MIRA INFORM REPORT

 

 

Report No. :

349446

Report Date :

18.11.2015

 

IDENTIFICATION DETAILS

 

Name :

PALLIGODA TRADING COMPANY (PVT) LTD

 

 

Registered Office :

#57, Old Moor Street, Colombo 12

 

 

Country :

Sri Lanka.

 

 

Date of Incorporation :

14.01.2011

 

 

Com. Reg. No.:

PV 76569

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Imports & Distributor of Seeds.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 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

 

 

 

 

GENERAL

 

- Basic information at a glance

     

a.

Name of Subject of Inquiry

:

 

PALLIGODA TRADING COMPANY (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Kingsley Palligoda Withana

d.

Primary Line of Business

:

Imports & Distributor of Seeds.

e.

Head office

&

Place of Business

 

:

 

#57, Old Moor Street,

Colombo 12,

Sri Lanka.

 

Tel. No: (00 94 11) 243 2994

Fax No: (00 94 11) 233 4209

 

Contact Person: (00 94 77) 756 5857 – Kingsley Withana

                             (00 94 77) 741 6195 – Densly Withana

 

Email: denslypvd@gmail.com

 

f.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

PV 76569

Date of Registration

 

14th January 2011

c.

Registered Office

:

# 57, Old Moor Street,Colombo 12

d.

Board of Directors

As at

14th October 2014

:

Kingsley Palligoda Withana

Managing Director

Densley Palligoda Withana

Director

D.H. Upeksha Eashwary (Ms)

Director

e.

Issued Share Capital

:

Rs. 1,000.00

f.

No. of Shares

:

100

g.

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

h.

 

Share Holders

As at

14th October 2014

:

Share Holders

No. of Shares

Kingsley Palligoda Withana

55

Densley Palligoda Withana

35

D.H. Upeksha Eashwary (Ms)

10

i.

Auditors

:

W.V.A. Ranjith Sepal Weragoda

(Weragoda and Company #59/7, Ananda Mawatha, ) 

i.

Company Secretaries

:

W.A. Priyantha Kumara

(#57/9, Ananda Mawatha, Colombo 10)

k.

Bankers

:

Sampath Bank / NDB

 

 

FINANCIAL DETAILS

 

 - Most recent available Financial Information

                                                           

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.

 

 

CURRENT INVESTIGATION

 

·         History

 

The Subject Company PALLIGODA TRADING COMPANY (PVT) LTD is a Private    Limited   liability Company incorporated on 14th January 2011 under registration number PV 76569

                 

“PALLIGODA TRADING COMPANY” was originally set up as a proprietorship company and company was converted to a limited liability company under the name of   

PALLIGODA TRADING COMPANY (PVT) LTD

 

 

·         Location.

The subject company is located at client # 57, Old Moor Street, Colombo 12

 

 

·         Operational Details.

 

General

The subject company primary line of business is Imports & Distributor of Seeds

 

Products

Seeds

 

Employees

Not Disclosed

 

 

Director’s Details

 

         01)

Name

Kingsley Palligoda Withana

ID Number

661171430 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

26th April 1966

Age

49 Years

Address

#104, Rosemead Place, Colombo 07

 

         02)

Name

Densley Palligoda Withana

ID Number

671100816 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

19th April 1967

Age

48 Years

Address

#69, Kalutara Road, Matugama

 

         03)

Name

D.H. Upeksha Eashwary

ID Number

766990754 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

17th July 1976

Age

39 Years

Address

#104, Rosemead Place, Colombo 07

 

 

·         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 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

 

Name :

Mr. Densley Palligoda Withana

Designation :

Director

Tel No. :

0009477-7416195

Date :

17.11.2015

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.98

UK Pound

1

Rs.100.11

Euro

1

Rs.70.35

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ANK

 

 

               

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.