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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
# 42, 1//21, 3rd Cross Street Colombo 11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
21.10.1992 |
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Com. Reg. No.: |
N (PVS ) 9971 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufactures & Exporters of Garments |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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
|
a. |
Name of Subject of Inquiry |
: |
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b. |
Legal Form & Status |
: |
Private Limited Liability Company |
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c. |
Managing
Director |
: |
Abdul
Latiff |
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d. |
Primary Line of Business |
: |
Manufactures
& Exporters of Garments |
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e. |
Head office & Place of
Business |
: |
# 127, Negombo Road, Dandugama, Ja-Ela, Sri Lanka. Tel No:
(00 94 11) Not
Disclosed/Available Fax
No: (00 94 11) Not
Disclosed/Available |
|
f. |
No. of Employees |
: |
Not
Disclosed |
|
a. |
Registration No |
: |
N (PVS ) 9971 |
||
|
Date of Registration |
: |
21st
October 1992 |
|||
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b. |
Re-registration No |
: |
PV 13299 |
||
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Date of Re-registration |
: |
18th May
2009 |
|||
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c. |
Registered Office |
: |
#
42, 1//21, 3rd Cross Street Colombo 11, Sri Lanka. |
||
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d. |
Board of Directors As At 14th October 2012 |
: |
Abdul Latiff |
Managing Director |
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Z. B. Abdul
Latiff |
Director |
||||
|
A.L. Abdul Qader |
Director |
||||
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e. |
Issued Share Capital |
: |
Rs. 9,000,000 |
||
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f. |
Nominal Value of Share |
: |
Rs. 10.00 |
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g. |
Share Holders As At 14th
October 2012 |
: |
Share Holders |
No. of Shares |
|
|
Abdul Latiff |
603,000 |
||||
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Z. B. Abdul
Latiff |
297,00 |
||||
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h. |
Auditors |
: |
Mansoor & Co. |
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i. |
Company Secretaries |
: |
Consultants Corporate Secretaries (Pvt) Ltd |
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j. |
Bankers |
: |
Not Disclosed |
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- Most recent available Financial
Information
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 RED
HEART APPARELS (PVT) LTD is a
Private Limited liability Company incorporated on 21st
Octomber 1992 under registration N (PVS) 9971 and then the
company was re-registered on 18th May 2009 under registration
number PV 13299.
·
Location.
The subject company client is
# 127, Negombo Road, Dandugama,
Ja-Ela. Address we cannot trace and cannot find.
The subject company is not been listed in any of the telephone
directories and as such
No contact number available
·
Operational
Details.
General
The subject company primary line
of business is Manufactures &
Exporters of Garments
Products
Jackets, Paints,
Shots, Shirts, Blouse, Vests, Swimwear….etc
Employees
Not Disclosed
·
Director’s Details
01)
|
Name |
Abdul Latiff |
|
ID Number |
590320269 V |
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Nationality |
Sri Lanka |
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Gender |
Male |
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Date of Birth |
01st February 1959 |
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Age |
53 Years |
02)
|
Name |
Z. B. Abdul Latiff |
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ID Number |
578080104 V |
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Nationality |
Sri Lanka |
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Gender |
Female |
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Date of Birth |
03rd November 1957 |
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Age |
55 Years |
03)
|
Name |
A.L. Abdul Qader |
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ID Number |
843621201 V |
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Nationality |
Sri Lanka |
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Gender |
Male |
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Date of Birth |
27th December 1984 |
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Age |
28 Years |
·
Financial Data
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
·
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.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.