MIRA
INFORM REPORT
|
Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOHAMED HANIFF& CO. |
|
|
|
|
Registered Office : |
# 92, 3rd Cross Street, Colombo
11 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
Not Available |
|
|
|
|
Com. Reg. No.: |
Not
Available |
|
|
|
|
Legal Form : |
Proprietorship Concern |
|
|
|
|
Line of Business : |
Importers & Distributors of Lungy’s Salwars & Towels |
|
|
|
|
No. of Employees : |
06 Approximately |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
|
Name of Subject of Inquiry |
: |
MOHAMED
HANIFF& CO. |
|
Legal Form & Status |
: |
Proprietorship Concern (In Operation) |
|
Proprietor |
: |
Mohamed
Haniff |
|
Primary Line of Business |
: |
Importers &
Distributors of Lungy’s Salwars & Towels |
|
Head Office
&
Place of Business |
: |
#
92, 3rd Cross Street, Colombo
11, Sri
Lanka Tel.
No: (00 94 11) 242 2010 Fax.
No:(00 94 11) 233 2958 Email:
sahid.mh@gmail.com |
|
No. of Employees |
: |
Approx.
06 |
CONCERN DETAILS
Registration and Shareholder Details
|
Registration No |
: |
Not Disclosed |
|
Date of Registration |
: |
Not Disclosed |
|
Registered Office |
: |
#
92, 3rd Cross Street, Colombo 11 |
|
Auditors |
: |
Not Applicable |
|
Concern Secretaries |
: |
Not Applicable |
|
Bankers |
: |
Not Disclosed |
FINANCIAL DETAILS
Most
recent available Financial Information
Based on the corporate
laws of Sri Lanka, legal entities which are Private Concern with Limited
Liability/Proprietorship/Partnership 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 MOHAMED HANIFF& CO. is Proprietorship Concern
The
Proprietorship/Partnership Companies are registered at the Provincial Registrar
of Companies and as the management declined to provide registration details it
is not possible to trace concern details
at the Registrar’s office
The subject is having an associate
concern named “SHAHID TEXTILES”.
·
Location.
The subject concern is located at client # 92, 3rd Cross Street, Colombo 11.
Highly commercial area in the
city of Colombo.
Subject Concern situated two stores building first floor.
When we visited the subject
Concern , but owner is not
hear business place because he went to the India some
Business deal. We met the
concern workers but they are refused to
provide details to
Prepared this report.
·
Operational
Details.
General
The subject concern ’
primary line of business is an Importers
& Distributors of Lungy’s Salwars & Towels their business places
are situated in the busiest business place in the city of Colombo where all
types of textiles are operating.
Products
Lungy’s Salwars & Towels
Countries
India
No of Employees
Approx.6
·
Financial Data
Based on the corporate
laws of Sri Lanka, legal entities which are Private Company with Limited
Liability/Proprietorship/Partnership is not required to make public disclosure
of their annual financials. Therefore no Financials are available for this
entity.
·
Trade references
Not Available
·
Credit
Recommendations:
Since no financial information has been forthcoming from the
concern , it is not possible to comment on the merits or otherwise of the
concern .
No computerised data bases exist to make
checks whether the partners or the concern
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.62.45 |
|
UK Pound |
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.