MIRA INFORM REPORT

 

 

Report Date :

9th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

MIDCITY MARKETING (PVT) LTD

 

 

Registered Office :

# 2/ 1, De Fonseka Place, Colombo-05.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.06.1995

 

 

Com. Reg. No.:

N (PVS) 15164

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importers and General Merchants.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

GENERAL

 

Basic information at a glance

      

 a.

Name of Subject of Inquiry

:

MIDCITY MARKETING (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Mr. A. Karim Yoosuf

d.

Primary Line of Business

:

Importers and General Merchants.

e.

Head office

&

Place of Business

 

:

 

 # 42, 1/ 2, 3rd Cross Street,

Colombo-11.

         

Tel. No: (00 94 11) 243 1951

Fax No: (00 94 11) 243 1951

g.

No. of Employees

:

-Not Disclosed-

           

 

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 15164

b.

Date of Registration

:

16th June 1995

c.

Registered Office

:

# 2/ 1, De Fonseka Place, Colombo-05.

d.

Board of Directors

As At

20th August 2005

:

A. Karim Yoosuf

Managing Director

N. A. Karim Yoosuf

Director

e.

Authorised Share Capital

:

Rs.            4,500,000.00

f.

Issued Share Capital

:

Rs.            4,290,000.00      

g.

Nominal Value of Share

:

Rs.                        10.00

h.

 

Share Holders

As At

20th August 2005

:

Share Holders

No. of Shares

Mr. A. Karim Yoosuf

250,001

N. A. Karim Yoosuf

178,999

i.

Auditors

:

Weerasinghe & Co.

j.

Company Secretaries

:

Seccom (Pvt) Ltd

k.

Bankers

:

-Not Disclosed-

 

 

 

CURRENT INVESTIGATION

 

History.

 

The Subject Company MIDCITY MARKETING (PVT) LTD is a Private Limited   liability Company incorporated on 16th June 1995.

 

 

Location.

 

The Subject Company is located at the client given address # 42, 1/ 2, 3rd Cross Street, Colombo-11.

 

The subject company is located in a highly commercial area in the city of Colombo which is in close proximity to the Colombo harbour. During peak business hours there is lot of traffic congestion and there is difficulty in approaching this area.

 

 

Operational Details.

 

General

The subject company primary line of business is Importers and General Merchants of Consumer items such as dry fish, Maldive fish, onions, yams, grains, etc. and they carry out wholesale distribution.

 

Products

Dry fish, tin fish, Maldive fish, etc.

 

Import Country

India.

 

Employees

-Not Disclosed-

 

 

Financial Data

 

The company has declined to provide information on its finances

                            

General Comments

 

When the Managing director Mr. A. Karim Yoosuf  was contacted he refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from non-formal sources but clearly originating from the company.

                                                                                                

 

Trade references

 

The subject company did not provide any trade reference referrals

 

 

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.

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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