MIRA INFORM REPORT
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Report No. : |
316185 |
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Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SAIFI TRADING COMPANY |
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Registered Office : |
# 39, New Moor Street, Colombo – 12 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
01.01.1979 |
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Com. Reg. No.: |
W 4333 |
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Legal Form : |
Sole Proprietorship Company (in operation) |
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Line of Business : |
Importers of all types of paper and board |
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No. of Employee : |
Approximately 15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
GENERAL
- Basic information at a glance
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a. |
Name of Subject of Inquiry |
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b. |
Legal Form & Status |
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Sole Proprietorship Company (in operation) |
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c. |
Proprietor |
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Saifi Esmail
Patel |
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d. |
Primary Line of Business |
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Importers of all types of paper and board |
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e. |
Place of Business & Stores |
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# 96, New Moor Street, Colombo – 12, Sri Lanka. Tel.
No: (00 94 11) 244 0793, 242 2278 Fax No: (00 94 11) 232 1374 E
Mail: info@saifitrading.com |
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f. |
No. of
Employees |
: |
Approximately 15 |
COMPANY
DETAILS
- Registration and Shareholder Details
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a. |
Registration No |
: |
W 4333 |
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b. |
Date of Registration |
: |
1st January 1979 |
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c. |
Registered Office |
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# 39, New Moor Street, Colombo – 12, Sri
Lanka |
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d. |
Proprietor |
: |
Saifi Esmail
Patel |
Proprietor |
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Auditors |
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Sharma &
Company |
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i. |
Company Secretaries |
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Not Applicable for this category of companies |
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j. |
Bankers |
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Hatton National bank PLC Bank of Ceylon |
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FINANCIAL
DETAILS
- Most
recent available Financial Information
The company has declined to provide information on its finances, without
the identity of the organisation which required such classified information.
Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity)
CURRENT
INVESTIGATION
- History.
The Subject
Company SAIFI TRADING COMPANY is a Sole
Proprietorship Company (in operation) incorporated on 01st January 1979
under registration number W 4333.
· Location.
The Subject Company is located at the client,
96, New Moor Street,
Colombo – 12, a highly commercial area in
the city.
· Operations Details.
General
The subject
company primary line of business is importers
of all types of paper and boards
Products
All types of paper and board
Import Countries
India, Indonesia, Canada
No of Employees
Approximately 15
·
General Comments
When we visited
the Subject Company, they treated us well and provided all the basic details to
prepare this report. The Subject Company is situated in three store building
where very high commercial area of capital Colombo. The Subject Company is well
maintained, one part of the building is used as a ware house.
·
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.
Information
denied
MANAGEMENT NON
CO-OPERATIVE
CONTACT NO.:
0(009411)2440793
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.26 |
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1 |
Rs.92.49 |
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Euro |
1 |
Rs.66.99 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.