MIRA INFORM REPORT

 

 

Report No. :

336188

Report Date :

18.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MOHAMMEDI BROTHERS ENTERPRISES (PVT) LTD

 

 

Registered Office :

# 7, 34th Lane, A Off Queens Road,  Colombo 03

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.03.2008

 

 

Com. Reg. No.:

PV 63515

 

 

Legal Form :

Private Limited Liability Company [In Operation]

 

 

Line of Business :

Importing & Distribution of Papers & Paper Boards.

 

 

No. of Employees :

20

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 government's 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, but low tax revenues remain a 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

:

 

MOHAMMEDI BROTHERS ENTERPRISES (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Huzaifa Mohamedally

d.

Primary Line of Business

:

Importing & Distribution of Papers & Paper Boards.

e.

Place of Business

:

# 7, 34th Lane,

A Off Queens Road,

Colombo 03,

Sri Lanka.

 

Tel: (00 94 11) 259 4200

Fax: (00 94 11) 259 4199

 

f.

Sales Office

:

Central Road, Sri Lanka

f.

No. of Employees

:

20

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

 

Registration No

:

PV 63515

Date of Registration

:

19th March 2008

c.

Registered Office

:

#7, 34th Lane, “A” Off Queens Road, Colombo 03.

 

Board of Directors

As At

05th September 2014

 

Huzaifa Mohamedally

Managing Director

Husein Huzaifa

Director

Qusai Huzaifa

Director

Mariya Huzaifa

Director

Mufaddhal Huzaifa

Director

Yusuf Huzaifa

Director

e.

Issued Share Capital

:

Rs. 10,000,000.00

Number of Shares

:

100,000

f.

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

 

Share Holders

As At

05th September 2014

 

Share Holders

No. of

Shares

Huzaifa Mohamedally

39,000

Mariya Huzaifa

11,000

Qusai Huzaifa

5,000

Husein Huzaifa

5,000

Yusuf Huzaifa

20,000

Mufaddhal Huzaifa

20,000

h.

Auditors

:

B C P & Company

(747, 3rd Floor, Thorana Junction, Kandy Road, Kelaniya)

i.

Company Secretaries

:

Accountancy & Secretarial Services Bureau (Pvt) Ltd

(#86, S,De.S. Jayasinghe Mawatha, Kohuwala, Nugegoda)

j.

Bankers

:

Hatton National Bank, Pettah, Colombo

 

 

FINANCIAL DETAILS - Most recent available Financial Information

                

The Company Has Declined To Provide Information on Its Finances

                                                                                   

Note: 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 detailed financials are available for this entity

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                 The Subject Company MOHAMMEDI BROTHERS ENTERPRISES (PVT) LTD is a 

                 Private Limited Liability Company incorporated on 19th March 2008 under registration

                 Number PV63515.

 

                 Note: The Client Given Subject Company Name is “Mohemmedi Brothers (Pvt) Ltd” &  

                           That Name is incorrect. The Correct Name of the Subject Company is “Mohammedi  

                           Brothers Enterprises (Pvt) Ltd” and Confirmed by the Company.

 

·         Location.

The Subject Company is located at the client #7, 34th Lane, “A” Off Queens Road, Colombo 03.

 

·         Operational Details.

 

General

               The subject company’s primary line of business is Importing & Distribution of Papers & 

                   Paper Boards.

 

Products

Papers & Paper Boards.

 

Import Countries

India, Indonesia.

 

 

No of Employees

                  Not Disclosed.

 

·         Director’s Details

 

01)

Name

Huzaifa Mohamedally

ID Number

510112520 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th January 1951

Age

64 Years

Address

#7, 34th Lane, “A” Off Queens Road, Colombo 03.

 

02)

Name

Husein Huzaifa

ID Number

862151925 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd August 1986

Age

29 Years

Address

#7, 34th Lane, “A” Off Queens Road, Colombo 03.

 

03)

Name

Qusai Huzaifa

ID Number

811472824 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th May 1981

Age

34 Years

Address

#7, 34th Lane, “A” Off Queens Road, Colombo 03.

 

04)

Name

Mariya Huzaifa

ID Number

608590129 X

Nationality

Sri Lankan

Gender

Female

Date of Birth

24th December 1960

Age

55 Years

Address

#7, 34th Lane, “A” Off Queens Road, Colombo 03.

 

 

05)

Name

Mufaddhal Huzaifa

ID Number

892861064 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

12th October 1989

Age

26 Years

Address

#7, 34th Lane, “A” Off Queens Road, Colombo 03.

 

06)

Name

Yusuf Huzaifa

ID Number

880012436 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

01st January 1988

Age

27 years

Address

#7, 34th Lane, “A” Off Queens Road, Colombo 03.

 

·         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 computerized 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 DETAIL]

 

Name :

Mr. Chandima

Designation :

Manager

Contact No.:

0009411-2594200

Date :

17.08.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.22

UK Pound

1

Rs.102.23

Euro

1

Rs.72.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

MNJ

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               


 

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.