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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
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Name : |
N N N GARMENTS
|
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Registered Office : |
# 13/2, Biyagama Road, Kelaniya |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Proprietorship Company (In Operation) |
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Line of Business : |
Manufacturers & Traders of Garments |
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No. of Employees : |
Approx.100 |
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 |
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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 (31.03.2012) |
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
|
a. |
Name of Subject of Inquiry |
: |
N N N
GARMENTS
|
|
b. |
Legal Form & Status |
: |
PROPRIETORSHIP Company (In Operation) |
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c. |
Managing Proprietor |
: |
Mohammed Yoosuf |
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d. |
Primary Line of Business |
: |
Manufacturers & Traders of Garments |
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e. |
Office & Places of Business |
: |
Office: # 12/1, Biyagama Road, Kelaniya. Sri
Lanka Tel.
No: (00 94 66) 290 8589 Mobile: (00 94 77) 731 2416 (Mr. Yoosuf, Owner) Factory: #
13/2, Biyagama Road, Kelaniya. |
|
f. |
No. of
Employees |
: |
Approx.100 |
|
a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Year of Registration |
: |
Not Disclosed |
|
|
c. |
Registered Address |
: |
# 13/2, Biyagama Road, Kelaniya. Sri Lanka |
|
|
d. |
Proprietor |
: |
Mohammed Yoosuf |
Managing
Proprietor |
|
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 are not required to make public disclosure of their
annual financials. Therefore no financials are available for this entity
·
History:
The subject
company, N N N GARMENTS is PROPRIETORSHIP Company in operation.
The proprietor declined to provide details in-spite
of our repeated requests, without the details of the end user of this enquiry.
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 Factory of the subject is located at the
client #13/2, Biyagama Road, Kelaniya,
approx.20 kilo meters from Colombo. The office of the subject company is
located at #12/1, Biyagama Road, Kelaniya in close proximity (1 kilo meter)
from the factory.
The factory is housed in a 3-storied
building with floor space of approx. 4000 sq.ft, and about 50-60 workmen on
duty.
·
Operational
Details.
General
The primary line of business
of Subject Company is Manufacture & distribution of all kinds of
apparels/garments
The subject company is having
an associate company named “S.S.GARMENTS” located at #368, Biyagama Road,
Dalugama, Kelaniya.
Products
Ladies and Gents garments: Shirts,
Blouses etc.
·
Import & Countries
Fabric materials
imported from India
No of Employees
Approx.100
·
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 Companies with
Limited Liability are not
required to make public disclosure of their annual financials.
Therefore no financials are
available for this entity
·
Trade references
The subject
company declined to provide any trade references
·
Credit
Recommendations
Since no financial or any other company
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.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.