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Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
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Name : |
SWIFT PHARMACEUTICALS (PVT) LTD |
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|
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Registered Office : |
# 36A, Shrubbery Gardens, Colombo 04 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
04.07.2011 |
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Com. Reg. No.: |
PV 79804 |
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Legal Form : |
Private Limited Liability Company
(In Operation) |
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Line of Business : |
Import & Distributors of Pharmaceuticals & Devices |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
|
a. |
Name of Subject of Inquiry |
: |
SWIFT
PHARMACEUTICALS (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited Liability
Company (In Operation) |
|
c. |
C E O |
: |
Mohamed Hussain
Mohamed |
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d. |
Primary Line of Business |
: |
Import &
Distributors of Pharmaceuticals & Devices |
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e. |
Head office & Place of Business |
: |
# 36A, Shrubbery
Gardens, Colombo 04, Sri Lanka. Tel. No: (00 94 11) 258 6413, 432
1320, 433 5607 Fax No: (00 94
11) 255 1813 Email: hussain@eureka.lk
|
|
f. |
No. of Employees |
: |
Not Disclosed |
|
a. |
Registration No |
: |
PV 79804 |
||
|
Date of Registration |
: |
04th
July 2011 |
|||
|
c. |
Registered Office |
: |
# 36A, Shrubbery
Gardens, Colombo 04 |
||
|
d. |
Board of Directors As at 04th May 2012 |
: |
Mohamed Hussain Mohamed |
C E O |
|
|
Shaul Hameed
Mohamed |
Director |
||||
|
Mohamed Mehdi |
Director |
||||
|
e. |
Issued Share Capital |
: |
Rs. 20.00 |
||
|
f. |
Nominal Value of Share |
: |
Rs. 10.00 |
||
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g. |
Share Holders As at 04th May 2012 |
: |
Share Holders |
No. of Shares |
|
|
Shaul Hameed
Mohamed |
01 |
||||
|
Mohamed Hussain
Mohamed |
01 |
||||
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h. |
Auditors |
: |
Not Disclosed |
||
|
i. |
Company Secretaries |
: |
A & A
Associates (Pvt) Ltd |
||
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k. |
Bankers |
: |
Not Disclosed |
||
01)
|
Name |
Shaul Hameed
Mohamed |
|
ID Number |
531583086 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date Of Birth |
06th
June 1953 |
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Age |
60 Years |
02)
|
Name |
Mohamed Mehdi |
|
PP Number |
E 2349682 F |
|
Nationality |
Singapore |
03)
|
Name |
Mohamed Hussain
Mohamed |
|
ID Number |
450963070 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date Of Birth |
05th
April 1945 |
|
Age |
68 Years |
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
History
The Subject Company SWIFT
PHARMACEUTICALS (PVT) LTD is a Private
Limited liability Company
incorporated on 04th July
2011 under registration number PV
79804.
The
subject company is a member company of the SWIFT GROUP.
Swift Group of Companies
are,
Swift Shipping & Trading (Pvt) Ltd
Mohideen Ship Chandlers (Pvt) Ltd
Nagoor Meera Ship Services Ltd
Nagoor Meera Agencies
Swift
Pharmaceuticals (Pvt) Ltd
Location.
The Subject Company is located at client # 36A, Shrubbery Gardens, Colombo 04.
Operational
Details.
General
The subject company primary line of business
is Import & Distributors of
Pharmaceuticals & Devices
Swift
Pharmaceuticals are the sole authorize agent in Sri Lanka for NOVINS International
Products
Pharmaceuticals
& Medical Devices
Import
Country
Pakistan
Employees
Not Disclosed
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
The subject company did not provide any trade
reference referrals
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 computerized 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.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.