MIRA INFORM REPORT

 

 

Report Date :

23.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

M.M. HASSENALLY AND COMPANY (PVT) LTD

 

 

Registered Office :

# 36, N.H.M. Abdul Cader Road, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.03.2013

 

 

Com. Reg. No.:

PV 85208

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importers & Wholesale Distributor of Plastic Products

 

 

No. of Employees :

02

 

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 :

Slow but correct

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

Important Note

 

Has claimed by Mr. Hassenally Yahya (MD) that the subject was mainly started from 1901 with the name M M Hassenally & Comp as proprietorship firm, after that in the year of 1956 it has converted into partnership firm with the name of mohammedi & Company and again it has converted into proprietorship firm in the year 1991 with the name of F H Associated & company. Lastly in the year 2012 they have again converted their firm into private limited with the name of F H Associate & company PVT LTD. But after that in the year 2014 they have changed their company name as M M Hassenally & company PVT LTD.

Activity will be starting from September 2014. In that mean time they have done activity in theia proprirtoryship firm.

 

 

GENERAL - Basic information at a glance

      

Name of Subject of Inquiry

:

 

M.M. HASSENALLY AND COMPANY (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Hassenally Yahya

Primary Line of Business

:

Importers & Wholesale Distributor of Plastic Products

Head office

&

Place of Business

 

:

 

# 36, N.H.M. Abdul Cader Road,

Colombo 11,

Sri Lanka.

 

Tel. No: (00 94 11) 233 1277

 

Email: fhassociate@gmail.com

 

No. of Employees

:

02 Employees

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

PV 85208

Date of Registration

 

29th March 2012

Registered Office

:

# 36, N.H.M. Abdul Cader Road,Colombo 11

Board of Directors

As at

29th March 2012

:

Hassenally Yahya

Managing Director

Tayabally Yahya

Director

Issued Share Capital

:

Rs. 20.00              

Number of Shares

:

02

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007. It could be computed as Rs.10.00.

 

Share Holders

As at

29th March 2012

:

Share Holders

No. of

Shares

Hassenally Yahya

01

Tayabally Yahya

01

Auditors

:

Razik & Co.

Company Secretaries

:

Management & Accounting Link (Pvt) Ltd

Bankers

:

Peoples Bank – Corporate Branch

 

 

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

                       

·         History

 

                  The Subject Company M.M. HASSENALLY AND COMPANY (PVT) LTD is a Private    Limited   liability Company incorporated on 29th March 2012 under registration number PV 85208.

 

                  The subject company initially registered as F.H. ASSOCIATE AND COMPANY (PVT) LTD it changed on 11th April 2014.

 

·         Location.

 

The subject company is located at client # 36, N.H.M. Abdul Cader Road, Colombo 11

 

·         Operational Details.

 

General

            The subject company primary line of business is Importers & Wholesale Distributor of Plastic Products

 

            Products

Plastic Products (Such as: Combs, Water Bottels, Pecil Boxes)

 

Country

China, India

 

Employees

                  02 Employees

             

·         Directors Details

 

Name

Hassenally Yahya

ID Number

851272577 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

06th May 1985

Age

29 Years

Address

# 48/12, Sooriya Mawatha, Opposite Halpita Temple, Kondurawa, Polgasowita.

 

 

Name

Tayabally Yahya

ID Number

492152960 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

02nd August 1949

Age

65 Years

Address

# 48/12, Sooriya Mawatha, Opposite Halpita Temple, Kondurawa, Polgasowita

 

 

·         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

 

Sale turnover               (2012-2013)       (2013-2014)

(Amount in Million)      37.000              40.000

 

·         Trade references

 

Not Available

 

·         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.

 

 

Information parted

 

Name:               Mr. Hassenally Yahya

Designation:      MD

Tel No:              00094112331277

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.43

UK Pound

1

Rs.100.23

Euro

1

Rs.80.35

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

Calling by :

SVA

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%)

 

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