MIRA INFORM REPORT
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Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
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Name : |
S I R INTERNATIONAL (PVT) LTD |
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Registered Office : |
No.21/3, |
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Country : |
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Date of Incorporation : |
27.08.1993 |
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Com. Reg. No.: |
N (PVS) 8311 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and export
of ready made Garments |
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No. of Employees : |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Sri Lanka |
b1 |
b1 |
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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
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Source
: CIA |
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Name of Subject of Inquiry |
: |
S I R INTERNATIONAL (PVT) LTD |
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Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
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Managing
Director |
: |
S. K. Herath
Seneviratne |
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Primary Line of Business |
: |
Manufacture and
export of ready made Garments |
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Factory and Head office |
: |
No.87/2, Horahena Road, Hokandara North, Hokandara, Sri Lanka Tel.
No: (00 94 11) 256 0401 Fax
No: (00 94 11) 250 8687 |
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Office |
: |
No.21/3, Bullers
Road, Colombo
- 07 Tel
No: (00 94 11) 258 8324 Fax
No: (00 94 11) 250 8687 |
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No. of Employees |
: |
Approximately
400 |
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Registration No |
: |
N (PVS) 8311 |
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Date of Registration |
: |
27th August 1993 |
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Registration No |
: |
PV 18007 |
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Date of Registration |
: |
4th March 2010 |
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Registered Office |
: |
No.21/3,
Bullers Lane, Colombo - 07 |
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Board of Directors As At 31st March 2010 |
: |
Shanthi Kumari
Herath Seneviratne |
Managing Director |
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M. Reza Mohamed |
Director |
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Issued Share Capital |
: |
Rs. 20.00 |
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Nominal Value of Share |
: |
Rs. 10.00 |
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Major Share Holders As At 31st March 2010 |
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Major Share
Holders |
No. of Shares |
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M. Reza Mohamed |
01 |
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Shanthi Kumari Herath
Seneviratne |
01 |
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Auditors |
: |
Hemachandra & Company |
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Company Secretaries |
: |
Shanthi Kumari Herath Seneviratne |
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Bankers |
: |
Not Disclosed |
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History
The Subject Company S I R INTERNATIONAL (PVT) LTD is a
Private Limited Liability Company incorporated on 27th August 1993 under the
registration number N (PVS) 11596. And then the company was re-registered on 4th March 2010 under
registration number PV 18007.
Location
The Subject Company is located at the client # No.21/3, Bullers Road, Colombo – 07. Factory and the Head office of the Subject
Company located at No.87/2, Horahena Road, Hokandara North, Hokandara, Sri
Lanka
Operational Details.
General
The primary line of business
of Subject Company is Manufacture and
export of ready made Garments
Products
All kinds of garments
Export Countries
USA, UK, Australia, Europe
No of Employees
Approximately 400
·
Directors
Information
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Name |
Mohamed Reza
Mohamed |
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Gender |
Male |
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Nationality |
Sri Lankan |
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National ID No. |
432601587 V |
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Date of Birth |
16th September
1943 |
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Age |
67 Years |
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Address |
# 21/3, Bullers
Lane, Colombo - 07 |
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Name |
S. K. Herath
Senevirathne |
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Gender |
Female |
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Nationality |
Sri Lankan |
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National ID No. |
466863050 V |
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Date of Birth |
4th July 1964 |
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Age |
64 Years |
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Address |
# 21/3, Bullers
Lane, Colombo - 07 |
Financial Data
The company has declined to provide information on its finances
Trade references
The subject company
did not provide any trade references
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.25 |
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|
1 |
Rs.87.00 |
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Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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.