MIRA INFORM REPORT

 

 

 

Report Date :

17.07.2008

 

IDENTIFICATION DETAILS

 

Name :

CIC AGRI BUSINESS (PVT) LTD

 

 

Registered Office :

# 205 1/1 , D.R. Wijewardena Mawatha, Colombo 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.04.008

 

 

Com. Reg. No.:

PV 2264

 

 

Legal Form :

Private Limited Liability Company   

 

 

Line of Business :

Business of Producers, Importers and Exporters of and Dealers (whole sale and retails), as Principal or Agents in all type of Equipment and Accessories used in the Agricultural  Historical Ural  or any other similar sector

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

GENERAL - Basic information at a glance

     

Name of Subject of Inquiry

:

CIC AGRI BUSINESS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Chairman

:

Mr. B. R. L. Fernando

Primary Line of Business

:

 

To carry on the business of producers, importers and exporters of and dealers (whole sale and retails), as principal or agents in all type of equipment and accessories used in the agricultural  historical Ural  or any other similar sector

 

Head Office

&

Place of Business

 

:

 

# 205, D.R. Wijewardena Mawatha,

Colombo 10.

           

Tel. No: (00 94 11) 268 8200

Fax No: (00 94 11) 269 1909

 

Contact Person: Ms. Prasadi Samarakoon

Agri Businesses Centre
 # 355, Dutugemunu Mawatha,
Peliyagoda.

Tel No: (00 94 11)481 3010 (Hunting), 481 6382/4
Fax No: (00 94 11)481 1772

 

Email: prasadi@cicagri.com

            cicsales@cicagri.com 

          

Web: www.cicagri.com

 

No. of Employees

:

Approximately  40

 

           

 

 

 

 

 

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PV 2264

b.

Date of Registration

:

22nd April 2008

c.

Registered Office

:

# 205 1/1 , D.R. Wijewardena Mawatha, Colombo 10

d.

Board Of Directors

As At

03rd April 2008

:

K. R. L. Fernando

Chairman

K. B. Kotagama

Director

D. C. Chanmugam

Director

D. S. J. S. Dematagoda

Director

P. C. Fernando

Director

S. T. Nagendra

Director

S. P. S. Ranatunga

Director

S. K. Wickramasinghe

Director

e.

Authorised Share Capital

:

Rs.       200,000,000.00

f.

Issued Share Capital

:

Rs.         86,400,000.00

g.

Nominal Value of Share

:

Rs.        10.00

h.

Share Holders

As At

03rd April 2008

:

 Share Holders

No of Shears

Chemical Industries (Colombo) Ltd

840,000

Cheminex Ltd

2,680,001

Metchem Engineering SA

3,600,000

Colvis Company Ltd

1,519,999

i.

Secretaries

:

D. S. C. Fernando

j.

Auditors

:

K. PMG. Ford Rhodes Thornton and Company

k.

Bankers

:

-Not Disclosed-

 

 

FINANCIAL DETAILS - Most recent available Financial Information

     

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

 

 

 

Current investigation

 

·         History.

 

                  The Subject Company CIC AGRI BUSINESS (PVT) LTD is a Private    Limited   liability Company incorporated in 22nd April 2008

 

                  CIC AGRI BUSINESSES, the leading Private Sector Organization involved in the development of Sri Lankan Agriculture Currently manages three farms which are over 2000 acres in extent. The company produces a large quantity of fruits & vegetables in these farms, as well as through established outgrowers, which are marketed locally and exported.

 

CIC Agribusinesses encompasses all the Agriculture related businesses that are carried out within the CIC group. This includes the companies CIC Fertilizers (Pvt) Ltd, CIC Seeds (Pvt) Ltd, CIC Agri biotech (Pvt) Ltd and the divisions pertaining to Agri Technology, Agro Consultancy, Agri Equipment, Home Gardening. Agro Tourism etc.

CIC Agribusiness is driven by a simple philosophy whereby the company strives towards enhancing the income levels of our farmers while enriching Sri Lankas’ Agriculture.

CIC Agribusinesses will at all time work towards being the leader in the Agribusiness sector providing the best quality standards, Customer focus and corporate values.

 

·         Location.

 

The Subject Company is located at the client given address # 205, D.R. Wijewardena Mawatha,

Colombo 10

 

·         Operations Details.

 

General

                  The subject company primary line of business is producers, importers and exporters of and dealers (whole sale and retails), as principal or agents in all type of equipment and accessories used in the agricultural historical Ural or any other similar sector

 

 

Employees

                  Approximately 20 

 

·         Financial Data

                  The company has declined to provide information on its finances 

 

 

·         General Comments

 

The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from informal sources but clearly originating from the company

 

 

·         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.42.94

UK Pound

1

Rs.85.78

Euro

1

Rs.68.01

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions