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Report No. : |
330234 |
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Report Date : |
15.07.2015 |
IDENTIFICATION DETAILS
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Name : |
MEGA TEX TRADERS (PVT) LTD |
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Registered Office : |
# 63/2, Meeraniya Street, Colombo 12 |
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Country : |
Sri Lanka
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Date of Incorporation : |
02.03.2015 |
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Com. Reg. No.: |
PV104173 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Dealers in Textiles |
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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 |
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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 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 |
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a. |
Name of Subject of Inquiry |
: |
MEGA TEX TRADERS (PVT) LTD |
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b. |
Legal Form & Status |
: |
Private Limited
Liability Company |
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c. |
Managing
Director |
: |
Jiffry Mohamed |
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d. |
Primary Line of Business |
: |
Importers and Dealers in Textiles |
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f. |
Head Office & Place of
business |
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# 63/2, Meeraniya Street Colombo 12. Sri Lanka. Tel. No: (00 94 11) 438 6515 |
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g |
No. of Employees |
: |
Not disclosed. Newly established company |
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a. |
Registration No |
: |
PV104173 |
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b. |
Date of
Registration |
: |
02nd March, 2015 |
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c. |
Registered
Address |
: |
# 63/2, Meeraaniya Street,
Colombo 12. Sri Lanka. |
|||
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d. |
Board Of
Directors as at 02nd
March 2015 |
: |
Jiffry Mohamed |
Managing Director |
||
|
Mohamed Nizam Mohamed Farshad |
Director |
|||||
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e. |
Issued Share
Capital |
: |
New company. Amount not stated |
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Total No. of
shares |
: |
02 |
||||
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f. |
Nominal Value of
Share |
: |
Not stated vide companies Act #7 of 2007 |
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g. |
Share Holders as at 2nd March
2015 |
: |
Share Holders |
No of Shears |
||
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Jiffry Mohamed |
01 |
|||||
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Mohamed Nizam Mohamed Farshad |
01 |
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h.
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Secretaries
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:
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Mohamed Nizam Mohamed Farshad, #19/1/C, Sangabodhi Mawatha, Wellampitiya. |
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i. |
Auditors |
: |
Not Disclosed |
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j. |
Bankers |
: |
Not disclosed |
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01)
|
Name |
Jiffry Mohamed |
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ID Number |
912642216V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date Of Birth |
16th
September 1991 |
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Age |
24 Years |
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Address |
# 63, Silver Smith
Lane,, Colombo 12. |
02)
|
Name |
Mohamed Nizam Mohamed Farshad |
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ID Number |
883284259V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date Of Birth |
16th
September 1988 |
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Age |
26 Years |
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Address |
#19/1/C, Sangabodhi
Mawatha, Wellampitiya. |
The
company is a newly registered company and financials not available
However, it should be noted that the
particular industry/trading segment the company is involved has very good growth potential and as such it can be
expected for the company to expect a steady growth in the income in the future.
(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 detailed financials are
available for this entity)
·
History.
The Subject Company MEGA TEX TRADERS (PVT) LTD is
a Private Limited liability Company incorporated on 02nd March 2015 under
registration number PV 104173.
·
Location.
The Subject Company is
located at client #63/2, Meeraniya
Street,
Colombo 12. Sri Lanka, a highly commercial area in Colombo
city.
·
Operations
Details.
General
The subject
company primary line of business is Importers and Dealers in Textiles of all
kinds.
Products
All kinds of textiles, such as sarees,
suiting, Men’s, Boy’s, women’s Jackets, Pants, Shirts, Shorts,
Vests, Ladies Blouses,
Jackets, Pants, Shorts, Skirts etc.
Importing
Countries
China, India
Employees
Not disclosed
·
Trade references
Not disclosed
Management Non Co-operative
[000941114386515]
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.98.20 |
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Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
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Information
Gathered by : |
SVA |
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
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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.