MIRA INFORM REPORT

 

 

Report No. :

303391

Report Date :

27.01.2015

 

IDENTIFICATION DETAILS

 

Name :

GOLDEN LANKA IMPORTS (PVT) LTD

 

 

Registered Office :

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

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

07.05.2010

 

 

Com. Reg. No.:

PV 72223

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Engaged in Import and Distribution of Foodstuff such as Tea, Rubber, Coconut, Coir products, Spices & Milk foods

 

 

No of Employees :

12 (Approximately)

 

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 :

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

:

 

GOLDEN LANKA IMPORTS (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Murugesu Vijayakanth

Primary Line of Business

:

Engaged in Import and Distribution of Foodstuff such as Tea, Rubber, Coconut, Coir products, Spices & Milk foods

Head office

&

Place of Business

 

:

 

Golden Plaza,

# 130,2/8, 2nd Floor

Main Street,

Colombo-11,

Sri Lanka.

 

Tel. / Fax. No: (00 94 11) 464 1507

E-Mail Id: mkgtc12@gmail.com

No. of Employees

:

12 (Approximately)

           

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

PV 72223                             

Date of Registration

 

07th May 2010

Registered Office

:

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

Board of Directors

As at

22nd January 2014

:

Murugesu Vijayakanth

Managing Director

Marimuttu Murugesu

Director

Manokanth Murugesu

Director

Issued Share Capital

:

Rs.    30.00              

Number of Shares

:

03

Nominal Value of Share

:

Rs.    10.00                    

 

Share Holders

As at

22nd January 2014

:

Share Holders

No. of

Shares

Murugesu Vijayakanth

01

Marimuttu Murugesu

01

Manokanth Murugesu

01

Auditors

:

J S A Associates

Company Secretaries

:

Marimuttu Murugesu

(# 151/1, Maliban Street, Colombo 11)

Bankers

:

Bank of Ceylon

Pettah, Colombo, Sri Lanka

Customers

 

·         Dharini Impex, Colombo

·         A. P. Enterprise, Mumbai

Trading Terms

 

Purchasing Term :- Cash, Credit

 

Sales Term :- Cash, Credit

 

 

Directors Details

 

01)

Name

Murugesu Vijayakanth

ID Number

813641542 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

29th December 1981

Age

33 Years

Address

# 151/1, Maliban Street, Colombo 11

 

02)

Name

Marimuttu Murugesu

ID Number

472542958 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

10th September 1947

Age

67 Years

Address

# 151/1, Maliban Street, Colombo 11

 

03)

Name

Manokanth Murugesu

ID Number

900712731 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

11th March 1990

Age

25 Years

Address

# 151/1, Maliban Street, Colombo 11

 

INFORMATION parted BY

 

Name :

Mr. Murugesu Vijayakanth

Designation :

Director

Contact No.:

(00 94 11) 464 1507

Date :

22.01.2015

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

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 financials are available for this entity

 

                                    2013-2014                     2012-2013

Sales Turnover              Rs. 80 Millions              Rs. 70 Millions

 

Sales Expectation (2014-2015): - Rs.  100 Millions

 

 

CURRENT INVESTIGATION                      

 

·         History

                     The Subject Company GOLDEN LANKA IMPORTS (PVT) LTD is a Private    Limited   liability Company incorporated on 07th may 2010 under registration number PV 72223.

 

·         Location.

The subject company is located at client Golden Plaza, #.130,2/8, 2nd Floor, Main Street, Colombo-11.

 

·         Operational Details.

 

General

             The subject company primary line of business is Import and Distribution of Foodstuff.

 

            Products

                  Tea, Rubber, Coconut, Coir products, Spices & Milk foods

 

Country

India, China

 

Employees

                   12 (Approximately)

        

Export Countries

                  United arab Emirates, Maldives

 

Import Countries

      India, United Arab Emirates, China, Malaysia, Pakistan

 

·         Trade references

Not Available

 

·         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.61.50

UK Pound

1

Rs.92.16

Euro

1

Rs.69.62

 

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%)

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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.