|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL TRADING & COMPANY |
|
|
|
|
Registered Office : |
#136/F, Dam
Street, Colombo- 12. |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Partnership Company (In Operation) |
|
|
|
|
Line of Business : |
Importers, Dealers
& Distributors of Food Items |
|
|
|
|
No of Employees : |
Approximately 05 |
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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
: |
GLOBAL
TRADING & COMPANY
|
|
b. |
Legal Form
& Status |
: |
Partnership
Company (In Operation) |
|
c. |
Managing Partner |
: |
Wellasamy
Maheshwaran |
|
d. |
Primary Line of
Business |
: |
Importers,
Dealers & Distributors of Food
Items |
|
e. |
Office & Place of Business |
: |
# 136/F, Dam Street , Colombo- 12. Sri Lanka. Tel./ Fax No: (00 94 11) 243
1802 Mobile No: (00 94 77) 7 883
889 (Mr. Maheshwaran) Email: globaltradingandco@gmail.com |
|
f. |
No. of Employees |
: |
Approximately 05 |
COMPANY DETAILS - Registration and Shareholder Details
|
a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Year of Registration |
: |
Not Disclosed |
|
|
c. |
Registered Office |
: |
#136/F, Dam Street, Colombo- 12. Sri Lanka. |
|
|
d. |
Partners |
: |
Wellasamy Maheshwaran |
Managing Partner |
|
P. Palaniappan |
Partner |
|||
|
e. |
Auditors |
: |
Not Disclosed |
|
|
f. |
Bankers |
: |
Pan Asia Bank PLC, Dam Street Branch, Colombo 11 |
|
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
·
History:
The subject
company, GLOBAL TRADING & COMPANY
is a Partnership Company, in operation.
When contacted the Managing Partner, Mr. Maheswaran
of the subject company, he informed us that they import sugar for local distribution
and declined to provide operation and financial details of the company without
knowing the details of the end user of this report.
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 company details at the Registrar’s office.
·
Location.
The Subject Company is located at the client # 136/F, Dam Street, Colombo
12,
which is a highly commercial area where wholesale/retail Merchants are
operating.
·
Operational
Details.
General
The subject company primary line of
business is Import & distribution of Sugar as a wholesale/ retail
dealer.
Products
Sugar
·
Import & Countries
India
No of Employees
Approximately 05
·
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 subject
company declined to provide any trade references
·
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.
|
Rating: |
|
|
a) Business Scale |
NA |
|
b) Business Trend |
NA |
|
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. 58.86 |
|
|
1 |
Rs. 98.82 |
|
Euro |
1 |
Rs. 80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.