MIRA INFORM REPORT

 

 

Report No. :

351800

Report Date :

05.12.2015

 

IDENTIFICATION DETAILS

 

Name :

WORLDWIDE COMMODITIES (PVT) LTD

 

 

Registered Office :

# 35/3, Athurugiriya Road, Pannipitiya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

30.01.2015

 

 

Com. Reg. No.:

PV 103626

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Processing, manufacturing and marketing of spices and allied products

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New business 

 

 

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 government's 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, but low tax revenues remain a 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

:

WORLDWIDE COMMODITIES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In operation)

c.

Managing Director

 

 :

R.N. Samarawickrema

d.

Primary Line of Business

:

 Processing, manufacturing and marketing of spices and allied products

e.

Office & Place of Business

:

 # 35/3, Athurugiriya Road,

Pannipitiya.

Sri Lanka.

 

Tel. No: (00 94 11) 218 9555, 218 9722

Fax No: (00 94 11) 286 7300

 

Mobile No: (00 94 77) 661 9946

Mobile No: (00 94 71) 201 4535

Email: ramila@wwc.world

          ruchira@wwc.world

 

f.

No. of  Employees

:

Not Disclosed

           

        

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

 

Registration No

:

PV 103626

b.

Date of Registration

:

30th January, 2015

c.

Registered Address

:

 # 35/3, Athurugiriya Road, Pannipitiya. Sri Lanka

d.

Board of Directors

As At

26th March, 2015

:

R.N. Samarawickrema

Managing Director

Ramila Wasantha Samarawickrema

Director

T. Bewan Perera

Director

f.

Issued Share Capital

:

Not Stated. It is newly incorporated company

Issued Shares

:

100

g.

Nominal Value of Share

:

 Not Stated. It is newly incorporated company       

h.

Share Holders

As At

26th March, 2015

:

                       Share Holders

No. of Shares

R.N. Samarawickrema

50

Ramila Wasantha Samarawickrema

50

i.

Auditors

:

Not Stated. It is newly incorporated company

j.

Company Secretaries

:

Lameer and Lameer Corporate Consultants (Pvt) Ltd, #12, fife Road, Colombo 05

k.

Bankers

:

Not Disclosed

 

 

Directors’ Details

 

Name

Ruchira Nishantha Samarawickrema

ID Number

 790095120V

Nationality

Sri Lankan

Gender

Male

Date of Birth

9th January 1979

Age

36 Years

 

Name

Ramila Wasantha Samarawickrema

ID Number

 832921769V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18  October 1983

Age

32 Years

 

Name

T. Bewan Perera

ID Number

523274767V

Nationality

Sri Lankan

Gender

Male

Date of Birth

22 November 1967

Age

48 Years

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The company has declined to provide information on its finances without the identity of the client

                                                                                   

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 WORLWIDE COMMODITIES (PVT) LTD is a Private    Limited   Liability Company incorporated on 30TH January, 2015 under registration number PV 103626.

 

Location.

The Subject Company is located at the client # # 35/3, Athurugiriya Road, Pannipitiya, approx. 20 kilo meters from Colombo, near the Kottawa exit of Southern Express way.

 

Operations Details.

 

General

The primary line of business of the subject company is processing, manufacturing and marketing of spices and allied products

 

Products

All kinds of Sri Lankan spices such as Cinnamon, cardamom, cloves, pepper, areconut, garcinia etc.

 

Export Country

Worldwide.

Subject states that Global shipping to any country is offered. World Wide Commodities responsibly calculate FOB and will submit a Certificate of Origin with each shipment where it is required at that frequency. All networks for delivery such as eBay and PayPal can be used to buy their products with minimum hassle.

 

No of Employees

Not Disclosed

 

 

Trade references

 

Export Development Board

Ministry of Industries

 

 

Credit Recommendations

 

Since no financial information has been forthcoming from the company, it is not possible to comment on themerits 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. Chamra

Designation :

Not Available

Contact No.:

0009411-2189722

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.84

UK Pound

1

Rs.101.04

Euro

1

Rs.73.05

LKR

1

Rs. 0.47

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

Analysis Done by :

TRI

 

 

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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