|
Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
VETHA IMPORTS |
|
|
|
|
Registered Office : |
# 227/1, 5th
Cross Street, Colombo 11 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Legal Form : |
Partnership Company |
|
|
|
|
Line of Business : |
Importing & Wholesale dealers, General
Merchants of Food Items and also functioning as Commission Agents |
|
|
|
|
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 |
|
|
|
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
|
Name of Subject of Inquiry |
: |
VETHA IMPORTS
|
|
Legal Form & Status |
: |
Partnership Company (In Operation) |
|
Managing Partner |
: |
Vazhga Vaiyagam |
|
Primary Line of Business |
: |
Importers, Wholesalers, General Merchants of Food Items & Commission
Agents |
|
Place of Business |
: |
# 229, 5th Cross Street, Colombo-
11. Sri
Lanka. Tel.
No: (00 94 11) 243 5168, 243 3864, 243 5189 Fax
No: (00 94 11) 244 5945 Mobile
No: (00 94 77) 311 3278 (Mr. Vaiyagam) Email:
omsaravana229@gmail.com |
|
No. of
Employees |
: |
Approximately
10 |
|
Registration No |
: |
Not Disclosed |
|
|
Date of Registration |
: |
Not Disclosed |
|
|
Registered Address |
: |
# 227/1, 5th Cross Street,
Colombo 11. |
|
|
Partners |
: |
Vazhga Vaiyagam |
Managing Partner |
|
Vazhga Valamudan |
Partner |
||
|
Auditors |
: |
Not Disclosed |
|
|
Bankers |
: |
Muslim
Commercial Bank |
|
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
4) CURRENT
INVESTIGATION
·
History.
The Subject
Company VETHA IMPORTS is a
Partnership Company, in operation.
Mr. Vaiyagam, 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 provided details as promised.
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.
Subject is having an
Associate Company named OM SARAVANA CO.
at the same
Premises.
·
Location.
The Subject Company is located
at # 229, 5th Cross Street, Street, Colombo- 11, Sri
Lanka, one of the main
commercial areas in Colombo city.
The client # 227/1, 5th
Cross Street, Colombo 11 is the company’s
Registered address.
·
Operational
Details.
General
The subject company primary
line of business is Importing & Wholesale dealers, General Merchants of Food
Items and also functioning as Commission Agents.
Products(Imports):
Various kinds of Food items such
as:
o
Sugar
o
Flour
o
Onions
o
Garlic
o
Lentils
o
Chillies
o
Green Gram, Rice.
·
Import & Export Countries
China, India,
Pakistan
No of Employees
Approximately 10
·
Financial Data
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
·
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.59.87 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.