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Report No. : |
339477 |
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Report Date : |
12.09.2015 |
IDENTIFICATION DETAILS
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Name : |
MUSTHAFA ENTERPRISES |
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Registered Office : |
No. 200-1/2C, J.B. Super Market, Keyzer Street, Colombo - 11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
11.04.2005 |
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Com. Reg. No.: |
WA 60442 |
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Legal Form : |
Proprietorship Company |
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Line of Business : |
Import and Trader of textiles fabric |
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No. of Employees : |
2 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 |
|
a. |
Name of
Subject of Inquiry |
: |
MUSTHAFA ENTERPRISES |
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b. |
Legal
Form & Status |
: |
Proprietorship Company |
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c. |
Managing
Proprietor |
: |
Mohamed Shiyam
Azeez
|
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d. |
Primary
Line of Business |
: |
Import and Trader of textiles fabric |
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e. |
Place of
Business |
: |
No. 200-1/2C, J.B. Super Market, Keyzer Street, Colombo - 11 Sri Lanka. Tel. No: (00 94
77) 362 2774 Email: mshiyam03@gmail.com |
|
g. |
Number
of Employees |
: |
Approx. -02 |
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h. |
Warehouse |
: |
155 1/2, Messenger Street Near Phonix Apartment Colombo
– 12, Sri Lanka |
Registration and Shareholder Details
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a. |
Registration
No |
: |
WA 60442 |
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b. |
Date of
Registration |
: |
11th April, 2005 |
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c. |
Registered
Address |
: |
# 200-1/2C, J.B. Super Market, Keyzer Street, Colombo -
11 |
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d. |
Proprietor |
: |
Mr. Mohamed
Shiyam Azeez
|
|
e. |
Auditors |
: |
Deen & Company |
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f. |
Company
Secretary |
: |
Not applicable for this category of companies |
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g. |
Bankers |
: |
Commercial Bank Plc, Keyzer Street Branch, Col.11 |
Most recent available Financial Information
The SUBJECT COMPANY declined to disclose
financial, without knowing
the identity of the end user as they are
fearing that the details will go to wrong hands or the
Competitors.
However, it should be taken in to consideration that the particular
industry/trading segment the
Company involved has a very good growth potential and as such it can be
expected for the
Company to have good income prospects.
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,
MUSTHAFA ENTERPRISES is a proprietorship company in operation. Registered
on 11th April, 2005 under Registration number WA 60442.
The subject company is a importer and distributor of
textiles for the Sri Lanka market.
(Note: The Proprietorship/ Partnership companies are
being registered at the Provincial Registrar of Companies and when the owner
does not provide the registration details it is not possible to extract such
details from the Registrar’s office, to enable us the verify the company
establishment details.)
Location.
The subject company is located at the client # 200-1/2C, J.B. Super Market, Keyzer Street, Colombo 11, a highly business area in Colombo city. This
premise is presently under refurbishment and opens up for business very
shortly.
Mr. Azeez states
that he is now temporarily operating at #155-1/2, Near Phoenix Apartment
(Razack Building), Messenger Street, Colombo 12, until the former premise is
ready for business operation.
Operational Details:
General
The main line of business of the subject company is
Import and supplying of textile/fabrics.
Products/Services
All types of textiles & Fabrics
Importing Countries
India
No. of Employees:
Approx.02
Trade references
The Subject Company did not provide any trade reference
referrals either.
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. Shiyam |
|
Designation : |
Proprietor |
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Contact No.: |
0094773622774 |
|
Date : |
12.09.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.39 |
|
UK Pound |
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
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|
|
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Analysis Done by
: |
RAS |
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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 |
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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 |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
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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.