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Report No. : |
349626 |
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Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SERVICES SHOES LANKA (PVT) LTD |
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Registered Office : |
Export Processing Zone, Katunayake,(Could Not be confirm from any source) |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
PV 107073 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture & Export of Footwear |
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No. of Employee : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Undetermined |
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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 |
|
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 government's 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, but low tax revenues remain a 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 |
: |
SERVICES SHOES LANKA (PVT) LTD |
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b. |
Legal Form
& Status |
: |
Private Limited Liability Company |
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c. |
Joint Managing Directors |
: |
Asanga Weerasinghe |
|
Amanda Weerasinghe |
|||
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d. |
Primary Line of Business |
: |
Manufacture & Export of Footwear |
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e. |
Place of Business |
: |
Export Processing Zone, Katunayake, Sri Lanka.
Tel: (00 94 11) 225 3137 Mob. No: (00 94 77) 718 5645 ( Mr.
Malik) |
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f. |
No. of Employees |
: |
Not Disclosed |
Registration
and Shareholder Details
|
a. |
Registration No |
: |
PV 107073 (Could not be verified due relevant file of the
subject is not found at the office of the registrar of companies. Still
Searching the file) |
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|
b. |
Registered Office |
: |
Relevant file is miss placed at the office of the Registrar of
Companies. Still searching for the file |
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d. |
Board of
Directors |
: |
Asanga Weerasinghe |
Joint Managing Director’s |
|
Amanda Weerasinghe (Updated details of other directors not
available Due to relevant file not found at the
ROC) |
||||
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f. |
Issued Share
Capital |
: |
Not Available – As above |
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g. |
No. of Shares |
: |
Not Available – As above |
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h. |
Nominal Value of
Share |
: |
Not Available – As above |
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i. |
Share Holders As At ( Other directors/shareholders details not available due to
registration file not found at the ROC) |
: |
Share Holders |
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|
Not Available – As above |
||||
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j. |
Auditors |
: |
Not Available – As above |
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k. |
Company
Secretaries |
: |
Not Available – As above |
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l. |
Bankers |
: |
Not Disclosed |
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Most recent available Financial
Information
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 SERVICES SHOES LANKA
(PVT) LTD is
a Private Limited liability Company
·
Location.
The
subject company is located at client Export Processing Zone, Katunayake
·
Operational
Details.
General
The
subject company primary line of business is Manufacture & Export of
Footwear.
Products
Footwear
Export
Country
Europe
Employees
Not Disclosed
·
Trade
references
Board of Investment
·
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. Malik |
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Designation : |
CEO |
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Contact No.: |
(0009477) 7185645 |
|
Date : |
27.11.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.68 |
|
Euro |
1 |
Rs.70.88 |
|
LKR |
1 |
Rs.0.47 |
INFORMATION DETAILS
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Information
Gathered by : |
KAM |
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|
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
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 |
|
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.