MIRA INFORM REPORT
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Report No. : |
355083 |
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Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
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Name : |
OTLEY TRADERS |
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Registered Office : |
# 103, New Moor Street, Colombo 12 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Proprietorship |
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Line of Business : |
Importers of all kinds of papers and boards |
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No. of Employee : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – 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 |
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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 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.
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Source
: CIA |
GENERAL
Basic information at a glance
|
a. |
Name of Subject of Inquiry |
: |
OTLEY TRADERS |
|
b. |
Legal Form & Status |
: |
Proprietorship (in operation) |
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c. |
Proprietor |
: |
V. Kumaran |
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d. |
Primary Line of Business |
: |
Importers
of all kinds of Papers and Boards |
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e. |
Places of Business |
: |
#
103, New Moor Street, Colombo 12, Sri Lanka. Tel.
No: (00 94 11) 2448455 / 243 6315-16 Fax.
No: (00 94 11) 234 2038 E-mail:
marketing@otley.lk Contact
Person: R. Rajamohan, Manager Mobile:
(00 94 77) 772 1435 Email: rraj@otley.lk
Branch: #65,
New Hunupitiya Road, Hunupitiya, Wattala. Tel./Fax
No: (00 94 11) 293 4992 |
|
f. |
No. of
Employees |
: |
Approx. 20 |
COMPANY
DETAILS
Registration and Shareholder Details
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a. |
Registration No |
: |
-Not Disclosed- |
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|
b. |
Date of Registration |
: |
-Not Disclosed- |
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c. |
Registered Office |
: |
# 103, New Moor Street, Colombo 12, Sri
Lanka. |
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|
d. |
Proprietor |
: |
V.
Kumaran |
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Bankers |
: |
Union Bank |
||
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f. |
Auditors |
: |
Not Disclosed |
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FINANCIAL
DETAILS
Most recent available Financial Information
We contacted the Manager, and he declined to provide details 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 OTLEY TRADERS is Proprietorship Company.
Our investigator visited and Contacted Mr. Rajamohan, Manager and he
declined to provide company
regist5ration details.
Note:
The
Proprietorship/Partnership companies are being registered at the
Provincial
Registrar of Companies,
Colombo and when the owner refuses to provide details such as Registration number, date of
registration, auditors etc., it is not possible to obtain
Such details from the registry
The Otley Group is having two associate companies such as:
-
Otley Press (Pvt) Ltd
-
Otley Estates
Location.
The Subject Company is located at the client
# 103, New Moor Street, Colombo
12, one of the main business areas in the city.
Subject is having a branch/workshop at #65,
Hunupitiya Road, Hunupitiya, Wattala, approx. 20 kilo meters from Colombo.
Company premises:
Operations Details.
General
The subject company primary line of business
is Importers of all kinds of Papers and
Boards
Products
All kinds of
Papers, Art Paper, Art Board, Plain Stickers and Box Boards
Special paper for
Magazine printing
Distributor for
brands such as “Concorde”, “Phoenix” etc.
A visual of an Ad
posted on Rainbow Pages-2014
Import Country
Indonesia, China, Singapore, Malaysia
No of Employees
Approx. 20
Trade
reference
Sri Lanka Association of Printers
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. Chaturanga |
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Designation : |
Accountant |
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Contact No.: |
0009411-2448455 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
LKR |
1 |
Rs. 0.46 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
Gathered by : |
NAY |
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Analysis Done by
: |
AMR |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.