MIRA INFORM REPORT
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Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
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Name : |
R T S FOODS |
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Registered Office : |
# 69, 5th Cross Street, Colombo 11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
No Available |
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Legal Form : |
Proprietorship Company |
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Line of Business : |
Importers and Distributors of Consumer food items |
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No. of Employee : |
Approx. 10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 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.
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Source
: CIA |
GENERAL - Basic information at a glance
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a. |
Name of Subject of Inquiry |
: |
R T S FOODS |
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b. |
Legal Form & Status |
: |
Proprietorship Company (In Operation) |
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c. |
Proprietor |
: |
K. Padmanathan |
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d. |
Primary Line of Business |
: |
Importers and
Distributors of Consumer food items |
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e. |
Office & Place of Business |
: |
#
69, 5th Cross Street, Colombo
11. Sri
Lanka Mobile
No: (00 94 77) 731 7838 - Mr. K. Padmanathan Tel
No: (00 94 11) 238 0467, 238 7230 Fax
No: (00 94 11) 238 7231 Email: rtskpadma@slt.lk |
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f. |
No. of Employees |
: |
Approx.
10 |
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 |
: |
# 69, 5th Cross Street, Colombo
11, Sri Lanka |
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d. |
Auditors |
: |
Not Disclosed |
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e. |
Bankers |
: |
Not Disclosed |
FINANCIAL
DETAILS
Most recent
available Financial Information
The company has declined to provide information on
its finances without knowing the party
who is enquiring about his company.
However, it should be noted that the particular industry segment the company is
involved has very good growth potential and as such it can be expected for the
company to expect good
Income prospects
Note: Based on the corporate laws
of Sri Lanka, legal entities which are Private Company with Limited
Liability/Partnerships/Proprietorships 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 R T S FOODS is
said to be Proprietorship Company.
Our investigator visited the client,
# 69, 5th Cross Street,
Colombo 11, and they declined to provide any details without knowing the
enquiring party. He said that their clients and suppliers are well known to
them and if needed they can contact the subject direct and as such he is unable
to provide any details.
Note: The
Proprietorship/Partnership Companies are registered at the Provincial Registrar
of Companies and as the management declined to provide registration details, it
is not possible to trace company details verify details at the Registrar’s
office.
·
Location.
The client given address # 69, 5th
Cross Street, Colombo 11, Sri Lanka which is a highly commercial area where
wholesale/retail merchants are operating.
Our investigators have taken a few photograph of the subject company for
the benefit of the client to get some idea of the subject’s business place.
·
Operational
Details.
General
The subject
company’ primary line of business is an Import
and Wholesale/retail Distributors of consumer durables. Their business
places are situated in one of the busiest business places in the city of
Colombo where all types of general merchants are operating.
Products
Chickpeas, Chillies, Lentils, Red and Big Onions, Sugar, Potatoes,
Garlic, Etc…
Rice (Basmati and other local varieties such as Nipuna etc.)
Food items could
be seen stocked inside and outside of the shop
Importing
Countries
India, Thailand, China, Pakistan etc.
No
of Employees
Not disclosed by
the subject .Approximately 10.
·
General Comments
When the Subject Company was contacted,
they declined to provide financial or operational except for basic information
included in this report.
·
Credit
Recommendations:
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.28 |
|
|
1 |
Rs.98.38 |
|
Euro |
1 |
Rs.76.30 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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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.