|
Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
CITY CYCLE INDUSTRIES |
|
|
|
|
Registered Office : |
# 117 & 119, Dam Street, Colombo 12. |
|
|
|
|
Country : |
Sri Lanka |
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|
|
|
Date of Incorporation : |
10.08.1985 |
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|
|
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Com. Reg. No.: |
W 10979 |
|
|
|
|
Legal Form : |
Partnership (In Operation) |
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|
|
|
Line of Business : |
Manufacturing and exporting of all kind of bicycles and Bicycle accessories. |
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|
|
|
No. of Employees : |
Approximately 600 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
following the end of the 26-year conflict with the Liberation Tigers of Tamil
Eelam (LTTE). The government has been pursuing large-scale reconstruction and
development projects in its efforts to spur growth in war-torn and
disadvantaged areas, develop small and medium enterprises and increase
agricultural productivity. The government's high debt payments and bloated
civil service have contributed to historically high budget deficits, but fiscal
consolidation efforts and strong GDP growth in recent years have helped bring
down the government's fiscal deficit. However, low tax revenues are a major
concern. 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 with the end of the war and
an IMF agreement, resulting in two straight years of 8% growth in 2010-11.
Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and
weak global demand affected exports and trade. In early 2012, Sri Lanka floated
the rupee, resulting in a sharp depreciation, and took steps to curb imports. A
large trade deficit remains a concern. Strong remittances from Sri Lankan
workers abroad have helped to offset the trade deficit.
Source
: CIA
|
a. |
Name of Subject of Inquiry |
: |
CITY CYCLE INDUSTRIES
|
|
b. |
Legal Form & Status |
: |
Partnership
(In Operation) |
|
c. |
Managing Partner |
: |
Abdul Raheem
Marrikkar Mohamed Rajibdeen |
|
d. |
Primary Line of
Business |
: |
Manufacturing
and exporting of all kind of bicycles and Bicycle
accessories. |
|
e. |
Head office & Place of Business |
: |
# 119, Dam Street, Colombo 12, Sri
Lanka. Tel. No: (00 94 11) 243 2745 / 243 2059 / 243
4631 Fax No: (00 94 11) 244 9478 E Mail: 12345@wow.lk |
|
f. |
Showroom No |
: |
#
233 Galle Road, Colombo 04 Tel.
No: (00 94 11) 250 8316 – 9 E Mail: lumala@wow.lk |
|
g. |
Factory |
: |
# 64 – 66, Wattalpola Road, Henamulla, Panadura, Tel. No: (00 94 38) 223 3379 / 223 2964 Fax No: (00 94 38) 421 3145 E Mail: alamul@eureka.lk |
|
h. |
No. of Employees |
: |
Approximately
600 |
|
Registration No |
: |
W 10979 |
||
|
b. |
Date of Registration |
: |
10th August 1985 |
|
|
c. |
Registered Office |
: |
# 117 & 119, Dam Street, Colombo 12. |
|
|
d. |
Partners |
: |
Abdul Raheem Marrikkar Mohamed Rajibdeen |
Managing Partner |
|
M. Nagibdeen M. Miflal |
Partner |
|||
|
M. Nagibdeen M. Nafeel |
Partner |
|||
|
e. |
Auditors |
: |
BDO Burah Hathy |
|
|
f. |
Company Secretaries |
: |
Not Applicable |
|
|
g. |
Bankers |
: |
Hatton National
Bank Limited Bank of Ceylon Commercial Bank
of Ceylon Limited |
|
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 Proprietorship/Partnership companies are
being registered at the Provincial
Registrar of Companies
·
Location.
The Subject
Company head office is located at the client # 119, Dam Street, Colombo – 12. Subject company showrooms are located at Bambalapitiya, Kohuwala and Rajagiriya.
·
Operational
Details.
General
The subject company primary
line of business is manufacturing and exporting of all kind of bicycles
The subject company has earned certified by ISO 9001:2008
/ SGS
Products
Transport Cycle, Leisure Cycle, Recreation
Cycle, Sport Cycle and bicycle spare parts.
Brands
“LUMALA”
Export Countries
UK, Poland, Finland,
Portugal, Holland, Ireland, Canada, Czech, France, Spain, Cyprus, Italy,
Germany.
No Employees
Approximately 600
·
Financial Data
Based on the
corporate laws of Sri Lanka, legal entities which are Private Company with
Limited
Liability/ Proprietorship/Partnership Companies is not required to make
public
Disclosure of
their annual financials. Therefore, no Financials are available for this
entity.
·
Trade references
Not Available
·
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.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
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.