MIRA INFORM REPORT

 

 

Report No. :

347837

Report Date :

30.11.2015

 

IDENTIFICATION DETAILS

 

Name :

CRESCENTCO (PVT) LTD

 

 

Registered Office :

#A/2, Elvitigala Flats, Borella, Colombo 08.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

03.01.2013

 

 

Com. Reg. No.:

PV 90244

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Garment Items.

 

Note: The subject company’s primary line of business is we couldn’t confirm and Mr. Faiz Spite and Refused to disclose the operational details or any other details. However, when Inquired into  further, he admitted that his company is a Trading of the garment items

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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

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 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

 

GENERAL - Basic information at a glance

 

a.

Name of Subject of Inquiry

:

CRESCENTCO (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company

c.

Managing Director

:

Mohamed Ibrahim Faiz

d.

Primary Line of Business

:

Garment Items.

Note:  Refused to disclose further details (please see below pages)

e.

Place of Business

:

#A/2, Elvitigala Flats,

Borella,

Colombo 08.

 

Tel: (00 94 11) 269 0077

Mobile: (00 94 77) 739 1442

g.

No. of Employees

:

Not Disclosed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PV 90244

Date of Registration

:

03rd January 2013

b.

Registered Address

:

#A/2, Elvitigala Flats, Borella, Colombo 08.

c.

Board of Directors

As At

20th July 2015

:

Mohamed Ibrahim Faiz

Managing Director

Rusani Faiz

Director

Mohamed Abubucker Ahamed Rasmy

Director

d.

Issued Share Capital

:

Rs. 20.00

 

No. of Shares

:

02

 

e.

Nominal Value of Share

:

Not Stated vide Companies Act #7 of 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Registration and Shareholder Details Cont…

 

f.

Share Holders

As At

20th July 2015

:

  Share Holders

No. Of

Shares

Mohamed Ibrahim Faiz

01

Mohideen Abdul Careem Mohamed Faizal

01

g.

Auditors

:

Seccom (Private) Limited

(#1E – 2/1, De Fonseka Place, Colombo 05)

h.

Company Secretaries

:

Weerasinghe & Co (Chartered Accountants)

(#1E – 2/1, De Fonseka Place, Colombo 05)

i.

Bankers

:

Not Disclosed.

 

 

 

 

 

 

 

 

 

 

Director’s Details

 

01)

Name

Rusani Faiz

ID Number

726323291 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

11th May 1972

Age

43 Years

Address

#914, Udayar Road, Akkaraipattu – 02

 

 

02)

Name

Mohamed Abubucker Ahamed Rasmy

ID Number

692641175 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

20th September 1969

Age

46 Years

Address

#18/2, Park Lane, Rajagiriya.

 

 

03)

Name

Mohamed Ibrahim Faiz

ID Number

672911109 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th October 1967

Age

48 Years

Address

#A/2, Elvitigala Flats, Borella, Colombo 08.

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

Subject refused to disclose details without the details of the enquiring party                                                                                                                                                                    

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 detailed financials are available for this entity

 

 

 

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company CRESCENTCO (PRIVATE) LIMITED is a Private Limited liability Company incorporated in 03rd January 2013 under registration number PV 90244.

 

                 The subject company initially known as a CRESCENT CO POWER (PVT) LTD it changed on 14th July 2015

 

                   Mr. Faiz spite and refused to provide any details without the identity of the end user or the   

                   Identity of the enquiring client

 

·         Location.

The Subject Company Office is located at the client #A/2, Elvitigala Flats, Borella, Colombo 08.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Garment Items.

 

 

                Note: The subject company’s primary line of business is we couldn’t confirm and Mr. Faiz   

                Spite and Refused to disclose the operational details or any other details. However, when  

                Inquired into  further, he admitted that his company is a Trading of the garment items

 

Products

Refused to disclose without knowing who the enquiring party

 

 Countries

Refused to disclose without knowing who the enquiring party

 

 

No of Employees

                  Not Disclosed

 

 

·         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 computerized 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

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Mohamed Ibrahim Faiz

Designation :

Director

Contact No.:

009477 7391442

Date :

28.11.2015

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.67

Euro

1

Rs.70.87

LKR

1

Rs.0.47

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TPT

 

               

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.