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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
F.N.T.Z GARMENTS (PVT) LTD
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Registered Office : |
No 182/ 1, Ganemulla Road, Suriyapaluwa Kadawatta |
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Country : |
Sri Lanka |
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Date of Incorporation : |
25.06.2013 |
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Com. Reg. No.: |
PV 93052 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
· importer of textiles, fabrics & yarn · manufacturer of garments |
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No. of Employees |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
--- |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 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 |
|
Name of Subject of Inquiry |
: |
F.N.T.Z GARMENTS
(PVT) LTD |
|
Legal
Form & Status |
: |
Private Limited Liability Company |
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Managing
Director |
: |
Mohamed
Ibrahim Mohamed Jaffer |
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Primary
Line of Business |
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Import, Export and manufacture of garments
materials |
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Head
Office, Place of Business &
Factory |
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No 182,/ 1,
Ganemulla Road, Suriyapaluwa , Kadawatha Tel : (00 94
11) 244 9090, 236 0454 Fax.: (00 94
11) 244 9090 Contact person : +94-777
393 055/ +94-11-236 0454 (Mr. Jaffer) Email : fntzgarments@gmail.com |
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No. of
Employees |
: |
-Not Disclosed- |
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Registration No |
: |
PV 93052 |
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Date of Registration |
: |
25th June 2013 |
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Registered Office |
: |
No 182/ 1, Ganemulla Road, Suriyapaluwa Kadawatta. |
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Board of Directors As
At 25th June 2013 |
: |
Mohamed Ibrahim Mohamed Jaffer |
Managing Director |
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Ahamed
Fuzly Zahir |
Director |
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Issued Share Capital |
: |
Rs. 20.00 |
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Nominal Value of Share |
: |
Rs. 10.00 |
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Share Holders As
At 25th June 2013 |
: |
Share
Holders |
No.
of Shares |
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Mohamed Ibrahim Mohamed Jaffer |
01 |
||
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Ahamed
Fuzly Zahir |
01 |
||
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Auditors |
: |
-Not Disclosed- |
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Secretaries |
: |
Abdul
Sathor Mohamed Ismath |
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THE COMPANY HAS DECLINED TO PROVIDE ANY FINANCIAL INFORMATION
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 F.N.T.Z GARMENTS (PVT) LTD is
a Private Limited Liability
Company incorporated on 25th
June 2012 under registration number
PV 86727.
· Location
The
Subject Company is located at client No 182/ 1, Ganemulla Road,
Suriyapaluwa Kadawatha, Approx. 20 kilo
meters from Colombo.
The client given contact number
0112437632 is an unused number.
·
Operational
Details.
General
The subject company primary
line of business is Importing Textiles, fabrics & Yarn and Manufacture
of garments.
Our investigators for several
times were in contact with Mr. Jaffer to obtain company operation/financial
details but provided only the information included in this report.
Products
Garments
Import Countries
Raw materials imported from India, China
Employees
- Not
Disclosed-
01)
|
Name |
Mohamed Ibrahim Mohamed Jaffer |
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ID Number |
660594949 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
28th February 1966 |
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Age |
48 Years |
02)
|
Name |
Ahamed
Fuzly Zahir |
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ID Number |
641090883 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
18th April 1964 |
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Age |
50 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 reference referrals
·
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
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Rating: |
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a) Business Scale |
NR- Insufficient Information on finance and operation |
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b) Business Trend |
NA |
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c) Management Capability |
NA |
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d) Commercial Morality |
NA |
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e) Reputation |
NA |
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f) Market Situation |
Very Competitive |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.