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Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL FREIGHTING (PVT) LTD |
|
|
|
|
Registered Office : |
Level 8,
"Valiant Towers", |
|
|
|
|
Country : |
Sri Lanka |
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|
|
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Date of Incorporation : |
22.04.1994 |
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Com. Reg. No.: |
PV 7878 |
|
|
|
|
Legal Form : |
Private Limited Liability Company (In Operation) |
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|
|
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Line of Business : |
Freight Forwarding and
logistic services |
|
|
|
|
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Sri Lanka - ECONOMIC OVERVIEW
Sri Lanka continues to experience strong economic growth, driven by
large-scale reconstruction and development projects following the end of the
26-year conflict with the LTTE. Sri Lanka is pursuing a combination of
government directed policies, private investment, both foreign and domestic, to
spur growth in disadvantaged areas, develop small and medium enterprises, and
increase agricultural productivity. The government struggles with high debt
interest payments, a bloated civil service, and historically high budget
deficits. However recent reforms to the tax code have resulted in higher
revenue and lower budget deficits in recent years. The 2008-09 global financial
crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly
caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic
activity rebounded strongly with the end of the war and an IMF agreement,
resulting in two straight years of high growth in 2010 and 2011. Per capita
income of $5,600 on a purchasing power parity basis is among the highest in the
region.
|
Source : CIA |
|
Name of Subject of Inquiry |
: |
EXCEL FREIGHTING
(PVT) LTD |
|
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
|
Chairman |
: |
Hussain Saad Hashim |
|
Primary Line of Business |
: |
Freight Forwarding
and logistic services |
|
Head office & Place of
Business |
: |
Level 8, "Valiant Towers"
. Tel. No: (00 94 11) Fax No: (00 94 11) Email:
|
|
No. of Employees |
: |
Not
Disclosed |
|
Registration No |
: |
N ( PVS ) 12907 |
||||
|
Date of Registration |
|
22nd April 1994 |
||||
|
Re-registration No |
: |
PV 7878 |
||||
|
Date of Re-registration |
|
06th October 2008 |
||||
|
Registered Office |
: |
Level 8, "Valiant Towers",, Sri Lanka |
||||
|
Board of Directors As at 31st July 2012 |
: |
Hussain Saad Hashim |
Chairman |
|||
|
Mohamed Macky Hashim |
Director |
|||||
|
M. Faizer Hashim |
Director |
|||||
|
Mark Anthony Francis |
Director |
|||||
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Issued Share Capital |
: |
Rs.
100,000.00 |
||||
|
Nominal Value of Share |
|
Rs.
10.00 |
||||
|
Major Share Holders As at 31st July 2012 |
: |
Share Holders |
No. of Shares |
|
||
|
L.C. Jeromy Kevin
De Silva |
500 |
|
||||
|
Mark Anthony
Francis |
1,000 |
|
||||
|
Hussain Saad
Hashim |
1,000 |
|
||||
|
M. Faizer Hashim |
1,000 |
|
||||
|
Mohamed Macky Hashim |
1,000 |
|
||||
|
Malship (Ceylon) Ltd |
5,500 |
|
||||
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Auditors |
: |
S. Saverimuttu
& Company |
|
|||
|
Company Secretaries |
: |
Co-Serv (Pvt) Ltd |
|
|||
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Bankers |
: |
Not Disclosed |
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|||
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 is not
required to make public disclosure of their annual financials. Therefore no
financials
Are available for
this entity
·
History
The Subject Company EXCEL FREIGHTING (PVT) LTD is a Private Limited
liability Company incorporated on
22nd April 1994 under registration number N ( PVS ) 12907 and then the
company was re-registered on 06th
October 2008 under registration number
PV 7878.
·
Location.
The subject
company is located at client Level 8, "Valiant Towers",, Sri Lanka.
·
Operational
Details.
General
The subject company primary line
of business is Freight Forwarding and logistic services
Services
Sea Freight Forwarding
Air Freight Forwarding
Customs Clearance
Projected Cargo
. Trucking
Tanktainer
Country
Worldwide
Employees
Not Disclosed
·
Director’s Details
01)
|
Name |
Hussain Saad Hashim |
|
ID Number |
341342090 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date Of Birth |
13th May 1934 |
|
Age |
78 Years |
02)
|
Name |
Mohamed Macky Hashim |
|
ID Number |
382611268 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date Of Birth |
17th September 1938 |
|
Age |
74 Years |
03)
|
Name |
M. Faizer Hashim |
|
ID Number |
441382979 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date Of Birth |
17th May 1944 |
|
Age |
68 Years |
04)
|
Name |
Mark Anthony Francis |
|
ID Number |
523422294 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date Of Birth |
07th December 1952 |
|
Age |
60 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
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.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.