MIRA INFORM REPORT

Report Date :

14.05.2011

IDENTIFICATION DETAILS

Name :	PULSES SPLITTING & PROCESSING INDUSTRY (PVT) LTD
Registered Office :	#.92/7, Pattiwala Road, Sapugaskanda, Kelaniya
Country :	Sri Lanka
Date of Incorporation :	10.10.2002
Com. Reg. No.:	PV 60098
Legal Form :	Private Limited Liability Company
Line of Business :	Splitting and processing Grains and Pulses

RATING & COMMENTS

MIRA’s Rating :

B

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Sri Lanka	B1	B1

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

Information Declined By

Name : Mr. Abdul Cader Saleem

Designation : Director

Date : 13.05.2011

GENERAL- Basic information at a glance

Name of Subject of Inquiry	:	PULSES SPLITTING & PROCESSING INDUSTRY (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Chairman	:	Abdul Cader Saleem
Primary Line of Business	:	Splitting and processing Grains and Pulses
Head Office	:	# 92, Reclamation Road,  Colombo 11  Tel. No: (00 94 11) 234 1911 / 234 3887 Fax No: (00 94 11) 243 8706 E-Mail: pulses@sltnet.lk
Factory	:	# 92/7, Pattiwela Road, Kelaniya, Sapugaskande Tel No: (00 94 11) 291 8577 Fax No: (00 94 11) 290 5294
No. of Employees	:	Not Disclosed

COMPANY DETAILS-Registration and Shareholder Details

Registration No	:	PV 60098
Date of Registration	:	10^th October 2002
Registered Office	:	#.92/7, Pattiwala Road, Sapugaskanda, Kelaniya
Board of Directors As At 14^th October 2010	:	Abdul Cader Saleem	Chairman
		Abdul Cader Mahmud	Managing Director
		Abdul Cader Abdul Razak	Director
		M. Muddassir Mahmud	Director
		Abdul Razak Mohammed Raiz	Director
Issued Share Capital	:	Rs. 2,751,000.00
Nominal Value of Share	:	Rs. 10.00
Share Holders As At 14^th October 2010	:	Share Holders		No. of Shares
		Abdul Cader Saleem		917,000
		Abdul Cader Mahmud		917,000
		Abdul Cader Abdul Razak		917,000
Auditors	:	Ratnayake T. A. & Company
Company Secretaries	:	Business Allied Services (Pvt) Ltd
Bankers	:	People’s Bank, Pan Asia Bank, HSBC, Seylan Bank

CURRENT INVESTIGATION

Company Logo

· History.

The Subject Company PULSES SPLITTING & PROCESSING INDUSTRY (PVT) LTD is a Private Limited Liability Company incorporated on 29^th May 2007 under registration number PV 60098

Pulses Splitting & Processing Industry (Pvt) Ltd, is based in Colombo, Sri Lanka. The company started in the year 1999 as a family company.

· Location.

The Subject Company is located at the client given address # 92, Reclamation Road, Colombo - 11

· Operational Details.

General

The subject company primary line of business is Splitting and processing Grains and Pulses under the brand names “Trophy Brand, Leaf Brand, Paradise Brand”

The company has made its mark in the splitting & processing field and now has one unit in the outskirts of Colombo, each having six lines of operations with 5 colour sorter machines.

Products

Red Split Lentils, Yellow Split Lentils Yellow Split Peas, Chana Dall Etc         

Trading partners:

* Worldwide
* South/East Asia
* North America
* Mid East
* Europe
* Australasia
* Africa
* Indian Subcontinent
* Central Asia / CIS

Deals in Export of:

* Red split lentils

* Yellow split lentils

* Yellow split peas

* Lentils husk for animal feed

Deals in Import of:

* Whole red lentils

* Whole yellow lentils

* Dun peas

* Yellow peas

* Chickpeas

* Corriander seeds

Import Country

Australia, Canada

Export Country

Middle East, South Asia

Employees

Not Disclosed

· Directors Details

01)

Name	Abdul Cader Saleem
ID Number	582133026V
Nationality	Sri Lankan
Gender	Male
Date of Birth	31^st July 1958
Age	52 Years
Address	#.03, Council Lane, Dehiwela

02)

Name	Abdul Cader Mahmud
ID Number	613595155V
Nationality	Sri Lankan
Gender	Male
Date of Birth	24^th December 1961
Age	49 Years
Address	#.03, Council Lane, Dehiwela

03)

Name	Abdul Cader Abdul Razak
ID Number	631433774V
Nationality	Sri Lankan
Gender	Male
Date of Birth	22^nd May 1963
Age	47 Years
Address	#.03, Council Lane, Dehiwela

04)

Name	M. Muddassir Mahmud
ID Number	882322378V
Nationality	Sri Lankan
Gender	Male
Date of Birth	19^th August 1988
Age	22 Years
Address	#.74, Suwishuddharama Road, Wellawatta, Colombo-06

05)

Name	Abdul Razak Mohammed Raiz
ID Number	913170717 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12^th November 1991
Age	19 Years
Address	#.74, Suwishuddharama Road, Wellawatta, Colombo-06

· Financial Data

The company has declined to provide information on its finances

· 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.44.91
UK Pound	1	Rs.73.06
Euro	1	Rs.64.03

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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