MIRA INFORM REPORT

 

 

Report Date :

23.08.2013

 

IDENTIFICATION DETAILS

 

Name :

EXPOLANKA  (PVT) LTD.

 

 

Registered Office :

# 10, Milepost Avenue, Colombo-03

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.10.1978

 

 

Com. Reg. No.:

N (PVS) 5305

 

 

Legal Form :

Private Limited Liability Company (In Operation).

 

 

Line of Business :

The subject company’s primary line of business Manufacturing and Distributed Dehydrated Fruits, Fruit Juices and Ready to East Food Products.

 

 

No. of Employees :

Not Available

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

A2

A2

 

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

      

a.

Name of Subject of Inquiry

:

EXPOLANKA  (PVT) LTD.

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation).

c.

Managing Director

:

Mohamed Facurul Annam

d.

Primary Line of Business

:

 

                  The subject company’s primary line of business Manufacturing and Distributed Dehydrated Fruits, Fruit Juices and Ready to East Food Products.

 

e.

Head office

&

Place of Business

 

:

 

# 127, Mabima Road,

Heiyanthuduwa,

Biyagama.

Sri Lanka.

 

Tel. No: (00 94 11) 240 1575

Fax No: (00 94 11) 240 1576

 

 E mail : expoltd@expolaka.com

 

f.

No. of Employees

:

Not Disclosed

           

 

 COMPANY DETAILS

- Registration and Shareholder Details

 

a.

 Registration No

:

N (PVS) 5305

Date of Registration   

:

16th October 1978

b.

Re- Registration

:

PV 3322

Date of Re-registration

:

16th April 2008

c.

Registered Office

:

# 10, Milepost Avenue, Colombo-03

d.

Board of Directors

As At

13th September 2012

:

Mohamed Facurul Annam

Managing Director

Shaflk  Kassim

Director

Sattar Kassim

Director

Abdullah Osman Kassim

Director

e.

Issued Share Capital

:

Rs.   2,500,010.00        

f.

Nominal Value of Share

:

Rs.               10.00

g.

 

Share Holders

As At

13th September 2012

:

Share Holders

No. of

Shares

Expolanka Holiday Plc

   250,001

h.

Auditors

:

Ernst & Young

i.

Company Secretaries

:

Consultants and Corporate Secretaries (Pvt) Ltd

j.

Bankers

:

Not Disclosed

 

 

 

·         Directors’ Details.

 

01)

Name

Sattar Kassim

ID Number

563231289 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

18th November 1956

Age

57 Years

 

 

02)

Name

Shaflk  Kassim

ID Number

611090340 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

18th April 1961

Age

52 Years

 

 

03)

Name

Mohamed Facurul Annam

ID Number

491132892 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

22nd April 1949

Age

64 Years

 

 

04)

Name

Abdullah Osman Kassim

ID Number

870032307 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

03rd January 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 EXPOLANKA (PVT) LTD is a Private Limited liability Company incorporated on 16th Octomber 1978 under registration N (PVS) 5305 and Re-registered in terms of Company Act. # 7 of 2007 on 16th April 2008 under # PV 3322.

 

·         Location.

 

The Subject Company is Located at the client # 127, Mabima Road, Heiyanthuduwa, Biyagama, Sri Lanka.

 

·         Operational Details.

 

General

                  The subject company’s primary line of business Manufacturing and Distributed Dehydrated Fruits, Fruit Juices and Ready to East Food Products.

 

                  The subject company has Earned Certified by HACCP, HALAL, ORGANIC.

 

Products

Coconut Products, Fruit & Vegetables, Foodstuff Range, Herbal Products.

 

Export Country

                   Australia, Middle East, Pakistan, United Kingdom.

 

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.

                                                                                                                      

·         Trade references

 

National Chamber of Exporters

 

 

·         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.65.42

UK Pound

1

Rs.102.09

Euro

1

Rs.87.32

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.