MIRA INFORM REPORT

 

 

Report Date :

15.10.2007

 

IDENTIFICATION DETAILS

 

Name :

M J F HOLDINGS LTD

 

 

Registered Office :

# 111, Negombo Road, Peliyagoda

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

12th June 1996

 

 

Com. Reg. No.:

N (PVS) 17308 PBS

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Holding Company

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

GENERAL - Basic information at a glance

     

Name of Subject of Inquiry

:

M J F HOLDINGS LTD

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Chairman

:

Mr. Merrill Joseph Fernando

Primary Line of Business

:

Holding Company

Head Office

&

Place of Business

 

:

# 111, Negombo Road,

Peliyagoda.           

 

Tel. No: (00 94 11) 282 2000/ 282 2315

Fax No: (00 94 11) 282 2001

 

E-mail: info@dilmahtea.com

No. of Employees

:

-Not Disclosed-

 

 

COMPANY DETAILS  - Registration and

Shareholder Details

 

Registration No

:

N (PVS) 17308 PBS

Date of Registration

:

12th June 1996

Registered Office

:

# 111, Negombo Road, Peliyagoda.

Board Of Directors

As At

06th October 2006

:

Mr. Merrill Joseph Fernando

Chairman

Mr. Malik Joseph Fernando

Managing Director

Mr. Dilan Chrysantha Fernando

Director

Mr. Himendra Somasiri Ranaweera

Director

Mr. Minette Delicia Anne Perera

Director

Authorised Share Capital

:

Rs.      500,000,000.00

Issued Share Capital

:

Rs.      178,319,440.00

Nominal Value of Share

:

Rs.                      10.00

Share Holders

As At

06th October 2006

:

 Share Holders

No of Shares

Mr. Merrill Joseph Fernando

9,034,211

Mr. Malik Joseph Fernando

3,591,770

Mr. Dilan Chrysantha Fernando

3,865,816

Merrill J Fernando and Sons (Pvt) Ltd

1,340,144

Package Care Ltd

01

M J F Exports Ltd

01

Ceylon Tea Services Ltd

01

Secretaries

:

Minette Delicia Anne Perera

Auditors

:

Ernst & Young

Bankers

:

-Not Disclosed-

 

 

FINANCIAL DETAILS - Most recent available Financial Information

     

 

Year Ended

31st March 2006

Rs’000

Year Ended

31st March 2005

Rs’000

A

Revenue

:

-

-

B

 Cost of Sales

:

-

-

C

Gross Profit

:

-

-

D

Other Income

:

279,833

349,574

E

Administration Expenses

:

(11,501)

(1,252)

F

Value of Investments 

:

(66,000)

-

G

Profit From Operations

:

202,332

348,322

H

Financing Cost

:

(28,032)

(143)

I

Net Profit / (Loss) before Tax

:

174,300

348,179

J

Income Tax (expenses)/  

Release                                                                                                                    

:

(4,327)

(5,600)

 

Net Profit / (Loss) After Tax:

:

169,973

342,579

 

 

 

Year Ended

31st March 2006

Rs’000

Year Ended

31st March 2005

Rs’000

a)

Non-current Assets

:

1,783,848

1,699,965

b)

Investment

:

Nil

Nil

c)

Current Assets

:

549,024

641,180

d)

Current Liability

:

445,150

537,730

e)

Non-current liability

:

200,000

250,000

f)

Total Liabilities

:

645,150

787,730

g)

Total Assets

:

2,332,872

2,341,145

h)

 

Net Worth

 

:

1,687,722

1,553,415

 

 

CURRENT INVESTIGATION                      

 

History

The subject company M J F HOLDINGS LTD is a Private Limited Liability Company incorporated in 12th June 1996.

                  

The subject company M J F HOLDINGS LTD is the Parent company in the M J F GROUP. There is no such company registered under the name of M J F GROUP in the government ROC .

 

 

Source: SUNDAY ISLAND (Local News Paper) on 30th September 2007.

 

 

Location

 

The Subject Company is located at the client given address # 111, Negombo Road, Peliyagoda.

 

 

Operations Details

 

General

The subject company is a Holding Company of M J F GROUP.

 

 

Employees

 

-Not Disclosed-

 

 

Financial Data

 

Received from the non formal sources.

 

                               

General Comments

 

The subject company when contacted 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

 

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.

 

 

ANALYSIS & RATING - Appraisal and Rating of Subject Company

 

Rating:

 

a) Business Scale                     :           Medium

b) Business Trend                      :           Growing

c) Management Capability          :           Average

d) Commercial Morality              :           Average

e) Reputation                             :           Average

f) Market Situation                     :           Very Competitive


 

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.

 

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

 

 

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%)

 

 

 

 

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