MIRA INFORM REPORT

 

 

Report No. :

333637

Report Date :

07.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KRISHNAKUMAR AND COMPANY (PVT) LTD

 

 

Registered Office :

# 185, 04th Cross Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

18.03.1999

 

 

Com. Reg. No.:

PV  12463

 

 

Legal Form :

Private Limited Liability Company   

 

 

Line of Business :

Subject is Dealers in grocery items provisions, products of any description for commercial , agricultural, industrial personal or domestic purpose to use

 

 

No. of Employee :

Not Available

 

 

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

:

KRISHNAKUMAR AND COMPANY (PVT) LTD

 b.

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

c.

Managing Director

:

K. Khimchand Vasanji

d.

Primary Line of Business

:

Dealers in grocery items provisions, products of any description for commercial , agricultural, industrial personal or domestic purpose to use

e.

Head Office

&

Place of Business

 

:

 

# 185, 04th Cross Street,

Colombo 11,

Sri Lanka.

           

Tel. No: (00 94 11) 232 6841

Fax No: (00 94 11) 238 8204

Mobile No: (00 94 77) 776 9055 – Mr. Nagesh

 

f.

No. of Employees

:

Not Disclosed.

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 23309

Date of Registration

:

18th March 1999

b.

Re-registration No

:

PV  12463

Date of Re-registration

:

23rd March  2009

c.

Registered Office

:

# 185, 04th Cross Street, Colombo 11

d.

Board Of Directors

As At

 14th December 2014

:

Krishnakumar Khimchand Vasanji

Managing Director

Vrajlal Khimchand Vasanji

Director

Deepakkumar Krishnakumar Vasanji

Director

Sanjeevkumar Krishnakumar Vasanji

Director

Bhupendra Krishnakumar Vasanji

Director

e.

Issued Share Capital

:

Rs. 100.00

f.

Number of Shares

:

10

g.

Nominal Value of Share

:

Not Stated Vide Companies Act #7 of 2007

h.

Share Holders

As At

14th December 2014

:

 Share Holders

No of Shears

Krishnakumar Khimchand Vasanji

04

Vrajlal Khimchand Vasanji

03

Deepakkumar Krishnakumar Vasanji

01

Sanjeevkumar Krishnakumar Vasanji

01

Bhupendra Krishnakumar Vasanji

01

i.

Secretaries

:

Business Allied Services (Pvt) Ltd

# 11, Rodney Street, Off Cotta Road, Colombo 0-8

j.

Auditors

:

Ratnayake T.A & Company

# 17, Rodney Street, Off Cotta Road, Colombo 08

k.

Bankers

:

Peoples Bank, Commercial Bank

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

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 KRISHNAKUMAR AND COMPANY (PVT) LTD is a Private    Limited liability Company incorporated in 18th March 1999 under the registration number N (PVS) 23309 and then company has been re-registered on 23rd March 2009 under the registration number PV 12463

 

Location

 

The Subject Company is located at the client # 185, 04th Cross Street, Colombo 11

 

 

Operations Details

 

General

The subject company primary line of business is Dealers in grocery items provisions, products of any description for commercial, agricultural, industrial personal or domestic purpose to use

 

Products

Onions, Potatoes

 

 

Country

India

 

Employees

                  Not Disclosed

                      

      

 

Directors Details

 

01)

Name

Krishnakumar Khimchand Vasanji

ID Number

301321617 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th May 1930

Age

85 Years

Address

#114/3, W.A. Silva Mawatha, Colombo 06

 

02)

Name

Vrajlal Khimchand Vasanji

ID Number

381511006 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th May 1938

Age

77 Years

Address

#114/3, W.A. Silva Mawatha, Colombo 06

 

03)

Name

Deepakumar Krishnakumar Vasanji

ID Number

661362057 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th May 1966

Age

49 Years

Address

#114/3, W.A. Silva Mawatha, Colombo 06

 

04)

Name

Sanjeevkumar Krishnakumar Vasanji 

ID Number

691040135 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th April 1969

Age

46 Years

Address

#114/3, W.A. Silva Mawatha, Colombo 06

 

 

05)

Name

Bhupendra Krishnakumar Vasanji

ID Number

711632876 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th June 1971

Age

44 Years

Address

#114/3, W.A. Silva Mawatha, Colombo 06

 

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 BY

 

Name :

Mr. Vasanji

Designation :

Not Divulged

Contact No.:

009477-7769055

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.99.60

Euro

1

Rs.69.71

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYN

 

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.