MIRA INFORM REPORT

 

 

Report Date :

14.05.2014

 

IDENTIFICATION DETAILS

 

Name :

AGRINOVA (PRIVATE) LIMITED

 

 

Registered Office :

# 125/18 , Thakshilauyana, Pannipitiya Road, Battaramulla

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

17.06.2005

 

 

Com. Reg. No.:

PV 5891

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Importers and Distributors of Animal feeds

 

 

No. of Employees :

Approximately 50

 

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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

:

AGRINOVA (PRIVATE) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

W. M. Ajith Hemalal Gunasekera

d.

Primary Line of Business

:

Importers and Distributors of Animal feeds

e.

Head office

&

Place of Business

 

:

 

 # 125/18 , Thakshilauyana,

Pannipitiya Road,

Battaramulla,

Sri Lanka.

 

Tel. No: (00 94 11)  563 5034 / 5

Fax No: (00 94 11)  277 5900

 

E-Mail: agriinova@sltnet.lk

 

f.

No. of Employees

:

Approximately 50

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N(PVS) 42075

Date of Registration

:

17th June 2005

b.

Re-registration No

:

PV 5891

Date of Re-registration

:

31st  July 2008

c.

Registered Office

:

# 1052 A, Kumaragewatta, Battaramulla

d.

Board of Directors

As At

30th June 2013

:

W. M. A. Hemalal Gunasekera

Managing Director

B. V. A. Dilani Chamila Jayasinghe

Director

e.

Total Value of Shares

:

Rs.  1,050,000.00

Total No. of Issued Shares

:

105,000

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

g.

 

Share Holders

As At

30th June 2013

:

Share Holders

No. of

Shares

W. M. A. Hemalal Gunasekera

52,500

R. V. A. Dilani Chamila Jayasinghe

52,500

h.

Auditors

:

K. Rajanathan  and Company

i.

Company Secretaries

:

M .M Management Services (Private) Limited

j.

Bankers

:

Hatton National Bank

Bank of Ceylon

Sampath Bank

Peoples Bank

 

 

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 AGRINOVA (PVT) LTD is a Private Limited Liability Company incorporated on 17th June 2008 under registration number N (PVS) 42075 and then the company was re-registered on 31st July 2008 under registration number PV 5891.

Location.

 

The Subject Company is located at # 125/18, Thakshilauyana, Pannipitiya Road, Battaramulla and client #1052 A, Kumaragewatta, Battaramulla is a Company former address.

 

Operational Details.

 

General

The subject company primary line of business is Importers and Distributors of Animal feeds

 

Products

Chemicals, lotion X ray machines, Hybrid Seeds and plants, etc…

 

Import Country

France, UK, India, Czech. Republic, Australia, Germany

 

Employees

Approximately 50

 

 

Director’s Details

 

01)

Name

W. M. A. Hemalal Gunasekera

ID Number

632120850 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th  July 1963

Age

50 Years

 

02)

Name

R. V. A. Dilani Chamila Jayasinghe

ID Number

715831139 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

23rd  March 1971

Age

43 Years

 

Financial Data

 

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

 

Trade references

 

The subject company did not provide any trade reference referrals

 

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.59.88

UK Pound

1

Rs.100.98

Euro

1

Rs.82.40

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NNA

 

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.