MIRA INFORM REPORT

Report Date :

03.04.2014

IDENTIFICATION DETAILS

Name :	DHANAK (PVT) LTD
Registered Office :	# 100/5, Welikadawatta Road, Rajagiriya
Country :	Sri Lanka
Date of Incorporation :	12.08.2010
Com. Reg. No.:	PV 73748
Legal Form :	Private limited liability Company (In Operation)
Line of Business :	Importers & Distributors in all kinds of Carpets
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 – September 30, 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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

Source : CIA

GENERAL

Basic information at a glance

a.	Name of Subject of Inquiry	:	DHANAK (PVT) LTD
b.	Legal Form & Status	:	Private limited liability Company (In Operation)
c.	Managing Director	:	Aziza Shakir Jafferjee
d.	Primary Line of Business	:	Importers & Distributors in all kinds of Carpets
e.	Head office & Place of Business		# 56, Stafford Avenue, Colombo – 06, Sri Lanka. Tel. No: (00 94 11) 441 3786 Mob. No: (00 94 77) 768 9022
f.	No. of Employees	:	Not Disclosed

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	PV 73748
b.	Date of Registration	:	12^th August, 2010
c.	Registered Address	:	# 100/5, Welikadawatta Road, Rajagiriya, Sri Lanka
d	Board of Directors As at 14^th October 2013		Aziza Shakir Jafferjee	Managing Director
			Sorab Pesi Khandalavala	Director
			Shakir Saleh Jafferjee	Director
e.	Issued Share Capital	:	Rs. 10,222,230.00
f.	Nominal Value of Share	:	Rs. 10.00
g.	Share Holders As at 14^th October 2013	:	Share Holders		No. of Shares
			S P K Aziza (Pvt) Ltd		460,001
			Aziza Shakir Jafferjee		460,000
			Shakir Saleh Jafferjee		102,222
h.	Auditors	:	Wickremasinghe Dayananda & Co.
i.	Company Secretaries	:	Sonali Noeline Desiree Fernando
j.	Bankers	:	Not Disclosed

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 DHANAK (PVT) LTD is a Private Limited Liability Company incorporated in 12^th August, 2010 under registration number PV 73748.

Location.

The Subject Company’s located at # 56, Stafford Avenue, Colombo – 06.

Operational Details.

General

The subject company’s primary line of business Importers & Distributors in all kinds of Carpets

Products

Carpet Store, Killims, Rug Store.

Import Country

Pakistan

No of Employees

Not Disclosed

Directors Details

01)

Name	Aziza Shakir Jafferjee
ID Number	605673910 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	07^th March 1960
Age	54 Years
Address	# 100/5, Welikadawatta Road, Rajagiriya

02)

Name	Sorab Pesi Khandalavala
PP Number	028157943
Nationality	American

3)

Name	Shakir Saleh Jafferjee
ID Number	550302799 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	30^th January 1955
Age	59 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

Trade references

The subject company did not provide any trade reference referrals

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.59.65
UK Pound	1	Rs.99.21
Euro	1	Rs.82.39

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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