MIRA INFORM REPORT

 

 

Report No. :

307989

Report Date :

23.02.2015

 

IDENTIFICATION DETAILS

 

Name :

MUTHUMARI STORES (PVT) LTD

 

 

Registered Office :

#180/3, Central Road, Colombo 12

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.03.2012

 

 

Com. Reg. No.:

PV 84907

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Importers, Trader and distributors of fabric yarn & thread

 

 

No. of Employees :

12

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

     

a.

Name of Subject of Inquiry

:

MUTHUMARI STORES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Managing Director

:

P. Sivagnanasunderam

d.

Primary Line of Business

:

Importers, Trader and distributors of fabric yarn & thread

e.

Place of Business

:

 

#180/3, Central Road,

Colombo 12.

Sri Lanka

 

Tel. No: (00 94 11) 244 8947, 2448148

Fax No: (00 94 11) 244 8148

Mobile: (00 94 77) 739 3217 

 

 

g.

No. of Employees

:

12

h.

Imports

:

Product: Yarn

Country: China, India and Pakistan

 

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PV 84907

b.

Date of Registration

:

15th March 2012

c.

Registered Address

:

#180/3, Central Road, Colombo 12.

d.

Board of Directors

As At

14th October 2013

:

P. Sivagnanasunderam

Managing

Director

K.P. Periyasamy

  Director

S. Geethambigai (Ms)

  Director

e.

Issued Share Capital

:

Rs   1,500,030.00

Issued Shares

:

150,003

f.

Nominal Value of Share

:

Not declared/stated vide Companies Act #7 of 2007

g.

 

 Share Holders

As At

14th October 2013

:

Share Holders

No. of

Shares

P. Sivagnanasunderam

50,001

K.P. Periyasamy

50,001

S. Geethambigai (Ms)

50,001

h.

Auditors

:

R.S. Nadarajah and Cross Street, Colombo 11.

i.

Company Secretaries

:

United Corporate Consultants and Secretaries (Pvt) Ltd, #211, T.B. Jayah Mawatha, Colombo 10.

j.

Bankers

:

Bank of Ceylon, Colombo Branch

k.

Types of Customers

:

Wholesaler, Retailers and End Users

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

The company has declined to provide information on its finances

                                                                                   

(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 detailed financials are available for this entity)

 

Particulars

 

 

31.03.2014

31.03.2013

Sales Turnover (Approximately)

 

1.3 Million Dollar

1.3 Million Dollar

 

The above information has been parted by Mr. Periyasamy Sivagnanasunderam.

 

 

CURRENT INVESTIGATION

 

·         History.

 

The Subject Company MUTHUMARI STORES (PVT) LTD is a Private Limited Liability Company incorporated on 15TH March 2012 under registration number PV 84907.

 

·         Note.

 

As claimed by Mr. Periyasamy Sivagnanasunderam [Director] that subject got started in 1983 as a Partnership Concern with the name of “Muthumari Stores” & in 2012 it got converted into Private Limited with the given name.

 

·         Location.

 

                 The Subject Company is located at the client, #180/3, Central Road,

                 Colombo 12,  a highly commercial area in the city.

 

                 Operational Details.

 

General

The subject company primary line of business is import and distribution of fabric yarn and thread.

 

Products

Yarn & Thread

                     

Import Countries

India, China

 

                  No of Employees

                  Not Disclosed

 

·         Directors’ Details

 

01)

Name

Periyasamy Sivagnanasunderam

ID Number

671174046V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th April 1967

Age

47 Years

Address

#23, Fathima Road, Mabola, Wattala

 

 

02)

Name

Karthiyapillai Periyasamy

ID Number

403111660 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

06th November 1940

Age

74 Years

Address

#180/3, Central road, Colombo 12

 

 

03)

Name

Sivagnasunderam Geethambigai (Ms)

ID Number

74781963V

Nationality

Sri Lankan

Gender

Female

Date of Birth

09th October 1974

Age

40 Years

Address

#23, Fathima Road, Mabola, Wattala

 

 

·         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 computerized 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 PARTED BY

 

Name :

Mr. Periyasamy Sivagnanasunderam

Designation :

Director

Contact No.:

(009477) 7393217

Date :

20.02.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.25

UK Pound

1

Rs.96.00

Euro

1

Rs.70.72

 

 

INFORMATION DETAILS

 

Information Gathered by :

JML

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

               


 

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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