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Report Date : |
02.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TEXUS LINEN (PVT)
LTD |
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|
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Registered Office : |
# 248, Thimbirigasyaya Road, Colombo 05 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
26.08.2009 |
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Com. Reg. No.: |
PV 68942 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Engaged as Manufacturer and Supplier of Bed and Bath Linen for hotels |
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No of Employees : |
Not Available [We tried to confirm the number of employees but no one is ready to
part any information from the company management.] |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Sri Lanka |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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 |
|
Name of Subject of Inquiry |
: |
TEXUS LINEN (PVT) LTD
|
|
Legal
Form & Status |
: |
Private Limited Liability Company (In
operation) |
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Managing
Director |
: |
Alexander Raj Mohan David |
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Primary
Line of Business |
: |
Manufacture and Supplier of
Bed and Bath Linen for hotels |
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Head office &
Place of Business |
: |
# 248, Thimbirigasyaya Road, Colombo 05, Sri Lanka. Tel. No: (00 94 11)
536 9490 Fax No: (00 94 11) 536
9491 Email: info@texusgroup.lk |
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No. of Employees |
: |
Not Disclosed |
|
: |
PV 68942 |
|||||
|
Date of Registration |
: |
26th August 2009 |
||||
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Registered Office |
: |
# 248, Thimbirigasyaya Road,
Colombo 05 |
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Board of Directors As At 30th September 2012 |
: |
Alexander Raj Mohan David |
Managing Director |
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|
Rochelle
Gloria David |
Director |
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Sukirrthadevei
David |
Director |
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Issued Share Capital |
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Rs.
300.00 |
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Number of Shares |
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03 |
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Nominal Value of Share |
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Not applicable vide Companies Act #7 of
2007 |
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Share Holders As At 30th September 2012 |
: |
Share Holders |
No. of.
Shares |
|||
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Alexander Raj Mohan David |
01 |
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Rochelle
Gloria David |
01 |
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Sukirrthadevei
David |
01 |
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Auditors |
: |
Saleem
& Company (# 61,
Balapokuna Road, Kirulapone, Colombo 06) |
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Company Secretaries |
: |
Management
& Accounting Link (Pvt) Ltd (# 40,
Ridgeway Place, Colombo 04) |
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Bankers |
: |
Not
Disclosed |
||||
Most recent available Financial 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)
·
History.
The Subject Company TEXUS
LINEN (PVT) LTD is a private Limited Liability Company incorporated
in 26th August 2009 under
the registration number PV 68942.
·
Location.
The Subject Company head Office is located at the client # 248,
Thimbirigasyaya Road, Colombo 05
The subject company factory is located at # 88, Wattalpola, Panadura
·
Operational Details.
General
The subject company’s
primary line of business is Manufacture and Supplier of Bed and Bath Linen
for hotels.
Products
Bed and Bath Linen for Hotels
No of Employees
Not Disclosed
·
Trade
references
Board of Investment (BOI)
·
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.
|
Rating: |
|
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a) Commercial Morality |
Average |
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b) Reputation |
Average |
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c) Market Situation |
Very Competitive |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.76.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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.