MIRA INFORM REPORT

 

 

Report Date :

09.10.2012

 

IDENTIFICATION DETAILS

 

Name :

SIFANI JEWELLRES (PVT) LTD

 

 

 

 

Registered Office :

# 86, 4th  Floor ,Galle Road, Colombo 03

 

 

 

 

Country :

Sri Lanka

 

 

 

 

Date of Incorporation :

05.06.1970

 

 

 

 

Com. Reg. No.:

PVS 3210

 

 

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

 

 

Line of Business :

Import Export & Distributors of Gems & Jewellery

 

 

 

 

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 :

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

(31.03.2011)

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

 

:

 

SIFANI JEWELLRES (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

 :

Sahabdeen Abdul Majeed Mohamed

Primary Line of Business

:

 

Import Export & Distributors of Gems & Jewellery

 

Place of Business & Factory

:

 

# 86, 4th  Floor ,Galle Road,

Colombo 03,

Sri Lanka.

 

 

Tel. No: (00 94 11) 239 9601, 239 9602, 239 9608

Fax No: (00 94 11) 239 9608

 

E Mail: sifanicare@eureka.lk

 

No. of  Employees

:

Not Disclosed

           

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

Old Registration No

:

PVS 3210

Date of Registration

:

05th June 1970

New Registration No

:

PV 2236

Date of Registration

:

30th January 2008

Registered Office

:

86, 4th Floor , Galle Road , Colombo 03

Board of Directors

As At

14th October 2011

:

Sahabdeen Abdul Majeed Mohamed

Managing

Director

Sahabdeen Mahmood Rizvan

Director

Sahabdeen Sitti Ruchia

Director

Issued Share Capital

:

LKR. 1,400,000.00                        

 

Nominal Value of Share

:

LKR.             10.00

 

Share Holders

As At

14th October 2011

 

 

                       Share Holders

No. of Shares

 

 

Sahabdeen Mahmood Rizvan

 

    28,000

 

Sahabdeen Sitti Ruchia

    62,830

 

Sahabdeen Abdul Majeed Mohamed

     100

 

Majeedsons

    49,070

 

Auditors

:

BDO Partners

 

Company Secretaries

:

Corporte Advisory 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 is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

Information declined by

 

Name                : Mr. Ashraf

Designation       : Accountant

Date                 : 09.10.2012

 

 

 

 

CURRENT INVESTIGATION

 

                                                       

                                                                              Company logo

 

·         History.

 

The Subject Company SIFANI JEWELLERS (PVT) LTD is a Private    Limited   liability        Company incorporated on 05th June 1970 under registration number PVS 3210 and then the company was re-registered on 30th January 2008 under registration number PV 2236

 

·         Location.

 

The Subject Company is located at 86, 4th Floor, Galle Road, Colombo 03, Sri Lanka.

 

·         Operations Details.

 

General

 

                  The subject company primary line of business is Import Export & Distributors of Gems &          

                 Jewellery

 

Products

Rings, Earrings, Necklace, Bracelets

 

Country

                  Worldwide

 

No of Employees

                  Not Disclosed

 

 

·         Directors Details

01)

Name

 Sahabdeen Abdul Majeed Mohamed

Nationality

Sri Lankan

ID Number

261401740 V

Gender

Male

Date of Birth

19th May 1926

Age

86 Yeats

 

02)

Name

Sahabdeen Mahmood Rizvan

Nationality

Sri Lankan

ID Number

60261079 V

Gender

Male

Date of Birth

17th September 1960

Age

52 Years

 

03)

Name

Sahabdeen Sitti Ruchia

Nationality

Sri Lankan

ID Number

417101098 V

Gender

Female

Date of Birth

28th July 1941

Age

71 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

 

National Gem & Jewellery Authority

                                                   

·         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.52.21

UK Pound

1

Rs.84.00

Euro

1

Rs.67.75

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.