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Report No. : |
349191 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
COLOMBO COMMERCIALS |
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Registered Office : |
# 102, Central Road, Colombo 12 |
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Country : |
Sri Lanka |
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Year of Establishment : |
1975 |
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Com. Reg. No.: |
W 51578 |
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Legal Form : |
Partnership Company |
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Line of Business : |
Importer and wholesale merchant of Ayurvedic raw materials and oils |
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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) |
|
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 government's 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, but low tax revenues remain a 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 |
: |
COLOMBO COMMERCIALS |
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b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
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c. |
Managing Partner |
: |
Mohamed Sheriff |
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d. |
Primary Line of Business |
: |
Importer and
wholesale merchant of Ayurvedic raw materials and oils |
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e. |
Office &
Place of Business |
: |
#
102, Central Road, Colombo
12. Sri Lanka Tel.
No: (00 94 11) 254 1021 Fax No: (00 94 11) 243 5848/ 268 8391 Email
: ccsh@sltnet.lk |
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f. |
Stores/warehouse |
: |
#
111/11, Central Road, Colombo
12 |
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g. |
No. of Employees |
: |
Approximately 10 |
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a. |
Registration No |
: |
W 51578 |
||
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b. |
Year of
Registration |
: |
1975 |
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c. |
Registered
Office |
: |
#
102, Central Road, Colombo 12, Sri Lanka |
||
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d. |
Partners |
: |
Mohamed Sheriff |
Partner |
|
|
M. S. Ifthiqar
Hasan |
Partner |
||||
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M. S. Amjath
Hasan |
Partner |
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e.
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Secretaries
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:
|
-Not Applicable for this category of companies |
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f. |
Auditors |
: |
V. J. Associates |
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g. |
Bankers |
: |
Bank of Ceylon – Petta Branch Sampath Bank |
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Most recent available Financial Information
The company has declined to provide information on
its finances
The
Managing Partner of the Company has declined to provide information on its Finances
and also operational Details as they fear that the information will reach their
competitors etc.
It
should be noted that the particular industry/trading segment the company is
involved has very good growth potential
and as such it can be expected for the company to expect a growth in the
income.
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 COLOMBO
COMMERCIALS is a Partnership Company
incorporated on 1975 under registration No. W 51578
Location.
The Subject
Company is located at the client # 102,
Central Road, Colombo 12, a highly commercial area.
Operations Details.
General
The subject company’s primary line of
business is importing and wholesale
merchant of Ayurvedic raw materials and oils.
Products
Several kinds of
Medical Herbs, Roots and Oils.
Country
India, Pakistan,
China, Dubai, South Africa.
Employees
Approximately 10
General Comments
The subject
company when contacted provided the some basic information to prepare this
report. However they refused to provide financial information of the company.
Trade references
The subject company did not provide any trade reference referrals
Credit
Recommendations
Since no financial information has been forthcoming from the company, it is not possible to comment on themerits 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 : |
Mr. Hasan |
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Designation : |
Partner |
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Contact No.: |
009411-2541021 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.17 |
|
|
1 |
Rs.100.66 |
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Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
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Information
Gathered by : |
DPA |
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|
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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 |
|
-- |
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.