|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NOBEL WORLD TRADERS |
|
|
|
|
Registered Office : |
# 52/14, Panchikawatta Road, Colombo 10 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Proprietorship Company (In Operation) |
|
|
|
|
Line of Business : |
Indenting Agent for Importers and distributors of motor spare parts |
|
|
|
|
No. of Employees : |
01 employee |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Undetermined |
|
Payment Behaviour : |
-- |
|
Litigation : |
-- |
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 |
: |
NOBEL WORLD
TRADERS |
|
b. |
Legal Form
& Status |
: |
Proprietorship
Company (In Operation) |
|
c. |
Proprietor |
: |
Fawmy |
|
d. |
Primary Line of
Business |
: |
Indenting
Agent for Importers and distributors of motor spare parts |
|
e. |
Place
of Business |
: |
# 52/14, Panchikawatta Road, Colombo 10, Sri Lanka Tel/Fax No: (00 94 11) 485 0541 Mobile No: (00 94 77) 696 9148 Email: nobelworld457@gmail.com
|
|
f. |
No.
of Employees |
: |
01
employee |
-
Registration and Shareholder Details
|
a. |
Registration No |
: |
-Not
Disclosed- |
|
b. |
Date of Registration |
: |
-Not
Disclosed- |
|
c. |
Registered Office |
: |
#
52/14, Panchikawatta Road, Colombo 10, Sri Lanka |
|
d. |
Auditors |
: |
-Not
Disclosed- |
|
e. |
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/Proprietorship/Partnership is not required to make public
disclosure of their annual financials.
Therefore
no Financials are available for this entity
·
History.
The Subject Company NOBEL WORLD TRADERS is Proprietorship Company.
The owner of the
subject company, Mr. Fawmy was contacted and he provided only the
information that
are included in this report but so far failed to provide company registration
and financial
details in spite of our repeated requests.
The Proprietorship/Partnership companies are being registered at the
Provincial Registrar of Companies and when the owner refuses to provide such
details, it is not possible to obtain registration/ownership details from the
registry and verify the accuracy of the details given by the subject.
·
Location.
The Subject
Company and is located at the client #
52/14, Panchikawatta Road, Colombo 10, a prominent area where motor spare parts
dealers in operation. The premise is a dwelling house cum office and the
subject is operating as an Indenting Agent for his customers.
·
Operational
Details.
General
The subject company’s primary
line of business is Indenting Agent for supply of motor cycle spare parts for
specific customers in Sri Lanka
Products
Motor Cycle Spare
Parts
Import Country
Pakistan. Subject says that he intends to commence
importing spare parts from China in the near future.
No of Employees
01 employee
·
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 Company with
Limited Liability/Proprietorship/Partnership is not required to make public
disclosure of their annual financials. Therefore no Financials are available
for this entity
·
General Comments
The subject company when contacted provided some information to prepare this
report and are been included. However, he declined to disclose any financial
information.
·
Trade references
The subject
company did not 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.58.94 |
|
|
1 |
Rs.90.47 |
|
Euro |
1 |
Rs.77.86 |
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.