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Report No. : |
335443 |
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Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SRI LANKA UMBRELLA INDUSTRIES |
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Registered Office : |
# 5, Postmasters Place, Mount Lavinia |
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Country : |
Sri Lanka |
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Date of Incorporation : |
21.12.1989 |
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Com. Reg. No.: |
A 22853 |
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Legal Form : |
Partnership Company (In Operation) |
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Line of Business : |
Manufacture and Distributor of Umbrellas, Mosquito Nets. |
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No. of Employee : |
Approximately 1,200 (Group) |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 government's 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, but low tax revenues remain a 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 |
: |
SRI LANKA UMBRELLA INDUSTRIES
|
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b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
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c. |
Chairman |
: |
S. l. M. Fause |
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d. |
Primary Line of Business |
: |
Manufacture and Distributor
of Umbrellas, Mosquito Nets. |
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e. |
Head office |
: |
# 5, Postmasters Place, Off Templers Road, Mt-Lavinia, Sri Lanka. Tel No: (00 94 11) 747 4000 Fax No: (00 94 11) 747 4004, 276 1871 E-mail : info@rainco.lk Contact Person: Dilhara Wijenaike (Ms),
Brand Manageress Mobile: (00 94 77) 138 9358 Email: dilhara@erainco.com
Note: (00 94 77) 776 6665 – The Client given Contact Number is Wrong
Number. |
|
f. |
Factory |
: |
# 172, Colombo Road, Kadugannawa. Tel No: (00 94 81) 747 4000 |
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g. |
No. of Employees |
: |
Approximately
1,200 (Group) |
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Registration No |
: |
A 22853 |
||
|
b. |
Date of Registration |
: |
21st
December 1989 |
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c. |
Registered Office |
: |
# 5, Postmasters
Place, Mount Lavinia, Sri Lanka. |
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d. |
Partners |
: |
S. l. M. Fause |
Chairman |
|
I. L. S. Nihara |
Partner |
|||
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e. |
Auditors |
: |
Standard Accounting Services |
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f. |
Bankers |
: |
Commercial Bank Ltd |
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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 is not required to make
public disclosure of their annual financials. Therefore no financials are
available for this entity.
The Subject Company SRI LANKA UMBRELLA INDUSTRIES is a
Partnership Company incorporated on 21st
December 1989 under registration number A22853
The subject company has an associate company known as RAINCO (PVT) LTD which was initially
incorporated on 12th August
1998.
The subject company’s head office is located at # 5, Postmasters Place, Mount Lavinia. And client # 172, Colombo road, Kadugannawa is the
factory address of the subject Company.
General
The subject company primary line of business is Importer and Manufacturer of Umbrellas, Mosquito Nets, Raincoats, Awnings,
Window Blinds, and Insect Screens.
The brand name of the products is RAINCO which is a very well-known household brand in Sri Lanka.
The Subject Company only importing and manufacturing of the above
products and transfer to RAINCO (Pvt)
Ltd, which is handling the
marketing of all the products manufactured by Sri Lanka Umbrella Industries. RAINCO (Pvt) Ltd is marketing these products through their
own outlets and other nominated Retailers Island wide. The group is having 5 manufacturing plants spread island wide.
Rainco Branded products
have received the SLS 1207 quality Award and also having the ISO
9001:2000 system certification.
The company claims that in order to optimize the supply chain quality
they have established joint venture operations with suppliers in India, and Taiwan.
Importing Country
India, Taiwan
Products
Several items such as Umbrellas Mosquito Nets, Raincoats, Awnings,
Window Blinds, Insect Screens and also silver shoe polish
“RAINCO” is the brand name
Employees
Approximately 1,200 (Group)
The subject company did not provide any trade
reference referrals
This company and the products are well known
in the country.
·
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.
|
Name : |
Mr. Rizvi |
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Designation : |
Accountant |
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Contact No.: |
00094773850385 |
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Date : |
06.08.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
|
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.