MIRA INFORM REPORT

 

 

Report Date :

24.12.2013

 

IDENTIFICATION DETAILS

 

Name :

N.B. FOODS (PVT) LTD

 

 

Registered Office :

# 108, Sea Street, Colombo 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.02.2001

 

 

Com. Reg. No.:

PV 10259

 

 

Legal Form :

Private Limited Liability Company (In operation)

 

 

Line of Business :

Importer and Distributor of essential commodities

 

 

No. of Employees :

Approximately 100

 

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

:

N.B. FOODS (PVT) LTD

 b.

Legal Form  & Status

:

Private Limited Liability Company (In operation)

c.

Managing Director

:

W. Udayakantha Senavirathna

d.

Primary Line of Business

:

Importer and Distributor of essential commodities

e.

Head Office

&

Place of Business

 

:

 

#  125, 5th Cross Street,

Colombo 11,

Sri Lanka

                       

Tel. No: (00 94 11) 233 8148 / 232 0675 / 233 8149

Fax No: (00 94 11) 243 0226

 

 

 

#  152, 4th Cross Street,

Colombo 11,

Sri Lanka

                       

Tel. No: (00 94 11) 232 0675 / 243 7802

Fax No: (00 94 11) 243 0226

Mobile: (00 94 77)755 7906 / 755 7902 / 789 6866

 

 

 

 

#  153, 5th Cross Street,

Colombo 11,

Sri Lanka

 

 

Tel. No: (00 94 11) 247 2309

 

f.

No. of Employees

:

Approximately 100

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 27962

Date of Registration

:

26th February 2001

b.

Re-registration No

:

PV 10259

Date of Re-registration

 

16th December 2008

c.

Registered Office

:

# 108, Sea Street, Colombo 11, Sri Lanka

d.

Board Of Directors

As At

12th October 2012

:

W. Udayakantha Senavirathna

Managing Director

M. Kamal Seeni

Director

H. Sunil Perera

Director

Asha Seneviratne

Director

Anusha seneviratne

Director

 

 

Registration and Shareholder

 

Details Cont…

 

 

e.

Issued Share Capital

:

Rs.                     20.00

f.

Nominal Value of Share

:

Rs.                     10.00

g.

Share Holders

As At

12th October 2012

:

 Share Holders

No of Shears

W. Udayakantha Senavirathna

01

M. Kamal Seeni

01

h.

Secretaries

:

Stanley Associates (Pvt) Ltd

i.

Auditors

:

Stanley Associates (Pvt) Ltd

j.

Bankers

:

Hatton National Bank

 

 

Directors Details

 

1)

Name

W. Udayakantha Senevirathna

ID Number

663551346 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

20th December 1966

Age

47 Years

 

2)

Name

M. Kamal Seeni

ID Number

632150423 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

2nd August 1963

Age

45 Years

 

3)

Name

H. Sunil Perera

ID Number

650422651 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th February 1965

Age

47 Years

 

4)

Name

Asha Seneviratne

ID Number

655791884 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

19th March 1965

Age

47 Years

 

5)

Name

Anusha Seneviratne

ID Number

665661563 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

6th March 1966

Age

46 Years

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                       

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 N.B. FOODS (PVT) LTD is a Private Limited Liability Company incorporated on 26th February 2001 under registration number N (PVS) 27962 and the company was re-registered under registration number PV 10259 on 16th December 2008.

 

Location.

 

The Subject Company’s one of branch is located at the client # 152, 4th Cross Street, Colombo 11. Subject company head office is located at # 125, 5th Cross Street, Colombo 11.

 

 

Operations Details

 

General

The subject company primary line of business is Importer and Distributor of essential commodities.

 

Products

Dahl, Potatoes, Onions, Garlic, Chile, Maldives Fish and Sugar etc…

 

Import Countries

India, China, Nepal, Turkey & Pakistan.

 

No of Employees

Approximately 100

 

 

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

 

Not Available

 

 

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.61.99

UK Pound

1

Rs.101.37

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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