MIRA INFORM REPORT

 

 

Report Date :

07.06.2014

 

IDENTIFICATION DETAILS

 

Name :

PULSES SPLITTING & PROCESSING INDUSTRY (PVT) LTD

 

 

Registered Office :

#92/7, Pattiwila Road, Sapugaskande, Kelaniya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.05.2007

 

 

Com. Reg. No.:

PV 60098

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

·         Engaged in splitting and processing of Grains and Pulses under the brand names “Trophy Brand, Leaf Brand & Paradise Brand”.

·         Subject is specialising in supply of processed red split lentils (HS Code 0713.40.12).

·         Subject product ranges includes Red Split Lentils, Yellow Split Lentils Yellow Split Peas & Chana Daal         

 

 

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 :

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, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

    

Name of Subject of Inquiry

:

PULSES SPLITTING & PROCESSING INDUSTRY (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

:

Dr. Abdul Cader Saleem

Primary Line of Business

:

Splitting and processing Grains and Pulses

 

Head Office

 

:

        

# 92, Reclamation Road,

 Colombo 11. 

Sri Lanka.

 

Tel. No: (00 94 11) 234 1911 / 234 3887

Fax No: (00 94 11) 243 8706

 

E-Mail: pulses@sltnet.lk

              info@pspil.lk

 

Factory

:

 

# 92/7, Pattiwila Road, Gonawala,

Sapugaskande

Kelaniya.

 

Tel No: (00 94 11) 291 8577 / 291 8599

Fax No: (00 94 11) 290 5294

 

No. of Employees

:

Approximately 150

        

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

PV 60098

Date of Registration

:

29th May, 2007

Registered Office

:

#92/7, Pattiwila Road, Sapugaskande, Kelaniya

Board of Directors

As At

14th December 2013

:

Dr. Abdul Cader Saleem

Chairman

Dr. Abdul Cader Mahmud

Managing Director

Dr. Abdul Cader Abdul Razak

Director

M. Muddassir Mahmud

Director

Abdul Razak Mohammed Raiz

Director

Issued Share Capital

:

Rs.        27,510,000.00 (Total No. of Shares: 2,751,000)

Nominal Value of Share

:

Rs.                      10.00

 

Share Holders

As At

14th December 2013

:

Share Holders

No. of

Shares

Dr. Abdul Cader Saleem

917,000

Dr. Abdul Cader Mahmud

917,000

Dr. Abdul Cader Abdul Razak

917,000

Auditors

:

Ratnayake T. A. & Company

Company Secretaries

:

Business Allied Services (Pvt) Ltd

Bankers

:

People’s Bank, Pan Asia Bank, HSBC, Seylan Bank

 

 

FINANCIAL DETAILS

Most recent available Financial Information

                                                                                                                                                        

INFORMATION ON ITS FINANCES NOT AVAILABLE

 

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

pspil-log

·         History.

The Subject Company PULSES SPLITTING & PROCESSING INDUSTRY (PVT) LTD is a Private    Limited Liability Company incorporated on 29th May 2007 under registration number PV 60098. This is a Board of Investment (BOI) approved company.  

 

                 They have commenced Trading activities as a "Family Company" during the year 1999 in the 

                 name of “Pulses Processing Industry (Pvt) Ltd” catering to the needs of the domestic market by  

                 importing and supplying Grains and Pulses. Pulses Splitting and Processing Industry has been set 

                 up with the incorporation of the   new company “PULSES SPLITTING & PROCESSING 

                 INDUSTRY (PVT) LTD” as a BOI Project company. Both companies are in operation.

              

·         Location

The Subject Company is located at # 92, Reclamation Road, Colombo – 11, one of the main business areas in the city.

             

                  The processing factory is located at #92/7, Pattiwila Road, Gonawala, Sapugaskande, which

                   is approx. 20 kilo meter from Colombo and have  commenced Commercial Operations in

                   February 2008. It is also the registered address of the company.

                  

·         Operational Details

 

General

                    The subject company’s primary line of business is splitting and processing Grains and Pulses under the brand names “Trophy Brand, Leaf Brand & Paradise Brand”. They claim specialising in supply of processed red split lentils (HS Code 0713.40.12).

 

Products

Red Split Lentils, Yellow Split Lentils Yellow Split Peas, Chana Daal         

 

Import Country

Australia, Canada

 

Export Country

Middle East, South Asia

 

Employees

                  Approximately 150

 

Associate  Companies

o    M. I. S. Polysacks (Pvt) Ltd

o    MISA Tea Plantations (Pvt) Ltd

Directors Details

 

     01)

Name

Abdul Cader Saleem

ID Number

582133026V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st July 1958

Age

55 Years

Address

#.03, Council Lane, Dehiwela

     

02)

Name

Abdul Cader Mahmud

ID Number

613595155V

Nationality

Sri Lankan

Gender

Male

Date of Birth

24th December 1961

Age

52 Years

Address

#.03, Council Lane, Dehiwela

 

      03)

Name

Abdul Cader Abdul Razak

ID Number

631433774V

Nationality

Sri Lankan

Gender

Male

Date of Birth

22nd May 1963

Age

50 Years

Address

#.03, Council Lane, Dehiwela

 

      04)

Name

M. Muddassir Mahmud

ID Number

882322378V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19th August 1988

Age

25 Years

Address

#.74, Suwishuddharama Road, Wellawatta, Colombo-06

 

      05)

Name

Abdul Razak Mohammed Raiz

ID Number

913170717 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

12th November 1991

Age

22 Years

Address

#.74, Suwishuddharama Road, Wellawatta, Colombo-06

 

 

 

 

·         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

 

When we contacted the Subject Company they provided all the basic details to prepare this report, but they declined to provide its financial information without knowing details of the end user

 

·         Trade references

Board of Investment, Sri Lanka (BOI)

 

·         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.59.20

UK Pound

1

Rs.99.52

Euro

1

Rs.80.83

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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.