|
Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
HIGHWAY IMPEX |
|
|
|
|
Registered Office : |
# 222/5B,
Mohideen Masjid Road, Colombo 10 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Legal Form : |
Proprietorship Company (In Operation) |
|
|
|
|
Line of Business : |
Dealers of Dry fish |
|
|
|
|
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 |
|
|
|
|
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 – 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 |
: |
HIGHWAY IMPEX
|
|
b. |
Legal Form & Status |
: |
Proprietorship Company (In Operation) |
|
c. |
Managing Proprietor |
: |
Ramzeen |
|
d. |
Primary Line of Business |
: |
Dealers of Dry
fish |
|
e. |
Office & Places of Business |
: |
#222/5B, Mohideen Masjid Road, Colombo 10. Sri Lanka Tel.
No: (00 94 77) 175 5653 Email:
happycargo2006@yahoo.com |
|
f. |
No. of
Employees |
: |
Not disclosed. |
|
a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Date of Registration |
: |
Not Disclosed |
|
|
c. |
Registered Address |
: |
# 222/5B, Mohideen Masjid Road, Colombo
10. Sri Lanka |
|
|
d. |
Proprietor |
: |
Mr. Ramzeen |
Managing Proprietor |
|
e. |
Auditors |
: |
Not Disclosed |
|
|
f. |
Bankers |
: |
Not Disclosed |
|
Subject
declined to provide details without knowing the end user of the enquiry.
Based on
the corporate laws of Sri Lanka, legal entities which are Private Company with
Limited Liability are not required to make public disclosure of their annual
financials. Therefore no financials are available for this entity
·
History:
The subject
company, HIGHWAY IMPEX is Proprietorship Company.
This subject
company is not listed in telephone directory and no contact number found. Our
Investigators had to visit the client, which is the residence of the Proprietor.
The Proprietor, Mr. Ramzeen is said to be
in Saudi and was contacted on his mobile telephone No: +94-77-1755653. He
provided some details and declined registration and operational details without
the identity of the end user of the enquiry. We were told to email our
requirements for him to reply us. Up-to -date no response from him.
(Note: the
Proprietorship/Partnership companies are being registered at the Provincial
Registrar of Companies and when the owner decline to provide license number and
date of issue details etc. it is not possible to obtain such details from the
registry.)
·
Location.
The subject company is located at #
222/5B, Mohideen Masjid Road, Colombo 10. Sri Lanka, one of the businesses cum
residential centres in Colombo. This is
the residence of the proprietor and no company/shop or even a name board found
in the premise.
Inmates could not provide any information
other than the contact number and the proprietor has gone out of the country.
·
Operational Details.
The primary line
of business of the subject company is trading of dry fish & commodities.
Products
Dry fish & commodities
No of Employees
Not disclosed. Our investigators have not
seen any one working inside the client
given
address.
·
Financial Data
Subject
declined to provide details.
Based on the corporate laws of
Sri Lanka, legal entities which are Private Companies with
Limited Liability/Partnership/Proprietorship
are not required to make public disclosure of
their annual financials.
Therefore no financials are available for this entity
·
Credit
Recommendations
Since no financial or any
other company 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
Name: Mr.
Ramzeen
Designation: Proprietor
Tel no: (0009477)
1755653
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
Calling by : |
NYA |
|
Report Prepared
by : |
PDT |
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.