|
Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAC IMPEX |
|
|
|
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Registered Office : |
# 10/2, Dematagoda Place, Colombo 09. |
|
|
|
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Country : |
Sri Lanka |
|
|
|
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Date of Incorporation : |
Not Available |
|
|
|
|
Legal Form : |
Proprietorship Company |
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|
|
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Line of Business : |
Importers & Distributors of Tobacco (Beedi) Leaves |
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|
|
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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 |
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|
|
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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 |
|
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 |
: |
MAC IMPEX |
|
b. |
Legal Form & Status |
: |
Proprietorship
Company |
|
c. |
Proprietor |
: |
Hassan |
|
d. |
Primary Line of Business |
: |
Importers &
Distributors of Tobacco (Beedi) Leaves |
|
e. |
Place of Business |
: |
# 10/2, Dematagoda Place, Colombo 09. Sri Lanka. Tele. No: (00 94 77) 770 7797 (Mr. Hassan) Fax No: (00 94 11) Not disclosed/Not listed in the Directory |
|
f. |
No. of Employees |
: |
Not Disclosed. |
|
a. |
Registration No |
: |
Not
Disclosed |
||
|
b. |
Year of Registration |
: |
Not
Disclosed |
||
|
c. |
Registered Address |
: |
# 10/2,
Dematagoda Place, Colombo 09. Sri Lanka |
||
|
d. |
Proprietor |
: |
Mr.
Hassan |
|
|
|
e. |
Auditors |
: |
Not
Disclosed |
||
|
f. |
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
Subject Company MAC IMPEX is a Proprietorship company.
When contacted, Mr. Hassan, who claimed to be the Proprietor of the
subject company informed us that their company imports and distribute Tobacco
(Beedi) Leaves, and declined to disclose
any operational details of the Company,
without knowing the details of the end user of this report. Further he
said that he is having reliable importers and no need to have any more now as
they are dealing direct with his suppliers and the banks.
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 to verify the
Partnership/Proprietorship details etc and check the authenticity of the
details provided by the subject company.
Note: Please be
noted that we had to take extra time for this report anticipating a reply from
the owner but received no response.
Location.
The business place of the Subject Company is presently located at the
client #10/2, Dematagoda Place, Colombo-
09, a residential and business location in the Colombo City. The premises
is a dwelling house and the owner said that it is his registered business
office and declined to provide the address of business place.
Operational
Details.
The subject company’s primary line of business is Import & distribution
of Tobacco (Beedi) Leaves.
Products
Tobacco (Beedi) Leaves
Imports &
Countries
India
No of Employees
Not disclosed.
The company has refused to provide information on its finances without knowing
the details of the end user of this report.
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
The subject company did not provide any trade
references
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.63.67 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.72 |
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.