MIRA INFORM REPORT

 

 

Report No. :

504805

Report Date :

21.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SUNDAR TRADERS (PVT) LTD

 

 

Registered Office :

# 72 A, 4th Cross Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

25.02.2003

 

 

Com. Reg. No.:

PV 9073

 

 

Legal Form :

Private, Limited Liability Company

 

 

Line of Business :

The subject is engaged into importing of food items, and wholesale & retail trading as well as working as commission agents

 

 

No. of Employees :

05 Approximately

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

Tourism has experienced strong growth during recent years following the resolution 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.

 

Source : CIA

 

Company Profile

 

Basic Information

 

a.

Name of Subject of Inquiry

SUNDAR TRADERS (PVT) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Chairman

Mr Ragambarampillai Muthukrishnan

d.

Primary Line of Business

Importers, General Merchants and Commission Agents

e.

Principal Place of Business

# 72 A, 4th Cross Street, Colombo 11,

Sri Lanka.

Phone : (00 94 11) 5745 376 / 2391 470 Fax : (00 94 11) 2391 470 E-Mail: NA

Web Site: NA

f.

Employees

05 Approximately

 

 

Company Details

 

 

 

 

 

 

 

 

 

 

 

a.

Registration No

N(PVS)33039

Date of Registration

25th February 2003

b.

Re-registration No

PV 9073

Date of Re-registration

06th November 2008

c.

Registered Office

# 72 A, 4th Cross Street, Colombo 11, Sri Lanka.

d.

Director Board / Ownership As At 31st December 2016

Ragambarampillai Muthukrishnan

Chairman

Nadesailial Selvaraj

Director

Muthukrishnan Sundaraesan

Director

Nadesapillai Devaraj

Director

Ramasamy Vijayaraja

Director

e.

Stated Share Capital

LKR 50.00

f.

No. of Shares

05

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

S R Associates

# 46, Lauries Road, Colombo 04, Sri Lanka.

j.

Company Secretaries

Malora Management & Secretarial

# 46, Lauries Road, Colombo 04, Sri Lanka.

k.

Main Bank/s

TBC

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

 

1.

Ragambarampillai Muthukrishnan

01

2.

 

Nadesailial Selvaraj

 

01

3.

Muthukrishnan Sundaraesan

01

4.

 

Nadesapillai Devaraj

 

01

5.

Ramasamy Vijayaraja

01

 

 

FINANCIAL DETAILS     

 

Most recent available Financial Information

NA

 

 

CURRENT INVESTIGATION

 

 

 

·         History.

 

The subject company was initially formed on 25th February 2003 under N(PVS) 33039 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 06th November 2008 under PV 9073 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

·         Operational Details.

 

General

The subject company is into importing of food items, and wholesale & retail trading as well as working as commission agents. The company is a small operation which was launched in 2003 but is located in the prime trading hub/street of Sri Lanka.

 

 

Products & Services

Food Items

 

Employees

05 Approximately

 

Export Countries

NA

 

Import Countries

India, China

 

Associate / Subsidiary Companies

NA

 

Factory / Warehouse and Sales Outlets

Owned

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Ragambarampillai Muthukrishnan

ID Number

372322268V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19.08.1937

Age

80

Address

# 7/3, Pinto Place, Colombo 06, Sri Lanka.

 

Director 2

 

ITEM

DETAIL

Name

Nadesailial Selvaraj

ID Number

66360659V

Nationality

Sri Lankan

Gender

Male

Date of Birth

25.12.1966

Age

51

Address

# 91/11, Pamankade Lane, Colombo 06, Sri Lanka.

 

Director 3

 

ITEM

DETAIL

Name

Muthukrishnan Sundaraesan

ID Number

782321099V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19.08.1978

Age

39

Address

# 72 A, 4th Cross Street, Colombo 11, Sri Lanka.

 

Director 4

 

ITEM

DETAIL

Name

Nadesapillai Devaraj

ID Number

620752398V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15.03.1962

Age

55

Address

# 72 A, 4th Cross Street, Colombo 11, Sri Lanka.

 

Director 5

 

ITEM

DETAIL

Name

Ramasamy Vijayaraja

ID Number

810015896V

Nationality

Sri Lankan

Gender

Male

Date of Birth

01.01.1981

Age

37

Address

# 72 A, 4th Cross Street, Colombo 11, Sri Lanka.

 

 

INFORMATION DENIED BY

 

Name :

Not Divulged

Designation :

Accounts department

Contact No.:

(00 94 11) 5745 376 / 2391 470

Date :

21.04.2013

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.02

UK Pound

1

INR 92.73

Euro

1

INR 81.46

LKR

1

INR 0.42

                                                                  

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHA

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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