|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEXCOM INTERNATIONAL |
|
|
|
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Registered Office : |
# 19, Grandpass Road, Colombo- 14 |
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|
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Country : |
Sri Lanka |
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|
|
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Date of Incorporation : |
Not Available |
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|
|
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Legal Form : |
Partnership Company (In Operation) |
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|
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Line of Business : |
Importers, Wholesalers and retailers of
Textiles & Fabrics |
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|
|
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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 |
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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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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.
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. 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, but strong
remittances from Sri Lankan workers abroad help offset the trade deficit.
Government debt of about 80% of GDP remains among the highest in emerging
markets.
|
Source
: CIA |
|
a. |
Name of Subject of Inquiry |
: |
TEXCOM
INTERNATIONAL |
|
b. |
Legal Form & Status |
: |
Partnership
Company (In Operation) |
|
c. |
Managing Partner |
: |
Mohamed Rizvin |
|
d. |
Primary Line of Business |
: |
Importers, Wholesalers and retailers of Textiles & Fabrics |
|
e. |
Place of Business |
: |
# 19, Grandpass Road, Colombo- 14, Sri Lanka. Tel. No: (00 94
11) 232 5063 / 514 7962 Fax. No: (00 94
11) 243 4905 Email: texcom@sltnet.lk
|
|
f. |
No. of Employees |
: |
Not disclosed |
|
a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Date of Registration |
: |
Not Disclosed |
|
|
c. |
Registered Address |
: |
# 19, Grandpass Road, Colombo- 14, Sri
Lanka. |
|
|
d. |
Partners |
: |
Mohamed Rizvin |
Managing Partner |
|
Not disclosed |
Partner |
|||
|
e. |
Auditors |
: |
Not disclosed |
|
|
f. |
Bankers |
: |
Not disclosed |
|
Based
on the corporate laws of Sri Lanka, legal entities which are Private Companies with
Limited Liability/Proprietorships/Partnerships is not required to make public
disclosure of their Annual financials. Therefore no financials are available
for this entity
History.
The Subject Company is a
Partnership Company, in operation.
Note:
When the subject was contacted a person named Ahamed who claimed to be the person handling all enquires of the
company declined to provide company registration and other operational details
without the identity of the end user of the enquiry, due to reasons untold, in
spite of our explaining to him. However, our formal letter requesting company
details was handed over to him, but up to date no response received.
Proprietorship/Partnership
companies are registered at the Provincial Registrar of Companies, and when the
management do not disclose details it is not possible to extract information re
ownership etc from the Registry due to the existing scenario there.
Location.
The Subject Company is located at the client # 19, Grandpass road,
Colombo-
14, Sri Lanka, one of main commercial areas in Colombo city. Company is
housed on one half (1/2) of the ground floor
of the “HICOM International” building..
We also noticed another business /shop belonging to the subject company
at No. 50, Reclamation Road, Colombo 11.
General
The subject company primary line of business is Import &
Wholesale/retail dealers of Textiles and fabrics.
Products(Imports)
All kinds of Textiles & fabrics.
Import Countries
China, India, Pakistan
No of Employees
Not disclosed
Based on the corporate laws of Sri Lanka, legal entities which are
Private Companies with Limited Liability is not required to make public
disclosure of their annual financials.
Therefore no financials are available for this entity
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.59.06 |
|
UK Pound |
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.