MIRA INFORM REPORT

Report No. :	333634
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	F S TRADERS (PVT) LTD
Registered Office :	# C2-7, Economic Dedicated Center, Dambulla
Country :	Sri Lanka
Date of Incorporation :	14.02.2008
Com. Reg. No.:	PV 63047
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is Importers & General Merchants in all kinds of food items
No. of Employee :	20

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	:	F S TRADERS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	M. Ismail Mohamed Shafir
d.	Primary Line of Business	:	Importers & General Merchants in all kinds of food items
e.	Head office & Place of Business		# C2-7, Economic Dedicated Center, Dambulla. Sri Lanka. Tel. No: (00 94 66) 228 4203; 228 5245 Fax No: (00 94 66) 228 5244 Email: rohim009@hotmail.com fs_traders@hotmail.com
f.	No. of Employees	:	Approximately 20

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	PV 63047
b.	Date of Registration	:	14^th February, 2008
c.	Registered Office	:	C2-7, Economic Dedicated Center, Dambulla, Sri Lanka
d	Board of Directors As at 28^th May 2014		M. Ismail Mohamed Shafir	Managing Director
			M. Ismail Mohamed Kiyas	Director
e.	Issued Share Capital	:	Rs. 1,000.00
	Number of Shares	:	100
f.	Nominal Value of Share	:	Not Stated Vide Companies Act #7 of 2007
g.	Share Holders As at 28^th May 2014	:	Share Holders		No. of Shares
			M. Ismail Mohamed Shafir		100
h.	Auditors	:	Ratnayake T.A. & Company # 17, Rodney Street, Off Cotta Road, Colombo 08
i.	Company Secretaries	:	Business Allied Services (Pvt) Ltd # 17 2/1, Rodney Street, Colombo 08
j.	Bankers	:	Seylan Bank

Directors Details

01)

Name	M. Ismail Mohamed Shafir
ID Number	671620836 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10^th June1967
Age	46 Years

02)

Name	M. I. Mohamed Kiyas
ID Number	751031661 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12^th April 1975
Age	38 Years

FINANCIAL DETAILS

Most recent available Financial Information

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 F S TRADERS (PVT) LTD is a Private Limited Liability Company incorporated on 14^th February 2008 under registration number PV 63047.

· Location.

The Subject Company F S TRADERS (PVT) LTD is located at the client # C-2-7, Economic Dedicated Center(EDC), Dambulla, a city approx. 150 kilo meters from Colombo on the Colombo- Trincomalee highway.

Operational Details

General

The subject company’s primary line of business is importing, marketing and distribution of all kinds of food products.

Products

Palm Oils

Onion

Mackarel Fish Canne

Potato

Garlic / Dried Spral / White Rice

Import Country

India, China

No of Employees

Approx. 20

Trade references

Not Available

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

Name :	Mr. Kiyas
Designation :	Director
Contact No.:	0009466-2284203

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 :	DPA
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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