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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
RELAXS STEEL |
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Registered Office : |
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Country : |
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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 : |
Importers and General Hardware Merchants and Suppliers |
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No. of Employees : |
Approx.20 |
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 – 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 |
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Restricted |
C2 |
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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 |
: |
RELAXS STEEL |
|
b. |
Legal Form & Status |
: |
Proprietorship Company (in operation) |
|
c. |
Managing
Proprietor |
: |
Vijayakumar |
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d. |
Primary Line of Business |
: |
Importers and General Hardware Merchants and Suppliers
|
|
e. |
Office & Places of Business & |
: |
#
311, Old Moor Street, Colombo- 12 Sri
Lanka Tel.
No: (00 94 11) 462 8462, 247 8380,
243 8308 Fax No: (00 94 11) 233 5653 E Mail: relax_steel@yahoo.com New Shop # 449, Old Moor Street, Colombo 12. |
|
f. |
No. of
Employees |
: |
Approx.20 |
|
a. |
Registration No |
: |
Not Disclosed |
||
|
b. |
Date of Registration |
: |
Not Disclosed |
||
|
c. |
Registered Office |
: |
#
311, Old Moor Street, Colombo -12. |
||
|
e. |
Proprietor |
: |
Vijayakumar |
Managing Proprietor |
|
|
Auditors |
: |
Not Disclosed |
|||
|
g. |
Bankers |
: |
Not Disclosed |
||
Based
on the corporate laws of Sri Lanka, legal entities which are Private Company
with Limited Liability Partnerships/Sole Proprietorship are not required to
make public disclosure of their annual financials. Therefore no financials are
available for this entity.
·
History.
The Subject Company RELAXS STEEL is Proprietorship Company, in operation.
When
company was contacted, declined to provide registration and operational
details without any identity of the enquired party.
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 Subject
Company is located at the client given address # 311, Old Moor Street, Colombo -12, a prominent area where hardware merchants are in
operation. Subject also hving another shop at
·
Operations
Details.
General
The subject
company primary line of business is Import,
supply & distribution of all kinds of General Hardware & Building
materials.
Products:
All kinds of hardware items such as:
Tubes, Pipes,
Steel Sheets, Steel, Aluminium and PVC
sheets, Tools, Scaffoldings etc.
Import Countries
India, China, Pakistan
Employees
Approx. 20
·
Financial Data
Based on the
corporate laws of Sri Lanka, legal entities which are Private Company with
Limited
Liability/ Partnerships/Sole
Proprietorship is not required to make public disclosure of their
Annual
financials. Therefore, no Financials are available for this entity.
·
Trade references
The subject
company is said to be holding membership of the following organisation
-
The Ceylon Hardware Merchants Association
·
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.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
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.