MIRA INFORM REPORT

 

 

Report No. :

323771

Report Date :

01.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ATLORA ENTERPRISES  (PVT) LTD

 

 

Registered Office :

# 63, Meeraniya Street, Colombo – 12

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.01.2015

 

 

Com. Reg. No.:

PV 103158

 

 

Legal Form :

Private Limited Liability Company (Not in operation)

 

 

Line of Business :

Not Available

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

 

--

 

Status :

New Company

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

:

ATLORA ENTERPRISES  (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (Not in operation)

c.

Managing Director

:

Mohamed Thahir Mohamed Jiffry

d.

Primary Line of Business

:

Not disclosed/not Available

.

No. of Employees

:

Company not in operation.

           

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PV 103158

b.

Date of Registration

:

02nd  January 2015

c.

Registered Office

:

#  63 Meeraniya Street, Colombo – 12

d.

Board of Directors

As At

02nd  January 2015

:

Mohamed Thahir Mohamed Jiffry

Managing Director

e.

Issued Share Capital

:

Not stated

No. of Shares

:

100

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

 

Share Holders

As At

02nd  January 2015

:

Share Holders

No. of

Shares

Mohamed Thahir Mohamed Jiffry

100

h.

Auditors

:

Not disclosed

i.

Company Secretaries

:

Mohamed Jiffry

j.

Bankers

:

-Not Disclosed-

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

The subject company has been registered about four months back and information on its finances not available

    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 financials are available for this entity

 

CURRENT INVESTIGATION                      

                          

·         History.

                  The Subject Company ATLORA ENTERPRISES (PVT) LTD is a Private Limited   liability Company incorporated on 02nd January, 2015 under registration number PV 103158.

                 

Note: This is a newly registered company and our investigator visited the location and it is a 4-storied flat and found that no such a company or a person by the name Mohamed Thahir Mohamed Jiffry living therein. Even the neighbours are not aware of this company or the persons.

                  The subject is not-in-operation as it is.

 

·         Location.

                  The company registered and also the client given address of the Subject Company is # 63,

Meeraniya Street, Colombo – 12. Our investigator visited the location and it is a 4-storied flat and found that no such a company or a person by the name Mohamed Thahir Mohamed Jiffry living therein. It is the view of the neighbours that the owner has given a fictitious address to its clients as several persons have come in search of this company and the owner/managing director, they have told our investigator.

 

 

·         Operational Details.

General

                  The subject company’s primary line of business is not found and not stated as stated above.

 

 

Products/Services

                    Not Disclosed/Not available as the subject not in operation at he given address

 

Employees

                  Not Disclosed/Not available as the subject not in operation at he given address

 

·         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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.97.80

Euro

1

Rs.69.91

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

               

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.