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Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
WAYAMBA TRADERS |
|
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Registered Office : |
86, |
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Country : |
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|
|
|
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Date of Incorporation : |
1993 |
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|
|
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Legal Form : |
Partnership Company |
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|
|
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Line of Business : |
Export & Distributors of Agri foods |
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|
|
|
No. of Employees : |
Not Available |
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 – 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 |
: |
WAYAMBA TRADERS |
|
b. |
Legal Form &
Status |
: |
Partnership Company
(In Operation) |
|
c. |
Managing Partner |
: |
Fazal Ahamed |
|
d. |
Primary Line of Business |
: |
Export &
Distributors of Agri foods |
|
e. |
Place of Business |
: |
# 367, 3rd Floor, Dam Street, Colombo12, Sri Lanka. Tel. No: (00 94 11)
523 4158, 521 9491 Fax No: (00 94 11)
233 9257 Email: info@wayambatraders.com |
|
f. |
No. of Employees |
: |
Not Disclosed |
Registration and Shareholder Details
|
a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Date of
Registration |
: |
1993 |
|
|
c. |
Registered Address |
: |
# 86, Peer
Saibo Street, Colombo 12 |
|
|
d. |
Partners |
: |
Fazal Ahamed |
Managing 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 WAYAMBA TRADERS is a Partnership Company, in operation.
Mr. Fazal, was contacted and though he spite and declined to provide any details to prepared this report
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 # 367, 3rd Floor, Dam Street, Colombo12.
The client is the company’s registered address.
General
The subject company primary line of business is Export & Distributors of Agri foods.
Product
Maize, Cinnamon,
Black Pepper, Clove, Mace, Soya Beans & All Kinds of Spices
Export Countries
China, Myanmar
No of Employees
Not Disclosed
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.
|
NAME |
Mr. Fazal |
|
PARTNER |
Partner |
|
CONTACT NO |
009411-5234158 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.