MIRA INFORM REPORT

 

 

 

Report Date :

07.10.2008

 

IDENTIFICATION DETAILS

 

Name :

COLOMBO COMMERCIALS

 

 

Registered Office :

# 102, Central Road, Colombo 12

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

1975

 

 

Com. Reg. No.:

W 51578

 

 

Legal Form :

Partnership Company 

 

 

Line of Business :

Import and Wholesales of Ayurvedic Drugs

 

 

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.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

GENERAL - Basic information at a glance

     

Name of Subject of Inquiry

:

 

COLOMBO COMMERCIALS

 

Legal Form  & Status

:

Partnership Company  (In Operation)

Managing Partner

:

Mohamed Sheriff

Primary Line of Business

:

Import and whole sales of Ayurvedic Drugs

Place of Business

 

:

 

# 102, Central Road,

Colombo 12

           

Tel. No: (00 94 11) 254 1021

Fax No: (00 94 11) 243 5848

 

 

Store Address

:

# 111/11, Central Road,

Colombo 12

No. of Employees

:

Approximately  07

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

W 51578

Year of Registration

:

1975

Registered Office

:

# 102, Central Road, Colombo 12

Partners

 

:

Mohamed Sheriff

Partner

M. S. Ifthiqar Hasan

Partner

M. S. Amjath Hasan

Partner

Secretaries

:

-Not Disclosed-

Auditors

:

V. J. Associates

Bankers

:

Bank of Ceylon – Petta Branch, Sampath Bank

 

 

current investigation

 

·         History.

 

The Subject Company COLOMBO COMMERCIALS is a Partnership Company   incorporated in 1975.

 

·         Location.

 

The Subject Company is located at the client given address # 102, Central Road, Colombo 12

 

·         Operations Details.

 

General

The subject company primary line of business Import and whole sales of Ayurvedic Drugs

 

Products

Medical Herbal and Roots

 

Country

India, Pakistan, China, Dubai, South Africa.

 

Employees

                  Approximately 07

 

·         Financial Data

                  The company has declined to provide information on its finances 

                 

·          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

 

                  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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.46

UK Pound

1

Rs.83.37

Euro

1

Rs.64.46

 

 

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