|
Report No. : |
330433 |
|
Report Date : |
13.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
TEX LANKA |
|
|
|
|
Registered Office : |
St Mary’s
Mawatha, Makandura Road, Badalgama. |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Year of Establishment : |
2002 |
|
|
|
|
Legal Form : |
Partnership Company |
|
|
|
|
Line of Business : |
Manufacture and Distributor of Fabrics, Textiles, Thread and
Accessories. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
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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 |
|
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 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 |
: |
TEX LANKA |
|
b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
|
c. |
Managing Partner
|
: |
Mr.
Kumaravel Ilangeswaran |
|
d. |
Primary Line of Business |
: |
Manufacture and
distributor of fabrics, Textiles, thread and accessories |
|
e. |
Head office & Factory |
: |
St Mary’s Mawatha, Makandura Road, Badalgama. Sri Lanka Tel.
No: (00 94 31) 229 9461 / 229 8068 Fax
No: (00 94 31) 229 8069 Mobile:
(00 94 77) 305 1060 E-mail
: tltex@sltnet.lk |
|
f. |
No. of Employees |
: |
Not
disclosed. |
- Registration and
Shareholder Details
|
a. |
Registration No |
: |
- Not Disclosed- |
|
|
b. |
Date of Registration |
: |
Estb. 2002 |
|
|
c. |
Registered Address |
: |
St Mary’s Mawatha, Makandura Road, Badalgama. |
|
|
d. |
Partners. |
: |
K. Ilangeswaran |
Managing Partner |
|
K. Nagulaswaran |
Partner |
|||
|
e. |
Auditors |
: |
- Not Disclosed- |
|
|
f. |
Company Secretaries |
: |
- Not applicable for this category of companies |
|
|
g. |
Bankers |
: |
Seylan Bank Plc. |
|
- Most recent
available Financial Information
Managing Partner
very politely declined financial details without knowing the identity of the
end user due to security reasons.
Note: Based on the corporate laws of Sri Lanka,
legal entities which are Private Company with
Limited
Liability/Partnerships/Proprietorships are not required to make public
disclosure of their annual financials. Therefore no financials are available
for this entity
·
History.
The Subject Company TEX LANKA is a Partnership Company.
The Proprietor of the subject
company was contacted and he provided limited details
only and declined to provide
operational and financial details.
The information received, so far,
is included in this report
(Note: The Proprietorship/Partnership companies are being registered at the
Provincial Registrar of Companies (in this case Mirigama, Gampaha District) and
when the owner refuses to provide such details, it is not possible to obtain
such details from the registry.)
·
Location.
The Subject Company is located at the client St. Mary’s Mawatha,
Makandura Road, Badalgama and factory also located at the given
address, which is
In the Gampaha District,
approx. 50 kilo meters north of Colombo city.
·
Operational
Details.
General
The subject company primary
line of business is Manufacture and
distributor of fabric tread, Yarn, Machinery
& Spare Parts, Textile and related aspects services to the customers
Products
Fabric tread
Water Jet weaving: Satin and
Printed curtains
Synthetic materials
Importing Country
Raw materials imported
from India and China for local market.
Employees
Not disclosed
·
General Comments
The subject company when contacted provided limited information to
prepare this report and declined to disclose any operational or financial
information, However all information received is from non-formal sources but
clearly originating from the company.
·
Trade references
The subject
company did not provide any trade reference referrals
·
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.
MANAGEMENT NON CO-OPERATIVE
Contact No.: (009431) 2299461
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.