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Report No. : |
318485 |
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Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
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Name : |
LAL & SONS |
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Registered Office : |
# 05, Kothalawela Place, Colombo 04 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Proprietorship Concern |
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Line of Business : |
Engaged as Indenting and Commission Agent [We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
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No of Employees : |
02 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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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 – 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 |
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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 |
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Name of Subject of Inquiry |
: |
LAL & SONS |
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Legal Form & Status |
: |
Proprietorship Concern |
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Proprietor |
: |
Deepak |
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Primary Line of Business |
: |
Indenting and Commission Agents |
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Place of Business |
: |
#
05, Kothalawela Place, Colombo
04. Sri
Lanka. Tel.
No: (00 94 11) 250 8144 Mobile: (00 94 77) 7 566 146, (00 94 77) 7 555 807 (Mr.
Deepak) |
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No. of
Employees |
: |
02
(Approximately) |
Registration and
Shareholder Details
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Registration No |
: |
- Not Disclosed- |
||||
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Date of Registration |
: |
- Not Disclosed- |
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Registered Office |
: |
#
05, Kothalawela Place, Colombo 04. Sri
Lanka |
||||
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Auditors |
: |
Not Available/disclosed |
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Concern Secretaries |
: |
Not Applicable for this category of companies |
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: |
Not Available/disclosed |
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Bankers |
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·
History.
The subject concern LAL &
SONS is a Proprietorship Concern.
Our Investigators
visited the client # 05, Kothalawela Place, Colombo 04, which is a
residential house and it, is being used as the office.
All information
included in this report is obtained from the subject concern. The subject is an
Indenting & commission agency and the owner does not wish to divulge the
operational and financial details. Since the entity is not public no other
avenue to ascertain more details other than what the owner has to say.
Note:
The Proprietorship/Partnership companies are being registered at the
Provincial Registrar of Companies and when the owner/partner refuses to provide
concern 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 client given address # 05, Kothalawela Place, Colombo 04, we were told that is the
registered address and residential house of the owner of the subject concern
and also been used as the office.
·
Operational
Details.
General
The primary line of the
subject concern is Indenting and Commission Agent for his clients who are
traders and shoppers. Indented products are said to be various kinds of food
items,
Employees
Approx 02
·
Financial Data
The
information on its finances is not provided by the subject due to non availability
of the identity of the end user of the enquiry.
Based on the corporate laws of Sri Lanka, legal entities which are Private Concern with Limited Liability/partnerships/proprietorships is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity
·
Credit
Recommendations
Since no information has
been forthcoming from the concern, it is not possible to comment on the merits
or otherwise of the concern.
No computerised data bases exist to make
checks whether the partners or the concern 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.56 |
|
UK Pound |
1 |
Rs.93.56 |
|
Euro |
1 |
Rs.67.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
ASH |
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 |
|
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.