MIRA INFORM REPORT

 

 

Report Date :

16.07.2014

 

IDENTIFICATION DETAILS

 

Name :

HILL LANKA (PVT) LTD

 

 

Registered Office :

# 2A, Mendis Avenue, Idama, Moratuwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

27.03.2000

 

 

Com. Reg. No.:

N (PVS) 25833

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Subject is engaged in refrigeration and air condition system services.

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

 

 

 

Company name and address

 

a.

Name of Subject of Inquiry

:

 

HILL LANKA (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

M. Fareed Niyaz Fuard

d.

Primary Line of Business

:

Refrigeration and Air Condition System Services

e.

Head Office

&

Place of Business

:

 

# 2A, Mendis Avenue,

Idama,

Moratuwa.

 

Tel. No: (00 94 11) 421 6423

Fax. No: (00 94 11) 264 5163

Mob. No: (00 94 77) 778 0940 (M. Fareed Niyaz Fuard)

 

E-mail: hill-fuard@eureka.lk

 

f.

No. of Employees

:

Not Disclosed

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 25833

Date of Registration

:

27th March 2000

b.

Re-Registration No

:

PV 9375

Date of Re-Registration

 

14th November 2008

c.

Registered Office

:

# 2A, Mendis Avenue,Idama,Moratuwa

d.

Board of Directors

As at

14th July 2013

:

M. Fareed Niyaz Fuard

Managing Director

M. Sheryl Lasantha Sebastian Cooray

Director

Aurelia Justina Sheromala Perera

Director

Mohamed Ifham Fuard

Director

e.

Issued Share Capital

:

Rs.  20.00

No. Of Shares

:

02

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

                

Share Holders

As at

30th January 2014

:

Share Holders

No. of

Shares

M. Fareed Niyaz Fuard

01

M. Sheryl Lasantha Sebastian Cooray

01

h.

Auditors

:

Gomes & Company

i.

Company Secretaries

:

Fathima Shama Ismail

k.

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 HILL LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 27th March 2000 under registration number N (PVS) 25833 and then the company was re-registered on 14th November 2008 under the registration number PV 9375

 

     


            

Location.

The subject company is located at the client # 2A, Mendis Avenue, Idama, Moratuwa.

 

 

Operational Details

 

General

The Primary line of activity of the subject company is Refrigeration and Air Condition System Services.

 

Services

Refrigeration and Aircondition Services

Cold Room Installation

 

Employees

Not Disclosed

 

 

Directors’ Details

 

1)

Name

M. Fareed Niyaz Fuard

ID Number

552630092 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19th September 1955

Age

58 Years

 

 

2)

Name

M. Sheryl Lasantha Sebastian Cooray

ID Number

490291385 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29th January 1949

Age

65 Years

 

 

3)

Name

Aurelia Justina Sheromala Perera

ID Number

567702685 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

26th September 1956

Age

57 Years

 

 

4)

Name

Mohamed Ifham Fuard

ID Number

852020156 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

20th July 1985

Age

28 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.60.22

UK Pound

1

Rs.102.79

Euro

1

Rs.81.95

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

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.