MIRA INFORM REPORT

 

 

Report No. :

334235

Report Date :

07.08.2015

 

IDENTIFICATION DETAILS

 

Name :

NDC EXPORTS

 

 

Registered Office :

Nadalagamuwa, Wadumunnegedara, Kurunegala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

Not Available

 

 

Legal Form :

Partnership Company 

 

 

Line of Business :

Manufacture and Exporting of coconut based products Under the Brand Name “COCOMATE”

 

 

No. of Employee :

160

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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

:

NDC EXPORTS

b.

Legal Form  & Status

:

Partnership Company  (In Operation)

c.

Managing Partner

:

Mr. Mangala Samarasinghe

d.

Primary Line of Business

:

 

Manufacture and Exporting of coconut based products

Under the Brand Name “COCOMATE”

 

e.

        Places of Business

 

 

:

 

Nadalagamuwa,

Wadumunnegedara,

Kurunegala,

Sri Lanka.

        

Tel/Fax No:( +94 37) 228 5609

Mobile : (+94 77) 381 6006 (Mangala Samarasinghe, Managing

                                                 Partner)

Mobile : (+94 77) 592 4176 (Madhawa Silva, Export Manager)

Email: mangala@cocomate.com

 

h.

No. of Employees

:

 Approx 160

           

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

Not Disclosed

b.

Date of Registration

:

Not Disclosed

c.

Registered Office Address

:

 Nadalagamuwa Wadumunnegedara, Kurunegala

d.

 

Partners

 

:

Mangala Samarasinghe

Managing Partner

Mrs. Samarasinghe

Partner

i.

Auditors

:

Not Disclosed

j.

Company Secretaries

:

Not applicable for proprietorship/partnership companies

k.

Bankers

:

Nation Trust Bank, Hatton National Bank.

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

     

    The Managing Partner very politely declined to disclose Financial, without knowing the identity 

    of the end user as they fear that the details will go to wrong hands or the competitors.

 

    Subject states that they produce coconut oil and virgin coconut oil 5 tons each per day.

 

     It should be noted that the particular industry segment the company involved has a

     tremendous growth potential and as such it can be expected for the company to expect

     excellent growth prospects.

 

     It can be viewed that the subject is having good business as they are employing approx. 100

     Workforce.

 

   

   (Note: Based on the corporate laws of Sri Lanka, business entities which are Private Company with Limited Liability/ partnerships / proprietorships are not required to make public disclosure  

                     of Financials. Therefore no financials are publicly available)

         

        

CURRENT INVESTIGATION

 

 

The Subject Company NDC EXPORTS is Partnership Company, in operation.

 

The correct name of the subject is NDC EXPORTS, though the client has given the name as NDC Experts (PVT) Ltd”. We pointed out to the Managing Partner of the subject company the incorrect name on the web page which will mislead the clients and he confirmed that the subject name appearing in the web as NDC Experts (PVT) Ltd” is an error and subject to correction. Further, ROC checks also have revealed that no company registered under the name and style “NDC Experts (PVT) Ltd” or NDC EXPORTS (PVT) LTD.

 

Note:  Mr. Mangala Samarasinghe rings up today (01st Sept) and says that his company name has since been corrected to read as “NDC EXPORTS” in the web page. But so far he has not provided the registration details in spite of reminders.

 

The owner provided only limited details to prepare this report. He declined company registration and operational details due to the identity of the enquired party not available to him and fears that classified company details might go to wrong party or the competitors.

 

(Note:

The Proprietorship/Partnership companies are being registered at the Provincial Registrar of Companies and when the owner refuses to provide details such as registration number, date of registration, auditors etc., it is not possible to obtain such details from the registry)

 

 

Location

 

The Subject Company is located at the client, Nadalagamuwa, Wadumunnegedara,

Kurunegala, a location in the North Western Province approx. 100 kilo meters from Colombo.

 

 

OPERATIONAL DETAILS

 

General:

 

The subject company’ primary line of business is Manufacture and Exporting of coconut based products

Under the Brand Name “COCOMATE”

 

 

Products:

 Coconut Oil: Virgin Coconut Oil, White Oil, Coconut Oil,

 Organic Coconut Products:

 

 Coco Peat: Bales, Briquettes, Grow bags,

 Fiber products: Mixed fibre bales, Mattress fibre bales 

 

 Subject states that they produce coconut oil and virgin coconut oil 5 tons each per day.

 

Exporting Countries:

 China, Europe, Japan

 

Employees:

Approx. 160

                   

 

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 promoters 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 DENIED BY

 

Name :

Mr. Madhawa Silva

Designation :

Export Manager

Contact No.:

009477-5924176

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.99.60

Euro

1

Rs.69.71

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.