MIRA INFORM REPORT

 

 

Report Date :

11.11.2013

 

IDENTIFICATION DETAILS

 

Name :

DALUM LANKA (PVT) LTD

 

 

Registered Office :

# 111/116, Abdul Hameed Street , Colombo 12

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

05.06.2013

 

 

Com. Reg. No.:

PV 92891

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Custom Broker and Freight forwarding Services

 

 

No. of Employees :

10

 

 

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 – 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

:

 DALUM LANKA (PVT) LTD

b.

Legal Form  & Status

 

:

 

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Mohamed Ibrahim Mohamed Nazar

d.

Primary Line of Business

:

Custom Broker and Freight forwarding Services

e.

 

 

 

 

Head Office

&

Place of Business

 

 

 

:

 

 

 

 

 

# 210/4/1, Main Street,

Colombo 11.

Sri Lanka

 

Tel. No: (00 94 11) 243 4373

Fax No: (00 94 11) 239 2824

Mobile: (00 94 77) 781 3132 (Mr. Irshad)

Email: info@hanaglobal.lk

 

Note: Client given contact number 00940117210676 is not in use

g.

No. of Employees

:

Approx. 10 (Group)

 

 

COMPANY DETAILS - Registration and Shareholder Details

 

a.

 

Registration No

:

PV 92891

Date of Registration

:

05th June 2013

  b.      

Registered Address

:

# 111/116, Abdul Hameed Street , Colombo 12

c.

Board of Directors

As At

05th June 2013

:

Mohamed Ibrahim Mohamed Nazar

Managing Director

d.

Issued Share Capital

:

Rs.    10.00

e.

Nominal Value of Share

:

Rs.     10.00

f.

Share Holders

As At

05th June 2013

:

 Share Holders

Number 

Of

Shares

Mohamed Ibrahim Mohamed Nazar

                 01

g.

Auditors

:

Not Disclosed-

h.

Company Secretaries

 

Mummu Nawaza

i.

Bankers

 

Not Disclosed-

 

 

Director’s Details

 

Name

Mohamed Ibrahim Mohamed Nazar

ID Number

712981687 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

24th October 1971

Age

42 Years

 

FINANCIAL DETAILS - Most recent available Financial Information

 

Subject Company has been established / incorporated only a few months back, in June 2013.

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

 

CURRENT INVESTIGATION

 

History.

 

The Subject Company DALUM LANKA (PVT) LTD is a Private Limited Liability Company incorporated on 05th June 2013 under registration number PV 92891.

 

Location.

The subject company is located at # 210/4/1, Main Street, Colombo 11, which is a prominent market place in the city.  The office size is approx. 150 square feet, air-conditioned and protected by electronic sensors, CCTV & keys which signal the amount of security & privacy they maintain for such a business!

              

Note:

 

The client is # 111/116, Abdul Hameed Street, Colombo

12 (Not in Colombo11 as given by the client) is the company registered address.

This is a storied building with row of dwelling houses in side an estate.  Since  the company has been registered  just 4 months back, our investigators visited the

Subject’s address but could not trace and find the subject company at the first visit.

People in the locality could not provide any clue to locate the address.

 

The subject company has also not been listed in any of the telephone directories. As

such our investigators visited the client given address again and was able to obtain the

Company’s business office address as given above.

 

The person named Mr. Irshad was reluctant and rather not friendly when requested for company details without knowing the details of the enquiring client but after much agitation he provided the details included in the report. He insisted that he needs the name of the client to provide company details and to inform our client accordingly. He even refused to accept our formal letter requesting company details!

 

Operational Details.

 

General

                 

The primary line of business of the subject is Custom Broking, Freight Forwarding Services Etc.

                  It is a newly incorporated company. 

                  It has been found that another company named “HANA FORWARDING” is in operation at

                  the same premises and the subject company DALUM LANKA (PVT) LTD is functioning

                  as an associate company of the former, it is learnt.

 

Products/Services

 

Documentation management

Customs clearance/brokerage services

Cargo insurance services

Pick-up, delivery and distribution.

 

No of Employees

 

 Approx. 10 as indicated. (4 people were seen working inside when our investigators visited)

          

Financial Data

 

The subject company has been registered just 4 months ago and no financials 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.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.