MIRA INFORM REPORT

Report Date :

10.12.2011

IDENTIFICATION DETAILS

Name :	JIFFY PRODUCTS S.L. (PVT) LTD

Registered Office :	Plot 27C, Mirigama Export Processing Zone, Mirigama

Country :	Sri Lanka

Date of Incorporation :	08.07.2003

Com. Reg. No.:	N (PVS) 34320

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing, Marketing, Selling and Exporting of plant propagation products

No. of Employees :	250 persons (Approximately)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Sri Lanka

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

GENERAL- Basic information at a glance

Name of Subject of Inquiry	:	JIFFY PRODUCTS S.L. (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company
General Manager	:	Sandeeptha Gamalath
Primary Line of Business	:	Manufacturing, marketing, selling and exporting of plant propagation products
Place of Business & Factory	:	Plot 27C, Mirigama Export Processing Zone, Mirigama, Sri Lanka. Tel. No: (00 94 33) 227 6400 / 227 6403 Fax No: (00 94 33) 227 6404 E Mail: sandeeptha.gamalath@jiffygroup.com
No. of Employees	:	Approximately 250

COMPANY DETAILS- Registration and Shareholder Details

Registration No		:		N (PVS) 34320
Date of Registration		:		08th July 2003
Re-registration No		:		PV 2297
Date of Re-registration		:		06th February 2008
Registered Office		:		Plot 27C, Mirigama Export Processing Zone, Mirigama.
Board of Directors As At 14th July 2011		:		Dagfinn Andersen		Director
				Frank Helge Skarpnes		Director
				Knutson Arstein		Director
Issued Share Capital	:		Rs. 140,000,000.00
Nominal Value of Share	:		Rs. 10.00
Share Holders As At 14th July 2011			Share Holders		No. of Shares
			Knutson Arstein		01
			Jiffy International AS		13,999,999
Auditors	:		SJMS Associates
Company Secretaries	:		Esjay Corporate Services (Pvt) Ltd
Bankers	:		Commercial Bank PLC

CURRENT INVESTIGATION

· History.

The Subject Company JIFFY PRODUCTS S.L. (PVT) LTD is a Private Limited liability Company incorporated on 08th July 2003 under registration number N (PVS) 34320 and then the company was re-registered on 06th February 2008 under registration number PV 2297

Jiffy Products S.L. (Pvt) Ltd is the Sri Lankan subsidiary of Jiffy International AS Kristiansand, Norway.

There are two accounts are being operated by Subject Company at Commercial Bank PLC. One Account is Sri Lankan Rupees and other Account is US Dollars. Account numbers of both Accounts as follows.

o 10 3000 4147 (LKR) – Rupee Account

o 2960 924 001 (FCBU) – US Dollar Account

· Location.

The Subject Company is located at the client given address Plot 27C, Mirigama Export Processing Zone, Mirigama, Sri Lanka.

· Operations Details.

General

The subject company primary line of business is manufacturing, sales and distribution of plant propagation substrates, substrate systems and related horticultural products throughout the globe

Products

Jiffy offers a wide range of products to the horticultural industry worldwide assuring there is a propagation media available for almost any crop and any application, even when a highly automated system is in place.

JIFFY 7 –

The Jiffy-7 pellet is the original, ‘container and media in one' concept designed by Jiffy proven successful in many propagation applications in the Horticulture

JIFFY 7C –

The 7C-series of pellets have been designed by Jiffy to aid the grower propagating under highly stressing climatic conditions avoid water logging of the rooting media

CAREFREE –

Carefree could be best described as a ‘premium Jiffy-7' offering all the benefits of Jiffy-7 in handling and automation, with the addition of valuable amendments securing added drainage, less leaching of fertilizer and compact growth.

JIFFYPOT-

Jiffy pots are available in many sizes, from small 'plugs' (as shown below) to 13cm (5") in diameter. Being comprised of peat and wood-fibber that allow roots to grow through the pot wall, these pots make for the various choices in many Horticultural applications

Export Countries

Norway, Netherlands, Denmark, Germany, Italy, France, Spain, USA, Canada, Brazil

Employees

Approximately 250

Directors Details

Name	Dagfinn Andersen
PP Number	20810156
Nationality	Norwegian

Name	Frank Helge Skarpnes
PP Number	25747552
Nationality	Norwegian

Name	Knutson Arstein
PP Number	20168413
Nationality	Norwegian

· Financial Data

The company has declined to provide information on its finances

· General Comments

When we contacted the Subject Company, they gave us some basic details to prepare this report, but they politely refused to provide its financial information.

· Trade references

The subject company did not provide any trade reference referrals

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.