MIRA INFORM REPORT

 

 

 

Report Date :

05.09.2008

 

IDENTIFICATION DETAILS

 

Name :

HI FASHION

 

 

Registered Office :

792-5, Aluthmawatha Road, Colombo 15

 

 

Country :

Sri Lanka

 

 

Legal Form :

Partnership Company 

 

 

Line of Business :

Importing and Distributing of Textiles

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

GENERAL - Basic information at a glance

     

Name of Subject of Inquiry

:

 

HI FASHION

 

Legal Form  & Status

:

Partnership Company  (In Operation)

Managing Partner

:

Mr. Sateesh

Primary Line of Business

:

Importing and Distributing of Textiles

Head Office

&

Place of Business

 

:

 

# 176, 1/45, Keyzer Street,

Attar Mahal,

Colombo 11.

 

Tel. No: (00 94 11) 247 3406

 

No. of Employees

:

Approximately  10

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

-Not Disclosed-

Date of Registration

:

-Not Disclosed-

Registered Office

:

792-5, Aluthmawatha Road, Colombo 15

Partners

 

:

Mr. Sateesh

Partner

Mr. Siva

Partner

Secretaries

:

-Not Disclosed-

Auditors

:

-Not Disclosed-

Bankers

:

Commercial Bank, Peoples Bank – Fort Branch 

 

 

FINANCIAL DETAILS - Most recent available Financial Information

     

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

 

Current investigation

 

·         History.

                 The Subject Company HI FASHION is a Partnership Company.

 

·         Location.

The Subject Company is located at the client given address # 176, 1/45, Keyzer Street, Attar Mahal, Colombo 11.

 

 

·         Operations Details.

 

General

The subject company primary line of business is Importing and Distributing of Textiles

 

Products

Sarees, Shalwar, Dress Materials

                 

 

 

 

 

 

 

 

 

 

 

 


Import Country

India

 

Employees

                  Approximately 10

 

·         Financial Data

 

                  The company has declined to provide information on its finances                  

               

               

·         General Comments

 

 The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from 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.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.78.09

Euro

1

Rs.63.41

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

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