MIRA INFORM REPORT
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Report No. : |
318284 |
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Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
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Name : |
COLOMBO COMMERCIALS |
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Registered Office : |
# 102, Central Road, Colombo 12 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
1975 |
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Com. Reg. No.: |
W 51578 |
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Legal Form : |
Partnership Company (In Operation) |
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Line of Business : |
Trader of Ayurvedic raw materials and oils. |
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No. of Employee : |
Approximately 12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Sri Lanka |
A2 |
A2 |
|
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.
|
Source
: CIA |
GENERAL
- Basic information at a glance
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a. |
Name of Subject of Inquiry |
: |
COLOMBO
COMMERCIALS |
|
b. |
Legal Form & Status |
: |
Partnership
Company (In Operation) |
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c. |
Managing Partner |
: |
Mohamed Sheriff |
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d. |
Primary Line of Business |
: |
Trader of Ayurvedic
raw materials and oils |
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e. |
Office & Place of Business |
: |
# 102, Central
Road, Colombo 12. Sri
Lanka Tel. No: (00 94 11) 254 1021 Fax No: (00 94 11) 243 5848/ 268 8391 Email : ccsh@sltnet.lk |
|
f. |
Stores/warehouse |
: |
# 111/11,
Central Road, Colombo 12 |
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g. |
No. of Employees |
: |
Approximately 12 |
COMPANY
DETAILS
- Registration and Shareholder Details
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a. |
Registration No |
: |
W 51578 |
||
|
b. |
Year of Registration |
: |
1975 |
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c. |
Registered Office |
: |
# 102, Central
Road, Colombo 12, Sri Lanka |
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d. |
Partners |
: |
Mohamed Sheriff |
Partner |
|
|
M. S. Ifthiqar
Hasan |
Partner |
||||
|
M. S. Amjath
Hasan |
Partner |
||||
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e. |
Secretaries |
: |
-Not Applicable for this category of companies |
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f. |
Auditors |
: |
V. J. Associates |
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g. |
Bankers |
: |
Bank of Ceylon – Petta Branch Sampath Bank |
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h. |
Importers of |
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India, Pakistan, China, Dubai, South Africa |
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FINANCIAL
DETAILS
- Most recent available Financial
Information
The company has declined to provide information
on its finances
The
Managing Partner of the Company has declined to provide information on its
Finances and also operational Details
as they fear that the information will reach their competitors and/or the
government agencies.
It
should be noted that the particular industry/trading segment the company is
involved has very good growth potential
and as such it can be expected for the company to expect a growth in the
income.
Note:
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 COLOMBO
COMMERCIALS is a Partnership Company
incorporated on 1975 under registration No. W 51578
- Location.
The Subject Company is located at the client # 102, Central Road, Colombo 12, a highly commercial area.
- Operations Details.
General
The subject company’s primary line of business is importing and wholesale merchant of Ayurvedic raw materials and oils.
Products
Several kinds of Medical Herbs, Roots and Oils.
Country
India, Pakistan, China, Dubai, South Africa.
Employees
Approximately 12
- General Comments
The subject company when contacted provided the some basic information
to prepare this report. However they refused to provide financial information
of the company.
- 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
parted by
|
Name : |
M. S. Amjath Hasan |
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Designation : |
Partner |
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Contact No.: |
009411 2541021 |
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Date : |
27.04.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
|
|
1 |
Rs.96.52 |
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Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
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Analysis Done by
: |
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 |
|
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 |
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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 |
|
<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.