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Report No. : |
321917 |
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Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
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Name : |
R M HOLDINGS |
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Registered Office : |
377, Galle Road, Colombo 03 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Proprietorship Company |
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Line of Business : |
Subject is engaged in export and suppliers of spices & agro
commodities |
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No. of Employee : |
Not Available |
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 – 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 |
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a. |
Name of Subject of Inquiry |
: |
R M HOLDINGS |
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b. |
Legal Form & Status |
: |
Proprietorship Company (In Operation) |
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c. |
Managing
Proprietor |
: |
Raazy Nawasdeen |
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d. |
Primary Line of Business |
: |
Exporters and
Suppliers of Sri Lankan spices |
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e. |
Office & Place of
Business |
: |
#
377, Galle Road, Colombo
03. Sri
Lanka. Tel.
No: (00 94 11) 428 3828 Fax No: (00 94 11) 428 3828 Mobile: (00 94 77) 389 8984 E-mail: info@ceylonspices.lk
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f. |
No. of Employees |
: |
Not
disclosed |
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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
Office |
: |
# 377, Galle Road, Colombo 03. Sri
Lanka. |
||
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d. |
Proprietor |
: |
Raazy Nawasdeen |
Managing Proprietor |
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e. |
Auditors |
: |
-Not Disclosed- |
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f. |
Bankers |
: |
-Not Disclosed- |
||
The company has declined to provide information on
its finances
(Note: 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)
·
History.
The Subject Company R M HOLDING is Proprietorship Company.
The owner of the Subject
Company, Mr. Nawasdeen declined to provide further details without knowing the
end user of the report, in spite of several requests and our investigator
meeting him.
Note: The Proprietorship/Partnership Companies are registered at the
Provincial Registrar of
Companies (Colombo) and as the management declined to provide
registration details it is not possible to trace company details at the
Registrar’s office since the are not in orderly manner.
The Subject Company is located
at the client # 377, Galle Road,
Colombo 03, Sri Lanka, one of the
prominent business areas in the Colombo city.
.
General
The subject
company primary line of business is export
and Suppliers of spices & Agro Commodities:
Products
All kinds of Sri Lankan spices such
as Cinnamon, Cardamom, pepper, nutmeg,
cloves etc.
Exporting
Countries
Not stated
Employees
Not stated.
·
Financial Data
The company has
declined to provide information on its finances
(Note: 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)
The subject company
when contacted provided limited information to prepare this report and declined
to disclose any financial or operational information.
The subject
company did not provide any trade reference referrals
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.
Management Non-cooperative (Tel. No. 009477-3898984)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.86 |
|
Euro |
1 |
Rs.72.67 |
INFORMATION DETAILS
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Information
Gathered by : |
MNJ |
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Analysis Done by
: |
RAS |
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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 |
|
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 |
|
-- |
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.