MIRA INFORM REPORT

 

 

Report No. :

332621

Report Date :

23.07.2015

 

IDENTIFICATION DETAILS

 

Name :

JUBILEE AGENCIES (PVT) LTD

 

 

Registered Office :

# 104, 3rd Cross Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

28.02.2005

 

 

Com. Reg. No.:

PV 7829

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Import & Distribution of Textiles.

 

 

No. of Employees :

Approximately 05

 

 

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 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

:

JUBILEE AGENCIES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Mohamed Iqbal

d.

Primary Line of Business

:

Import & Distribution of Textiles.

e.

Head Office

&

Place of Business

 

:

 

 # 104, 3rd Cross Street,

Colombo 11,

Sri Lanka.

      

Tel : (00 94 11) 244 0091 / 232 7394

Fax : (00 94 11) 243 7272

 

E-mail: jubilee1@sltnet.lk

 

f.

No. of Employees

:

Approximately 05

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

 

a.

 

Registration No

:

N (PVS) 40686

Date of Registration

:

28th February 2005

Re-Registration No

:

PV 7829

Date of Re-Registration

:

30th September 2008

b.

Registered Address

:

# 104, 3rd Cross Street, Colombo 11

c.

Board of Directors

As At

30th September 2014

:

Mohamed Iqbal

Managing Director

Abdul Sattar Abdul Azeez

Director

Abdul Sattar Haji Ameen

Director

Abdul Sattar Abdul Karim

Director

Abdul Careem Abdul Cadar

Director

Friyal Haroon (Mrs.)

Director

Haji Ameen Mohamed Safan

Director

Abdul Azeez Mohamed Afthab

Director

d.

Issued Share Capital

:

Rs.10,500,000.00

Number of Shares

:

1,050,000

e.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

f.

 

Share Holders

As At

30th September 2014

:

Share Holders

No. of

Shares

Mohamed Iqbal

150,000

Abdul Sattar Abdul Azeez

150,000

Abdul Sattar Haji Ameen

150,000

Abdul Sattar Abdul Karim

150,000

Mohamed Aslam Abdul Sattar

150,000

Abdul Careem Abdul Cadar

150,000

Friyal Haroon (Mrs.)

150,000

g.

Auditors

:

HaQQue Marfin and Co.

(#25, Ramakrishna road, Colombo 06)

h.

Company Secretaries

:

Excellent Solution (Pvt) Ltd

(#25, Ramakrishna road, Colombo 06)

i.

Bankers

:

Commercial Bank, HNB

Hatton National Bank, Pettan, Colombo 

j.

Imports

:

Products: Raw Materials

Country: China and India

k.

Trading Terms

:

Purchasing Terms: Cheque

Sales terms: Cheque

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

 

The company has declined to provide information on its finances without the identity of the end user of the enquiry.

 

(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)

 

 

CURRENT INVESTIGATION

 

o    History.

 

                  The Subject Company JUBILEE AGENCIES (PVT) LTD is a Private    Limited   Liability Company incorporated on 28th February 2005 under registration number N (PVS) 40686 and company was re-Registered under Number PV 7829 on 30th September 2008 

 

o Location.

                  The Subject Company is located at the client # 104, 3rd Cross Street, Colombo 11.

 

 

o Operational Details.

 

General

                  The subject company primary line of business is Import & Distribution of Textiles.

 

Countries

             India, China

 

No Employees

             Approximately 05

 

 

Directors’ Details

 

01)

Name

Mohamed Iqbal

ID Number

550110652 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th January 1955

Age

60 Years

Address

#26/6, Alwis Place, Colombo 03

 

02)

Name

Abdul Sattar Abdul Azeez

ID Number

562600396 V

Nationality

Sri Lanka

Gender

Male

Date of Birth

16th September 1956

Age

58 Years

Address

# 345/10, Galle road, Colombo 03

 

03)

Name

Abdul Sattar Haji Ameen

ID Number

602500101 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

06th September 1960

Age

54 Years

Address

# 11/1, Abdul Gaffoor Mawatha, Colombo 03

 

04)

Name

Abdul Sattar Abdul Karim

ID Number

622000288 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th July 1962

Age

53 Years

Address

#14/2, Abdul Gaffoor Mawatha, Colombo 03

 

05)

Name

Abdul Careem Abdul Cadar

ID Number

691683060 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th June 1969

Age

46 Years

Address

#8B, Palm Grove, Colombo 03

 

 

06)

Name

Friyal Haroon (Mrs.)

ID Number

696113840 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

20th April 1969

Age

46 Years

Address

# 14, Abdul Gaffoor Mawatha, Colombo 03

 

        

 

07)

Name

Haji Ameen Mohamed Safan

ID Number

873080513 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

03rd November 1987

Age

27 Years

Address

#11/1, Abdul Gaffoor Mawatha, Colombo 03

 

08)

Name

Abdul Azeez Mohamed Afthab

ID Number

852980842 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

24th October 1985

Age

29 Years

Address

#345/10, Galle Road, Colombo 06

 

 

o    Trade references

Not Available

 

 

o    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. Lingeshwaran

Designation :

Accountant

Contact No.:

(00 94 11) 232 7394

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.53

UK Pound

1

Rs.99.19

Euro

1

Rs.69.60

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

 

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.