MIRA INFORM REPORT

 

 

Report No. :

303393

Report Date :

19.01.2015

 

IDENTIFICATION DETAILS

 

Name :

THUSA ENTERPRISES

 

 

Registered Office :

# 130-2/8, 2nd Floor, Main Street, Colombo- 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

05.11.2008

 

 

Com. Reg. No.:

WA 80970

 

 

Legal Form :

Partnership Company (In Operation)

 

 

Line of Business :

Importers & Distributors Food Items

 

 

No. of Employee :

Approximately 05

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

Company name

 

THUSA ENTERPRISES

 

 

GENERAL

 

- Basic information at a glance

      

a.

Name of Subject of Inquiry

:

THUSA ENTERPRISES

b.

Legal Form  & Status

 

:

 

Partnership Company (In Operation)

c.

 Managing Partner

 :

Marimuttu Murugesu

d.

Primary Line of Business

:

Importers & Distributors Food Items

e.

Office & Place of Business

:

 

# 143, Maliban Street,

Colombo- 11

Sri Lanka.

 

Tel. No: (00 94 11) 464 1507

Email:   mkgtcl2@gmail.com

 

Office:

#130-2/8, 2nd Floor, Main Street,

Colombo 11.

 

Mobile :  (00 94 77) 891 6959 ( Mr. Murugesu)

                 (00 94 77) 341 1471 ( Mr. Vijaykanth)

 

f.

No. of  Employees

:

Approximately 05

 

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

WA 80970

b.

Date of Registration

:

05th November, 2008

Date of Re-Registration(in terms of Companies Act #7 of 2007)

:

13th July, 2010

c.

Registered Address

:

 

# 130-2/8, 2nd Floor, Main Street, Colombo- 11. Sri Lanka.

 

d.

Partners

:

 

Marimuttu Murugesu

 

Managing Partner

Marimuttu Vijayakanth

Partner

A.P. Durgarani Ganesan (Ms) ( appointed on 19th March, 2014)

Partner

e.

Auditors

:

Velu & Co.

f.

Bankers

:

Hatton National Bank PLC

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

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

 

It should be noted that the particular industry/trading segment the company involved has very good growth potential and as such it can be expected for the company having a good income prospects.

 

(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability/partnership/proprietorship is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity)

 

 

Partners’ Details

 

01)

Name

Marimuttu Murugesu

ID Number

 472542958V

Nationality

Sri Lankan/Male

Date of Birth

10th September,1947

Age

66 Years

Residence Address

 # 15/491, Negombo Road, Wattala. Sri Lanka

 

02)

Name

Marimuttu Vijayakanth

ID Number

813641542V

Nationality

Sri Lankan/Male

Date of Birth

29th December, 1981

Age

32 Years

Residence Address

 # 128, Central Road, Colombo 12. Sri Lanka

 

03)

Name

Anandalaxmi Priyadarshani Durgarani Ganesan (Ms)

ID Number

578273077V

Nationality

Sri Lankan/Female

Date of Birth

22nd November 1957

Age

56 Years

Residence Address

 # 398, Lake City, Ja-ela. Sri Lanka

 

 

CURRENT INVESTIGATION

 

History:

 

The subject company, THUSA ENTERPRISES is a Partnership Company in operation.

The company has been registered on 05th November, 2008 under Registration No. WA        

80970 and re-registered on 13th July, 2010 in terms of companies Act #7 of 2007.

A new partner A.P. Durgarani Ganesan (Ms) has been added to the partnership w.e.f. 19th March, 2014.

                                                      

Location.

 

The Subject Company is presently located at # 143, Maliban Street, Colombo-11, Sri Lanka, which is a highly commercial area where wholesale/retail Merchants are operating.

   

We were told that the client, #128, Central Road, Colombo 11 had been the previous place of operation which was also the registered address and has shifted to the new location to improve business. It is also the residence address of one partner, Mr. Vijayakanth

 

 

Operational Details

 

General

 

The subject company’s primary line of business is Import & distribution of all kinds of Food Items.

 

Products

 

Potatoes, Onions, Lentils, Sugar, Garlic, Flour etc.

                          

Import & Countries

 

India, Pakistan, Dubai, Malaysia

 

No of Employees

 

Approximately 05

 

 

Trade references

 

The subject company declined to provide any trade references

 

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.89

UK Pound

1

Rs.93.92

Euro

1

Rs.72.01

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.