MIRA INFORM REPORT

Report No. :	322532
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	LINENCO (PVT) LTD

Registered Office :	# 216/ 1, Main Street , Colombo 11

Country :	Sri Lanka

Date of Incorporation :	31.10.2013

Com. Reg. No.:	PV 95311

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Manufacturer, Trader and distributors of textile

No. of Employee :	Approx. 10

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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

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

GENERAL

- Basic information at a glance

a.	Name of Subject of Inquiry	:	LINENCO (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Abdullah Mohammed Laffir Sameena Laffir.
d.	Primary Line of Business	:	Manufacturer, Trader and distributors of textile.
e.	Head office & Place of Business	:	# 216/ 1, Main Street , Colombo 11, Sri Lanka. Tel. No: (00 94 11) 244 0823 Fax No: (00 94 11) 243 4606 Mobile; (00 94 77) 331 3998 (Mr. Sakir) (00 94 77) 732 1606 (Mr. Laffir) E-Mail: linencopvtltd@gmail.com
g.	No. of Employees	:	Approx. 10

COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	PV 95311
	Date of Registration		31^st October 2013
b.	Registered Office	:	No 216 /1, Main Street, Colombo 11.
c.	Board of Directors As At 31^st October 2013	:	Abdullah Mohammed Laffir	Managing Director
			Sameena Laffir (Ms)	Director
d.	Issued Share Capital	:	Rs. 2,000,020.00
	Number of Shares		200,002
	Nominal Value of Share		Not applicable vide Companies Act #7 of 2007
e.	Share Holders 31^st October 2013	:	Share Holders		No. of Shares
			Abdullah Mohammed Laffir		160,001
			Sameena Laffir		40,001
f.	Auditors	:	S.M.J. Associates
g.	Company Secretaries	:	I M S Corporate Services (Pvt) Ltd #291/2, Havelock Road, Colombo 06
h.	Bankers	:	Muslim Commercial Bank, Amana Bank

Directors’ Details

01)

Name	Abdullah Mohammed Laffir
Nationality	Sri Lankan
ID Number	652981208 V
Gender	Male
Date of Birth	24^th October 1965
Age	49 Years
Address	No 28/1, Shrubbery Gardens Bambalapitiya Colombo 04.

02)

Name	Sameena Laffir
Nationality	Sri Lankan
ID Number	635130725 V
Gender	Female
Date of Birth	13^th January 1963
Age	52 Years
Address	No 28/1, Shrubbery Gardens Bambalapitiya Colombo 04.

FINANCIAL DETAILS

- Most recent available Financial Information

The company has declined to provide information on its finances without knowing

the identity of the end user as they are fearing that the details will go to wrong hands or the

Competitors etc.

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

Particulars			31.03.2015

Sales Turnover (Approximately)			40 Corer

Expected Sales (2015-2016): Rs. 50 Corer

Current investigation

History.

The Subject Company Linenco (PVT) LTD is a Private Limited liability Company incorporated on 31^st October 2013 under registration number PV 95311.

Location.

The Subject Company is located at the client # 216 /1, Main Street, Colombo 11.

Operational Details.

General

The subject company’s primary line of businesses is Import and distributors of textile

Products

All kinds of Textile such as fabrics, suiting, shirting, sarees etc.

Country (Importers of)

India

Employees

Approx. 10

Trade references

Not Available

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.

Information parted by

Name :	Mr. Sakir
Designation :	Accountant
Contact No.:	(009477) 3313998
Date :	19.05.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.86
UK Pound	1	Rs.98.89
Euro	1	Rs.70.73

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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%)

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