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MIRA INFORM REPORT
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Report No. : |
502283 |
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Report Date : |
09.04.2018 |
IDENTIFICATION DETAILS
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Name : |
GREEN FABRIC ENTERPRISES |
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Registered Office : |
# 519/7, Waduwegama Road, Malwana |
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Country : |
Sri Lanka |
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Date of Incorporation : |
09.12.2016 |
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Com. Reg. No.: |
WP 14661 |
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Legal Form : |
Partnership
Company (In Operation) |
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Line of Business : |
Importers, Exporters
and Suppliers of Cotton Waste, Rejected Fabric, Stock Lot |
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No. of Employees : |
Approximately 50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka is attempting to sustain economic growth while maintaining
macroeconomic stability under its IMF program that it began in 2016. The
government's high debt payments and bloated civil service cadre, which have
contributed to historically high budget deficits and low tax revenues, remain a
concern. Government debt is about 75% of GDP and remains among the highest of
the emerging markets. Sri Lanka will need to balance its elevated debt
repayment schedule with its requirement to maintain adequate foreign exchange
reserve levels in the coming years.
In May 2016, Sri Lanka regained its preferential trade preferences under
the European Union’s Generalized System of Preferences Plus (GSP+), enabling
many of its firms to export products, including it top export garments, tax
free to the EU. Also in 2016, the government reformed elements of the country’s
tax regime to increase some tax rates and broaden the tax net in response to
recommendations made under its IMF program.
Tourism has experienced strong growth during recent years following the
resolution 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.
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Source
: CIA |
Company Profile
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Name of Subject of Inquiry |
GREEN FABRIC ENTERPRISES |
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Legal Form
& Status |
Partnership
Company (In Operation) |
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Chairman |
Mr Hemakumara
Gunasekara |
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Primary Line of Business |
Importers,
Exporters and Suppliers of Cotton waste, rejected fabric, stock lot |
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Principal Place of Business |
# 519/7, Waduwegama Road, Malwana, Sri Lanka Phone: 00 94 777 314 384/ 773580887 / +94 11 253096 / 777268869 Mr. Hemakumara Gunasekara Fax : (00 94 11) NA E-Mail: greenfabricenterprises@gmail.com Web Site: NA |
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Employees |
Approximately 50 |
Company
Details
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Registration
No |
WP 14661 |
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Date
of Registration |
2016/12/09 |
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Re-registration
No |
NA |
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Date
of Re-registration |
NA |
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Registered
Office |
# 519/7, Waduwegama Road, Malwana, Sri
Lanka |
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Director
Board / Ownership As
At 05.04.2018 |
Hemakumara Gunasekara |
Managing Partner |
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S P Upali Thilakaratne |
Partner |
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Ajith Kumara |
Partner |
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Stated
Share Capital |
NA |
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No.
of Shares |
NA |
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Preferential
Shares |
NA |
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Nominal
Value of Share |
NA |
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Auditors |
John Sebastian & Company |
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Company
Secretaries |
NA |
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Main
Bank/s |
Hatton National Bank PLC |
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Shareholder
NA
FINANCIAL
DETAILS
Most recent available Financial Information
NA
Current
Investigation
NA
COMPANY LOGO
History
The subject company was initially formed on TBA
Operational Details
General
The subject company is a local partnership between 3 individuals, the subject company is into importing of Textile waste from India mainly and is an importer of Knitted and Woven Fabric to India as well as Cambodia etc.. The company is a SME sector business which is doing well in its operations.
Products & Services
Cotton waste
Waste Fabric
Knitted Fabrics
Stock lots
Employees
50
Approximately
Export Countries
China, India,
Cambodia
Import Countries
India, China,
Cambodia
Associate / Subsidiary Companies
NA
Factory / Warehouse and Sales Outlets
Same as above
INFORMATION
DENIED
Management non-co-operative [0094-777314384]
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.98 |
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1 |
INR 90.95 |
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Euro |
1 |
INR 79.51 |
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LKR |
1 |
INR 0.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
Gathered by : |
SVT |
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Analysis Done by
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NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.