MIRA INFORM REPORT

 

 

Report No. :

343797

Report Date :

08.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ASONS (PVT) LTD

 

 

Registered Office :

# 141 – 1/1  8 141 ˝  Messenger Street , Colombo 12

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

18.09.1978

 

 

Com. Reg. No.:

PV 9499

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importer and Distributor of Chemicals for Garments.

 

 

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 – 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 government's 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, but low tax revenues remain a 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

:

ASONS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Mohamad Anjum Mohamad Asmat

d.

Primary Line of Business

:

Importer and Distributor of Chemicals for Garments.

e.

Head office

&

Place of Business

 

 

# 71, Srimath Bandaranaike Mawatha

 Colombo 12,

Sri Lanka.

 

Tel. No: (00 11) 223 2909, 234 8098

Fax No: (00 94) 234 7759

 

 

 

# 141 - 1/1 , Messenger Street,

Colombo 12,

Sri Lanka.

f.

No. of Employees

:

Not Disclosed

           

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

 

Registration No

:

PVS 5272

Date of Registration

:

18th September 1978

b

Re- registration No

 

PV 9499

Date of Re-registration

 

20th November 2008

c.

Registered Office

:

# 141 – 1/1  8 141 ˝  Messenger Street , Colombo 12

d.

Board of Directors

As At

31st December 2014

:

Mohamad Anjum Mohamad Asmat

Managing Director

Mohamed Muneer Ayoob

Director

Rashida Banu Mohamad Muneer (Ms)

Director

Mohamed Aamer Mohamed asmath

Director

f.

Issued Share Capital

:

Rs.  700,000.00   

Issued Shares

:

 70,000    

g.

Nominal Value of Share

:

Not Stated vide Companies Act # 7 of 2007

h.

 

Share Holders

As At

31st December 2014

:

Share Holders

No. of

Shares

Mohamed Muneer Ayoob

21,000

Mohamad Anjum Mohamad Asmat

35,000

Rashida Banu Mohamad Muneer (Ms)

14,000

i.

Auditors

:

Fernando and Company, #291/32A, Havelock Gardens, Colombo 5.

j.

Company Secretaries

:

L M Management Services (PVT) Ltd, #291/32A, Havelock Gardens, Colombo 5.

k.

Bankers

:

Not Disclosed

 

 

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 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 ASONS (PVT) LTD is a Private    Limited   Liability Company incorporated on 18th September 1978 under registration number PVS 5272 and then the company was re-registered on 20th November 2008 under registration number PV 9499.

 

Location.

 

The Subject Company is located at # 71, Srimath Bandaranaike Mawatha, Colombo 12.

The client is of the company sales & show room.

 

Operational Details.

 

General

 

The subject company primary line of business is Importer and Distributor of Chemicals for Garments.

 

Product

Textile Dyes & Chemicals

 

Countries

Japan, South Korea, U.S.A

 

No of Employees

Not Disclosed

 

 

Directors’ Details

       

01)          

Name

Mohamed Muneer Ayoob

ID Number

551041182 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th April 1955

Age

60 Years

Address

#16/57th Lane, Colombo 06

 

02)          

Name

Mohamad Anjum Mohamad Asmat

ID Number

711620940 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

10th May 1971

Age

44 Years

Address

#83/1, W.A. Silva Mw. Colombo 06

 

03)          

Name

Rashida Banu Mohamad Muneer

ID Number

538262781 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

21st November 1953

Age

61 Years

Address

#16/57th Lane, Colombo 06

 

04)          

Name

Mohamed Aamer Mohamed asmath

ID Number

812860968 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

12th October 1981

Age

34 Years

Address

#83/1, W.A. Silva Mw. Colombo 06

 

 

Trade references

 

National Chamber of Exporters

 

 

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.

 

 

Information denied

 

 Management Non-cooperative (0094-11-2348098)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.26

UK Pound

1

Rs.99.53

Euro

1

Rs.73.47

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

               

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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