MIRA INFORM REPORT

 

 

Report Date :

30.08.2014

 

IDENTIFICATION DETAILS

 

Name :

SPICE OF LIFE (PVT) LTD

 

 

Registered Office :

# 264, Grandpass Road, Colombo – 14

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

22.12.1992

 

 

Com. Reg. No.:

PV 3803

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Exporter of Spices, Cloves, Pepper and Nutmeg

 

 

No of Employees :

38

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

Slow but correct

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

 

Source : CIA

GENERAL - Basic information at a glance

       

a.

Name of Subject of Inquiry

:

SPICE OF LIFE (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (in operation)

c.

Managing Director

 :

Taher Abbas Gulamhusein

d.

Primary Line of Business

:

Trader and Exporter of Spices, Cloves, Pepper and Nutmeg

e.

    Head Office / Warehouse

           &

Place of Business

:

 # 264, Grandpass Road,

Colombo – 14,

Sri Lanka.

 

Tel. No: (00 94 11) 760 8590

Fax No: (00 94 11) 244 6886

 

E-mail: spice.of.life@adamexpoe

 

f.

No. of  Employees

:

38

g.

Exporters

:

Countries:

India

Europe

America

h.

Trading Terms

:

Purchasing Terms: Cheque

Selling Terms: Cheque

I

Type of Customers

:

Retailers and End Users

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 10296

Date of Registration

 

22nd December 1992

 

Re-registration No

 

PV 3803

Date of Re-registration

:

16th May 2008

b.

Registered Office

:

# 264, Grandpass Road, Colombo – 14

c.

Board of Directors As At 14th February 2014

:

Taher Abbas Gulamhusein

Managing Director

Idris Shabbir

Director

Ali Asger Shabbir

Director

Aliasghar Yusuf  Tyebkhan

Director

d.

Issued Share Capital

:

Rs. 17,000,000.00

Number of Shares

:

1,700,000

e.

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

f.

Share Holders As At 14th February 2014

 

Share Holders

No. of Shares

Shabbir Abbas Gulamhusein

850,000

Taher Abbas Gulamhusein

850,000

g.

Auditors

:

A.L. Macan Maker & Company

h.

Company Secretaries

:

K.H. Shane Sri Nilusha De Silva

i.

Bankers

:

·               National Development Bank

·               Commercial Bank of Ceylon

·               Sampath Bank

 

 

Directors’ Details

 

Name

Taher Abbas Gulamhusein

ID Number

670551059 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

24th February 1967

Age

47 Years

 

 

 

Name

Idris Shabbir

ID Number

761862510 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

04th July 1976

Age

38 Years

 

 

Name

Ali Asger Shabbir

ID Number

843071457 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

02nd November 1984

Age

29 Years

 

 

Name

Aliasghar Yusuf  Tyebkhan

PP Number

500833222

Nationality

British

 

 

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 SPICE OF LIFE (PVT) LTD is a Private Limited liability

·         Company Incorporated on 22nd December 1992 under registration number N (PVS) 10296 and   

·         Then the company was re-registered on 16th May 2008 under the registration number PV 3803

 

 Location

 

The Subject Company is located at the client # 264, Grandpass Road, Colombo – 14

 

Operations Details

 

General      

The subject company primary line of business is Exporters of Spices

 

Products

Cloves, Pepper, Nutmega and Mace

 

Export Countries

Europe Countries

 

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

               

Trade references

 

Spices and Allied Products Producer’s Association

 

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 computerized 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.

 

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

 

Rs. In Millions

Sales Turnover [Approximately]

4000.000

5000.000

4600.000

 

Due to less orders

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Arnold

Designation :

Finance Head Department

Contact No.:

00 9411 760 8590

Date :

30.08.2014

 

              

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.47

UK Pound

1

Rs.100.35

Euro

1

Rs.79.86

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

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.