MIRA INFORM REPORT

Report No. :	356512
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	MULTY FABRICS

Registered Office :	# 94/1, 2^nd Cross Street, Colombo 11

Country :	Sri Lanka

Date of Incorporation :	Not Available

Com. Reg. No.:	Not Available

Legal Form :	Proprietorship Company (In Operation)

Line of Business :	Importers, wholesale and retail dealers in textiles

No. of Employees :	Approx. 10

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Sri Lanka

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 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

GENERAL - Basic information at a glance

a.	Name of Subject of Inquiry	:	MULTY FABRICS
b.	Legal Form & Status	:	Proprietorship Company (In Operation)
c.	Proprietor	:	H.A.M. Haroon
d.	Primary Line of Business	:	Importers, wholesale and retail dealers in textiles
e.	Head Office & Place of Business	:	# 94/1, 2^nd Cross street, Colombo 11 Sri Lanka. Tel. No: (00 94 11) 233 8054 Fax. No: (00 94 11) 239 1023 Mobile: (00 94 77) 730 8654 (Mr. Haroon) Email: multyfabrics@gmail.com
g.	No. of Employees	:	Approx. 10

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	-Not Disclosed-
b.	Date of Registration	:	-Not Disclosed-
c.	Registered Office	:	# 94/1, 2^ndCross street, Colombo 11
d.	Proprietor	:	H.A.M. Haroon
e.	Auditors	:	-Not Disclosed-
f.	Company Secretaries	:	-Not Applicable for this category of Companies
g.	Bankers	:	Nation Trust Bank

FINANCIAL DETAILS - Most recent available Financial Information

The proprietor was contacted but he declined operational or financial details without the identity of the end user of the enquiry.

It should be noted that the particular industry segment the company is involved has very Good Growth potential and as such it can be expected for the company to expect a good income Prospects

(Note: Based on the corporate laws of Sri Lanka, business entities which are Private Company with Limited Liability/ partnerships / proprietorships are not required to make public disclosure ofTheir annual Financials. Therefore no detailed financials are available for this entity)

CURRENT INVESTIGATION

· History.

The subject company, MULTY FABRICS is Proprietorship Company, in operation.

Our investigators visited the subject company located at the client, and contacted the proprietor. He provided basic details of the company but declined operational details without the identity of the end user of the enquiry.

(The Proprietorship/Partnership companies are being registered at the Provincial

Registrar of Companies ( in this case Colombo)and when the owner refuses to provide

Details such as Registration number, date of registration, auditors etc., it is not

Possible to obtain such details from the registry.)

· Location

The Subject Company is located at the client given address # 94/1, 2^nd Cross Street,

Colombo 11, a highly Commercial/business area.

· Operational Details.

General

The subject company primary line of business is Importers, wholesale and retail dealers in

TEXTILES

Products

Curtain and cushion fabrics

Import Country

China

No of Employees

Approx. 10

· 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 knowledge

INFORMATION declined

Management non co-operative [0009411-2338054 / 0009411-2338133]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.13
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55
LKR	1	Rs.0.46

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	NNA

Analysis Done by :	TRI

Report Prepared by :	TPT

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%)

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