MIRA INFORM REPORT

 

 

Report No. :

303392

Report Date :

23.01.2015

 

IDENTIFICATION DETAILS

 

Name :

SRI RAMO TRADERS

 

 

Registered Office :

#214, Prince Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.01.2011

 

 

Com. Reg. No.:

W 92431

 

 

Legal Form :

Partnership Concern

 

 

Line of Business :

·         Engaged in Import & Distribution of all kinds of Food Items such as Rice, Lentils, Potatoes, Onions, Canned Foods, Dried Fish & Sugar

·         Engaged as Indenting & Commission Agents

 

 

No of Employees :

10 (Approximately)

 

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 – 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

 

GENERAL

Basic information at a glance

     

Name of Subject of Inquiry

:

SRI RAMO TRADERS

Legal Form  & Status

:

Partnership Concern (in operation)

Managing Partner

:

K. Ramesh

Primary Line of Business

:

·         Engaged in Import & Distribution of all kinds of Food Items such as Rice, Lentils, Potatoes, Onions, Canned Foods, Dried Fish & Sugar

·         Engaged as Indenting & Commission Agents

 

 

Office & Place of Business

 

:

 

# 214, Prince Street,

Colombo 11.

Sri Lanka.

 

Tel. No: (00 94 11) 438 4809

Fax No: (00 94 11) 232 3461

Mobile: (00 94 77) 394 3302- Mr. K. Ramesh

 

Email: ramoramesh@yahoo.com

         

Location : Owned      

 

No. of Employees

:

Approx. 10

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

W 92431

Date of Registration

:

19th January, 2011

Registered Address

:

#214, Prince Street, Colombo 11

Partners

:

K. Ramesh

Age 34 Years

Qualification : HSC

Managing Partner

 

Mohan Raj

Age 42 Years

Qualification : SSC

Partner

Auditors

:

Puvaneshwaran & Company

Colombo

Bankers

:

National Trust Bank

Colombo Branch

o/d – Rs. 5 Millions

CDS – Rs. 7 Millions

 

Commercial Bank

Colombo Branch

O/D – RS. 4 Millions

Sales Turnover

 

2013-2014 – Rs. 40 Millions

2012-2013 – Rs. 35 Millions

 

INFORMATION Parted BY

 

Name :

Mr. K. Ramesh

Designation :

Partner

Contact No.:

(00 94 77) 394 3302

Date :

22.01.2015

 

 

CURRENT INVESTIGATION                      

 

History.

 

The Subject Company SRI RAMO TRADERS is Partnership Company, in operation.

 

Mr. Ramesh is the Managing Partner of the company and he provided details regarding the Company registration and operation.

 

(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.)

 

Location.

The office and the place of business are located at the client # 214, Prince Street, Colombo 11, one of the main business areas in the city.

 

Please find below some pictures of the shop/company with commodities. These were taken with

utmost secrecy as the shopkeepers do not allow taking photographs.

 

 

2013-12-19-1952

 

 

 

2013-12-19-1949

 

 

Operational Details:

General

The main line of business of the subject company is import & distribution of food items. Also they serve as indenting & Commission Agents.

 

Products/Services

  - All kinds of food items such as rice, lentils, potatoes, onions, canned foods, dried fish & sugar

  - Indenting & Commission Agents

 

Import Product

Foods items

 

Import Countries

India, China, Thailand

 

No. of Employees:

Approx.10

 

Financial Data

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 are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

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 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.61.69

UK Pound

1

Rs.93.33

Euro

1

Rs.71.49

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.