|
Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ISMAIL TEX |
|
|
|
|
Registered Office : |
# 118-1/3, Maliban Street, Colombo- 11 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Legal Form : |
Partnership Company (In Operation) |
|
|
|
|
Line of Business : |
Importers & Distributors Textiles |
|
|
|
|
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 |
|
Payment Behaviour : |
Unknown |
|
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 |
|
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 |
: |
ISMAIL
TEX
|
|
b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
|
c. |
Managing Partner |
: |
Mr. Sikandar |
|
d. |
Primary Line of Business |
: |
Importers & Distributors Textiles |
|
e. |
Office & Place of Business |
: |
# 118-1/3, Maliban Street, Colombo-
11 Sri
Lanka. Tel.
No: (00 94 77) 300 0553 Mobile
:(00 94 77) 737 4496 ( Mr. Sikandar) Stores: #
42-1/1, 3rd Cross Street, Colombo 11. |
|
f. |
No. of
Employees |
: |
Not
Disclosed |
|
a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Year of Registration |
: |
Not Disclosed |
|
|
c. |
Registered Office |
: |
# 118-1/3, Maliban Street, Colombo- 11. Sri Lanka. |
|
|
d. |
Partners |
: |
Sikandar |
Managing Partner |
|
Qadir |
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, ISMAIL TEX is a Partnership
Company in operation, as told by the
partner Mr. Sikandar.
When contacted Mr. Sikandar
who is a Partner of the subject company informed us that their
company import textiles from
India and refused to disclose any
operational details of the
company, without knowing the
details of the end user of this report. Our investigators
visited the and found it as the
stores of the company. The office is located
at # 118-1/3, Maliban Street, Colombo- 11. Sri Lanka.
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 of the Subject Company is presently located at #
118-1/3, Maliban
Street, Colombo- 11, which is a highly commercial area
where wholesale/retail
Merchants are operating.
The client given address, # 42-1/1, 3rd Cross Street, Colombo 11 is the stores of
the
subject.
·
Operational
Details.
General
The subject company primary
line of business is Import & distribution of all kids of Textiles
Products
Textiles
·
Import & Countries
India
No of Employees
Not Disclosed
·
Financial Data
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
·
Trade references
The subject
company refused to 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
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.