MIRA INFORM REPORT

 

 

Report Date :

28.08.2013

 

IDENTIFICATION DETAILS

 

Name :

ALI BROTHERS (PVT) LTD 

 

 

Registered Office :

No.228, Layards Broadway, Colombo 14

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.04.1995

 

 

Com. Reg. No.:

PV 3399

 

 

Legal Form :

Private Limited Liability Company    (In operation)

 

 

Line of Business :

Import and distribute of all kind of Motor vehicles, palm oil and export of rubber.

 

 

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

(31.03.2012)

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

:

ALI BROTHERS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Managing Director

:

Naeem Mohamed Hyder Ali

Primary Line of Business

:

Import and distribute of all kind of Motor vehicles, palm oil and export of rubber

Head Office

&

Place of Business

 

:

 

# 228, Layards Broadway,

Colombo 14.

Sri Lanka.

 

Tel. No: (00 94 11) 233 0207 – 8 / 243 9493

Fax No: (00 94 11) 2541104

 

E-mail: alibros@slt.lk

 

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 14843

Date of Registration

:

26th April 1995

Re-registration No

:

PV 3399

Date of Re-registration

:

21st April 2008

Registered Office

:

No.228, Layards Broadway, Colombo 14

Board Of Directors

As At

26th July 2012

:

N. M. Hyder Ali

Managing Director

N. M. Asad Ali

Director

M. Illyas Mohamed Minhar

Director

M. Naeem Ali

Director

Umar Aliu Hyder Ali

Director

Issued Share Capital

:

Rs.  91,600,000.00    

Nominal Value of Share

:

Rs.                10.00

Share Holders

As At

26th July 2012

:

 Share Holders

No of Shears

N. M. Hyder Ali

4,330,000

N. M. Asad Ali

4,330,000

M. Illyas Mohamed Minhar

500,000

Secretaries

:

Seccom (Pvt) Ltd

Auditors

:

Weerasinghe and Company

Bankers

:

Peoples Bank

Bank of Ceylon

 

 

 

 

 

 

 

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

 

                                                           

CURRENT INVESTIGATION                      

 

 

 

·         History.

 

                  The Subject Company ALI BROTHERS (PVT) LTD is a Private    Limited   liability Company incorporated on 26th April 1995 under registration number N (PVS) 14843 and then the company was re-registered on 21st April 2008 under registration number PV 3399.

 

·         Location.

 

The Subject Company is located at the client No.228, Layards Broadway, Colombo 14

 

·         Operations Details.

General

The subject company primary line of business is Import and distribute of all kind of vehicles, palm oil and export of rubber

 

Products

o        Vehicles – HONDA, SUZUKI, TOYOTA, MAZDA, NISSAN, Mitsubishi, ABL Truck, BMW

o        Natural Rubber- Sheet Rubber

o        Palm Oil

       

 Subject company is one of the leading Palm Oil (Vegetable Oil) importers in bulk in Sri Lanka, with a capability of handling 5000 M/T(5 million kgs) RBD Palm Oil per month. Their Palm Oil Tank Farm located in Wattala. They also possess the capacity to Refine Crude Palm oil to RBD Palm oil And Crude Coconut oil to make RBD Coconut oil (White Coconut oil ) They manufacture Palm Fatty Acid for the Soap Industry and available for exports.

 

Import Countries

Motor vehicles imported from Japanese, Korean and Chinese

Palm oil from  India, Indonesia

 

Exporting Countries:

Europe. Japan,

 

Employees

                    Not Disclosed

 

 

Director Details

1)

Name

N. M. Hyder Ali

ID Number

600481550 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th February 1960

Age

51 Years

 

 

2)

Name

N. M. Asad Ali

ID Number

622441955 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

28th August 1962

Age

49 Years

 

3)

Name

M. Illyas Mohamed Minhar

ID Number

713370428 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

2nd December 1971

Age

40 Years

               

    4)

Name

M. Naeem Ali

ID Number

752772088 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

3rd October 1975

Age

36 Years

 

5)

Name

Umar Aliu Hyder Ali

ID Number

860082187 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

8th January 1986

Age

25 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

                

     

·         General Comments

 When we contacted the Subject Company they provided most basic details to prepare this report.

 

·         Trade references

                    Kobe Motor Company, Japan

 

·         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.65.67

UK Pound

1

Rs.102.20

Euro

1

Rs.87.75

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

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.