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Report Date : |
08.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
L S TRADER |
|
|
|
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Registered Office : |
# 216/1, Main Street, Colombo- 11 |
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|
|
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Country : |
Sri Lanka |
|
|
|
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Date of Incorporation : |
Not Available |
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|
|
|
Legal Form : |
Partnership Company (In Operation) |
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|
|
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Line of Business : |
Importers & Distributors Textiles |
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|
|
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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 |
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|
|
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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 (31.03.2012) |
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 |
|
a. |
Name of Subject of Inquiry |
: |
L S TRADER |
|
b. |
Legal Form & Status |
: |
Partnership
Company (In Operation) |
|
c. |
Managing Partner |
: |
Mr. Shakir |
|
d. |
Primary Line of Business |
: |
Importers & Distributors Textiles |
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e. |
Office & Place of Business |
: |
# 216/1, Main Street, Colombo- 11 Sri Lanka. Tel. No: (00 94
11) 244 0823 Fax No: (00 94
11) 2434606 |
|
f. |
No. of Employees |
: |
Not Disclosed |
|
a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Year of Registration |
: |
Not Disclosed |
|
|
c. |
Registered Office |
: |
# 216/1, Main Street, Colombo- 11. Sri
Lanka. |
|
|
d. |
Partners |
: |
Shakir |
Managing Partner |
|
Lafir |
Partner |
|||
|
e. |
Auditors |
: |
Not Disclosed |
|
|
f. |
Bankers |
: |
Not Disclosed |
|
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, L
S TRADER is a Partnership Company in operation, as told by the partner Mr. Shakir.
When contacted Mr. Shakir who is a Partner of the subject company
informed us that their company import textiles from India and declined to disclose any operational details of the company,
without knowing the details of the end user of this report.
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 company details at the Registrar’s office.
Location
The business Office/shop of the Subject Company is located at the client
# 216/1, Main Street, Street, Colombo-
11, which is a highly commercial
area where wholesale/retail Merchants are operating.
General
The subject company primary line of business is Import &
distribution of all kids of Textiles
Products
Textiles- Shirting, Suiting, Dress Materials,
sarongs etc.
Import &
Countries
India
No of Employees
Not Disclosed
The company has refused to provide information on its finances without
knowing the details of the end user of this report.
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
The subject company refused to provide any
trade references
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.53.14 |
|
|
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.71.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.