MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	MAJESTIY NATURAL FOODS AND CHEMICAL (PVT) LTD

Registered Office :	# 337 C , Dambukanda, Dompe

Country :	Sri Lanka

Date of Incorporation :	01.08.2002

Com. Reg. No.:	PV 7843

Legal Form :	Private Limited Liability Company

Line of Business :	Importer & Exporter of Miscellaneous Products

No. of Employees :	Not Available

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 – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

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

Sri LAnka ECONOMIC OVERVIEW

Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka''s economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.

Source : CIA

GENERAL

Basic information at a glance

Name of Subject of Inquiry	:	MAJESTIY NATURAL FOODS AND CHEMICAL (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Managing Director	:	K. T.D. Joseph Jayaratne
Primary Line of Business	:	Import & Export of Miscellaneous Products
Head Office & Place of Business	:	# 337 C , Dambukanda, Dompe, Sri Lanka Mob. No: (00 94 77) 649 0711 (Mr. K.T.D. Ranjan Supun)
No. of Employees	:	Not Disclosed/Available

COMPANY DETAILS

Registration and Shareholder Details

Registration No	:	N (PVS) 31206
Date of Registration	:	01^st August 2002
Re-registration No		PV 7843
Date of Re-registration		03^rd October 2008
Registered Office	:	# 337 C , Dambukanda, Dompe
Board of Directors As At 30^th November 2012	:	K. T.D. Joseph Jayaratne		Managing Director
		K.T.D. Ranjan Supun		Director
Issued Share Capital	:	Rs. 38,500,040.00
Nominal Value of Share	:	Rs. 10.00
Share Holders As At 30^th November 2012	:	Share Holders	No Of Shares Held
		K. T.D. Joseph Jayaratne	3,847,004
		K.T.D. Ranjan Supun	3,000
Auditors	:	Nagasinghe & Company
Company Secretaries		Consultants & Secretaries (Pvt) Ltd
Bankers		Not Disclosed-

Director’s Details

01)

Name	K. T.D. Joseph Jayaratne
ID Number	550453339 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	14^th February 1955
Age	58 Years

02)

Name	K.T.D. Ranjan Supun
ID Number	872310355 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18^th August 1987
Age	26 Years

FINANCIAL DETAILS

Most recent available Financial Information

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

CURRENT INVESTIGATION

History.

The Subject Company MAJESTIY NATURAL FOODS AND CHEMICAL (PVT) LTD is a Private Limited Liability Company incorporated on 01^st August 2002 under registration number N (PVS) 31206 and then the company was re-registered on 03^rd October 2008 under the registration number PV 7843.

Location.

The Subject Company located at client # 337 C, Dambukanda, Dompe.

Operational Details.

General

The subject company primary line of business is Import & Export of Miscellaneous Products

Products

Miscellaneous Products

Import Country

India

Export Country

Dubai

No of Employees

Not Disclosed

Financial Data

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with

Limited Liability is not required to make public disclosure of their annual financials.

Therefore no financials are available for this entity.

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.61.82
UK Pound	1	Rs.96.57
Euro	1	Rs.82.45

INFORMATION DETAILS

Report Prepared by :

MNL

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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