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Report No. : |
312416 |
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Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
FERNILL TRADING (PVT) LTD |
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|
|
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Registered Office : |
#75/35/12C, Abdul Hameed Street, Colombo 12 |
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|
|
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Country : |
Sri Lanka
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|
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Date of Incorporation : |
02.09.2014 |
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Com. Reg. No.: |
PV 100625 |
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|
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Legal Form : |
Private Limited Liability Company [In Operation] |
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Line of Business : |
Importer and Distributors of Plastic Fabric Items. |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
|
-- |
NB |
New Business |
-- |
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|
Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
|
a. |
Name of Subject of Inquiry |
: |
FERNILL TRADING (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited
Liability Company (In Operation) |
|
c. |
Managing
Director |
: |
Mohamed Fairoz
Mohamed Nazreen |
|
d. |
Primary Line of Business |
: |
Importers and Distributors of Plastic Fabric Items |
|
e. |
Head office & Place of
Business |
: |
# 75/35/12C, Abdul Hameed Street, Colombo 12, Sri Lanka Email: aqeel0111@gmail.com
Tel. No: (00 94 11)
725 5163 Fax No: Declined to Provide saying not available Email : Defused to Provide saying
not available Note: Newly formed company and
not listed in tele directory |
|
f. |
No. of Employees |
: |
7 |
|
a. |
Registration No |
: |
PV 100625 |
||
|
Date of Registration |
|
02nd September
2014 |
|||
|
c. |
Registered Office |
: |
#75/35/12C, Abdul Hameed Street, Colombo 12 |
||
|
d. |
Board of Directors As at 20th August 2014 |
: |
Mohamed Fairoz
Mohamed Nazreen |
Managing
Director |
|
|
Mohamed Nizam
Mohamed Farshad |
Director |
||||
|
e. |
Issued Share Capital |
: |
Newly formed company. Shares total
Value not declared vide companies Act #7 2007 |
||
|
f. |
Number of Shares |
: |
100 |
||
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g. |
Nominal Value of Share |
|
Not applicable
vide Companies Act #7 of 2007 |
||
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h. |
Share Holders As at 20th August 2014 |
: |
Share Holders |
No. of Shares |
|
|
Mohamed Fairoz
Mohamed Nazreen |
50 |
||||
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Mohamed Nizam
Mohamed Farshad |
50 |
||||
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i. |
Auditors |
: |
Not Disclosed |
||
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j. |
Company Secretaries |
: |
Mohamed Fairoz,
Mohamed Nazreen, #75/35/12C, Abdul Hameed
Street, Colombo 12 |
||
|
k. |
Bankers |
: |
Nations Trust
Bank, Sri Lanka Branch. |
||
Declined
to provide details stating that it is newly formed company
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
·
History
The Subject Company FERNILL TRADING (PVT) LTD is a Private
Limited liability Company incorporated on
02nd September 2014 under registration number PV 100625.
·
Location.
The subject company is
located at client #75/35/12C, Abdul Hameed Street,
Colombo 12
·
Operational
Details.
General
The subject company’s primary line
of business is Importers and
Distributors of Plastic Fabric Items
Products
Curtains, Plastic
Bags
Import Country
China, India
Employees
Not Disclosed
·
Directors’ Details
01)
|
Name |
Mohamed Fairoz
Mohamed Nazreen |
|
ID Number |
800992095V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
8th
April 1980 |
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Age |
34 years |
|
Address |
#75/35/12C, Abdul Hameed Street, Colombo 12 |
02)
|
Name |
Mohamed Nizam
Mohamed Farshad |
|
ID Number |
883284259V |
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Nationality |
Sri Lankan |
|
Gender |
Male |
|
Date of Birth |
23rd
November 1988 |
|
Age |
26 years |
|
Address |
# 19/1/C, Sangabodhi Mawatha, Awissawella Road, Wellampitiya |
·
Trade references
Not disclosed
·
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
|
Name : |
Mr. Rizwan |
|
Designation : |
Accounts Executive |
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Contact No.: |
00 9411 7255163 |
|
Date : |
17.03.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.66.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
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|
|
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Analysis Done by
: |
RAS |
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|
|
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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 |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.