MIRA INFORM REPORT

 

 

Report No. :

302718

Report Date :

31.01.2015

 

IDENTIFICATION DETAILS

 

Name :

GEM TRADES EXPORTS (PVT) LIMITED

 

 

Registered Office :

# 11, Milepost Avenue, Colombo 03.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.04.1983

 

 

Com. Reg. No.:

N (PVS) 405

 

 

Legal Form :

Private Limited Liability Company. (In Operation)

 

 

LINE OF BUSINESS :

EXPORTERS OF GEM & JEWELLERY

 

 

No. of Employee :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

:

GEM TRADES EXPORTS (PVT) LIMITED

b.

Legal Form & Status

 

:

 

Private Limited Liability Company. (In Operation)

c.

Managing Director

 :

Mohamed Hassen Mohamed Anas

d.

Primary Line of Business

:

Exporters of Gem & Jewellery

e.

Place of Business

:

 

# 532/3K, Sirikotha Lane,

Off Galle Road,

Colombo -03,

Sri Lanka.

 

Tel. No: (00 94 11) Not Disclosed

Fax No: (00 94 11) Not Disclosed

 

Note: Client given tel. no is invalid number

 

f.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS

 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 405

Date of Registration

:

20th April 1983

b.

Re-registration No

:

PV 885

Date of Re-registration

:

19th October 2007

c.

Registered Office

:

# 11, Milepost Avenue, Colombo 03.

d.

Board of Directors

As At

31st December 2013

:

Mohamed Hassen Mohamed Anas

Managing Director

Rizvia Anas

Director

Mohamed Hassen Mohamed Ansar

Director

Mohamed Abdullah Mohamed Fahim

Director

Mohamed Anas Mohamed Mafaz

Director

e.

Issued Share Capital

:

Rs.  500,000.00

No. of Shares

 

50,000

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

Share Holders

As At

31st December 2013

:

 Share Holders

No. of Shares

Mohamed Hassen Mohamed Anas

25,000

Rizvia Anas

 25,000

h.

Auditors

:

S J M A Associates

i.

Company Secretaries

:

Accounting Systems Secretarial Services (Pvt) Ltd

 

 

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 GEM TRADES EXPORTS (PVT) LIMITED is a Private Limited   liability Company incorporated on 20th April 1983 under registration number N (PVS) 405 and then the company was re-registered on 19th October 2007 under registration number PV 885.

 

  • Location.

 

The Subject Company is located at the client # 532/3K, Sirikotha Lane, off Galle Road, Colombo -03, our Investigator could not trace the given address and still being  

 Pursued.

 

The subject company has also not been listed in any of the telephone directories and as    

Such no contact number is available.

 

  • Operational Details.

 

General

 The Primary line of activity of the subject is Exporters of Gem & Jewellery.

 

Products

Gem & Jewellery

 

Country

Worldwide

              

No of Employees

Not Disclosed

 

 

  • Directors Details

 

1)

Name

Mohamed Hassen Mohamed Anas

PP Number

N 1503471

Nationality

Sri Lankan

 

2)

Name

Rizvia Anas

ID Number

635562340 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

25th February 1963

Age

51 Years

 

3)

Name

Mohamed Hassen Mohamed Ansar

PP Number

M 2359289

Nationality

Sri Lankan

 

4)

Name

Mohamed Abdullah Mohamed Fahim

ID Number

473332485 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

28th November 1947

Age

67 Years

 

 

5)

Name

Mohamed Anas Mohamed Mafaz

ID Number

830711635 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th March 1983

Age

31 Years

 

 

·         Trade references

Not Disclosed

 

·         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 denied

 

Not able to contact the company.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.76

UK Pound

1

Rs.93.13

Euro

1

Rs.70.03

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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.