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Report No. : |
340401 |
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Report Date : |
18.09.2015 |
IDENTIFICATION DETAILS
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Name : |
HYATT TRADING |
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Registered Office : |
#208/5, Main Street, Colombo 11 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
Not
Divulged |
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Legal Form : |
Partnership or Proprietorship
Company (In Operation) |
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Line of Business : |
Subject is engaged in importing and
distribution of textiles. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source : CIA |
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a. |
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Name of Subject of Inquiry |
: |
HYATT TRADING |
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b. |
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Legal Form
& Status |
: |
Partnership OR Proprietorship Company (In Operation). Manager
refused to provide any details |
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c. |
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Managing Partner |
: |
Refused to disclose |
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d. |
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Primary Line of Business |
: |
Import & Distribution of textiles |
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e. |
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Office & Place of Business |
: |
#208/5, Main Street, Colombo 11 Sri Lanka Tele. NoL00 94 11) 244 6630, 244 6632, 244 6634 Mobile No: (00 94 77) 7 55 2698 - Director |
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f. |
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No. of Employees |
: |
Refused to Disclose. Our investigator has seen about 3 people
working inside |
Registration
and Shareholder Details
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a. |
Registration No |
: |
Refused to disclose details |
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b. |
Year of Registration |
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Refused to disclose Details |
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c. |
Registered Address |
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# 208/5, Main Street, Colombo 11 |
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d. |
Partners |
: |
Refused to disclose Details |
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Managing Partner |
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Refused to disclose Details |
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Partner |
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e. |
Auditors |
: |
Refused to Disclose |
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f. |
Bankers |
: |
Refused to Disclose |
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Most
recent available Financial Information
THE
COMPANY HAS REFUSED TO PROVIDE INFORMATION ON ITS FINANCES
Note: Based on the corporate laws
of Sri Lanka, legal entities which are Private Company with
Limited
Liability/Proprietorship/Partnership is not required to make public disclosure
of their
Annual financials. Therefore no
financials are available for this entity
History
Subject
Company TYATT TRADING is EITHER
a Partnership OR PROPRIETORSHIP
company. The person whom our investigator interviewed AND said to be a partner of
the company refused to provide any details saying that they have sufficient
suppliers.
When
contacted, the Managing Partner of the subject Company, refused to disclose any
Operational details of the Company, without knowing the details of
the end user of this report and insisted the identity of the end user for him
to provide details in spite of our
detailed explanation given in our formal letter requesting company details.
Note:
The Proprietorship/Partnership Companies are registered at the
Provincial Registrar of Companies (in this case Western Provincial Registrar,
Colombo) and as the management declined to provide registration details it is
not possible to trace company details at the Registrar’s office to verify the
Partnership/Proprietorship details and check the authenticity of the details
provided by the subject company.
Note: Please be noted that we had to wait for a reply from the
owner but received no
Response up to date and as such all
information in this report has been obtained from other non-
formal
sources but clearly originating from the company.
Location.
The
Subject Company is located at the client # 208/5, Main Street, Colombo 11,
which is a highly commercial area in the city.
Operational
Details.
The main line of business of the subject
company is importing and distribution of textiles.
Our
investigator has seen the shop full of textiles and other consumable articles.
Products
All kinds of textiles
such as sarees, gents & ladies cloths.
Imports
& Countries
India & China
No
of Employees
Refused to
disclose. Our investigator has seen about 3 people working inside.
Trade
references
The subject company
did not provide any trade references
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
Management non-cooperative [(009411)2446630]
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.66.50 |
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UK Pound |
1 |
Rs.101.99 |
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Euro |
1 |
Rs.75.03 |
INFORMATION DETAILS
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Information
Gathered by : |
PRT |
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Analysis
Done by : |
RAS |
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Report
Prepared by : |
TRU |
RATING EXPLANATIONS
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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 |
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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.