MIRA INFORM REPORT

 

 

Report Date :

03.12.2013

 

IDENTIFICATION DETAILS

 

Name :

HAMEED BROTHERS COLOMBO (PVT) LTD

 

 

Registered Office :

# 376, Grandpass Road, Colombo-14

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

14.12.1967

 

 

Com. Reg. No.:

PV 4688

 

 

Legal Form :

Private Limited Liability Company (in operation)

 

 

Line of Business :

Exporters of Sri Lanka products mainly Tea, Rubber, Coconut

 

 

No. of Employees :

Approximately 150

 

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 – 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

:

HAMEED BROTHERS COLOMBO (PVT) LTD

 b.

Legal Form  & Status

:

Private Limited Liability Company (in operation)

c.

Managing Director

:

Mohammed Tufail Salie

d.

Primary Line of Business

:

Exporters of Sri Lanka products mainly Tea, Rubber, Coconut

e.

 

Place of Business

 

:

 

# 377, Grandpass Road,

Colombo-14,

Sri Lanka.

 

Tel  No: (00 94 11) 232 0832 / 232 4447 / 234 5934 - 5

Fax No: (00 94 11) 233 5617 / 247 1503

 

E-Mail: trade@hameed.com

              info@hameed.com

 

g.

No. of Employees

:

Approximately 150

 

 

COMPANY DETAILS - Registration and Shareholder Details

 

a.

Registration No

:

PVS 2631

Date of Registration

:

14th December 1967

b.

Re-registration No

:

PV 4688

Date of Registration

:

25th June 2008

c.

Re-registered Office

:

# 376, Grandpass Road, Colombo-14

d.

Board Of Directors

As At

19th February 2013

:

Mohammed Tufail Salie

Managing Director

Mohammed Ruwise Salie

Director

e.

Issued Share Capital

:

Rs.15,000,000.00

f.

Nominal Value of Share

:

Rs.100.00   (Total Number of Shares 150,000)

g.

Share Holders

As At

19th February 2013

:

 Share Holders

No. of Shares

Mohammed Tufail Salie

89,934

Mohammed Ruwise Salie

60,066

h.

Secretaries

:

David Eliazer Godwin Arulanantham

i

Auditors

:

Kreston MNS & Co

j

Bankers

:

 

Bank Of  Ceylon, Union Bank of Middle East Ltd

 

 

 

Directors details

 

Name

Mohammed Tufail Salie

ID Number

570873636 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th March 1957

Age

56 Years

Address

No.11, Maitland Crescent, Colombo – 07.

 

Name

Mohammed Ruwise Salie

ID Number

642350765 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

22nd August 1964

Age

49 Years

Address

No.46/5, Skelton Road, Colombo - 04

 

 

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

 

Company Logo

 

 

·         History

 

The Subject Company HAMEED BROTHERS COLOMBO (PVT) LTD, is a Private Limited liability Company incorporated on 14th December 1967 under registration number PVS 2631 and then the company was re-registered on 25th June 2008 under registration number PV 4688

 

The Subject Company earlier known as HAMEED BROTHERS (COLOMBO) LTD due to re-registration of the Subject Company, name changed to HAMEED BROTHERS COLOMBO (PVT) LTD

 

·         Location

 

The subject company is located at the client # 377, Grandpass Road, Colombo-14.

 

·         Operational Details

 

General

 

The subject company Primary line of business is exporting Tea, Rubber and Coconut, coffee, cardamom, paper, grains, pulses, and spices

 

Products

 

All grade of natural Rubber, Coconut Products & Fresh Coconut 

 

                      

 

Services

 

Leasing of warehouses, truck and container rentals and budget accommodation for business

 

Export Country

 

Europe and Middle East and 25 Year Countries

 

No of Employees

 

Approximately 150

 

·         Financial Data

 

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

 

Coconut Development Authority

Colombo Rubber Traders Association

The National Chamber of Commerce of Sri Lanka

 

·         Credit Recommendations

 

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.62.23

UK Pound

1

Rs.102.14

Euro

1

Rs.84.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.