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Report No. : |
312246 |
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Report Date : |
27.03.2015 |
IDENTIFICATION DETAILS
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Name : |
IRA ENTERPRISES |
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Registered Office : |
#129, Pamunuwa Road, Maharagama |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Proprietorship Concern |
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Line of Business : |
Engaged as Importer, manufacturer and distributor of all kinds of textiles and Readymade Garments for Men, Women and children such as T-Shirts, Blouses & Dresses |
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No of Employees : |
Not Available [NOTE: 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 |
|
Name of Subject of Inquiry |
: |
IRA ENTERPRISES |
|
Legal Form & Status |
: |
Proprietorship
Concern (In Operation) |
|
Managing
Proprietor |
: |
I.G. IRIN (Mrs) |
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Primary Line of Business |
: |
Engaged as Importer, manufacturer
and distributor of all kinds of
textiles and Readymade Garments
for Men, Women and children such
as T-Shirts, Blouses & Dresses |
|
Head Office & Place of
Business |
: |
#129, Pamunuwa Road, Maharagama. Sri Lanka
Tel. No: (00 94 11) 285 1938 Mobile: (00 94
77) 730 2476 E-mail: iratextiles@yahoo.com |
|
No. of Employees |
: |
Not Disclosed |
|
Registration No |
: |
Not Disclosed |
||
|
Date of
Registration |
: |
Not Disclosed |
||
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Registered
Address |
: |
#129, Pamunuwa Road, Maharagama, Sri Lanka |
||
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Proprietor |
: |
Mrs. I. G. Irin |
Managing Proprietor |
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Auditors |
: |
Not disclosed |
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Bankers |
: |
Not Disclosed |
||
The Manager of the company was contacted and he declined
details without the identity of the enquiring party
It should be noted that the particular industry segment the company is involved has very good growth potential and as such it can be expected for the company to expect a fair growth prospects.
(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.)
History
The Subject Company IRA
ENTERPRISES is Proprietorship Company incorporated with the Provincial Registrar of Companies, Western Province, Colombo and
is in operation.
The manager of the company declined to provide registration and operational details without knowing the identity of the enquiring party.
(Note: The Proprietorship/ Partnership companies are being registered at the Provincial Registrar of Companies and if the owner does not provide the registration details it is not possible to extract such details from the Registrar’s office to verify same.)
It is stated that the subject is having an online-trading company named “UKNITTERS” in operation in the same building.
Location
The Subject Company is located at the #129, Pamunuwa Road, Maharagama, a highly
commercial business area in the city where textile merchants are in operation.
Operations Details
General
The subject company’s primary line of business is Import, manufacture and distribution of textiles and readymade garments
Products
All kinds of textiles and readymade garments for men, women and children such as tea shirts, blouses, dresses
Importing
Countries
China, India
Employees
Not Disclosed
Appraisal of
Subject Company
|
Rating: |
|
|
a) Management
Capability |
Average |
|
b) Commercial
Morality |
Average |
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c) Reputation |
Average |
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d) Market
Situation |
Very Competitive |
|
Name : |
Mr. Sanjivan |
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Designation : |
Manager |
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Contact No.: |
(009477) 7302476 |
|
Date : |
20.03.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
UK Pound |
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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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 |
|
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.