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Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAC IMPEX |
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Registered Office : |
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Country : |
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|
|
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Date of Incorporation : |
2009 |
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Legal Form : |
Proprietorship |
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Line of Business : |
Importer & Distributors of Tobacco (Beedi) Leaves. |
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No of Employees : |
1 |
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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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
: |
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) |
|
f. |
No.
of Employees |
: |
1 |
|
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
(Note: 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 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,
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.
·
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 computerized 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.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Hassan |
|
Designation : |
Proprietor |
|
Contact No.: |
0094777707797 |
|
Date : |
01.10.2014 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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.