MIRA
INFORM REPORT
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Report Date : |
16th
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
21.12.1989 |
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Com. Reg. No.: |
A22853 |
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Legal Form : |
Partnership Company |
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Line of Business : |
Manufacture
and Distributor of Umbrellas, Mosquito Net. |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Basic information at a glance
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a. |
Name of Subject of Inquiry |
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b. |
Legal Form & Status |
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Partnership Company (In Operation) |
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c. |
Managing Partner |
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Mr. S. l. M. Fause |
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d. |
Primary Line of Business |
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Manufacture
and Distributor of Umbrellas, Mosquito Net. |
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e. |
Head office |
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Mt-Lavinia.
Tel
No: (00 94 11) 2727270
/ 420 2201 Fax No:
(00 94 11) 2761871 E-mail
: info@rainco.lk |
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f. |
Factory |
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Kadugannawa. Tel
No: (00 94 81) 257 1268 Fax No:
(00 94 81) 257 1608 |
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g. |
No. of Employees |
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Approximately 1,000 |
COMPANY DETAILS
Registration and Shareholder Details
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a. |
Registration No |
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A22853 |
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b. |
Date of Registration |
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21st December 1989 |
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c. |
Registered Office |
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d. |
Partners |
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Mr. S. l. M. Fause |
Managing Partner |
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Mrs.
I. L. S. Nihara |
Partner |
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e. |
Auditors |
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Standard Accounting Services |
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f. |
Bankers |
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Commercial Bank Ltd |
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CURRENT INVESTIGATION
History
The Subject Company SRI LANKA UMBRELLA INDUSTRIES is a Partnership Company incorporated on 21st December 1989.
The subject company has a subsidiary company known as RAINCO (PVT) LTD; primary line of business is Distribution of Umbrellas, Mosquito Nets, Raincoats, Awnings, Window Blinds, and Insect Screens.
Location
The subject company’s head office is
located at
The client given address of the subject company is one of their showroom address # 480/ 2, Havelock Road, Colombo-06.
They also having three showrooms which are located at:-
- Pettah Showroom: - No. 111, 2nd
2.
Operational Details.
General
The subject company
primary line of business is Importer and Manufacture of Umbrellas,
Mosquito Nets, Raincoats, Awnings, Window Blinds, and
Insect Screens.
The brand name of the products is RAINCO.
RAINCO is one of the well-known brand in
The Subject Company only importing and
manufacturing of the above products and transfer to RAINCO (Pvt) Ltd, is a marketing company. The RAINCO (Pvt) Ltd marketing
these products through their own out lets and other local buyers
Rainco
Branded products, which are of a very high standard, have received the SLS 1207
quality Award. They are the only umbrella company, which is consistently
improving the quality, where customer satisfaction at is at its peak. Receiving
the ISO 9001:2000 system certification was a significant achievement for Rainco. They market their products
Island-wide, adding value through sales, after sales service and providing
total solutions to our customers’ needs.
In order to optimize the supply chain
quality we have a joint venture operation with, suppliers in
Vision Statement
To be a leading player in
Protection, Care and Lifestyle products in the SAARC Region.
Providing protection, care and
lifestyle solutions to our customers and other key stakeholders.
Import Products
Raw materials for the
production of Umbrellas Mosquito Nets, Raincoats, Awnings, Window Blinds, and
Insect Screens.
Employees
The employee strength of the subject company is approximately 1,000 employees.
Financial Data
The company has
declined to provide information on its finances
General Comments
When we contacted the Finance Manager of the subject company Mr. Zulfi, he provided limited information and declined to disclose any financial information and as such all information in this report has been obtained from other non-formal sources but clearly originating from 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 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.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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