MIRA INFORM REPORT

 

 

Report Date :

10.08.2012

 

IDENTIFICATION DETAILS

 

Name :

FURNITURE FACTORY (PVT) LTD

 

 

Registered Office :

# 216 , Havelock Road, Colombo 05, Sri Lanka

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

13.11.2009

 

 

Com. Reg. No.:

PV 69960

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture, Importers, Exporters, Distributors & Sellers All Kinds of Furniture

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Sri Lanka

A2

A2

 

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

:

 

FURNITURE FACTORY (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman / Managing Director

:

Saheed Ahamed Abdul Kareem

Primary Line of Business

:

Manufacture, Importers, Exporters, Distributors & Sellers All Kinds of Furniture 

Head office

&

Place of Business

 

:

 

# 216 ,

Havelock Road,

Colombo 05,

Sri Lanka.

 

Tel. No: (00 94 11) 258 1616

Fax No: (00 94 11) 258 1617

 

Email: info@furniturefactory.lk

 

No. of Employees

:

Not Disclosed

 

           

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

PV 69960

Date of Registration

 

13th November 2009

Registered Office

:

# 216 , Havelock Road, Colombo 05, Sri Lanka

Board of Directors

As at

14th October 2011

:

Saheed Ahamed Abdul Kareem

Chairman/ Managing Director

Gihan Ramesh Walter De Soysa

Director

Issued Share Capital

:

Rs.    1,000,000.00              

Nominal Value of Share

:

Rs.                10.00                    

 

Share Holders

As at

14th October 2011

:

Share Holders

No. of

Shares

Saheed Ahamed Abdul Kareem

54,999

Firoza Saeed Ahamed

01

Gihan Ramesh Walter De Soysa

45,000

Auditors

:

W.S. Kiruparatnam & Co.

Company Secretaries

:

Mansec Services (Pvt) Ltd

Bankers

:

Not Disclosed

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION                      

 

·         History

                   The Subject Company FURNITURE FACTORY (PVT) LTD is a Private    Limited   liability Company incorporated on 13th November 2009 under registration number PV 69960

 

·         Location.

The subject company is located at client given adddress # 216, Havelock Road, Colombo 05, Sri Lanka

 

·         Operational Details.

 

General

            The subject company primary line of business is Manufacture, Importers, Exporters, Distributors & Sellers All Kinds of Furniture.

 

                   Products                 

                        Fibre & Woden Furniture, MDF Particle Board  

 

Country

                    Indonesia

 

Employees

                    Not Disclosed

 

·         Directors Details

         01)

Name

Saheed Ahamed Abdul Kareem

ID Number

780570300 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

26th February 1978

Age

34 Years

 

 

         02)

Name

Gihan Ramesh Walter De Soysa

ID Number

780953756 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

4th April 1978

Age

34 Years

 

 

·         Financial Data

The company has declined to provide information on its finances

 

                  Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   

                  Limited Liability is not required to make public disclosure of their annual financials.         

                  Therefore, no Financials are available for this entity

 

·         Trade references

Industrial Development Board

 

 

·         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.55.17

UK Pound

1

Rs.86.43

Euro

1

Rs.68.27

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.