MIRA INFORM REPORT

 

 

Report No. :

314918

Report Date :

02.04.2015

 

IDENTIFICATION DETAILS

 

Name :

GOLD STAR IMPEX (PVT) LTD

 

 

Registered Office :

# 188,Peoples Park, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

13.10.2008

 

 

Com. Reg. No.:

PV 65865

 

 

Legal Form :

Private Limited Liability Company   

 

 

Line of Business :

Subject is engaged in Import and Distributor of Food Stuff.

 

 

No. of Employee :

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

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

GENERAL

 

Basic information at a glance

     

Name of Subject of Inquiry

:

GOLD STAR IMPEX (PVT) LTD

Legal Form  & Status

 

 

:

Private Limited Liability Company    (In Operation)

Managing Director

:

M. S. Mohamed Salahudeen

Primary Line of Business

:

Import & Distributor of Food Stuff.

Head Office

&

Place of Business

:

 

# 188,Peoples Park,

Colombo 11,

Sri Lanka.

 

Tel./Fax No: (00 94 11) 243 9716

 

No. of Employees

:

Not Disclosed

           

 

 COMPANY DETAILS

 

Registration and Shareholder Details

 

Registration No

:

 PV 65865

Date of Registration

:

13th October 2008

Registered Office

:

# 103/18, Ambatale Road, Wennawatta, Wellampitiya

Board Of Directors

As At

16th January 2009

:

M. S. Mohamed Salahudeen

Managing Director

S. Fareeda Salahudeen

Director

Mohamed Arshad

Director

J. Mohamed Rafeek

Director

Issued Share Capital

:

Rs. 30.00

No. Of Shares

:

03

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

 

Share Holders

As At

16th January 2009

:

              Share Holders

No. of

Shares

M. S. Mohamed Salahudeen

01

S. Fareeda Salahudeen

01

Mohamed Arshad

01

Auditors

:

Not Disclosed

Company Secretaries

:

Mohamed Arshad

(# 45/17, Swarna Road, Colombo 06)

Bankers

:

Not Disclosed

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

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 is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION                      

 

 

·         History.

                  The Subject Company GOLD STAR IMPEX (PVT) LTD is a Private Limited   liability Company incorporated on 13th October 2008 under registration number PV 65865

 

                

·         Location.

                  The Subject Company’s located at # 188, Peoples Park, Colombo 11 and client given      

                 Address # 103/18, Ambatale Road, Wennawatta, Wellampitiya is company registered  

                 Address.

 

·         Operational Details.

 

General

                  The subject company’s primary line of activity is an Import & Distributor of Food Stuff.

                   .

Products

                  Food Stuff. Such as: Lentils

 

Import Countries

China, India, Canada

 

No of Employees

                  Not Disclosed

 

 

·         Directors Details

 

                 01)

Name

M. S. Mohamed Salahudeen

ID Number

500732342 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th March 1950

Age

65 Years

 

 

                02)

Name

S. Fareeda Salahudeen

ID Number

537642866 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

20th September 1953

Age

61 Years

 

 

                 03)

Name

Mohamed Arshad

ID Number

832711390 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th September 1983

Age

31 Years

 

 

                 04)

Name

J. Mohamed Rafeek

ID Number

622900076 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th October 1962

Age

52 Years

 

 

·         Trade references

                  The subject company did not provide any trade reference referrals

 

·         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.

 

 

ANALYSIS & RATING

 

Appraisal Subject Company

 

   

Rating:

a) Business Scale         

NR

b) Business Trend

NR

c) Management Capability

NR

d) Commercial Morality

NR

e) Reputation

NR

f) Market Situation

Very Competitive

                                   

 

INFORMATION PARTED BY

 

Management non co-operative (Tel No. : 0094112439716)

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.51

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.