MIRA INFORM REPORT

 

 

Report No. :

308431

Report Date :

18.02.2015

 

IDENTIFICATION DETAILS

 

Name :

THULASI (PVT) LTD

 

 

Registered Office :

# 11, Old Nuge Road, Peliyagoda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

24.09.2014

 

 

Com. Reg. No.:

PV 101112

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Engaged in Import & Distribution of Slippers

 

[NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

 

 

No of Employees :

Not Available

 

[NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

     

 Name of Subject of Inquiry

:

 

THULASI (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Arulnesan Thulasikaran

Primary Line of Business

:

Importers & Distributors of Slippers

Head office

&

Place of Business

 

:

 

# 11, Old Nuge Road,

Peliyagoda,

Sri Lanka.    

         

Mob. No:(00 94 77) 365 8470 (Mr. Arulnesan Thulasikaran)

No. of Employees

:

Not Disclosed

           

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

PV 101112

Date of Registration

:

24th September 2014

Registered Office

:

# 11, Old Nuge Road, Peliyagoda

Board of Directors

As At

24th September 2014

:

Arulnesan Thulasikaran

Managing Director

H.M. Charitha Devinda

Director

H.M. Rasitha Dilanie (Ms)

Director

Arulnesan Thulasithasan

Director

Sunnadeniyage Premaseeli (Ms)

Director

Issued Share Capital

:

Rs.50.00

Number of Shares

:

05              

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

 

Share Holders

As At

24th September 2014

:

Share Holders

No. of

Shares

Arulnesan Thulasikaran

01

H.M. Charitha Devinda

01

H.M. Rasitha Dilanie (Ms)

01

Arulnesan Thulasithasan

01

Sunnadeniyage Premaseeli (Ms)

01

Auditors

:

Not Disclosed-

Company Secretaries

:

Arulnesan Thulasikaran, # 11, Old Nuge Road, Peliyagoda

Bankers

:

-Not Disclosed-

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

(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 THULASI (PVT) LTD is a Private Limited Liability Company incorporated on 24th September 2014 under the registration number PV 101112.

 

·         Location.

                    The Subject Company is located at the client given # 11, Old Nuge Road, Peliyagoda.

 

·         Operational Details.

 

General

As stated by the subject company primary line of business is Import & Distribution of Slippers. Subject refused to give further details.

 

Products

                   Slippers       

 

 

Import Country

China

 

No of Employees

                    Not Disclosed

Directors’ Details

01)

Name

Arulnesan Thulasikaran

ID Number

820130502 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th January 1982

Age

33 Years

Address

# 11, Old Nuge Road, Peliyagoda

 

02)

Name

H.M. Charitha Devinda

ID Number

753001328 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th October 1975

Age

39 Years

Address

# 10/B4, Sapugaskanda, South Makola, Makola

 

03)

Name

H.M. Rasitha Dilanie

ID Number

836301315  V

Nationality

Sri Lankan

Gender

Female

Date of Birth

09th May 1983

Age

31 Years

Address

# 10/B4, Sapugaskanda, South Makola, Makola

 

04)

Name

Arulnesan Thulasithasan

ID Number

793212020 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th November 1979

Age

35 Years

Address

# 10/B4, Sapugaskanda, South Makola, Makola

 

05)

Name

Sunnadeniyage Premaseeli

ID Number

527960223 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

22nd October 1952

Age

62 Years

Address

# 10/B4, Sapugaskanda, South Makola, Makola

 

·         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

 

 

 

ANALYSIS & RATING

Appraisal and Rating of Subject Company

 

Rating:

a) Business Scale         

New company.

Volume of business not available

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.95.99

Euro

1

Rs.71.00

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

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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