MIRA INFORM REPORT

 

 

Report No. :

317458

Report Date :

04.05.2015

 

IDENTIFICATION DETAILS

 

Name :

ANIL KARUNARATNE TRADING COMPANY (PVT) LTD

 

 

Registered Office :

# 21/2, Gapotta Road, Nawala, Rajagiriya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.12.2014

 

 

Com. Reg. No.:

PV 102537

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Buyers & Exporters of rubber and fibre products

 

 

No. of Employees :

Approximately 05

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

 

--

 

Status :

New Business

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

a.

Name of Subject of Inquiry

:

ANIL KARUNARATNE TRADING COMPANY (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

 :

Anil Karunaratne

d.

Primary Line of Business

:

Buyers & Exporters of rubber and fibre products

e.

Place of Business & Stores

:

 # 21/2, Gapotta Road,

Nawala,

Rajagiriya.

Sri Lanka.

 

Tel. No: (00 94 11) 440 1572

Fax No: (00 94 11) 288 4372

 

E Mail: anilkaru@sltnet.lk

 

f.

No. of  Employees

:

Approximately 05

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PV 102537

b.

Date of Registration

:

02nd December 2014

c.

Registered Address

:

# 21/3, 1st Lane, Galpotta Road, Nawala, Rajagiriya

d.

Board Of Directors

As At

02nd December 2014

:

Anil Karunaratne

Managing Director

Lakshmi Bhadrani Karunaratne (Ms)

Director

e.

Issued Share Capital

;

New Company. Share value not stated

Issued Shares

:

5,000

f.

Nominal Value of Share

;

Not applicable/declared vide Companies Act #7 of 2007.

g.

Share Holders

As at

02nd December 2014

;

Names of Shareholders

No. of Shares

Anil Karunaratne

 

2,500

 

Lakshmi Bhadrani Karunaratne (Ms)

 

2,500

 

h.

Auditors

:

Not Disclosed

i.

Company Secretaries

:

Professional Assignments And Secretarial Services (Pvt) Ltd (#45a, Park Lane, Rajagiriya)

j.

Bankers

:

Not Available

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The company has been established recently and financials not available as yet.

 

Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability 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 ANIL KARUNARATNE TRADING COMPANY (PVT) LTD is a Private Liability Company incorporated on 02nd December 2014 under registration number PV 102537.

 

·         Location.

 

The Subject Company is located at the client, # 21/3, 1st Lane, Galpotta Road,                                                                                                                                                          Nawala, Rajagiriya, approx.10 kilo meters South  of Colombo city.

 

·         Operations Details.

 

General

The subject company primary line of business is buying and exporting of rubber and fibre

 

 

Products

 Subject says they expect to do trading on Rubber & Fibre products.

 

Export Countries

Company has just established and says that they need buyers from India, China and whatever.

 

No of Employees

                  Approximately 05

 

·         Director Details

 

       (01

 

Name

Anil Karunaratne

ID Number

512550010 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st September 1951

Age

63 Years

Address

#21/3, Galpotta Road, Nawala, Rajagiriya.

 

(02

 

Name

Lakshmi Bhadrani Karunaratne

ID Number

525791181 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

19th March 1952

Age

63 Years

Address

#21/3, Galpotta Road, Nawala, Rajagiriya.

 

               

General Comments

 

When we contacted the Subject Company, they treated us well and provided all the basic details to prepare this report.

 

 

Trade references

 

Not available as yet since the company established few months ago.

 

 

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 - Appraisal of Subject Company

 

Rating:

a) Business Scale         

Newly established company

b) Business Trend

Newly established company

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Very Competitive

g) Credit Rating

Newly established company

 

 

Information denied

 

Management Non Co-Operative (Tel No.: 00-94-11-4401572)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.58

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

VNT

 

               

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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