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MIRA
INFORM REPORT
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Report No. : |
489436 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GRAND MART |
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Registered Office : |
# 95/68, Abdul Hameed Street, Colombo 12, Sri Lanka |
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Country : |
Sri Lanka |
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Date of Incorporation : |
21.04.2014 |
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Com. Reg. No.: |
W/A 201052 |
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Legal Form : |
Proprietorship Company |
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Line of Business : |
Subject
engaged in Importers & Traders of garments |
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No. of Employees : |
05 Approximately |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 an IMF program. 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 almost 80% of GDP and remains among the highest of the emerging markets.
The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.
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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a. |
Name of Subject of Inquiry |
GRAND MART |
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b. |
Legal Form & Status |
Proprietorship Company (In Operation) |
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c. |
Proprietor |
Mohamed Faruk Mohamed Zulfikar |
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d. |
Primary Line of Business |
Importers & Traders of garments |
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e. |
Principal Place of Business |
Registered Address only : # 95/68, Abdul Hameed Street, Colombo 12 Sri Lanka. Shop : 164/11, Kayzer Street, Colombo 11, Sri Lanka. Tel. No: (00 94 77) 3205377 - Zulfikar / +94 11 2449053 Fax. No: (00 94 11) NA E-Mail: GMARTZULFIKAR@GMAIL.COM Web Site: NA |
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f. |
Employees |
05 Approximately |
Company Details
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a. |
Registration No |
W/A 201052 |
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Date of Registration |
2014.04.21 |
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b. |
Re-registration No |
NA |
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Date of Re-registration |
NA |
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c. |
Registered Office |
# 95/68, Abdul Hameed Street, Colombo 12, Sri Lanka |
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d. |
Partners As At 22nd February 2016 |
Mohamed Faruk Mohamed Zulfikar |
Proprietor |
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e. |
Sated Share Capital |
NA |
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f. |
No. of Shares |
NA |
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g. |
Preferential Shares |
NA |
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h. |
Nominal Value of Share |
NA |
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i. |
Auditors |
Askar Ali & Company |
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j. |
Company Secretaries |
NA |
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k. |
Main Bank/s |
Amana Bank, Peoples Bank |
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FINANCIAL DETAILS
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Most recent available Financial Information
NA
CURRENT INVESTIGATION
NA
• History.
The subject company was initially formed on 21st
April 2014 under W/A 201052 under the Provincial Councils business
registrations act for SME sector business entities as a sole proprietorship
company.
• Operational
Details.
General
The subject company, Grand Mart is a shop located
in the main shopping district of Sri Lanka and where the main trading houses
are located. The company imports items from India for wholesale trading as well
as Retail. The company also purchases garment from main manufacturers in Sri
Lanka which is also sold to the public.
Products
Bed Sheets, Towels, Yarn, and Sarongs etc...
Employees
05 Approximately
Import
Countries
India, China
Associate /
Subsidiary Companies
NA
INFORMATION DENIED BY
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Name : |
MR. Mohamed Faruk Mohamed Zulfikar |
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Designation : |
Proprietor |
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Contact No.: |
00 94 77- 3205377 |
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Date : |
05.01.2018 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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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 : |
PNM |
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Analysis Done by
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NIY |
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Report Prepared
by : |
KET |
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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.