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Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SOLO INTERNATIONAL (PVT) LTD |
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Registered Office : |
# 512/I, Ulpatha Kumbura, Ragama. |
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Country : |
Sri Lanka |
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Date of Incorporation : |
18.09.2012 |
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Com. Reg. No.: |
PV 88299 |
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Legal Form : |
Private Limited Liability Company
(In operation) |
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Line of Business : |
Manufacture, import, export, distribute and retail dealers of pigments and pigment related products, chemicals |
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No. of Employees : |
Approximately 100 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
---- |
NB |
New Business |
---- |
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Status : |
New Company |
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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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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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, 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 |
|
Name of Subject
of Inquiry |
: |
SOLO
INTERNATIONAL (PVT) LTD |
|
Legal Form
& Status |
: |
Private
Limited Liability Company (In
operation) |
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Managing Director |
: |
C. Jude Gamini Kumara Anthony |
|
Primary Line of
Business |
: |
Manufacture,
import, export, distribute and retail dealers of pigments and pigment related
products, chemicals |
|
Head
Office & Place of Business |
: |
# 512/I, Ulpatha Kumbura, Ragama. Tel No : (00 94 11) 573 4951-2 Fax No : (00 94 11) 440 6310 E-Mail: sn@texcolours.com |
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No.
of Employees |
: |
Approximately
100 |
|
Registration No |
: |
PV
88299 |
|
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Date of Registration |
: |
18th
September 2012 |
|
|
Registered Office |
: |
# 512/I, Ulpatha Kumbura, Ragama. |
|
|
Board of Directors As at 18th September 2012 |
|
C. Jude Gamini Kumara Anthony |
Managing Director |
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Issued
Share Capital |
: |
Rs. 10.00 |
|
|
Nominal Value of Share |
: |
Rs. 10.00 |
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Share Holders As at 18th September 2012 |
: |
Share Holders |
No. of
Shares |
|
Conganige Jude Gamini Kumara Anthony |
01 |
||
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Auditors |
: |
Not Disclosed |
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Company Secretaries |
: |
Hadam
Bawa Abdul Latheef |
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Bankers |
: |
Sampath
Bank, Bank of Ceylon, Commercial Bank |
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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 SOLO INTERNATIONAL (PVT) LTD is a Private Limited liability Company incorporated on 18th September 2012 under registration number PV 88299.
·
Location.
The Subject
Company is located at # 512/I, Ulpatha
Kumbura, Ragama. The client given
address # 5/2/ is incorrect.
·
Operational
Details.
General
The subject company primary
line of business is Manufacture, import,
export, distributors and retail dealers of pigments and pigment related
products, and chemicals.
Products
Pigments and
pigment related products, chemicals, boot sheets, towels, and cumblies
No of Employees
Approximately 100
Directors’ Details
01)
|
Name |
Conganige Jude
Gamini Kumara Anthony |
|
Nationality |
Sri Lankan |
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ID Number |
711270400 V |
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Gender |
Male |
|
Date of Birth |
6th May 1971 |
|
Age |
42 Years |
·
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 is not required to make public
disclosure of their annual financials. Therefore no financials are available
for this entity
·
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.54.29 |
|
UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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.