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Report No. : |
301854 |
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Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SGL TRADING |
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|
|
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Registered Office : |
# 12, 3rd
Cross Street, Colombo- 11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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|
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Com. Reg. No.: |
Not Available |
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|
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Legal Form : |
Proprietorship Company [In Operation] |
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Line of Business : |
Importers & Distributors of Textiles |
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No. of Employee : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 |
|
a. |
Name of Subject of Inquiry |
: |
SGL TRADING
|
|
b. |
Legal Form & Status |
: |
Proprietorship
Company (In Operation) |
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c. |
Managing Proprietor |
: |
Mr. Haroon Ahmed |
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d. |
Primary Line of Business |
: |
Importers & Distributors Textiles |
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e. |
Office & Place of Business |
: |
# 12, 3rd
Cross Street, Colombo- 11 Sri Lanka. Tel. No: (00 94 11) 233 6652-52, 232 8981 Fax No: (00 94 11) 344 0321 |
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f. |
No. of
Employees |
: |
Approx.05 |
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a. |
Registration No |
: |
Not Disclosed |
|
|
b. |
Year of Registration |
: |
Not Disclosed |
|
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c. |
Registered Address |
: |
# 12, 3rd
Cross Street, Colombo- 11. Sri Lanka. |
|
|
d. |
Proprietor |
: |
Haroon Ahmed |
Managing Partner |
|
e. |
Auditors |
: |
Not Disclosed |
|
|
f. |
Bankers |
: |
Not Disclosed |
|
The company has declined to provide information on
its finances
Based on the
corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability/partnerships,
proprieotrships are not required to make public disclosure of their annual
financials. Therefore no financials are available for this entity
·
History:
The subject
company, SGL TRADING is Proprietorship
Company in operation.
When contacted, the manager
of the subject company informed us that their company import
textiles from India and declined to disclose any operational
details of the
Company, without knowing the
details of the end user of this report.
Our
investigators visited the client # 132, 2nd Cross Street, Colombo 11
and found that the premise and also the given contact numbers belong to another
company named Ramya Stores. After in-depth investigations, the subject company
was located at #12, 3rd Cross Street, Colombo 11.
Note:
The Proprietorship/Partnership Companies are
registered at the Provincial Registrar of Companies and as the management
declined to provide registration details it is not possible to trace company
details at the Registrar’s office.
·
Location.
The Subject Company is presently located at # 12, 3rd
Cross street, Colombo 11, one of the
main business places in Colombo City where
wholesale/retail Merchants are operating.
The client given address, # 132,
2nd Cross Street, Colombo 11 and the contact numbers
are incorrect and are belonging
to another company.
·
Operational
Details.
General
The subject company primary
line of business is Import & distribution of all kids of Textiles
Products
All kinds of Textiles/Fabrics
·
Import & Countries
India
No of Employees
Approx.05
·
Trade references
The subject
company refused to provide any trade references
·
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.
|
Name : |
Mr. Haroon Ahmed |
|
Designation : |
Proprietor |
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Contact No.: |
0094-772743315 |
|
Date : |
14.01.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.00 |
INFORMATION DETAILS
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Information
Gathered by : |
PPT |
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|
|
|
Analysis Done by
: |
SUB |
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|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.