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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
WASIFAH GARMENTS |
|
|
|
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Registered Office : |
# 358, New Hunupitiya Road, Dalugama, Kelaniya |
|
|
|
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Country : |
Sri Lanka |
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|
|
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Date of Incorporation : |
Not Available |
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|
|
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Legal Form : |
Proprietorship Company (In Operation) |
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|
|
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Line of Business : |
Manufacturers
& Traders of Garments |
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|
|
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No. of Employees : |
Approx.50 |
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 |
|
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 |
: |
WASIFAH
GARMENTS
|
|
b. |
Legal
Form & Status |
: |
PROPRIETORSHIP Company (In Operation) |
|
c. |
Managing Proprietor |
: |
Jawfer |
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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 Email: jeffrarm@sltnet.lk Factory: # 358, New Dalugama, Kelaniya. |
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f. |
No. of Employees |
: |
Approx.50 |
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a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Year of Registration |
: |
Not Disclosed |
|
|
c. |
Registered Address |
: |
# 358, New Hunupitiya
Road, Dalugama, Kelaniya. Sri Lanka |
|
|
d. |
Proprietor |
: |
Jawfer |
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, WASIFAH 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 # 358, New Hunupitiya Road, Dalugama, Kelaniya, approx.20 kilo meters
from Colombo. The office of the subject company is located at #12/1, Biyagama
Road, Kelaniya in close proximity (3 kilo meters) from the factory.
The factory is housed in a 3-storied
building with floor space of approx. 5000 sq.ft, and about 40-50 workmen/women
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 “N N N GARMENTS” located at #13/2
Biyagama Road, Dalugama, Kelaniya.
·
Products
Ladies and Gents garments: Shirts,
Blouses etc.
·
Import &
Countries
Fabric materials imported from India
·
No of Employees
Approx.50
·
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 : |
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.