MIRA INFORM REPORT

 

 

Report Date :

02.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

N.B. FOODS (PVT) LTD

 

 

Registered Office :

# 108, Sea Street, Colombo 11, Sri Lanka

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.02.2001

 

 

Com. Reg. No.:

PV 10259

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importer and Distributor of essential commodities

 

 

No. of Employees :

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 – 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

     

Name of Subject of Inquiry

:

N.B. FOODS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company (In operation)

Managing Director

:

Asha Seneviratne

Primary Line of Business

:

Importer and Distributor of essential commodities

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

 

No. of Employees

:

Approximately 100

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

N (PVS) 27962

Date of Registration

:

26th February 2001

Re-registration No

:

PV 10259

Date of Re-registration

 

16th December 2008

Registered Office

:

# 108, Sea Street, Colombo 11, Sri Lanka

Board Of Directors

As At

26th March 2014

:

Asha Seneviratne

Managing Director

Hewayalage Sunil Perera

Director

Anusha Seneviratne

Director

Prem Vinodh Seneviratne

Director

Andrew James Alston Poobalarayen

Director

 

Issued Share Capital

:

Rs.                     20.00

Nominal Value of Share

:

Rs.                     10.00

Share Holders

As At

26th March 2014

:

 Share Holders

No of Shears

W. Udayakantha Senavirathna

01

M. Kamal Seeni

01

Secretaries

:

Stanley Associates (Pvt) Ltd

Auditors

:

Stanley Associates (Pvt) Ltd

Bankers

:

Hatton National Bank

 

·         Directors Details

01)

Name

Hewayalage Sunil Perera

ID Number

650422651 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th February 1965

Age

49 Years

 

02)

Name

Asha Seneviratne

ID Number

655791884 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

19th March 1965

Age

49 Years

 

03)

Name

Anusha Seneviratne

ID Number

665661563 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

06th March 1966

Age

48 Years

 

 

04)

Name

Prem Vinodh Seneviratne

ID Number

930911674 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st March 1993

Age

21  Years

 

05)

Name

Andrew James Alston Poobalarayen

ID Number

882341330 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

31st March 1993

Age

21  Years

 

3) 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

 

4) 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

 

 

Information parted by

 

Name                : Mrs. Asha Seneviratne

Designation       : Director

Contact no        :( 009477) 7557906

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.47

UK Pound

1

Rs.100.42

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

Calling By :

NYA

Report Prepared by :

PDT

 

               

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.