|
Report No. : |
342233 |
|
Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
RANJANI FASHION |
|
|
|
|
Registered Office : |
# 293-A-1/1, Makola Road, Kiribathgoda |
|
|
|
|
Country : |
Sri Lanka
|
|
|
|
|
Date of Incorporation : |
24.06.2013 |
|
|
|
|
Com. Reg. No.: |
WS 11130 |
|
|
|
|
Legal Form : |
Partnership Company [In Operation] |
|
|
|
|
Line of Business : |
Import of Fabric & Accessories, Manufacturers and Distributors of
Garments. |
|
|
|
|
No. of Employees : |
Approx. 50 |
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 |
|
a. |
Name of Subject of Inquiry |
: |
RANJANI FASHION |
|
b. |
Legal Form & Status |
: |
Partnership
Company (In Operation) |
|
c. |
Managing Partner |
: |
Mohamed Althaf
Jaffer |
|
d. |
Primary Line of Business |
: |
Import of fabric & accessories, Manufacturers and distributors of
Garments |
|
e. |
Office & Place of
Business |
: |
# 293-A-1/1, Makola Road, Kiribathgoda. Sri Lanka.
Tel. No: (00 94 11) Not disclosed Fax No: (00 94
11) Not disclosed Mobile: (00 94
77) 751 5377 (Mr. Althaf, Managing Partner) E-mail: m.althaf.jai@gmail.com
|
|
f. |
No. of Employees |
: |
Approx. 50 |
|
a. |
Registration No |
: |
WS 11130 |
||
|
b. |
Date of
Registration |
: |
24th June, 2013 |
||
|
c. |
Registered
Address |
: |
#
293-A-1/1, Makola Road, Kiribathgoda. Sri Lanka. |
||
|
d. |
Partners |
: |
Mohamed Althaf
Jaffer |
Managing Partner |
|
|
Abdul Gani |
Partner |
||||
|
e. |
Auditors |
: |
MR Asmi |
||
|
f. |
Bankers |
: |
NDB Bank, Main Street Branch, Colombo 11. |
||
The company has declined to provide information on its finances without the identity of the end User as they having a fear that the information will go to competitors and other agencies.
However, Mr. Althaf states
that the imports & Exports for a year are as follows:
Imports: Fabric: 116,000 kgs.
Accessories: 20,000 kgs.
Exports: Readymade Garments: 600,000 pieces
Therefore, it should be noted that the particular industry/trading segment the company is involved has very good growth potential and as such it can be expected for the company to expect a steady growth in the income
(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability/Partnerships/Proprietorships is not required to make public disclosure of their Annual Financials. Therefore no Financials are available for this entity)
·
History.
The Subject Company RANJANI FASHION is Partnership Company (2
Partners),.in operation.
The owner of the Subject
Company, Mr .Alhtaf provided further details today 6th Oct., as he
is busy engaged with some buyers.
(Note: The
Proprietorship/Partnership Companies are registered at the Provincial Registrar
of
Companies (Colombo) and as the
management declined to provide registration details it is not possible to trace
company details at the Registrar’s office since the are not in orderly manner.)
·
Location.
The Subject Company is located
at the client # 293-A-1/1, Makola Road,
Kiribathgoda, approx.20 kilo
meters from Colombo. This premise is about 2,000 Sqft. and is
on lease.
·
Operations
Details.
General
The subject
company primary line of business is import of fabric & accessories,
manufacture and distribution/export of readymade Garments
Products
All kinds of garments for men,
women & children.
Importing
Countries
Fabric and accessories
imported from China, Pakistan, and India
Exporting
Countries
Readymade garments exporting
to UK, Libya and Dubai
Employees
Approx. 50, mostly women sawing operators.
·
General Comments
The subject
company when contacted provided limited information to prepare this report
·
Trade references
The subject
company did not provide any trade reference referrals
·
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 knowledge
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.