MIRA INFORM REPORT

 

 

Report No. :

503649

Report Date :

21.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

NATION TEXTILES LANKA (PVT) LTD

 

 

Registered Office :

# 247, Main Street, Colombo 11, Sri Lanka

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

05.06.2015

 

 

Com. Reg. No.:

PV 106085

 

 

Legal Form :

Private, Limited Liability Company

 

 

Line of Business :

Textile Import and Supply

 

 

No. of Employees :

10

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

Company Profile

 

 Basic Information

 

a.

Name of Subject of Inquiry

NATION TEXTILES LANKA (PVT) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Managing Director

Mr Mohamed Feroze Haji

d.

Primary Line of Business

Textile Import and Supply

e.

Principal Place of Business

# 247 MAIN STREET COLOMBO 11

Sri Lanka.

Tel. No: (00 94 11) 2478114 / 2930223 / 710 35391728-001 Fax. No: (00 94 11) 2421661

E-Mail: NA Web Site: NA

f.

Employees

10 Approximately

 

 

Company Details

 

 

 

 

 

a.

Registration No

PV 106085

Date of Registration

05th June 2015

b.

Re-registration No

NA

Date of Re-registration

NA

c.

Registered Office

# 247, Main Street, Colombo 11, Sri Lanka.

d.

Director Board / Ownership As At 04th June 2015

Mohamed Mukthar Haji Anver Ahamed

Director

Mohamed Feroze Haji Anver

Director

e.

Sated Share Capital

NA

f.

No. of Shares

02

g.

Preferential Shares

NA

h.

Nominal Value of Share

NA

i.

Auditors

NA

j.

Company Secretaries

Velu Rajadurai

# 19/2/2, Abdul Hameed Street, Colombo 12, Sri Lanka.

k.

Main Bank/s

NA

 

 

Shareholders

 

 

NO.

NAME

NUMBER OF SHARES

 

1.

 

Mohamed Mukthar Haji

 

01

2.

 

Mohamed Feroze Haji Anver

 

01

 

 

 

FINANCIAL DETAILS     

 

- Most recent available Financial Information

NA

 

 

CURRENT INVESTIGATION

 

 

Company Logo

·         History.

·         National Traders partnership company Mr.Feroz & Mr.Mukkhar

 

The subject company was initially formed on 05th June 2015 under PV 106085 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

 

 

Operational Details

 

General

The subject company is the newest registration of the Partnership Company "National Traders" which is a partnership with both the directors listed herein. The subject company is into importing all types of fabric for wholesale and retail business. The owners are evading offering any information and has not provided any information to us.

 

Products & Services

All type of Textile

 

Employees

10 Approximately

 

Export Countries

NA

 

Import Countries

India, China, Thailand

 

Associate / Subsidiary Companies

National Traders

 

Factory / Warehouse and Sales Outlets

Owned

 

 

Personal Details of Key Persons

 

Director 1

ITEM

DETAIL

Name

Mohamed Mukthar Haji

ID Number

NA

Nationality

NA

Gender

NA

Date of Birth

NA

Age

NA

Address

NA

 

Director 2

ITEM

DETAIL

Name

Mohamed Feroze Haji Anver

ID Number

NA

Nationality

NA

Gender

NA

Date of Birth

NA

Age

NA

Address

NA

INFORMATION DENIED

 

Management Non Co-Operative [Tel No.: (00 94 11) 2478114 / 2930223), 35391728-001]

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.02

UK Pound

1

INR 92.73

Euro

1

INR 81.46

LKR

1

INR 0.42

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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