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Report No. : |
328157 |
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Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
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Name : |
F.N.T.Z GARMENTS (PVT) LTD |
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Registered Office : |
No 182,/ 1, Ganemulla Road, Suriyapaluwa, Kadawatha |
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Country : |
Sri Lanka |
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Date of Incorporation : |
25.06.2013 |
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Com. Reg. No.: |
PV 93052 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Import, Export and Manufacture of Garments
Materials. |
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No. of Employees : |
Approx.200 |
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 : |
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 |
|
Risk Category |
ECGC
Classification |
|
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 |
- Basic
information at a glance
|
a. |
Name of Subject of Inquiry |
: |
F.N.T.Z GARMENTS (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited
Liability Company |
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c. |
Managing Director |
: |
Mohamed Ibrahim
Mohamed Jaffer |
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d. |
Primary Line of Business |
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Import, Export and manufacture of garments materials |
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e |
Head Office, Place of Business & Factory |
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No 182,/ 1,
Ganemulla Road, Suriyapaluwa , Kadawatha Tel : (00 94
11) 244 9090, 236 0454 Fax.: (00 94
11) 244 9090 Contact person :
+94-777 393 055/ +94-11-236 0454 (Mr. Jaffer) Email : fntzgarments@gmail.com |
|
f. |
No. of Employees |
: |
Approx.200 |
- Registration and
Shareholder Details
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a. |
Registration No |
: |
PV 93052 |
|
|
Date of Registration |
: |
25th
June 2013 |
||
|
b. |
Registered Office |
: |
No 182/ 1, Ganemulla Road, Suriyapaluwa, Kadawatha. |
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c. |
Board of Directors As At 25th June 2013 |
: |
Mohamed Ibrahim
Mohamed Jaffer |
Managing
Director |
|
Ahamed Fuzly Zahir |
Director |
|||
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d |
Issued Share Capital |
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Rs. 20.00 |
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No. of Shares |
: |
02 |
||
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e. |
Nominal Value of Share |
: |
Not stated vide Companies Act #7 of 2007 |
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f. |
Share Holders As At 25th June 2013 |
: |
Share Holders |
No. of Shares |
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Mohamed Ibrahim
Mohamed Jaffer |
01 |
|||
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Ahamed Fuzly Zahir |
01 |
|||
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g. |
Auditors |
: |
-Not Disclosed- |
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h |
Secretaries |
: |
Abdul Sather Mohamed Ismath, #130-4/8, Main street, Colombo 11. |
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i. |
Bankers |
: |
Not disclosed |
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- Most recent
available Financial Information
The company has declined to provide any financial information
However, it should be taken in to consideration that the particular industry/trading
segment the Company involved has a good
growth potential and as such it can be expected for the
Company good income prospects
Note: Based on the corporate laws of Sri Lanka, legal entities which are
Private Company with Limited Liability is not required to make public
disclosure of their annual financials. Therefore no financials are available
for this entity
History
The Subject Company F.N.T.Z GARMENTS (PVT) LTD is a
Private Limited Liability
Company incorporated on 25th June 2012 under
registration number PV
86727.
Location
The Subject Company is located at client No 182/ 1, Ganemulla
Road,
Suriyapaluwa Kadawatha, Approx. 20 kilo meters from Colombo.
Operational
Details.
General
The subject company primary line of business is Importing Textiles,
fabrics & Yarn and Manufacture of garments.
Our investigators for several times were in contact with Mr. Jaffer to
obtain company operation/financial details but provided only the information
included in this report.
Products
Garments
Import
Countries
Raw materials
imported from India, China
Export
Countries
Europe, Middle
East, Asian countries
Employees
Approx.200
Directors Details
01)
|
Name |
Mohamed Ibrahim
Mohamed Jaffer |
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ID Number |
660594949 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
28th
February 1966 |
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Age |
49 Years |
02)
|
Name |
Ahamed Fuzly Zahir |
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ID Number |
641090883 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
18th
April 1964 |
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Age |
51 Years |
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
|
Name : |
Mr. Mahalingam |
|
Designation : |
Account Manager |
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Contact No.: |
009411 2449090 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.72.17 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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|
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Report Prepared by
: |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
<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.