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Report No. : |
316192 |
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Report Date : |
14.04.2015 |
IDENTIFICATION DETAILS
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Name : |
HAC INDUSTRIES |
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Registered Office : |
# 217/A, Morris Road, Ambalanwatte, Galle |
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Country : |
Sri Lanka |
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Date of Incorporation : |
1980 |
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Legal Form : |
Sole Proprietorship Company (in operation) |
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Line of Business : |
Importers & Distributors of all types of paper, boards & Stationery |
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No. of Employee : |
Approximately 50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
- Basic
information at a glance
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a. |
Name of Subject of Inquiry |
: |
HAC INDUSTRIES |
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b. |
Legal Form & Status |
: |
Sole
Proprietorship Company (in operation) |
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c. |
Proprietor |
: |
Anil K. Adhikaram |
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d. |
Primary Line of Business |
: |
Importers & Distributors
of all types of paper, boards & Stationery |
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e. |
Place of Business & Stores |
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#217/A, Morris Road, Ambalanwatte, Galle. Sri Lanka. Tel. No: (00 94
91) 223 2098 Fax No: (00 94 91) 224 4936 Contact Person:
Mr. P. Manjula, Manager |
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f. |
No. of Employees |
: |
Approximately 50 |
- Registration and
Shareholder Details
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a. |
Registration No |
: |
Not disclosed |
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b. |
Date of Registration |
: |
1980 |
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c. |
Registered Office |
: |
# 217/A, Morris Road, Ambalanwatte, Galle. Sri Lanka |
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d. |
Proprietor |
: |
Anil K. Adhikaram |
Proprietor |
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Auditors |
: |
Not disclosed |
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|
i. |
Company Secretaries |
: |
Not Applicable
for this category of companies |
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j. |
Bankers |
: |
Commercial Bank
PLC Bank of Ceylon |
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Most recent available Financial Information
The
company has declined to provide information on its finances, without the identity
of the organisation which required such classified information.
Note:
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)
The Subject Company HAC INDUSTRIES is a Sole Proprietorship Company (in operation).
The subject, when contacted
declined to provide company registration details.
(Note: The Proprietorship/Partnership Companies are registered at the
Provincial Registrar of Companies and if the management declined to provide
registration details it is not possible to trace company details at the
Registrar’s office.)
The Subject Company is located at the client, # 217/A, Morris Road,
Ambalanwatte, Galle, the main city in the Southern Province, approx. 100
kilo meters from
Colombo.
The Subject Company is situated in three storied building within a very
high commercial area in Galle town. The Subject Company is well
maintained. The building is used as a
ware house and offset printing press. It is a 3-stories building with approx.
15,000 square feet, in a 1-acre of land.
General
The subject company primary line of business is importers & distributors of all types of paper and boards and Manufacturers of Exercise Books and Offset Printers.
Subject is having two other associate companies & business
establishments
namely “HAC Trading ” and “HAC Distributors” which handle the trading
and distribution aspects of the group.
Product/Services
All types of paper and boards
Offset printing work
Manufacturers and distributors of exercise
books (Trader Name- “HAC SUPER BRAND”
Import
Countries
India, China, Indonesia, Taiwan
No
of Employees
Approximately 50
General Comments
When our investigator visited the Subject Company, they treated us well
and provided all the basic details to prepare this report.
The Southern Chamber of Commerce, Galle.
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.
MANAGEMENT NON
CO-OPERATIVE
CONTACT NO.: (009491)
22320698
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.91.06 |
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Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.