MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

APEXA FASHIONS (PVT) LTD

 

 

Registered Office :

# 188/37/A, Brandiyawatta, Wellampitiya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.10.2014

 

 

Com. Reg. No.:

PV 101767

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importers and Wholesale Dealers in Textile Fabrics and Garments

 

 

No of Employees :

03 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

--

 

Status :

New Business

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

 

GENERAL

Basic information at a glance

     

Name of Subject of Inquiry

:

 

APEXA FASHIONS (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Tuwan Irfan Nasurdeen

Primary Line of Business

:

Importers and Wholesale Dealers in Textile Fabrics and Garments

Place of Business

 

 

# 177, Keyzer Street,

Colombo 11,

Sri Lanka.

 

Tel. No: (00 94 11) 243 8623

Mob. No: (00 94 77) 779 5080 (Mr. Jaffar)

Mob. No: (00 94 77) 771 7655 (Mr. Raza)

 

E-Mail: apexafashions@gmail.com

 

No. of Employees

:

Approx. 03

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

PV 101767

Date of Registration

:

29th October 2014

Registered Office

:

# 188/37/A, Brandiyawatta, Wellampitiya

Board of Directors

As At

27th October 2014

:

Tuwan Irfan Nasurdeen

Managing Director

Issued Share Capital

:

Rs. 1,000.00

Number of Shares

:

100

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

 

Share Holders

As At

27th October 2014

:

Share Holders

No. of

Shares

Tuwan Irfan Nasurdeen

100

Auditors

:

Not Disclosed. This is newly incorporated company

Company Secretaries

:

Mohamed Niyas Mohamed Safan

Bankers

:

Nation Trust Bank

 

 

Director’s Details

 

01)

Name

Tuwan Irfan Nasurdeen

ID Number

751981295 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th July 1975

Age

39 Years

Address

# 188/37/A, Brandiyawatta, Wellampitiya

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability/Partnerships/Proprietorships are not required to make public disclosure of their Annual financials.)                

                            


CURRENT INVESTIGATION

                                                                                                                                                            

·         History. 

The Subject Company APEXA FASHIONS (PVT) LTD is a Private Limited Liability Company incorporated on 29th October 2014 under the registration number PV 101767.

 

·         Location

                   The Subject Company is located at # 177, Keyzer Street, Colombo 11, a highly

                  commercial area in the city.

 

                  Client # 188/37/A, Brandiyawatta, Wellampitiya is company registered

                  address.

 

·         Operational Details. 

General

                     The subject company’s primary line of business is Importers and Wholesale Dealers in Textile Fabrics and Garments.

 

Products

Garments, Textiles

 

Import Countries

                   China, Pakistan, Indonesia

 

Employees

                    Approx. 03

 

·         Trade references

Not Available

 

·         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.

 

ANALYSIS & RATING

Appraisal and Rating of Subject Company

 

Rating:

a) Market Situation

Very Competitive

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.