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Report No. : |
311062 |
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Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
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Name : |
FANCY TRADERS |
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Registered Office : |
# 265, Dam Street, Colombo 12. |
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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 : |
Partnership Company (In Operation) |
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Line of Business : |
Exporters & Distributors of Agri foods. |
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No. of Employee : |
Not Available |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Sri Lanka |
A2 |
A2 |
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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.
|
Source
: CIA |
- Basic information at a glance
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a. |
Name of Subject of Inquiry |
: |
FANCY TRADERS |
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b. |
Legal Form & Status |
: |
Partnership
Company (In Operation) |
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c. |
Managing Partner |
: |
Fazal Noordeen |
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d. |
Primary Line of Business |
: |
Exporters &
Distributors of Agri foods |
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e. |
Place of Business |
: |
# 367, 3rd
Floor, Dam Street, Colombo12, Sri Lanka. Tel. No: (00 94
11) 523 4158, 233 9257 Fax No: (00 94
11) 233 9257 Mobile: (00 94
77) 385 1408 – Mr. Noordeen Email: info@wayambatraders.com |
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f. |
No. of Employees |
: |
Not Disclosed |
- Registration and Shareholder Details
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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 Address |
: |
# 265, Dam Street, Colombo 12. |
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d. |
Partners |
: |
Fazal Noordeen |
Managing Partner |
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Mr.
Noordeen refused to disclose the names of the partners. |
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|||
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e. |
Auditors |
: |
Not Disclosed |
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f. |
Bankers |
: |
Not Disclosed |
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-
Most recent available Financial Information
Mr.
Noordeen, Managing Partner refused to disclose financials stating that he has
submitted
all details through his banker
and no need to co-operate with us in providing company
information.
(Note: Based on the corporate laws of Sri
Lanka, legal entities which are Private Companies with
Limited
Liability/Proprietorships/Partnerships is not required to make public
disclosure of their
Annual financials. Therefore no financials
are available for this entity)
The Subject Company FANCY TRADERS is a Partnership
Company, in operation.
Mr. Fazal Noordeen, the Managing Partner was contacted and he declined to
provide any details to prepare this report stating that he has provided all
details through his banker and re-iterated that no need to provide company
details to a third party and he is not concerned of any recommendation since
his banker has certifies. However, he said that the subject company is an
associate member company of WAYAMBA Group of Companies and the address given by
the client, #265, Dam Street, Colombo 12 is his residential address and also
the company registered address.
It was told that WAYAMBA TRADERS is an associate company.
Note:
The
Proprietorship/Partnership companies are being registered at the Provincial
Registrar of Companies and when the owner/partner refuses to provide company
details and /or not available for contact, it is not possible to extract such
details from the Provincial Registry and also to verify the accuracy of the
details.
The Subject Company is located at #
367, 3rd Floor, Dam Street, Colombo 12.
The client # 265, Dam Street, Colombo 12 is the company’s
registered
Address, as told by Mr Noordeen.
General
The subject company primary line of business is Export & Distribution of Agri foods.
Product
Maize, Cinnamon,
Black Pepper, Clove, Mace, Soya Beans & All Kinds of Spices
Import/Export
Countries
Not disclosed
No
of Employees
Not Disclosed
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.
|
Name : |
Fazal Noordeen |
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Designation : |
Partner |
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Contact No.: |
0094773551408 |
|
Date : |
30.03.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.61 |
|
|
1 |
Rs.92.95 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
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 |
|
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 |
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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.