|
Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MULTI HEADWEAR
INDUSTRIAL WORKS |
|
|
|
|
Registered Office : |
# 71, Dematagoda
Road, Colombo 09 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Legal Form : |
Proprietorship Company |
|
|
|
|
Line of Business : |
Exporters importers & commissioned agents of uniform items |
|
|
|
|
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 – 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 |
: |
MULTI HEADWEAR INDUSTRIAL WORKS |
|
b. |
Legal Form & Status |
: |
Proprietorship Company (IN OPERATION) |
|
c. |
Managing Proprietor |
: |
M.H.M. Ghouse |
|
d. |
Primary Line of Business |
: |
Exporters Importers & Commissioned Agents of Uniform Items |
|
e. |
Office & Places of Business |
: |
# 71, Dematagoda
Road, Colombo 09, Sri Lanka Tel./Fax. No: (00 94 11) 268 5416 E-mail: multisl@sltnet.lk |
|
f. |
No. of Employees |
: |
Not Disclosed |
|
a. |
Registration No |
: |
Not Disclosed. |
|
|
b. |
Date of
Registration |
: |
Not Disclosed. |
|
|
c. |
Registered Address |
: |
# 71, Dematagoda
Road, Colombo 09 |
|
|
d. |
Proprietor |
: |
M.H.M. Ghouse |
Managing
Proprietor |
|
e. |
Auditors |
: |
Not Disclosed |
|
|
f. |
Bankers |
: |
Not Disclosed |
|
Most recent available Financial Information
Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity
History:
The subject company, MULTI HEADWEAR INDUSTRIAL WORKS is Proprietorship Company in operation. Company Registration details not provided by the company in spite of repeated requests made.
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 # 71,
Dematagoda Road,
Colombo 09
Operational Details.
The main line of
business of the subject company is Exporters
Importers & Commissioned Agents of Uniform Items
Products
Peak Caps
Ceremonial Helmets
Whistles
Lanyards
Cross Belts
Leathers Shoes & Boots
Duck Caps
Cap Badges
Shoulder Flashes
Aguilettes
Canvas Belts
Holsters
Beret Caps
Buttons for Uniforms (embedded logo)
Epaulettes
Leather Belts
Buckles (embedded logo)
Swords
Countries
India
No of Employees
Not Disclosed
Financial Data
Based on the corporate laws of Sri Lanka, legal entities which are Private Companies with Limited Liability are not required to make public disclosure of their annual financials.Therefore no financials are available for this entity
Credit Recommendations
Since no financial or any other company 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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.