MIRA INFORM REPORT

Report Date :

23.02.2011

IDENTIFICATION DETAILS

Name :	SMITH FOODS (PRIVATE) LTD

Registered Office :	No.14, Pepiliyana Road, Gangodawila, Nugegoda

Country :	Sri Lanka

Financials (as on) :	31.03.2010

Date of Incorporation :	14.06.2001

Com. Reg. No.:	N (PVS) 37860

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture of coconut based food products and spice based sauces & spreads for the export

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 :	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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Sri Lanka

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

information parted by

Name : Ms. Roshani

Designation : MD Secretary

Date : 21.02.2011

GENERAL - Basic information at a glance

Name of Subject of Inquiry	:	SMITH FOODS (PRIVATE) LTD
Legal Form & Status	:	Private Limited Liability Company (In operation)
Managing Director	:	Asanka Kumuduni Ekanayake
Primary Line of Business	:	Manufacture of coconut based food products and spice based sauces & spreads for the export market
Head Office & Place of Business	:	# 14, Pepiliyana Road, Nugegoda, Sri Lanka. Tel. No: (00 94 11) 285 4254 / 282 9455 / 282 3302 Fax No: (00 94 11) 282 7367 E-mail: asanka@smithnaturals.com Location : Owned
No. of Employees	:	40 (10 in Office and 30 in Factory)

COMPANY DETAILS- Registration and Shareholder Details

Registration No		:	N (PVS) 37860
Date of Registration		:	14th June 2001
Re-registration No		:	PV 2157
Date of Re-registration		:	29th January 2008
Factory		:	Kuliyapitiya Madampe, Sri Lanka Location: Owned Area: 4 Acres
Board Of Directors As At 31^st December 2009		:	Asanka Kumuduni Ekanayake	Managing Director
			L. Chandrasiri Wijesinghe	Director
			S. Kumari Ekanayake	Director
			S. N. Wijesinghe Ekanayake	Director
Issued Share Capital		:	Rs. 2,000,000.00
Nominal Value of Share		:	Rs. 10.00
Share Holders As At 31^st December 2009		:	Share Holders	No of Shears
			S. Kumari Ekanayake	8,001
			S. N. Wijesinghe Ekanayake	191,999
Secretaries	:		N and N Associates (Pvt) Ltd
Auditors	:		Gomes and Company
Bankers		:	· HSBC · Standard Chartered Bank · Ceylon Bank, Branch Nugegoda , Sri Lanka · Commercial bank · Panasia Bank, Branch Nugegoda , Sri Lanka

CURRENT INVESTIGATION

Company Logo

· History.

The Subject Company SMITH FOODS (PRIVATE) LTD is a Private Limited liability Company incorporated on 14th June 2004 under registration number N (PVS) 37860 and then the company was re-registered under new company act – 7 – 2007 on 29th January 2009 under registration number PV 2157.

Initial name of the Subject Company was SEICO FOODS (PVT) LTD and that name was changed on 18th October 2005 as SMITH FOODS (PRIVATE) LTD.

· Location.

The Subject Company is located at the client given address No.14, Pepiliyana Road, Gangodawila, Nugegoda.

· Operations Details.

General

The subject company primary line of business is Manufacture of coconut based food products and spice based sauces & spreads for the export market

Products

o Virgin Coconut Oil

o Creamed Coconut

o Coconut Flour

o King Coconut Water

o Coconut Hair Oil

Export Products

Coconut Products, Virgin Coconut Oil, Coconut Cream

Export Countries

Germany, Malaysia, Taiwan, India, China, Europe, Mid-east, Australia, China

Employees

· Directors Details

Name	Asanka Kumuduni Ekanayake
ID Number	608391274 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	4th December 1960
Age	51 Years
Address	No.53/2, Rattanapitiya Rd, Manel Mawatha, Gangodawila, Nugegoda

Name	L. Chandrasiri Wijesinghe
ID Number	532502250 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	6th September 1953
Age	58 Years
Address	No.53/2, Rattanapitiya Rd, Manel Mawatha, Gangodawila, Nugegoda

Name	S. Kumari Ekanayake
ID Number	686151115 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	24th April 1968
Age	44 Years
Address	No.14, Pepiliyana Rd, Gangodawila, Nugegoda

Name	S. N. Wijesinghe Ekanayake
ID Number	572402347 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	27th August 1957
Age	54 Years
Address	No.14, Pepiliyana Rd, Gangodawila, Nugegoda

Trading Terms:

Purchasing Terms : Cash, Credit

Selling Terms : L/C, Cash, Credit

· Financial Data

(Amount in Srilankan Rs. Millions)

Particulars

31.03.2010

31.03.2009

Sales Turnover

7.000

5.000

Expected Sales (2010-11) : Srilankan Rs. 3.000 millions

(The Company Turnover of 2010-11 will be less due to rise in Coconut Price)

General Comments

When we contacted the Subject Company they respond us well and gave some basic information to prepare this report

· 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.45.20
UK Pound	1	Rs.73.07
Euro	1	Rs.61.41

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

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.

information parted by

GENERAL - Basic information at a glance

COMPANY DETAILS- Registration and Shareholder Details

Secretaries

:

CURRENT INVESTIGATION

Unit