MIRA INFORM REPORT

 

 

Report No. :

307464

Report Date :

19.02.2015

 

IDENTIFICATION DETAILS

 

Name :

FAST TRANSIT LOGISTICS (PVT) LTD.

 

 

Registered Office :

# 153, Dharmapala Mawatha, Colombo 07

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

15.08.2002

 

 

Com. Reg. No.:

PV 1849

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

·         Subject is a International Freight Forwarding & Logistics Company

·         Engaged in providing Sea & Air Freight, Transport & Packaging, Customs Clearance, Warehousing & Project cargo Services

 

 

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 :

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 – 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

:

 

FAST TRANSIT LOGISTICS (PVT) LTD.

Legal Form  & Status

:

 

Private Limited Liability Company  (In Operation)

Managing Director

:

 

Mr. Ramiah Kadiragamarajah

Primary Line of Business

:

 

International Freight Forwarding & Logistics

Place of Business

:

 

# 153, Dharmapala Mawatha,

Colombo 07.

Sri Lanka

Tel. No: (00 94 11) 238 1231-35

Fax No: (00 94 11) 402 4463

info@fasttransis.lk

 

Contact Persons:

Mrs. K. Yasodha, Director, Marketing

Hot Line: +94 - (0) 773186850

 

Mr. Nesarajah, Manager

Hot Line: +94 - (0) 772440305

 

No. of Employees

:

 

-Not Disclosed-

 

           

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

 

:

N (PVS) 31324

Date of Registration

 

:

15th August 2002

 

Re-Registration No

 

:

PV 1849

Date of Re-Registration

 

:

08th January, 2008

 

Registered Office

 

 

:

 

# 153, Dharmapala Mawatha, Colombo 07

 

 

 

 

Board Of Directors

As At

14th October, 2013

 

 

 

:

Ramiah Kadiragamarajah

 

Managing Director

Yashodha Kadiragamarajah (Ms)

 

Director

Share Capital

 

:

Rs.   5,000,000.00

Issued Shares

 

:

500,000

 

 

 

 

Nominal Value Of Share

 

:

Not disclosed vide Companies Act #7 of 2007

 Share Holder

As At

14th October, 2013

 

 

 

:

 Share Holders

 

No. of Shares

 

 

 

Mr. Ramiah Kadiragamarajah

 

250,000

Mrs. Yashodha Kadiragamarajah

 

250,000

 

 

 

 

 

Auditors

 

:

Aiyar & Co., Charter House, #65/2, Sir C.A. Gardiner Mawatha, Colombo 02

Company Secretaries

 

:

Business & Industrial Consultants  (Pvt) Ltd., Charter House, #65/2, Sir C.A. Gardiner Mawatha, Colombo 02

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The company has declined to provide information on its finances without the identity of the end user of the enquiry.

 

However, it should be noted that the particular industry/trading segment the company is involved has very good   growth potential and as such it can be expected for the company to expect a steady growth in the income

 

(Note: 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, Fast Transit Logistics (Pvt) Ltd. was incorporated on 15th August 2002 under Registration No. N (PVS) 31324 as a Private Limited Liability Company and Re-registered on 08th January, 2008 under Regd. No. PV 1849, in terms of Companies Act #7 of 2007.

 

Location.

The Subject Company Registered Office located at client # 153, Dharmapala Mawatha, Colombo 07.

 

Operations Details.

 

General

The primary line of business of the subject company is that of an International Freight Forwarding and Logistics company. 

 

Subject states that they are:

A Member of International Federation of Freight Forwarders Associations (FIATA),

Member of Sri Lanka Freight Forwarders Association (SLAFFA).

Class A Freight forwarder/NVOCC Operator.

Licence Customs House Broker.

Registered freight forwarder at Central Bank of Sri Lanka.

 Own container trailers with prime-movers to cater to container haulage anywhere in the country

 

Products/Services

Sea & Air Freight, Transport & Packaging, Customs Clearance, Warehousing & Project cargo

 

Services of (both inward & outward), NVOCC, Break Bulk Cargo handling.

 

NVOCC operator having regular sailings to the US East Coast, Canada, Europe and Far eastern Ports

 

Sea Freight

A variety of cargo including Port- Port, Door-Port, Port - Door and Door-Door

Flexible Pickup Timings

Export / Import Documentation including Banking & letter of Credits

Insurance at attractive rates Handling FCl's / lCl's shipments to world wide destinations

Special Pickup & Deliveries during exhibitions and weekends

Project Cargo Handling

 

Air Freight:

Time sensitive consignments

Insurance Port-Port, Door-Port, Port-Door & Door-Door At lower Rates

Prepaid, Collect or Third Party Billing available

Special pickup & deliveries during weekends & exhibitions

Complete documentation for export & import shipment

 All kinds of cargo

Convenient pickup timings

Economical & efficient handling of cargo Consolidation services

 

Warehousing

Secure short-term and long-term storage

Stock management

Order picking and delivery

Associated services: customs formalities, picking, packing

Warehouses with direct access to dispatch platform

Complete and efficient data system

 

Transport

Fleet of container transport trucks

Cargo delivery Vans

Trucking of LCL, 20' FCL & 40' FCL Containers

Cranes, Fork lift & low bed trails for heavy lift goods (upon request)

 

Packaging:

Fragile, Antiques, Furniture, Office equipment, Valuable Items, Electric or Electronic Items, Large or Heavy Machinery, Personal & Household Effects etc.

 

Servicing  Countries

World wide

 

No of Employees

Not Disclosed

Information of Directors

 1)

Name

Ramiah Kadiragamarajah

Gender

Male

Nationality

Sri Lankan

National ID No.

682890916V

Date of Birth

15th October 1968

Age

46 Years

Address

#5/3, Seevali Lane, Wattala

 

2)

Name

Yashodha Kadiragamarajah

Gender

Female

Nationality

Sri Lankan

National ID No.

746861338V

Date of Birth

04th July, 1974

Age

40 Years

Address

#5/3, Seevali Lane, Wattala

 

Trade references

·         International Federation of Freight Forwarders Associations (FIATA).

·         Sri Lanka Freight Forwarders Association (SLAFFA).

 

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         

Small/Medium

 

 

b) Business Trend

Growing

 

 

c) Management Capability

Average

 

 

d) Commercial Morality

Average

 

 

e) Reputation

Average

 

 

f) Market Situation

Competitive

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.25

UK Pound

1

Rs.95.57

Euro

1

Rs.71.01

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

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.