MIRA INFORM REPORT

Report No. :	327538
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	ABDULLA INTERNATIONAL (PVT) LTD
Registered Office :	# 72, Maha Vidyalaya Mawatha, Colombo - 13
Country :	Sri Lanka
Date of Incorporation :	09.11.2005
Com. Reg. No.:	PV 13623
Legal Form :	Private Limited Liability Company [In Operation]
Line of Business :	Manufacture and exporter of Tea Bags and Paper Sacks.
No. of Employees :	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 – 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	:	ABDULLA INTERNATIONAL (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Abdullah Imamdeen
d.	Primary Line of Business	:	Manufacture and exporter of Tea Bags and Paper Sacks.
e.	Head office & Place of Business		# 72, Maha Vidyalaya Mawatha, Colombo - 13 SriLanka. Tel. No: (00 94 11) 243 3952 / 234 5665 / 247 2359 Fax No: (00 94 11) 242 2952 E-Mail: abdulla@sltnet.lk Deen_abdulla@sltnet.lk nilamdeen@sltnet.lk
f.	Factory	:	# 156, Sri Wickrama Mawatha, Mattakkuliya, Colombo-15, Sri Lanka. Tel. No: (00 94 11) 436 1111 Fax No: (00 94 11) 252 0823 E-Mail: abdulla@sltnet.lk
g.	No. of Employees	:	Not disclosed

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	N (PVS) 43901
	Date of Registration	:	09^th November, 2005
b.	Re-registration No	:	PV 13623
	Date of Re-registration	:	2^nd June, 2009
c.	Registered Office	:	# 156, Sri Wickrema Mawatha, Colombo – 15
d.	Board of Directors As At 31 December 2013	:	M. Abdulla Hilru	Director
			A. Seyyad Arif Refaideen	Director
			A. Hassan Mubarak	Director
			M. Aliyar Abdulla Nilamdeen	Director
			A. Abdul Hameed	Director
			A.Imamdeen	Managing Director
e.	Issued Share Capital	:	Rs. 15,925,060.00
f.	No of Shares	:	1,592,506
g	Nominal Value of Share	:	Not Stated Vide Companies Act #7of 2007

Registration and Shareholder Details Cont…

g.	Share Holders As At 31 December 2013	:	Share Holders	No. of Shares
			M. Abdulla Hilru	227,501
			A. Seyyad Arif Refaideen	455,001
			A. Hassan Mubarak	227,501
			M. Aliyar Abdulla Nilamdeen	227,501
			A. Abdul Hameed	227,501
			A. Imamdeen	227,501
h.	Auditors	:	Jawaamil Associates (#96/27, Consistory Building, Level 2, Front Street (Malwatta) road Colombo-11
i.	Company Secretaries	:	EMEM Associates (Pvt) Ltd, (#11,Station Road, Bambalapitiya, Colombo-04)
j.	Bankers	:	-Not Disclosed-

· Directors’ Details

01)

Name	M. Abdulla Hilru
ID Number	611942125 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12th July 1961
Age	53 Years
Address	#76/24, Maligawatte Road, Colombo-10

02)

Name	A. Seyyad Arif Refaideen
ID Number	622160706V
Nationality	Sri Lankan
Gender	Male
Date of Birth	03^rd August 1962
Age	52 Years
Address	#73,Dewaas lane, Grandpass Road, Colombo-14

03)

Name	A. Hassan Mubarak
ID Number	632820461V
Nationality	Sri Lankan
Gender	Male
Date of Birth	08^th October 1963
Age	51 Years
Address	#73,Dewaas lane, Grandpass Road, Colombo-14

04)

Name	M. Aliyar Abdulla Nilamdeen
ID Number	653010214 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	27th October 1965
Age	49 Years
Address	#02,ST.Sebastian Street, Colombo-12

05)

Name	H. Abdulla Abdul Hameed
ID Number	682431474 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	30th August 1968
Age	46 Years
Address	#18,Messenger Street ,Colombo-13

06)

Name	A. Imamdeen
ID Number	742580059 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	14th September 1974
Age	40 Years
Address	#8/11,Luxman Place, Kirulapona, Colombo-06

FINANCIAL DETAILS - Most recent available Financial Information

We have contacted the Manager of the company to obtain company information and he stated that to provide such details they need to know the identity of the client.

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 ABDULLA INTERNATIONAL (PVT) LTD is a Private Limited liability Company incorporated on 9^th November 2005 under registration number N (PVS) 43901 and has been re-registered in terms of Companies Act #7 of 2007 on 2^nd June 2009 under registration number PV 13623.

· Location.

The Subject Company is located at the client No.72, Maha Vidyalaya Mawatha, Colombo – 13. The factory is located at 156, Sri Wickrema Mawatha, Colombo 15.

· Operational Details.

General

The subject company primary line of business is Manufacture and exporter of Tea Bags and Paper Sacks.

Products

Tea Bags.

Paper sacks for local market.

Export Country

Middle East, Europe

Employees

Not disclosed

· Trade references

National Chamber of Exporters of Sri Lanka

· 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.15
UK Pound	1	Rs.100.04
Euro	1	Rs.72.27

INFORMATION DETAILS

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%)

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