MIRA INFORM REPORT

Report Date :

10.10.2014

IDENTIFICATION DETAILS

Name :	THAHIRS (PVT) LTD
Registered Office :	# 05, Quarry Road, Colombo 12.
Country :	Sri Lanka
Date of Incorporation :	02.04.1996
Com. Reg. No.:	N (PVS) 16983
Legal Form :	Private Limited Liability Company (In Operation)
Line of Business :	Importers and General Hardware Merchants
No. of Employees :	50

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	:	THAHIRS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Chairman	:	M. M. Sirajun Deen Thahir
d.	Primary Line of Business	:	Importers and General Hardware Merchants
e.	Place of Business	:	# 5, Quarry Road, Colombo 12, Sri Lanka. Tel. No: (00 94 11) 242 4999 / 242 1076 / 565 0200 Fax No: (00 94 11) 244 9788 254 2046 E Mail: thahirs@eureka.lk , enquiry@thahirsgroup.com
f.	No. Of Employees	:	Approximately 50

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	N (PVS) 16983
	Date of Registration	:	2^nd April 1996
b.	Re-registration No	:	PV 499
	Date of Re-registration	:	03^rd October 2007
c.	Registered Office	:	# 05, Quarry Road, Colombo 12.
d.	Board Of Directors As At 30^th September 2013	:	Zulficar Ahamed Mohamed Thahir				Chairman
			Mumtaz Sirajudeen Mohamed Thahir				Managing Director
			Musthafa Kamal Pasha Mohamed				Director
			Mohamed Ajward Sithy Lathifa				Director
			Mohamed Omar Aska Kameela				Director
e.	Total No. of Issued Shares	:	3,300,005	499,995	800,000
f.	Total Value of Shares	:	Rs. 33,000,050.00	Rs. 4,999,950.00	Rs. 24,000,000
	Nominal Value of Share		Not applicable vide Companies Act #7 of 2007
g.	Share Holders As At 30^th September 2013	:	Share Holders			No of Shears
			Mumtaz Sirajudeen Mohamed Thahir			1,500,000
			Musthafa Kamal Pasha Mohamed			1,500,000
			Zulficar Ahamed Mohamed Thahir			800,000
			Zulficar Ahamed Mohamed Shabeer			400,000
			Zulficar Ahamed Fathima Wazniya			200,000
			Zulficar Ahamed Fathima Almarz			200,000

i.	Secretaries	:		Administrators & Secretaries (Pvt) Ltd
j.	Auditors	:		P. S. Subramaniyam Ayyer & Company
k.	Bankers		:	Hatton National Bank Limited Commercial Bank of Ceylon Limited Seylan Bank Limited Pan Asia Bank Corporation Limited

3) FINANCIAL DETAILS - Most recent available Financial Information

(Note: 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)

4) CURRENT INVESTIGATION

· History.

The Subject Company THAHIRS (PVT) LTD is a Private Limited Liability Company incorporated on 02^nd April 1996 under Registration N (PVS) 16983 and subsequently re-registered under on 03^rd October 2007 under Reg. PV 499. Companies Act # 7 of 2007

· Location.

The Subject Company is located at the client # 5, Quarry Road, Colombo 12,

Sri Lanka.

· Operational Details.

General

The subject company’s primary line of business is Importing and General Hardware Merchants

Products

Steam Boiler fittings, Waterworks Materials, Service Station equipment, Meters & instruments, Pipes, Pipe fittings & Valves for Air Conditioning, Fire systems, Pneumatics, Chemicals, Hydraulic & Insulation Materials

Brands

Toyo

Miyawaki

Shandong

Syddal

Empeo

Bonezzi

Izocam

Saginomiya

Sanwa & Asahi

Twater

Import Countries

Japan, China, UK, Germany, Italy, Turkey

No of Employees

Approximately 50

Directors’ Details

01)

Name	Zulficar Ahamed Mohamed Thahir
ID Number	550492890 V
Nationality	Sri lanka
Gender	Male
Date Of Birth	18^th February 1955
Age	59 Years

02)

Name	Mumtaz Sirajudeen Mohamed Thahir
ID Number	591910116 V
Nationality	Sri lanka
Gender	Male
Date Of Birth	09^th July 1959
Age	55 Years

03)

Name	Musthafa Kamal Pasha Mohamed
ID Number	603154606 V
Nationality	Sri lanka
Gender	Male
Date Of Birth	10^th November 1960
Age	54 Years

04)

Name	Mohamed Ajward Sithy Lathifa
ID Number	637581821 V
Nationality	Sri lanka
Gender	Male
Date Of Birth	14^th September 1963
Age	51 Years

05)

Name	Mohamed Omar Aska Kameela
ID Number	676370293 V
Nationality	Sri lanka
Gender	Male
Date Of Birth	16^th May 1967
Age	47 Years

· Trade references

National Water Supply & Drainage Board

· 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 by

(General details)

Name: Mr. M. M. sirafun Thahir

Designation: Chairman

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.04
UK Pound	1	Rs.98.64
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	SUB
Calling by :	NYA
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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