MIRA INFORM REPORT

 

 

Report No. :

343191

Report Date :

08.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SAMUDRA TEXTILES (PVT) LTD

 

 

Registered Office :

# 102-1/1, 3rd Cross Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

25.03.2009

 

 

Com. Reg. No.:

PV 67410

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import & Distribution of Textiles

 

 

No. of Employees :

Approximately 05

 

 

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

:

SAMUDRA TEXTILES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Mohamed Iqbal

d.

Primary Line of Business

:

Import & Distribution of Textiles.

e.

Head Office

&

Place of Business

 

:

# 102 & 104, 3rd Cross Street,

Colombo 11,

Sri Lanka.

      

Tel : (00 94 11) 244 0091 / 232 7394

Fax : (00 94 11) 243 7272

 

E-mail: jubilee1@sltnet.lk

              jubleeaa@yahoo.com

Contact Person : Mr. Kabeer, Manager

 

f.

No. of Employees

:

Approximately 05

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

 

a.

 

Registration No

:

PV 67410

Date of Registration

:

25th March, 2009

b.

Registered Address

:

# 102-1/1, 3rd Cross Street, Colombo 11

c.

Board of Directors

As At

30th September 2014

:

Mohamed Iqbal

Managing Director

Abdul Sattar Abdul Azeez

Director

Abdul Karim Ejaz

Director

Humaid Haroon

Director

Haji Ameen Mohamed Salman

Director

Abdul Careem Zaid                                                

Director

d.

Issued Share Capital

:

Rs.70.00

Number of Shares

:

07

e.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

f.

 

Share Holders

As At

30th September 2014

:

Share Holders

No. of

Shares

Mohamed Iqbal

               01

Abdul Sattar Abdul Azeez

01

Abdul Sattar Haji Ameen

01

Abdul Sattar Abdul Karim

01

Abdul Sattar Mohamed Aslam

01

Abdul Careem Abdul Cadar

01

Humaid Haroon (Mrs.)

01

g.

Auditors

:

Haqque Martin and Co.

(#25, Ramakrishna road, Colombo 06)

h.

Company Secretaries

:

Excellent Solution (Pvt) Ltd

(#25, Ramakrishna road, Colombo 06)

i.

Bankers

:

Commercial Bank, HNB

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The company has declined to provide information on its finances without the identity of the end

 User of the enquiry.

 

(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity)

 

  

CURRENT INVESTIGATION                      

 

History.

 

The Subject Company SAMUDRA TEXTILES (PVT) LTD is a Private Limited Liability Company incorporated on 25th March 2009 under registration number PV 67410.

 

Subject company is an associate company of JUBLEE AGENCIES (PVT) LTD which operates at the same premise.

 

Location.

The Subject Company is located at the client # 102-1/1-104, 3rd Cross Street, Colombo 11, a highly commercial area in thecity.

 

Operational Details.

General

The subject company primary line of business is Import & Distribution of Textiles.

 

Importing Countries

India, China

 

No Employees

Approximately 05

 

Directors’ Details

 

 01)

Name

Mohamed Iqbal

ID Number

550110652 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th January 1955

Age

60 Years

Address

#26/6, Alwis Place, Colombo 03

 

02)

Name

Abdul Sattar Abdul Azeez

ID Number

562600396 V

Nationality

Sri Lanka

Gender

Male

Date of Birth

16th September 1956

Age

58 Years

Address

# 345/10, Galle road, Colombo 03

 

03)

Name

Abdul Karim Ejaz

ID Number

852821019V

Nationality

Sri Lankan

Gender

Male

Date of Birth

08th October 1985

Age

30 Years

Address

# 14/2, Abdul Gaffoor Mawatha, Colombo 03

 

04)

Name

Humaid Haroon

ID Number

892711135V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th September 1989

Age

26 Years

Address

#14/2, Abdul Gaffoor Mawatha, Colombo 03

 

 

05)

Name

Haji Ameen Mohamed Salman

ID Number

863160278V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th November 1986

Age

28 Years

Address

#11/1, Abdul Gaffoor Mawatha, Colombo 03

 

06)

Name

Abdul Careem Zaid

ID Number

882100960V

Nationality

Sri Lankan

Gender

Male

Date of Birth

28th July 1988

Age

27 Years

Address

#14/2, Abdul Gaffoor Mawatha, Colombo 03

 

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 denied

 

Management non-cooperative [(009411)2440091]

 

                       

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.26

UK Pound

1

Rs.99.53

Euro

1

Rs.73.47

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TRU

 

               

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