MIRA INFORM REPORT
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Report No. : |
331611 |
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Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
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Name : |
R AND R TRADERS |
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Registered Office : |
#64/17, Peera Saibo Street, Colombo 12 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
20.09.2011 |
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Com. Reg. No.: |
WA 96351 |
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Legal Form : |
Proprietorship Company |
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Line of Business : |
Importer and distributor of “Beedi”(tobacco) Leaves and household items |
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No. of Employee : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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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 AND R TRADERS |
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b. |
Legal Form & Status |
: |
Proprietorship Company (In Operation) |
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c. |
Managing
Proprietor |
: |
Mr. M.S.M. Rikaz |
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d. |
Primary Line of Business |
: |
Importer and
distributor of “Beedi”(tobacco) Leaves and household items |
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e. |
Head office & Place of
Business |
: |
#64/17, Peera Saibo Street, Colombo 12. Sri Lanka Tel.
No: (00 94 11) 233 9115 Fax
No: (00 94 11) 232 2939 Mobile:
(00 94 77) 718 4666 (Mr. Rikaz) Email:
paragon@sltnet.lk |
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f. |
No. of Employees |
: |
Approx.
10 |
COMPANY
DETAILS
Registration and Shareholder Details
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a. |
Registration No |
: |
WA 96351 |
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b. |
Date of Registration |
: |
20th September, 2011 |
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c. |
Registered Address |
: |
#64/17, Peera Saibo Street, Colombo 11 |
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d. |
Proprietor |
: |
Mr. M.S.M. Rikaz |
Managing Proprietor |
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e. |
Auditors |
: |
- Not Disclosed- |
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f. |
Company Secretaries |
: |
- Not applicable for this category of companies |
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g. |
Bankers |
: |
Commercial bank Plc, HNB Plc, Standard Bank |
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FINANCIAL
DETAILS
Most recent available Financial Information
Managing Proprietor very politely declined
financial details without knowing the identity of the end user due to security
reasons.
However he stated that one shipment of
“Beedi” tobacco leaves is around 6,000 MT worth of Rs.4.0 million and the he
has about 3-4 shipments per month.
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
CURRENT
INVESTIGATION
·
History.
The Subject Company R AND R TRADERS is PROPRIETORSHIP Company.
The Proprietor of the subject
company was contacted and he provided limited details
only and declined to provide financial details.
The information received, so
far, is included in this report
(Note: The Proprietorship/Partnership companies are being registered at the
Provincial Registrar of Companies (in this case Colombo District).
·
Location.
The Subject Company is located at the client #64/17, Peera Saibo Street,
Colombo 11, a prominent business area in Colombo city.
·
Operational
Details.
General
The subject company primary
line of business is Import and
distribution of Beedi” tobacco leaves, and household items
Products
Beedi tobacco leaves from
India.
Plastic House hold items such
as Jugs, buckets, wash basins, tools etc.
Toys
Importing Country
Beedi Tobacco
leaves from India
Household items,
toys and tools from India and China for local market.
Employees
Approx.10
General
Comments
The
subject company when contacted provided limited information to prepare this
report and declined to disclose financial information, However all information
received is from non-formal sources but clearly originating from the company.
Trade
references
Sri Lanka Customs and bankers of the company
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.
INFORMATION
DENIED BY
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Name : |
Mr. Nadheera |
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Designation : |
Operator |
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Contact No.: |
009411-2339115 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
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|
1 |
Rs.99.10 |
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Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
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Information
Gathered by : |
GAY |
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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-- |
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.