MIRA INFORM REPORT

 

 

Report Date :

17.08.2013

 

IDENTIFICATION DETAILS

 

Name :

MACKSONS TILES LANKA (PVT) LIMITED

 

 

Registered Office :

# 38, 3rd Cross Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

15.11.2010

 

 

Com. Reg. No.:

PV 75502

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture, import and Distribution all types of Tiles

 

 

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 :

Not Yet Commenced Business Activity

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. 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 with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.

 

Source : CIA

 

GENERAL - Basic information at a glance

     

a.

Name of Subject of Inquiry

:

 MACKSONS TILES LANKA (PVT) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Chairman

:

Mohamed Makeen Mohamed Milfer

d.

Primary Line of Business

:

Manufacture, import and Distribution all types of Tiles

e.

Head Office &

Place of Business

 

:

 

# 75/1, Uvais Mawatha,

Henamulla,

Panadura,

Sri Lanka.

 

Tel. (00 94 11) 553 0221, 553 0223,  553 1000

        (00 94 38) 223 4155 / 223 5021 - 2

Mobile: (00 94 77) 395 7321

(General Manager- Mr. Tajitha     Perera)

Fax. (00 94 38) 428 1036

 

Email: tajitha@macktiles.com

             inquiry@multilac.com 

  

f.

            Factory

:

Atulugama Road, Raddegoda,

Paragastota,

Bandaragama.

Sri Lanka.

 

Tel /Fax No: (00 94 34) 225 2700

Mobile: (00 94 77) 444 7990 – Ms. Niluka)

 

g.

No. of Employees

:

Not disclosed

                       


COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PV 75502

b.

Date of Registration

:

15th November, 2010

c.

Registered Address

:

# 38, 3rd Cross Street, Colombo 11,  Sri Lanka

d

    Board of Directors

           As At

    28th April 2012

 

Mohamed Makeen Mohamed Milfer

Chairman

Mohamed Makeen Mohamed Mizver

Managing Director

e.

Issued Share Capital

:

Rs.   20.00

f.

Nominal Value of Share

:

Rs.   10.00

g.

Share Holders

As  At

28th April 2012

:

Share Holders

No. of Shares

Mohamed Makeen Mohamed Milfer

01

Mohamed Makeen Mohamed Mizver

01

h.

Auditors

:

Hasna Mohamed

i.

Secretaries

:

Amerasekara & Company

j.  

Bankers

:

Not disclosed

 

 

Directors’ Details

 

01)

Name

Mohamed Makeen Mohamed Milfer

ID Number

650371100 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

6th February 1965

Age

48 Years

Address

No.75, Wattalpola Rd, Henamulla, Panadura

 

02)

Name

Mohamed Makeen Mohamed Mizver

ID Number

661810096 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29h June 1966

Age

47 Years

Address

No.75, Wattalpola Rd, Henamulla, Panadura

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

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.

 

 

CURRENT INVESTIGATION                      

                                                       

History.

 

The Subject Company MACKSONS TILES LANKA (PVT) LIMITED is a Private    Limited   liability Company incorporated on 15th NOVEMBER 2010 under registration number PV 75502.

 

Subject Company is one of the seven (7) associate companies in the “MACKSONS HOLDINGS”

 

Location.

 

The Subject Company is located at # 75/1, Uvais Mawatha, Henamulla, Panadura, a City on the Colombo – Galle Highway 2, approx 20 kilo meters from Colombo.

                   

The factory is still under construction at Atulugama Road, Raddegoda, Paragastota, Bandaragama, approx. 35 kilo meters south of Colombo.

 

The client give address   # 38, 3rd Cross Street, Colombo 11, is the registered address of  the company.

 

 

Operational Details

 

General

 

The subject company primary line of business is Manufacture, Export,/Import and Distributor of all types of Tiles. The factory is still under construction and business not yet commenced.

 

Employees

Not Disclosed

 

 

Financial Data

 

The company has declined to provide any financial information. However, according to the  Information received business not yet commenced as the factory still under construction.

 

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.61.82

UK Pound

1

Rs.96.57

Euro

1

Rs.82.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.