MIRA INFORM REPORT

Report No. :	309196
Report Date :	05.03.2015

IDENTIFICATION DETAILS

Name :	M.M. NOORBHOY AND COMPANY (PVT) LTD
Registered Office :	No. 351, Nawala Road, Nawala
Country :	Sri Lanka
Date of Incorporation :	03.03.2008
Com. Reg. No.:	PV 63263
Legal Form :	Private Limited Liability Company
Line of Business :	Engaged in Import & Distribution of Interior Decorative Products. Subject product ranges includes : · Door & Window Hardware, Adhesives, Furniture & Fittings, Glass Fittings, Handles & Knobs, Kitchen Cabinet System, Laminated Sheets, Multimedia Brackets, Locks & Cylinders · Faber Cooker Hoods, Hobs · Franke Sinks · Light Fittings
No of Employees :	Not Available [NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 :	No Complaints
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

Name of Subject of Inquiry	:	M.M. NOORBHOY AND COMPANY (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (in operation)
Managing Director	:	Asgarally Abbasbhoy Mulla Musajee
Primary Line of Business	:	Importers & Distributors Of Interior Decorative Products
Places of Business	:	#121, Malay Street, Colombo 2, Sri Lanka Tel. No: (00 94 11) 232 3104 Fax No: (00 94 11) 239 5582 E-mail mmnoorbhoy@yahoo.com Branches: #35, Dutugemunu Street, Kohuwala Tel. No:(00 94 11) 282 6500 #351, Nawala Road, Nawala Tel. No:(00 94 11) 280 6402, 280 6110
No. of Employees	:	Not Disclosed

COMPANY DETAILS

Registration and Shareholder Details

Registration No	:	PV 63263
Date of Registration	:	3^rd March 2008
Registered Address	:	No. 351, Nawala Road, Nawala
Board of Directors As At 31^st December 2014		Asgarally Abbasbhoy Mulla Musajee	Managing Director
		Fizzabai Mohamedally Alias Asgerally	Director
		Firoze Asgerally Abbasbhoy Mulla Musajee	Director
		Akthar Hussain Asgerally Abbasbhoy Mulla Musajee	Director
		Murtaza Asgerally	Director
		Shoquate Hussain Asgerally	Director
Issued Share Capital	:	Rs. 1,000
Number Of Shares		100
Nominal Value of Share	:	Not Applicable/declared vide Companies Act #7 Of 2007.
Share Holders As At 31^st December 2014		Share Holders		No. of Shares
		Asgarally Abbasbhoy Mulla Musajee		38
		Fizzabai Mohamedally Alias Asgerally		26
		Akthar Hussain Asgerally Abbasbhoy Mulla Musajee		12
		Murtaza Asgerally		12
		Shoquate Hussain Asgerally		12
Auditors	:	Hagguejim Associates, No. 69, Kynsey Road, Colombo 8
Company Secretaries	:	Lameer And Lameer Corporate Consultants (PVT) LTD, No. 12 Fife Road, Colombo 5
Bankers	:	HNB, Commercial Bank Plc

FINANCIAL DETAILS

Most recent available Financial Information

The company has declined to provide information on its finances

(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

· History.

The Subject Company M.M.NOORBHOY AND COMPANY (PVT) LTD is a Private Limited liability Company incorporated on 3^rd March 2008 under registration number PV 63263.

Subject is the successor to M.M. Noorbhoy & Company which has been established in 1909 as a Proprietorship/partnership company and subsequently converted to a LTD company as above. It has served the consumers/customers for over a century and known island wide.

· Location.

The Subject Company is located at #21, Malay Street, Colombo 2, Sri Lanka

· Operations Details.

General

The subject company’s primary line of business is Import & Distribution of Interior Decorative Products.

Products and services

Supplying Of All Types Of Raw Materials to the Furniture Industry, Building Contractors and Architects such as:

· Door & Window Hardware, Adhesives, Furniture & Fittings, Glass Fittings, Handles & Knobs, Kitchen Cabinet System, Laminated Sheets, Multimedia Brackets, Locks & Cylinders.

· Faber Cooker Hoods, Hobs

· Franke Sinks

· Light Fittings

Employees

Not Disclosed

· Directors’ details

1)

Name	Asgarally Abbasbhoy Mulla Musajee
ID Number	463253366V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20^th November 1946
Age	68 years
Address	No: 351, Nawala Road, Nawala

2)

Name	Fizzabai Mohamedally Alias Asgerally
ID Number	50537288V
Nationality	Sri Lankan
Gender	Male
Date of Birth	06^th February 1950
Age	65 years
Address	No: 351, Nawala Road, Nawala

3)

Name	Firoze Asgerally Abbasbhoy Mulla Musajee
ID Number	682741805V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28^th September 1968
Age	46 years
Address	No: 351, Nawala Road, Nawala

4)

Name	Akthar Hussain Asgerally Abbasbhoy Mulla Musajee
ID Number	730273690V
Nationality	Sri Lankan
Gender	Male
Date of Birth	27^th January 1973
Age	42 years
Address	No: 351, Nawala Road, Nawala

05)

Name	Murtaza Asgerally
ID Number	802402457V
Nationality	Sri Lankan
Gender	Male
Date of Birth	27^th January 1980
Age	35 years
Address	No: 351, Nawala Road, Nawala

06)

Name	Shoquate Hussain Asgerally
ID Number	750213022V
Nationality	Sri Lankan
Gender	Male
Date of Birth	21^st January 1975
Age	40 years
Address	No: 351, Nawala Road, Nawala

· 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.

ANALYSIS

Appraisal of Subject Company

Rating:
a) Business Scale	Medium
b) Business Trend	Growing
c) Management Capability	Average
d) Commercial Morality	Average
e) Reputation	Average
f) Market Situation	Competitive

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.94.96
Euro	1	Rs.69.10

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

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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