject of Inquiry |
: |
GREEN FOODS |
|
b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
|
c. |
Managing Partner |
: |
Mifraz |
|
d. |
Primary Line of Business |
: |
Importers and Wholesalers of Food Items |
|
e. |
Place of Business |
: |
#Golden Plaza, # 130-4/8, Main
Street, Colombo- 11. Sri Lanka. Tel. No: (00 94 11) 233 5858 Mobile No: (00 94 77) 362 6226 (Mr. Mifraz) Email: mifraz79@gmail.com |
|
f. |
No. of Employees |
: |
Approximately 10 |
Registration and Shareholder Details
|
a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Date of
Registration |
: |
Not Disclosed |
|
|
c. |
Registered Address |
: |
# 94 A, Manikkamulla,
Gothatuwa, Sri Lanka. |
|
|
d. |
Partners |
: |
Mifraz |
Managing Partner |
|
Anisa |
Partner |
|||
|
e. |
Auditors |
: |
Not Disclosed |
|
|
f. |
Bankers |
: |
Not Disclosed |
|
Most recent available Financial Information
Based on the corporate laws of Sri Lanka, legal entities which are Private Companies with
Limited Liability/Proprietorships/Partnerships is not required to make public disclosure of their
Annual financials. Therefore no financials are available for this entity
History.
The Subject Company GREEN FOODS is a Partnership Company, in operation.
Mr. Mifraz, the Managing Partner was contacted and though he promised to provide company details such as incorporated and operational data, up to date he has not kept to his promise in spite of repeated requests.
Note:
The Proprietorship/Partnership
companies are being registered at the Provincial Registrar of Companies and
when the owner/partner refuses to provide company details and /or not available
for contact, it is not possible to extract such details from the Provincial Registry
and also to verify the accuracy of the details.
Location.
The Subject Company is located at # 130-4/8, Main Street,
Colombo- 11, Sri Lanka, one of
main commercial areas in Colombo city.
The client #94-A, Manikkamulla, Gothatuwa is the resident address of the
Managing Partner, Mr. Mifraz.
General
The subject company primary line of business is Import & Export, & Wholesale dealers of Food Items.
Products(Imports):
Various kinds of
Food items such as:
Potatoes
Onions
Garlic
Lentils
Chillies
Green Gram, Rice,
etc…
Import &
Export Countries
China, India, Pakistan
No of Employees
Approximately 10
Based on the corporate laws of Sri Lanka, legal entities which are Private Companies with
Limited Liability is not required to make public disclosure of their annual financials.
Therefore no
financials are available for this entity
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.