MIRA INFORM REPORT

 

 

Report Date :

24.01.2014

 

IDENTIFICATION DETAILS

 

Name :

TEA TRENDS EXPORTS (PVT) LTD

 

 

Registered Office :

# 97 B, Ambatale Road, Kohilawatta, Wellampitiya.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.03.2000

 

 

Com. Reg. No.:

PV 12861

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturer and Exporter of Tea products

 

 

No of Employees :

Approximately 150

 

 

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 :

No Complaints

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

:

TEA TRENDS EXPORTS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Deepthi Naranpanawe

d.

Primary Line of Business

:

Manufactures and exporters of Tea products

e.

Head office

&

Place of Business

 

:

 

 # 97 B, Ambatale Road,

Kohilawatta,

Wellampitiya,

Sri Lanka.

 

Tel. No: (00 94 11) 41 1871 / 3

Fax No: (00 94 11) 41 1874

 

E-mail: teatrends@sltnet.lk

 

 

g.

No. of Employees

:

Approximately 150

 

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 25848

Date of Registration

:

29th March 2000

b.

Registration No

:

PV 12861

Date of Registration

:

20th  April 2009

c.

Registered Office

:

# 97 B, Ambatale Road, Kohilawatta, Wellampitiya, SriLanka.

d.

Board of Directors

As At

31st January 2013.

:

Deepthi Naranpanawe

Managing Director

 J. Yeshanthi Naranpanawa

Director

J.M. Mindhika Ananda

 

Director

N. Kashyapa Nishan

 

Director

e.

Total No. of Issued Shares

:

612,739

Total Value of Shares

 

Rs.  5,000,000.00

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

 

Share Holders

As At

31st January 2013.

:

Share Holders

No. of

Shares

Deepthi Naranpanawe

612,737

N. M. Nikanthi Naranpanawa

        02

h.

Auditors

:

Hulangamuwa & Cooray

i.

Company Secretaries

:

Triple A Management Consortium (Pvt) Ltd

j.

Bankers

:

Hatton National Bank, Seylan Bank, Peoples Bank, Bank of Ceylon, National Development Bank PLC

 

 

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

 

                                                             

                                                                Company Logo

 

·         History.

 

The Subject Company TEA TRENDS EXPORTS (PVT) LTD is a Private    Limited   liability Company incorporated on 29th March 2000 under registration number N (PVS) 25848 and then the company was re-registered on 20th April 2009 under registration number PV 12861.

 

 

·             Location.

 

The Subject Company is located at the client 97 B, Ambatale Road, Kohilawatta, Wellampitiya, Sri Lanka.

 

 

·         Operational Details.

 

General

 

The subject company primary line of business is Manufactures and exporters of Tea products under TEA TRENDS brand name

 

 

Export Products

 

·         Tea in gift pack

·         Flavoured Tea

·         Organic and Green Tea

·         Herbal Tea

·         Leaf Tea

·         Premium Tea

  

 

Export Countries

 

USA, Italy, Germany, France, UK, Middle East

 

 

 

Employees

 

Approximately 150

Director’s Details

 

         01)

Name

Deepthi Naranpanawe

Gender

Male

Nationality

Sri Lankan

National ID No.

623580172 V

Date of Birth

23rd  December 1962

Age

51 Years

 

 

        02)

Name

J. Yeshanthi  Naranpanawa

Gender

Female

Nationality

Sri Lankan

National ID No.

877733955 V

Date of Birth

29th September 1987

Age

 27 Years                                                                                                                                                                                                                         

 

 

        03)

Name

J.M. Mindhika Ananda

Gender

Male

Nationality

Sri Lankan

National ID No.

810731990 V

Date of Birth

13th March 1981

Age

33  Years

 

 

         04)

Name

N. Kashyapa Nishan

Gender

Male

Nationality

Sri Lankan

National ID No.

942482949 V

Date of Birth

04th September 1994

Age

20 Years

 

 

·               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

 

Sri Lank Tea Board

 

 

·                              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.

 

 

ANALYSIS & RATING

 

Appraisal and Rating of Subject Company

 

Rating:

a) Business Scale        

No Rating - Insufficient Information on Finance

b) Business Trend

No Rating - Insufficient Information on Finance

c) Management Capability

No Rating - Insufficient Information on Finance

d) Commercial Morality

No Rating - Insufficient Information on Finance

e) Reputation

No Rating - Insufficient Information on Finance

f) Market Situation

Very Competitive

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.98

UK Pound

1

Rs. 102.67

Euro

1

Rs. 83.97

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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.