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Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
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Name : |
RAINBOW FASHIONS (PVT) LTD |
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Registered Office : |
# 132, - 1/3 ,Hill
city Complex, D. S. Senanayake Veediya, Kandy |
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Country : |
Sri Lanka |
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Date of Incorporation : |
03.04.2008 |
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Com. Reg. No.: |
PV 63693 |
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Legal Form : |
Private Limited Liability Company (In Operation) |
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Line of Business : |
Not Available |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
: |
RAINBOW FASHIONS
(PVT) LTD |
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Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
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Chairman |
: |
Muhammad Zubair
Jan Muhammad |
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Primary Line of Business |
: |
Not Disclosed |
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Place of Business |
: |
# 132, - 1/3 ,Hill city Complex, D. S. Senanayake Veediya, Kandy, Sri
Lanka. Tel.
No: Not Disclosed/Available Fax.
No: Not Disclosed/Available |
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No. of
Employees |
: |
Not
Disclosed |
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Registration No |
: |
PV 63693 |
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Date of Registration |
: |
03rd April 2008 |
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Registered Office |
: |
# 132, - 1 / 3 , Hill city Complex D. S.
Senanayake Veediya Kandy |
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Board of Directors As At 31st December 2010 |
: |
Muhammad Zubair Jan Muhammad |
Chairman |
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Mohamed Ismail Faizal |
Director |
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Issued Share Capital |
: |
LKR. 30.00 |
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Nominal Value of Share |
: |
LKR. 10.00 |
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Share Holders As At 31st December 2010 |
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Share
Holders |
No. of Shares |
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Muhammad Zubair Jan Muhammad |
01 |
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Mohamed Ismail Faizal |
01 |
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Abdul Azeen Mohamed Rifhan |
01 |
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Auditors |
: |
Mackinnon
Accountancy |
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Company Secretaries |
: |
Seyed Mohamed Mohamed Makam |
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Bankers |
: |
Not Disclosed |
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THE COMPANY 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 is not required to make
public disclosure of their annual financials. Therefore no financials are
available for this entity
·
History.
The Subject
Company RAINBOW FASHIONS (PVT) LTD .is
a Private Limited liability
Company incorporated
on 03rd April 2008 under registration number PV 63693.
·
Location.
The Subject
Company is located at the client # 132, - 1 / 3 , Hill city Complex D. S.
Senanayake Veediya Kandy. Address still we cannot trace and cannot find it
·
Operations
Details.
General
The details of the
primary line of business of the subject company is not disclosed as yet
Products
Details not available
Country
Not Disclosed
Employees
Not Disclosed
·
Director’s Details
01)
|
Name |
Muhammad Zubair Jan Muhammad |
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ID Number |
5726450043 X |
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Nationality |
Sri lanka |
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Gender |
Male |
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Date Of Birth |
20th September 1957 |
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Age |
55 Years |
02)
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Name |
Mohamed Ismail Faizal |
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ID Number |
821813450 V |
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Nationality |
Sri lanka |
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Gender |
Male |
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Date Of Birth |
29th June 1982 |
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Age |
30 Years |
·
Financial Data
Details not
available
Based on the corporate laws of Sri
Lanka, legal entities which are Private Company with
Limited
Liability is not required to make public disclosure of their annual financials.
Therefore
No financials
are available for this entity
·
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.55.08 |
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|
1 |
Rs.89.53 |
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Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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-- |
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.