MIRA INFORM REPORT

 

 

Report No. :

333638

Report Date :

01.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SUKIRAN TRADERS

 

 

Registered Office :

# 205, 04th Cross Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

23.03.2009

 

 

Com. Reg. No.:

W/A 82657

 

 

Legal Form :

Partnership Company

 

 

Line of Business :

Subject is Importers, Commission Agents, General Merchants and Wholesale Dealers of Food Items

 

 

No. of Employee :

10

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

       

a.

Name of Subject of Inquiry

:

SUKIRAN TRADERS

 

b.

Legal Form  & Status

:

Partnership Company (In Operation)

c.

Managing Partner

 :

A. Subramaniam

d.

Primary Line of Business

:

Importers, Commission Agents, General Merchants and Wholesale Dealers of Food Items

e.

 

     Head office

          &

Place of Business

:

 

# 205, 04th Cross Street,

Colombo 11,

Sri Lanka.

 

Tel. No: (00 94 11) 243 5158

Fax No: (00 94 11) 243 5194

 

 

f.

No. of  Employees

:

Approximately 10

           

        

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

W/A 82657

b.

Date of Registration

:

23rd March 2009       

c.

Registered Office

:

# 205, 04th Cross Street, Colombo 11

d

Partners

:

 A. Subramaniam

Managing Partner

N. Prabaharan

Partner

Vithilingam Jayamany

Partner

Seivathy Francis

Partner

Duraisamy Dhanalakshmi

Partner

e.

Auditors

:

Not Disclosed

f.

Company Secretaries

:

Not Applicable for this category of companies

g.

Bankers

:

Bank of Ceylon 

 

 

Directors details

 

01)

Name

A. Subramaniam

ID Number

462643209 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

20th September 1946

Age

68 Years

 

 

02)

Name

N. Prabaharan

ID Number

742363970 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd August 1974

Age

40 Years

 

 

03)

Name

Vithilingam Jayamany

ID Number

525302660 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

30th January 1952

Age

63 Years

 

 

04)

Name

Seivathy Francis

ID Number

452751003 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

01st October 1945

Age

69 Years

 

 

05)

Name

Duraisamy Dhanalakshmi

ID Number

576941919 X

Nationality

Sri Lankan

Gender

Female

Date of Birth

12th July 1957

Age

58 Years

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The company has declined to provide information on its finances without the identity of the end user of the enquiry.

 

However, 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 steady 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 SUKIRAN TRADERS is a Partnership Company incorporated on 25th March 2009 under the registration number W/A 82657.

 

                 Note: Proprietorship/Partnership companies are registered at the Provincial Registrar of   

                 Companies and in this case it is the Provincial Registrar, Western Province, Colombo.

 

·         Location.

 

The Subject Company is  located at the  client # 205, 04th Cross Street, Colombo 11, a very prominent business area in the city.

 

·         Operations Details.

 

General

The subject company primary line of business is Importers, Commission Agents, General Merchants and Wholesale Dealers of Food Items.

 

Products

Basmati Rice, Chillies, Turmeric Coriander, Onion, Potatoes, Grains and all kind of Food items

 

Import Countries

India, Pakistan, Australia, Myanmar, Canada, Thailand and Bulgaria 

 

No of Employees

                 Approximately 10

Trade references

 

The subject company did not provide any trade references

 

 

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 BY

 

Management non co-operative (Tel. No. : 0009411-2435158)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.01

UK Pound

1

Rs.99.84

Euro

1

Rs.70.16

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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