MIRA INFORM REPORT

Report No. :	487776
Report Date :	27.01.2018

IDENTIFICATION DETAILS

Name :	THAHIRS (PVT) LTD
Registered Office :	# 5, Quarry Road, Colombo 12
Country :	Sri Lanka
Date of Incorporation :	02.04.1996
Com. Reg. No.:	PV 499
Legal Form :	Private Limited Liability Company (In Operation)
Line of Business :	Importers and Dealers of Hardware Items.
No. of Employees :	Approximately 40+

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Sri Lanka	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under an IMF program. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is almost 80% of GDP and remains among the highest of the emerging markets.

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.

Tourism has experienced strong growth during recent years following the resolution 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.

Source : CIA

Company Profile

BASIC INFORMATION

a.	Name of Subject of Inquiry	THAHIRS (PVT) LTD
b.	Legal Form & Status	Private Limited Liability Company (In Operation)
c.	Managing Director	Mr Mumtaz Sirajudeen Mohamed Thahir
d.	Primary Line of Business	Importers and Dealers of Hardware Items
e.	Principal Place of Business	## 5, Quarry Road, Colombo 12 Sri Lanka. Tel. No: (00 94 11) 2424 999 / 2421 076 / +94 77 7366 066 Fax. No: (00 94 11) 2449 788 E-Mail: thahirs@eureka.lk / enquiry@thahirsgroup.com Web Site: http://www.thahirsgroup.com
f.	Employees	Approximately 40+

Company Details

a.	Registration No	N(PVS)16983
	Date of Registration	1996.04.02
b.	Re-registration No	PV 499
	Date of Re-registration	2007.10.01
c.	Registered Office	# 5, Quarry Road, Colombo 12, Sri Lanka
d.	Director Board / Ownership As At 14^th September 2017	Zulficar Ahamed Mohaned Thahir			Director
		Mumtaz Sirajudeen Mohamed Thahir			Director
		Musthafa Kamal Pasha Mohamed Thahir			Director
		Mohamed Ajward Sithy Lathifa			Director
		Mohamed Omar Aska Kameela			Director
e.	Sated Share Capital	LKR 33,000,050.00	LKR 4,999,950.00	LKR24,000,000.00
f.	No. of Shares	3,300,005	499,995	800,000
g.	Preferential Shares	NA
h.	Nominal Value of Share	NA
i.	Auditors	P S Subramaniya Ayyer & Company # 55, Bankshall Street, Colombo 11
j.	Company Secretaries	Administrators and Secretaries (Pvt) Ltd # 51, S De S Jayasinghe Mawatha, Kohuwala, Nugegoda, Sri Lanka
k.	Main Bank/s	Hatton national Bank PLC, Seylan Bank PLC, Pan Asia Banking Corporation, Commercial Bank PLC NDB NTB

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Mumtaz Sirajudeen Mohamed Thahir	1,600,000
2.	Musthafa Kamal Pasha Mohamed Thahir	1,600,000
3.	Zulficar Ahamed Mohaned Thahir	800,000
4.	Zulficar Ahamed Mohaned Shabeer Thahir	400,000
5.	Zulficar Ahamed Fathima Wazniya	200,000

FINANCIAL DETAILS

- Most recent available Financial Information

NA

CURRENT INVESTIGATION

Company Logo

· HISTORY

The subject company was initially formed on 02^nd March 1996 under N (PVS) 16983 under the companies Act of Sri Lanka. The subject company was subsequently re-registered on 01^st October 2007 under PV 499 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Caption

THAHIRS (PVT) LTD, Founded in 1949 by Al haj. S.M.M Thahir, has been a trusted supply source to the Industrial Leaders throughout Sri Lanka. Importers, Agents, Stockiest and specialists in Steam Boiler fittings, Waterworks Materials, Service Station equipment, Meters & instruments, Pipes, Pipe fittings & Valves for Air Conditioning, Fire systems, Pneumatics, Chemicals, Hydraulic & Insulation Materials.

· OPERATIONAL DETAILS

General

The subject company with decades of experience and operations in Sri Lanka is a well-recognized entity in the market segment. The company is a family owned business initially launched by the father of the Children who are the directors of the company running the business now. The company is into importing hardware items from various parts of the globe along with being sole agents for many products they deal in.

Products

Waterworks Materials, Steam Boiler Fittings, Pipes & Fittings, Valves & Fittings, Pneumatic Fittings, Flexible & Expansion Joints, Meter & Control Instruments, Packaging and Insulations, Service Station Equipment

Associated Brands & Sole Agents

· MIYAWAKI (JAPAN)

· EMPEO (GERMANY)

· ASAHI (JAPAN)

· SAGINOMIYA (JAPAN)

· TALBOT (UNITED KINGDOM)

· BELGICAST (SPAIN)

· SANWA (THAILAND)

· HANISO (SOUTH KOREA)

· CRENE (UNITED KINGDOM)

· PEGLER (UNITED KINGDOM)

Employees

40+ Approximately

Import Countries

Japan, Germany, United Kingdom, India, Taiwan, Spain, Turkey, Thailand, China

Associate / Subsidiary Companies

NA

Factory / Warehouse

33, Siripala Pinto Mawatha, Thotalanga, Grandpass , # 271/NAGARAM STREET COLOMB14

46 Central Road, Colombo 13

Personal Details of Key Persons

Director 1
ITEM	DETAIL
Name	Zulficar Ahamed Mohaned Thahir
ID Number	550492890V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18^th February 1955
Age	62 Years
Address	# 51, S De S Jayasinghe Mawatha, Kohuwala, Nugegoda, Sri Lanka
Director 2
ITEM	DETAIL
Name	Mumtaz Sirajudeen Mohamed Thahir
ID Number	591910116V
Nationality	Sri Lankan
Gender	Male
Date of Birth	09^th July 1959
Age	56 Years
Address	# 42,7 Saranankara Raod, Kalubowila, Dehiwala, Sri Lanka
Director 3
ITEM	DETAIL
Name	Musthafa Kamal Pasha Mohamed
ID Number	603154606V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10^th November 1960
Age	56 Years
Address	# 51, S De S Jayasinghe Mawatha, Kohuwala, Nugegoda, Sri Lanka
Director 4
ITEM	DETAIL
Name	Mohamed Ajward Sithy Lathifa
ID Number	637581821V
Nationality	Sri Lankan
Gender	Female
Date of Birth	14^th September 1963
Age	53 Years
Address	# 103, Arab Road, Maradana, Beruwala, Sri Lanka
Director 5
ITEM	DETAIL
Name	Mohamed Omar Aska Kameela
ID Number	676370293V
Nationality	Sri Lankan
Gender	Female
Date of Birth	16^th May 1967
Age	50 Years
Address	# 51, S De S Jayasinghe Mawatha, Kohuwala, Nugegoda, Sri Lanka

Information Declined

MANAGEMENT NON CO-OPERATIVE

(009411) 2424999

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07
LKR	1	INR 0.41

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	VAR
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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