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Report No. : |
304210 |
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Report Date : |
22.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SAMARASINGHE MOTOR STORES |
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Registered Office : |
# 115, Panchikawatte Road, Colombo 10. |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Proprietorship Company |
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Line of Business : |
Importers, distributors of motor spare parts. |
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No. of Employee : |
Approximately 15 as told by the subject |
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) |
|
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 |
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a. |
Name of Subject of Inquiry |
: |
SAMARASINGHE MOTOR STORES
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b. |
Legal Form & Status |
: |
Proprietorship Company (In Operation) |
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c. |
Proprietor |
: |
Manjula
Samarasinghe |
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d. |
Primary Line of Business |
: |
Importers, distributors of motor spare parts. |
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e. |
Place of Business |
: |
# 115, Panchikawatte Road, Colombo 10. Sri Lanka. Tel. No: (00 94 11) 238 9360, 238 9361 Fax No: (00 94 11) 239 4828 Contact Person: Mr. Susil, Manager E-mail: sms115@sltnet.lk
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f. |
No. of
Employees |
: |
Approximately
15 as told by the subject |
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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 |
: |
# 115, Panchikawatte Road,
Colombo 10. Sri Lanka |
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Auditors |
: |
-Not Disclosed- |
||
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e. |
Company Secretaries |
: |
-Not Applicable for this category of companies |
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f. |
Bankers |
: |
-Not Disclosed- |
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The company has
declined to provide information on its finances
However, It should be noted that the particular industry/trade segment the company
is involved has very good growth
potential and as such it can be expected for the company to expect fair growth
in income.
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
·
History.
The Subject Company SAMARASINGHE AUTO PARTS HOUSE is a proprietorship Company.
Note: The Proprietorship/ Partnership companies
are being registered at the Provincial Registrar of Companies and when the owner
does not provide the registration details it is not possible to extract such
details from the Registrar’s office as it is not computerised and the are
maintained in a disorderly manner. Therefore, it is essential that we be
provided with the Registration number of the subject to access the file
physically to examine details.
Subject is having
associate company named “Samarasinghe Windscreen House (Pvt) Ltd”.
·
Location.
The Subject
Company is located at the client # 115, Panchikawatte
Road, Colombo 10, an area where motor spare parts dealers in operation
·
Operations
Details.
General
The subject
company primary line of business is Importers,
distributors of motor spare parts.
Products
All kind of Motor
Spare Parts and Wind Screen etc.
Import Country
China, India
No of Employees
Approximately 15
as stated by the subject company.
·
General Comments
When we contacted the subject company and
they were refuse to provide details, however all information received is from non-formal
sources but clearly originating from the company.
·
Trade references
Subject is a member of Lanka Motor Spare Parts
Dealers Association and is known to motor car owners.
·
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.61.61 |
|
|
1 |
Rs.93.47 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
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|
|
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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 |
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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 |
|
<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.