MIRA INFORM REPORT

 

 

Report No. :

328156

Report Date :

22.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SONDYS TRADING LANKA (PVT) LTD

 

 

Registered Office :

#37/6, Symonds road, Maradana, Colombo 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

04.12.2014

 

 

Com. Reg. No.:

PV 102602

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importers and Distributors of textiles.

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New business

 

 

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

:

SONDYS TRADING LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company

c.

Managing Director

 :

Mohamed Nizam Mohamed Farshad

d.

Primary Line of Business

:

Importers and Distributors of textiles.

e.

Place of Business & Factory

:

 

#37/6, Symonds road,

Maradana,

Colombo 10.

Sri Lanka.

 

Tel. No: (00 94 11) 721 0676

Fax No: (00 94 11) 259 2824

 

E-Mail : mzmmujahid78@gmail.com

 

f.

No. of  Employees

:

Not disclosed.

                       

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

PV 102602

b.

Date of registration

:

04th December, 2014

c.

Registered Address

:

#37/6, Symonds Road, Maradana, Colombo 10

d.

Board of Directors

As At 04th December 2014

 

 

:

Mohamed Nizam Mohamed Farshad

Managing Director

Haneefa Mazahir Mohamed Rifath

Director

e.

Issued Share Capital

:

Not stated as this is a newly registered company

Total No. of shares

:

100

f.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007

 

 

g.

Share Holders

As At 04th December 2014

 

:

 

                       Share Holders

No. of Shares

Mohamed Nizam Mohamed Farshad

 75

Haneefa Mazahir Mohamed Rifath

25

h.

Auditors

:

Not disclosed

i.

Company Secretaries

:

Mohamed Nizam Mohamed Farshad,  #19-1/2, Sangabodhi Mawatha, Avissawella Road, Wellampitiya

j.

Bankers

:

Not disclosed

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

The company has declined to provide information on its finances as this is a newly formed company.

 

 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 SONDYS TRADING LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 04th December, 2014 under registration number PV 102602.

 

  • Location.

The Subject given Company Registered address is # 37/6, Symonds road, Maradana, Colombo 10.

 

However, our investigator visited the above address which is a dwelling house and the inmates were unable to provide any information of the company. This may be due to the factor that the company has been registered recently and business not yet started or not in operation as yet.

 

 

  • Operations Details.

 

General

 The subject company primary line of business is Importers and Distributors of textiles

 

However, our investigator visited the above address which is a dwelling house and the inmates were unable to provide any information of the company the MD or any director of the company could not be met. This may be due to the factor that the company has been registered recently and business not yet started. When contacted on client given telephone +94-11-7210676, the person who claimed to be the MD confirmed that the business place is the and the products as textiles/fabrics.

 

Products

All kinds of textiles as state above. Our investigator could not find any products at the client given address.

 

Import Countries

India,

 

No of Employees

Not disclosed

  • Information of Directors

                  

01)

Name

Mohamed Nizam Mohamed Farshad

Gender

Male

Nationality

Sri Lankan

National ID No.

883284259V

Date of Birth

23rd November, 1988

Age

26  years

Address

 #19-1/2, Sangabodhi Mawatha, Avissawella Road, Wellampitiya

 

 

02)

Name

Haneefa Mazahir Mohamed Rifath

Gender

Male

Nationality

Sri Lankan

National ID No.

891020910V

Date of Birth

11th April 1989

Age

26 years

Address

 #37/6, Symonds Road, Maradana, Colombo 10

 

  • Trade references

 The subject company did not provide any trade reference referrals

 

 

  • 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.63.82

UK Pound

1

Rs.101.26

Euro

1

Rs.72.36

 

 

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%)

 

 

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