|
Report Date : |
11.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHA ENTERPRISES |
|
|
|
|
Registered Office : |
# 275/20/1,
Avissawella Road, Megoda Kolonnawa,
Wellampitiya |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Proprietorship Concern |
|
|
|
|
Line of Business : |
Importers & Distributors Textiles & Food Item |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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, driven by
large-scale reconstruction and development projects following the end of the
26-year conflict with the LTTE. Sri Lanka is pursuing a combination of
government directed policies, private investment, both foreign and domestic, to
spur growth in disadvantaged areas, develop small and medium enterprises, and
increase agricultural productivity. The government struggles with high debt
interest payments, a bloated civil service, and historically high budget
deficits. However recent reforms to the tax code have resulted in higher
revenue and lower budget deficits in recent years. The 2008-09 global financial
crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly
caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic
activity rebounded strongly with the end of the war and an IMF agreement,
resulting in two straight years of high growth in 2010 and 2011. Per capita
income of $5,600 on a purchasing power parity basis is among the highest in the
region.
|
Source : CIA |
Basic information at a glance
|
Name of Subject of Inquiry |
: |
SHA
ENTERPRISES
|
|
Legal Form & Status |
: |
PROPRIETORSHIP Concern |
|
Managing Proprietor |
: |
Faima Kiran (Ms) |
|
Primary Line of Business |
: |
Importers & Distributors Textiles & Food Item |
|
Office & Place of Business |
: |
#
275/20/1, Avissawella Road, Megoda
Kolonnawa, Wellampitiya. Tel.
No: (00 94 71) 779 7884, 071 4828 Email:
sshasaleem@gmail.com |
|
No. of
Employees |
: |
Not
Disclosed |
|
Registration No |
: |
Not Disclosed |
|
|
Year of Registration |
: |
Not Disclosed |
|
|
Registered Address |
: |
# 275/20/1,
Avissawella Road, Megoda Kolonnawa,
Wellampitiya. Sri
Lanka. |
|
|
Proprietor |
: |
Faima Kiran (Ms) |
Managing
Proprietor |
|
Auditors |
: |
Not Disclosed |
|
|
Bankers |
: |
Not Disclosed |
|
THE CONCERN HAS DECLINED TO PROVIDE INFORMATION ON
ITS FINANCES
Based on the corporate laws of Sri Lanka, legal entities which are
Private Company with Limited Liability are not required to make public disclosure
of their annual financials. Therefore no financials are available for this
entity.
·
History:
The subject
company, SHA ENTERPRISES is PROPRIETORSHIP Company.
Our investigator contacted one Mr. Saleem (after several telephone calls
given) who
claimed to be the husband of
the Proprietor at the client (which is a
residence) he has informed
that the concern is importing and trading textiles and
rice from Pakistan. Mr.
Saleem claimed that he is a Pakistani national married to
Faima Kiran, the proprietor
of the subject. He could not confirm whether the subject
is a registered entity, but
promised to submit documentary details
later, but so far he
did not turn up.
The
Proprietorship/Partnership Companies are registered at the Provincial Registrar
of Companies and as the management declined to provide registration details it
is not possible to trace concern details at the Registrar’s office.
Therefore, in the absence of
data normally obtained from local Statutory Authorities,
it is not possible to verify
the accuracy of data supplied and hence
is provided as
reference only.
·
Location.
The subject
concern is located at the client given address, # 275/20/1, Avissawella Road, Megoda Kolonnawa, Wellampitiya, which is a
dwelling house, approx. 8 kilo meters from Colombo.
General
The subject concern claimed
that the primary line of business is Import & distribution of Textiles
and Rice. But any products could not be seen at the client given address which
is a dwelling house. He could not provide any trade references. As such,
according to what Mr Saleem said, the subject is still in the initial stage of
registering and commencing business as an Indent Agent.
Products
Textiles and Rice
·
Import & Countries
Pakistan
No of Employees
Not disclosed
·
Financial Data
The concern did
not provide information on its finances.
Based on the
corporate laws of Sri Lanka, legal entities which are Private Company with
Limited Liability
/Proprietorship is not required to make public disclosure of their annual
Financials. Therefore no financials are available for
this entity.
·
Trade references
The subject
concern declined to provide any trade references
·
Credit
Recommendations
Since no financial or any
other concern 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 concern 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.54.34 |
|
UK Pound |
1 |
Rs.87.09 |
|
Euro |
1 |
Rs.70.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.