MIRA INFORM REPORT

 

 

Report Date :           

19.12.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

NEW CHOICE (PVT) LTD

 

 

Registered Office :

#.84/20, Keyzer Street, Colombo-11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.03.2005

 

 

Com. Reg. No.:

PV 1117

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importer & Wholesale Dealers Textile & Readymade Garments

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Sri Lanka

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GENERAL- Basic information at a glance

     

Name of Subject of Inquiry

:

 

NEW CHOICE (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

M.I. M. Siddique Noor Mohamed

Primary Line of Business

:

Importer & Wholesale Dealers Textile & Readymade Garments.

Head office

&

Place of Business

 

:

 

Goodwill Plaza, #.84/20, Keyzer Street,

Colombo-11,

Sri Lanka.

 

Tel. No: (00 94 11) 247 1994

Fax No: (00 94 11) 247 8449

 

No. of Employees

:

Not Disclosed

           


COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N(PVS) 40880                              

Date of Registration

 

16th March  2005

Re-registration No

:

 PV 1117

Date of Re-registration

 

10th November 2007

Registered Office

:

#.84/20, Keyzer Street, Colombo-11

Board of Directors

As at

31st December 2009

:

M.I. M. Siddique Noor Mohamed

Managing Director

N.M. Hassan Abdul Majeed

Director

M. Harron Rasheed

Director

Issued Share Capital

:

Rs.    30.00              

Nominal Value of Share

:

Rs.    10.00                    

 

Share Holders

As at

31st December 2009

:

Share Holders

No. of

Shares

M.I. M. Siddique Noor Mohamed

01

N.M. Hassan Abdul Majeed

01

M. Harron Rasheed

01

Auditors

:

Jawaamil Associates

Company Secretaries

:

J & A Management Systems (Pvt) Ltd

Bankers

:

Not Disclosed

 

 

 

CURRENT INVESTIGATION                      

 

·         History

 

                  The Subject Company NEW CHOICE (PVT) LTD is a Private    Limited   liability Company incorporated on 16th March 2005 under registration number N (PVS) 40880 and then the company was re-registered on 10th November 2007 under registration number PV 1117.

                  The subject company client given name “NEW CHOICE” is uncompleted name it should be       

                  Correctly NEW CHOICE (PVT) LTD.

 

·         Location.

 

                  The subject company is located at Goodwill Plaza, #.84/20, Keyzer Street, Colombo-11.  

 

·         Operational Details.

 

General

              The subject company primary line of business is Importer & Wholesale Dealers Textile & Readymade Garments.

 

            Products

                  Garments items

 

Country

India, China

 

Employees

                    Not Disclosed

 

·         Directors Details

 

         01)

Name

M.I. M. Siddique Noor Mohamed

ID Number

692261160 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

13th August 1969

Age

42 Years

Address

#.99/2, Church Road, Colombo-15

 

 

 

         02)

Name

N.M. Hassan Abdul Majeed

ID Number

623550761 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

20th December 1962

Age

48 Years

Address

#.24, 33rd Lane, Colombo-06

 

 

         03)

Name

M. Harron Rasheed

ID Number

703480080 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

13th December 1970

Age

41 Years

Address

#.99/2, Church Road, Colombo-15

 

·         Financial Data

The company has declined to provide information on its finances

 

·         General Comments

The subject company when contacted refuse and they provided some details to prepared this report and they declined to disclose any operational or financial information, However all information received is from informal 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.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

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

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

----

NB

New Business

----

 

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

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