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Report No. : |
352277 |
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Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
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Name : |
PROFEX INTERNATIONAL (PRIVATE) LIMITED |
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|
|
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Registered Office : |
#03, 08th Lane, Pagoda, Nugegoda |
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Country : |
Sri Lanka
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Date of Incorporation : |
08.04.2015 |
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Com. Reg. No.: |
PV 105028 |
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Legal Form : |
Private Limited Liability Company [In Operation] |
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Line of Business : |
Import & Distribution of Textile Machinery. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 |
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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 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 |
: |
PROFEX INTERNATIONAL (PRIVATE) LIMITED |
|
b. |
Legal Form
& Status |
: |
Private Limited Liability Company (In
Operation) |
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c. |
Managing Director |
: |
Jatinder Biala |
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d. |
Primary Line of Business |
: |
Import & Distribution of Textile
Machinery. |
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e. |
Head Office & Place of Business |
: |
#3,
8th Lane, Pagoda, Nugegoda. Tel:
(00 94 11) 276 9013 / 281 0216 / 267 4008 Email:
sethika@sltnet.lk
|
|
g. |
No.
of Employees |
: |
Not
Disclosed. |
|
Registration No |
: |
PV 105028 |
||||
|
Date of
Registration |
: |
08th April 2015 |
||||
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b. |
Registered
Address |
: |
#03, 08th
Lane, Pagoda, Nugegoda. |
|||
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c. |
Board of
Directors As At 08th
April 2015 |
: |
Jatinder Biala |
Managing Director |
||
|
Meenu Biala |
Director |
|||||
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Jaganathan Jayavardhan |
Director |
|||||
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Thirumalaiswamy Sharmila |
Director |
|||||
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d. |
Issued Share
Capital |
: |
Not Available |
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||
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No. of Shares |
: |
04 |
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e. |
Nominal Value of
Share |
: |
Not Stated vide
Companies Act #7 of 2007 |
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Registration
and Shareholder Details Cont…
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f. |
Share Holders As At 08th
April 2015 |
: |
Share Holders |
No. Of Shares |
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Jatinder Biala |
01 |
||||
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Meenu Biala |
01 |
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Jaganathan Jayavardhan |
01 |
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Thirumalaiswamy Sharmila |
01 |
||||
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g. |
Auditors |
: |
Not Available |
||
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h. |
Company
Secretaries |
: |
Malora Management and Secretarial Service
(Pvt) Ltd (#46 A, Lauries Road, Colombo 04.) |
||
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i. |
Bankers |
: |
Not Disclosed. |
||
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||||
·
Director’s Details
01)
|
Name |
Jatinder Baila |
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PP Number |
Z2140920 |
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Nationality |
Indian |
02)
|
Name |
Meenu Biala |
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PP Number |
G8699324 |
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Nationality |
Indian |
03)
|
Name |
Jaganathan
Jayavardhan |
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PP Number |
Z1942292 |
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Nationality |
Indian |
04)
|
Name |
Thirumalaiswamy
Sharmila |
|
PP Number |
Z1942289 |
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Nationality |
Indian |
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
detailed no financials are available for this entity
·
History.
The Subject Company PROFEX INTERNATIONAL (PRIVATE) LIMITED
is a Private Limited liability Company incorporated in 08th April 2015 under registration number PV 105028.
The Subject Company is a
Subsidiary Company of Sethika
International (Pvt) Ltd.
·
Location.
The Subject
Company factory/Office is located at #03,
08th Lane, Pagoda, Nugegoda.
·
Operational
Details.
General
|
The subject company primary
line of business is Import &
Distribution of Textile
Machinery. |
Products
Not Disclosed
Export Countries
Not Disclosed
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
Unable to contact [0094-11-2769013 / 2810216 / 2674008 – continuously
ringing]
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
|
LKR |
1 |
Rs.0.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
Gathered by : |
DPA |
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
TPT |
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 |
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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.