MIRA INFORM REPORT

 

 

Report Date :

09.11.2012

 

IDENTIFICATION DETAILS

 

Name :

ONARA LANKA TRADERS (PVT) LTD

 

 

 

 

Registered Office :

# 52/17, Wolfendhal Street, Colombo 13

 

 

 

 

Country :

Sri Lanka

 

 

 

 

Date of Incorporation :

08.12.2011

 

 

 

 

Com. Reg. No.:

PV 82970

 

 

Legal Form :

 

Private Limited Liability Company

 

 

 

 

Line of Business :

Not Available 

 

 

 

 

No. of Employees :

Not Available 

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Nb

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Business

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 – 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

 

 

GENERAL

Basic information at a glance

 

Name of Subject of Inquiry

:

ONARA LANKA TRADERS (PVT) LTD

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

Managing Director

:

Mohamed Nizar Mohamed Faiz

Primary Line of Business

:

Not Disclosed

Head Office

&

Place of Business

 

 

 

:

 

 

 

 

# 52/17 ,Wolfendhal Street,

Colombo 13,

Sri Lanka

 

  Tel. No: (00 94 11) Not Disclosed/Available

 Fax No: (00 94 11) Not Disclosed/Available

 

No. of Employees

:

Not Disclosed/Available

 

 

cOMPANY DETAILS

Registration and Shareholder Details

 

Registration No

:

PV 82970

Date of Registration

:

08th December 2011

Registered Office

:

# 52/17, Wolfendhal Street, Colombo 13, Sri Lanka.

Board of Directors

As At

08th December 2011

:

Mohamed Nizar Mohamed Faiz

 Managing  

   Director

Issued Share Capital

:

Rs.     10.00

Nominal Value of Share

:

Rs.     10.00

Share Holders

As At

08th December 2011

:

 Share Holders

No Of Shares

Held

Mohamed Nizar Mohamed Faiz

01

Auditors

:

Not Disclosed

Company Secretaries

 

Kichil Saburdeen Mohamed Fahim

Bankers

 

Not Disclosed-

 

 

CURRENT INVESTIGATION

 

·         History.

                   The Subject Company ONARA LANKA TRADERS (PVT) LTD is a Private    Limited   Liability Company incorporated on 08th December 2011 under registration number PV 82970.

                

·         Location.

                  The Subject Company client given # 52/17, Wolfendhal Street, Colombo 13, Sri Lanka.

                  We have visited this address but we cannot trace and cannot find it.

 

                  The subject company is not been listed in any of the telephone directories and as such

                   No contact number available

                  

·         Operational Details.

 

General

                   The details of the primary line of business of the subject company is not disclosed as yet

 

Products

                   Details not available.

          

No of Employees

                    Not Disclosed

 

Director’s Details

 

01)

Name

Mohamed Nizar Mohamed Faiz

ID Number

742670626 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd September 1974

Age

38 Years

 

 

·         Financial Data

                  Details not available.    

 

                  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. 

 

·         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.54.44

UK Pound

1

Rs.87.00

Euro

1

Rs.69.43

 

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%)

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