MIRA INFORM REPORT

 

 

Report Date :

05.09.2014

 

IDENTIFICATION DETAILS

 

Name :

LINENCO  (PVT) LTD

 

 

Registered Office :

# 216/ 1, Main Street , Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

31.10.2013

 

 

Com. Reg. No.:

PV 95311

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Import and distributors of textile

 

 

No. of Employees

25

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

--

 

Status :

New Business

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

 

 

 

Company name and address

 

a.

Name of Subject of Inquiry

:

LINENCO  (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Abdullah Mohammed Laffir

d.

Primary Line of Business

:

Import and distributors of textile

e.

Head office

&

Place of Business

 

:

 

# 216/ 1, Main Street ,

Colombo 11,

Sri Lanka.

 

Tel. No: (00 94 11)  244 0823

Fax No: (00 94 11)  243 4606

 

Mobile; (00 94 77) 331 3998 (Mr. Sakir)

 

E-Mail: linencopvtltd@gmail.com

 

g.

No. of Employees

:

Approx. 25

           

 

COMPANY DETAILS 

 

 Registration and Shareholder Details

 

a.

Registration No

:

PV 95311

Date of Registration

 

31st October  2013

b.

Registered Office

:

No 216 /1, Main Street , Colombo 11.

c.

Board of Directors

As At

30th October 2013

:

Abdullah Mohammed Laffir

Managing Director

Sameena Laffir

Director

d.

 

Issued Share Capital

 

:

Rs.20.00

 

Number of Shares

 

 

02

Nominal Value of Share

 

Not applicable vide Companies Act #7 of 2007            

e.

 

Share Holders

As At

30th October 2013

:

 Share Holders

No. of

Shares

Abdullah Mohammed Laffir

01

Sameena Laffir

01

f.

Auditors

:

Inthikab

g.

Company Secretaries

:

I M S Corporate Services (Pvt) Ltd

h.

Bankers

:

 

·         Muslim Commercial Bank, Amana Bank

·         Ceylon Bank, Colombo Branch, Sri Lanka

 

 

 

Director Details

 

01)

Name

Abdullah Mohammed Laffir

Nationality

Sri Lankan

ID Number

652981208 V

Gender

Male

Date of Birth

24th Octomber 1965

Age

49 Years

Address

No 28/1 , Shrubbery Gardens Bambalapitiya Colombo 04.

 

 

02)

Name

Sameena Laffir

Nationality

Sri Lankan

ID Number

635130725 V

Gender

Female

Date of Birth

13th January 1963

Age

51 Years

Address

No 28/1 , Shrubbery Gardens Bambalapitiya Colombo 04.

 

 

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 Linenco (PVT) LTD is a Private    Limited   liability Company incorporated on 31st Octomber 2013 under registration number PV 95311.

 

Location.

 

The Subject Company is located at the client given address # 216 /1, Main Street, Colombo 11.

 

 

Operational Details

 

General

 The subject company primary line of businesses is Import and distributors of textile

 

 

Products

Textile

Country

India               

 

Employees

25

 

 

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

 

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 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.

 

 

INFORMATION PARTED BY

 

NAME

Mr. Abdullah Mohammed Laffir

DESIGNATION

Director

CONTACT

009411-2434606

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.45

UK Pound

1

Rs.99.46

Euro

1

Rs.79.46

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

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%)