|
Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
IDEAL IMPORTS |
|
|
|
|
Registered Office : |
No 96 3/2 Wasala Road Colombo 13 Colombo |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
Legal Form : |
Sole
Proprietorship (In Operation) |
|
|
|
|
Line of Business : |
Trader of agricultural commodities |
|
|
|
|
No of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
|
a. |
|
Name of Subject of Inquiry |
: |
IDEAL IMPORTS |
|
|
|
|
|
|
|
b. |
|
Legal Form & Status |
: |
Sole Proprietorship (In Operation) |
|
|
|
|
|
|
|
c. |
|
Manager |
: |
Dinesh Balasunderam |
|
d. |
|
Primary Line of Business |
: |
Trader of agricultural commodities |
|
|
|
|
|
|
|
f. |
|
No. of Employees |
: |
25
|
|
a. |
Registration No |
: |
Refused to
disclose details |
||
|
|
|
|
|
||
|
b. |
Year of
Registration |
: |
2002 |
||
|
c. |
Registered
Address |
: |
# 96-3/2, Wasala Road, Colombo 13. Area:
1100 sq ft (Rented) |
||
|
d. |
Proprietor |
: |
Mr. A. Shiv Subramanium |
42 Years |
Proprietor |
|
|
|
|
|||
|
e. |
Auditors |
: |
ACS & Co. |
||
|
f. |
Bankers |
: |
Bank of Ceylon NDB Bank ICICI Bank Pan Asia Banking
Corporation PLC |
||
|
g. |
Trading Terms |
: |
|
||
|
|
Purchasing Terms
|
|
Cash, Credit and TT |
||
|
|
Selling Terms |
|
Cash and Credit |
||
THE
COMPANY HAS REFUSED TO PROVIDE company INFORMATION or ITS FINANCES
(Note: 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 detailed financials are available for this entity)
|
Particulars |
|
2013-14 |
2012-13 |
|
Sales Turnover (Approximately) (Sri Lankan Currency) |
|
200 Cr. |
200 Cr. |
·
History
Subject Company IDEAL IMPORTS is a Partnership company AS TOLD BY Mr. Balasunderam.. This
is owned by family members who are partners.
When contacted, Mr. Dinesh
Balasunderam who claimed to be the Managing Partner of the subject
Company, refused to disclose any operational details
of the Company, without knowing the
details
of the end user of this report. He re-iterated his displeasure in obtaining
company details through a third party and insisted the identity of the end user
for him to provide details.
Our investigator visited the client given address # 96-3/2, Wasala Road, Colombo 13
which is a flat in a housing complex. We were
able to obtain the mobile number of the partners and contacted him. However, he
refused to disclose details as stated above IN SPITE OF OUR DETAILED
EXPLANATION. Our observation is that he is hiding his identity due to
reasons best know to him and evading us.
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 company
details at the Registrar’s office to verify the Partnership/Proprietorship
details etc and check the authenticity of the details provided by the subject
company.
Location.
The business place
of the Subject Company is NOT DISCLOSED. The client given address # 96-3/2,
Wasala Road, Colombo 13 is a flat in the housing complex.. The business
place should be elsewhere, the details of which are refused to divulge by
Dinesh, the owner
·
Operational
Details.
Trader of
agricultural commodities
Products
Agro Commodities
·
Imports & Countries
India, Malaysia, Pakistan, Egypt
No of Employees
25
·
Trade references
The subject company did not 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
|
Name : |
Mr. Dinesh Balasunderam |
|
Designation : |
Manager |
|
Contact No.: |
(00 94 77) 7 933 167 |
|
Date : |
04.11.2014 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
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.