MIRA INFORM REPORT

 

 

Report Date :

28.03.2014

 

IDENTIFICATION DETAILS

 

Name :

CANYON TRADING (PVT) LTD

 

 

Registered Office :

# 49, Glannie Street, Colombo 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.01.2014

 

 

Com. Reg. No.:

PV 96780

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import & Wholesale distributors of Fabrics

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New company

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

 

 

 

GENERAL

 

Basic information at a glance

       

a.

Name of Subject of Inquiry

:

CANYON TRADING (PVT) LTD

b.

Legal Form  & Status

:

 

Private Limited Liability Company (in operation)

 

c.

Managing Director

:

Mohamed Uwais Mohamed Rafeek

d.

Primary Line of Business

:

Import & Wholesale distributors of Fabrics

e.

Head Office

:

# 49, Glannie Street,

Colombo 02,

Sri Lanka.

 

Tel. (00 94 11) 721 0676

g.

No. of  Employees

:

Not Disclosed

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

 

Registration No

:

PV 96780

Date of Registration

:

29th January 2014

c.

Registered Office

:

# 49, Glannie Street, Colombo 02

d.

 

Board of Directors

As At

11th February 2014

:

Mohamed Uwais Mohamed Rafeek

Managing Director

e.

Issued Share Capital

:

Rs.     1,000.00

f.

Nominal Value of Share

:

Rs.         10.00   

g.

Share Holders

As At

11th February 2014

:

 

 Share Holders

No. of Shares

Mohamed Thahir Mohamed Ramzee

100

h.

Auditors

:

Not Disclosed

i.

Company Secretaries

:

Ameenul Huzain Fawaz

j.

Bankers

:

Not Disclosed

 

 

FINANCIAL DETAILS

 

Most recent available 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

 

                            

Current investigation

 

History.

 

The Subject Company CANYON TRADING (PVT) LTD is a Private Limited Liability Company incorporated on 29th January 2014 under registration number PV 96780.                 

          

Location.

The Subject Company’s is located at client # 49, Glannie Street, Colombo 02.

 

Operations Details.

 

General

The primary line of activity of the subject company is Import & Wholesale Distributors of Fabrics

 

Products

Fabrics

 

Country

India

 

No of Employees

Not Disclosed

 

Directors’ Details

1)

Name

Mohamed Uwais Mohamed Rafeek

ID Number

682003537 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th July 1968

Age

46 Years

 

Financial Data

               

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

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.13

UK Pound

1

Rs.99.65

Euro

1

Rs.82.91

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

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