|
Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHAHID TEXTILES |
|
|
|
|
Registered Office : |
# 90/1, 3rd Cross Street, Colombo 11 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Legal Form : |
Proprietorship Company (In
Operation) |
|
|
|
|
Line of Business : |
Importers & Distributors of Textiles |
|
|
|
|
No. of Employees : |
Not Available |
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 |
: |
SHAHID TEXTILES |
|
b. |
Legal Form & Status |
: |
Proprietorship
Company (In Operation) |
|
c. |
Proprietor |
: |
Mohamed Haniff |
|
d. |
Primary Line of Business |
: |
Importers &
Distributors of Textiles |
|
e. |
Head Office & Place of Business |
: |
# 90/1, 3rd
Cross Street, Colombo 11, Sri Lanka Tel. No: (00 94
11) 242 2010 Fax. No:(00 94
11) 233 2958 Email: sahid.mh@gmail.com |
|
g. |
No. of Employees |
: |
Not Disclosed |
|
a. |
Registration No |
: |
Not Disclosed |
|
b. |
Date of Registration |
: |
Not Disclosed |
|
c. |
Registered Office |
: |
# 90/1, 3rd
Cross Street, Colombo 11 |
|
d. |
Auditors |
: |
Not Applicable |
|
e. |
Company Secretaries |
: |
Not Applicable |
|
f. |
Bankers |
: |
Not Disclosed |
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 SHAHID TEXTILES is Proprietorship Company
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
The subject is having an associate company
named “MOHAMED HANIFF& CO.”
Note: MOHAMED HANIFF& CO & SHAHID TEXTILES located same
building first floor and second floor and both companies owner is same person
and also telephone numbers are the same.
Location.
The subject company is located at client # 90/1, 3rd Cross Street,
Colombo 11.
Highly
commercial area in the city of Colombo.
Subject
Company situated two stores building second floor. When we visited the subject
Company, but owner is not hear business place because he went to the India some
business deal. We met the company workers but they are refused to provide
details to Prepared this report.
Operational
Details.
·
General
The subject
company’ primary line of business is an Importers
& Distributors of Textiles
·
Products
Textiles, Fabrics
·
Countries
India, China
·
No of Employees
Not Disclosed
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.
Not Available
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.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.