MIRA INFORM REPORT

 

 

Report Date :

06.11.2014

 

IDENTIFICATION DETAILS

 

Name :

HARCOURTS (PVT) LTD

 

 

Registered Office :

# 14, Station Road, Dehiwala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.12.1989

 

 

Com. Reg. No.:

N (PVS) 5970

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Imports and distributors of all type of Pharmaceuticals

 

 

No of Employees :

Approx. 250

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

:

HARCOURTS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman

:

J. Ahamed Rheyas

d.

Primary Line of Business

:

Imports and distributors of all type of Pharmaceuticals

e.

Head office

&

Place of Business

 

:

 

# 14, Station Road,

Dehiwala,

Sri Lanka.

   

Tel. No : (00 94 11) 274 0500 - 1

Fax No : (00 94 11) 274 0501

 

Email   :marketing@harcourts.lk

 

f.

No. of Employees

:

Approx. 250

           

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 5970

Date of Registration

:

22nd December 1989

b.

Re-registration No

:

PV 14667

Date of Re-Registration

 

07th July 2009

c.

Registered Office

:

# 14, Station Road, Dehiwala, Sri Lanka.

d.

Board of Directors

As At

14th January 2013

:

J. Ahamed Rheyas

Chairman

F. H. Rheyas

Director

N. Baskaran

Director

Ahamed Rishard Rheyas

Director

f.

Issued Share Capital

:

Rs.           1,000,000.00  

g.

Nominal Value of Share

:

Rs.                       10.00

h.

 

Share Holders

As At

14th January 2013

:

Share Holders

No. of

Shares

J. Ahamed Rheyas

80,000

F. H. Rheyas

15,000

N. Baskaran

5000

i.

Auditors

:

Weerasinghe & Company

j.

Company Secretaries

:

Seccom (Pvt) Ltd

k.

Bankers

:

Sampath Bank

 

·         Director Details

01)

Name

J. Ahamed Rheyas

ID Number

630581044 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th February 1963

Age

50 Years

 

02)

Name

F. H. Rheyas

ID Number

667840538 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

10th October 1966

Age

47 Years

 

03)

Name

N. Baskaran

ID Number

501413771 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

20th May 1950

Age

63 Years

 

04)

Name

Ahamed Rishard Rheyas

PP Number

N 1679517

Nationality

Sri Lankan

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION                      

 

                                                    Harcourts (Pvt) Ltd

                                                                            Company Logo

 

·         History.

 

 The Subject Company HARCOURTS (PVT) LTD is a Private    Limited   liability        Company incorporated on   22nd December 1989 under registration number N (PVS) 5970 and then company was re-registered on 17th July 2009 under registration number PV 14667.

 

Harcourts (Pvt) Ltd is subsidiary company of Harcourts Group, and following are sister company of Harcourts (Pvt) Ltd

 

·         Harcourts Consumer Solutions (Pvt) Ltd

·         Harcourts Advertising(Pvt) Ltd

·         Lanka Herbals (Pvt) Ltd

 

·         Location.

 

The Subject Company head office is located at client given address # 14, Station Road, Dehiwala.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Imports and distributors of all type of Pharmaceuticals

 

Products

                  All type of Pharmaceuticals

 

Import Counties

India, USA, UK, Germany, Australia, Thailand, Pakistan

 

No of Employees

                  Approx. 250

 

·         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

 

·         Trade references

 

Cosmetics, Devices and Drugs Regulatory Authority

 

·         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

 

Unable to contact the company

 

[(00 94 11) 274 0500]

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.39

UK Pound

1

Rs.98.00

Euro

1

Rs.76.98               

 

 

INFORMATION DETAILS

 

Information Gathered by :

HTL

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SMN

 

 

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.