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MIRA
INFORM REPORT
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Report No. : |
487395 |
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Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SUNCHOICE IMPORTS & EXPORTS COMPANY |
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Registered Office : |
# 396 Maning Market, Olcott Mawatha Colombo 11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
01.04.2011 |
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Legal Form : |
Partnership
Company (In Operation) |
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Line of Business : |
Importers,
Exporters, Distributors and Suppliers of Food Items |
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No. of Employees : |
20 Approximately |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka is attempting to sustain economic growth while maintaining
macroeconomic stability under an IMF program. 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 almost 80% of GDP and remains among the highest of the emerging
markets.
The new government in 2015 drastically increased wages for public sector
employees, which boosted demand for consumer goods but hurt the overall balance
of payments and reduced foreign exchange reserves.
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.
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Source
: CIA |
Company profile
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Name of Subject of Inquiry |
SUNCHOICE IMPORTS
& EXPORTS COMPANY |
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Legal Form & Status |
Partnership
Company (In Operation) |
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Managing Partner |
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Primary Line of Business |
Importers,
Exporters, Distributors and Suppliers of Food Items |
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Principal Place of Business |
# 396 MANING
MARKET, OLCOTT MAWATHA COLOMBO 11 Operating Address
: 65-2/1 level 2 Bankshall Street, Colombo 11 Sri Lanka. Tel. No: (00 94
11) 2323274 / 112385713 / 293 5557 Fax. No: (00 94
11) NA E-Mail: info@sunchoice.lk Web Site: http://www.sunchoice.lk |
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Employees |
20 Approximately |
Company details
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Registration No |
Refused to Provide |
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Date of
Registration |
01.04.2011 |
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Re-registration
No |
NA |
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Date of
Re-registration |
NA |
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Registered
Office |
# 396 Maning Market, Olcott Mawatha Colombo 11 |
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Sated Share
Capital |
NA |
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No. of Shares |
NA |
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Preferential
Shares |
NA |
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Nominal Value of
Share |
NA |
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Auditors |
NA |
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Company
Secretaries |
NA |
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Main Bank/s |
Bank of Ceylon, Commercial Bank of Ceylon PLC |
Shareholders
NA
FINANCIAL DETAILS
Most recent available Financial Information
NA
Current investigation
COMPANY LOGO
History
The subject company was initially formed on “Refused to Provide”
Caption
Sunchoice Import & Export Co., is a premier Import and Export
Company in Sri Lanka with its own unique identity. We have remained rooted to
bridge the gap between aspiration and achievement based on the unshakable
foundation of uncompromising quality & complete customer satisfaction,
unparalleled through five decades of experience and expertise. Having begun as
a small Import and Export entity, with bold approaches, we have now come to the
global limelight. This has led the Company to move into areas such as export of
Fresh Fruits, Fresh Vegetables, Fresh Leaves, Fresh Yam, fresh coconut and
coconut products, with the leverage evolving opportunities for growth,
prosperity and success. Today, the legacy of our Company resonates the prowess
of a dynamic entity, a stalwart in Sri Lanka's rapidly evolving Import and
Export trade. Inspired by the vision to be a market leader in Import and Export
trade in Sri Lanka, we aim to be innovative in developing new products as well
as creating new markets, particularly in untapped regions locally as well as in
foreign countries. Our business development is constantly aligned with emerging
areas of growth with the expertise of our employees.
OPERATIONAL
DETAILS
General
The company with small beginnings has now expanded its business and are
well equipped with a modern fleet of vehicles for the purpose of reaching the
target market. The company also has a fleet of Cold Trucks for the transport of
fresh fruits to the dealer’s sales centres on a daily basis. The company has a
dealer network of about 150vandors who buy from us and carry out their sales
island wide. Suppliers to Hotels and Supermarket chains also purchase their supplies
from us against their orders.
Products & Services
Fruits
(Grapes, Apples, Pomegranate, Oranges, Plums, Mandarin, Pears, Cherry etc..),
Vegetables,
Yams, Coconut Products
Employees
20
Approximately
Export Countries
Vegetables,
Yams, Leaves, Coconut Products to
Import Countries
TOP
QUAL/ Grape House from Australia, Sunview/ Trout from USA, Capespan from South
Africa/
Egypt, CIAO from Italy, Chand from India, Bilal and Al Rafique from Pakistan.
Associate / Subsidiary Companies
NA
Factory / Warehouse and Sales Outlets
Owned
INFORMATION DENIED
Management non co-operative [0094-11-2323274 / 2385713 ((Ringing)) / 2935557 (Ringing)]
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.69 |
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1 |
INR 90.35 |
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Euro |
1 |
INR 79.21 |
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LKR |
1 |
INR 0.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
Gathered by : |
SVT |
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Analysis Done by
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PRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.