MIRA INFORM REPORT

 

 

 

Report Date :

30.07.2008

 

IDENTIFICATION DETAILS

 

Name :

CARGILLS (CEYLON) LTD

 

 

Registered Office :

# 40, York Street, Colombo 01           

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

01.03.1946

 

 

Com. Reg. No.:

PBS 91

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of Processed Meat Products

 

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

:

 

CARGILLS (CEYLON) LTD

 

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Managing Director

:

Antoine Theodore Priyalal Edirisinghe

Primary Line of Business

:

Manufacture of Processed Meat Products

Head Office

&

Place of Business

 

:

 

# 40, York Street,

Colombo 01           

 

Tel. No: (00 94 11) 242 7777

Fax No: (00 94 11) 233 8704

 

E-mail: ccl@cargillsceylon.com

Web:     www.cargillsceylon.com

 

No. of Employees

:

Approximately  60

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

PBS 91

Date of Registration

:

01st March 1946

Registered Office

:

 

# 40, York Street, Colombo 01           

 

Board Of Directors

As At

31st March 2007

:

Antoine Theodore Priyalal Edirisinghe

Managing Director

Sanjeev Edward Chittampalam

Director

Sidath Vivendra Kodikara

Director

Prabaharan Subramaniam Mathavan

Director

Sunil Mendis

Director

Anthony Asokumar Page

Director

Joseph Chandrakumar Page

Director

Valentine Ranjitkumar Page

Director

Louis Rajkumar Page

Director

Errol Aloysius Dudley Perera

Director

Subodini Radhika Thambiayah

Director

Authorised Share Capital

:

Rs.      100,000,000.00

Issued Share Capital

:

Rs.          5,714,950.00

Nominal Value of Share

:

Rs.                     10.00

Share Holders

As At

31st March 2007

:

 Share Holders

No of Shears

Anthony A Page

168,270

V. R. Page

326,025

S. V. Kodikara

2,000

D. J. Aloysius

1,078

A. T. P. Edirisinghe

1,232

S. E. C. Gardiner

7,120

J. C. Page

59,965

L. R. Page

2,169

A. D. Perera

500

Senathi Rajah

2,136

S. R. Thampaiha

1,000

Secretaries

:

P. Edward Vincent Fernando

Auditors

:

KPMG Ford Rhodes Thornton & Company

Bankers

:

Commercial Bank, Seylan Bank, Bank of Ceylon, Sampath Bank, HSBC, NDB

 

FINANCIAL DETAILS - Most recent available Financial Information

    

 

Year ended

31st March 2006

‘Rs’

Year ended

31st March 2005

‘Rs’

A

Revenue

:

8,072,543.00

7,236,802.00

B

 Cost of Sales

:

(7,576,610.00)

(6,823,407.00)

C

Gross Profit

:

495,933.00

413,395.00

D

Other Income

:

136,962.00

109,995.00

E

Other Expenses

 

(9,503.00)

(7,090.00)

F

Administration Expenses

:

(234,251.00)

(194,433.00)

G

Distribution Expenses

:

(61,587.00)

(59,886.00)

H

Financing (cost)/Income

:

(83,813.00)

(71,825.00)

I

Net Profit / (Loss) before Tax

:

243,741.00

190,156.00

J

Income Tax (expenses)/  

Release                                                                                                                    

:

(93,626.00)

(22,280.00)

K

Net Profit / (Loss) After Tax:

:

150,115.00

167,876.00

 

 

FINANCIAL DETAILS - Most recent available Financial Information (Cont/d….)

 

                                                 

 

As At

31st March 2006

‘Rs’

 

As At

31st March 2005

‘Rs’

 

a)

Non-current Assets

:

2,386,684.00

1,568,752.00

b)

Investment

:

-

-

c)

Current Assets

:

1,835,319.00

2,059,691.00

d)

Current Liability

:

2,861,221.00

2,397,459.00

e)

Non-current liability

:

193,708.00

154,665.00

f)

Total Liabilities

:

3,054,929.00

2,552,124.00

g)

Total Assets

:

4,222,003.00

3,628,443.00

h)

 

Net Worth

 

:

1,167,074.00

1,076,319.00

                                                                


 

Current investigation

 

·         History.

 

                   The Subject Company CARGILLS (CEYLON) LTD is a Private Limited liability Company incorporated in 01st March 1946.

 

·         Location.

 

The Subject Company is located at the client given address # 40, York Street, Colombo 01           

 

·         Operations Details.

 

General

                   The business of the Subject Company is the manufacture of Processed Meat Products such as bacon, sausages, salamis and such like.  

 

Products

Meat bolls, Sausages and ready made meet products.

 

Country

-Not Disclosed-

 

Employees

                  Approximately 60

 

·         Financial Data

 

Received from the non formal sources.

                 

·         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 non-formal 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. 42.47

UK Pound

1

Rs.84.00

Euro

1

Rs.66.14

 

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