MIRA INFORM REPORT

 

 

Report No. :

308476

Report Date :

05.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AROMATIC LABORATORIES (PVT) LTD

 

 

Registered Office :

# 120/03, Aramaya Road, Colombo 09

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.02.1985

 

 

Com. Reg. No.:

PV 16121

 

 

Legal Form :

Private Limited Liability Company    (In operation)

 

 

Line of Business :

Manufactures, Imports of  Food colouring and Food flavour   

 

 

No. of Employee :

Not Available

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

:

AROMATIC LABORATORIES (PVT) LTD

 b.

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

c.

Managing Director

:

Mohamed Raffi Mansoor

d.

Primary Line of Business

:

Manufactures, Imports of  Food colouring and Food flavour   

e.

Head Office

&

Place of Business

 

:

 

# 120/3, Aramaya Road,

Dematagoda,

Colombo 09.

 

Tel. No: (00 94 11) 269 1816

Fax No: (00 94 11) 268 3278

 

E-mail: arolab@sltnet.lk

 

f.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS

 

- Registration and Shareholder Details   

 

a.

 

Registration No

:

N (PVS) 1611

Date of Registration

:

01st February 1985

b.

Re- registration No

 

PV 16121

Date of Re-registration

 

28th September 2009

c.

Registered Office

:

# 120/03, Aramaya Road, Colombo 09

d.

     Board of Directors

                As at

      24th December 2014

:

N. Asharanissa Wadood

Managing Director

S. Fairoza Faiz

Director

S. Faris Ahamed

Director

f.

Issued Share Capital

:

Rs. 4,320,000.00

Number of Shares

:

432,000

g.

Nominal Value of Share

:

Rs.  10.00

 

 

Registration and Shareholder Details

 

h.

Share Holders

As At

24th December 2014

:

 Share Holders

No of Shears

Mohamed Raffi Mansoor

202,000

Mohamed Azad Faiz

2,000

N.I. Asharanissa Wadood

2,000

S. Fairoza Faiz

12,000

S. Faris Ahamed

102,000

Ahamed Salman Faris

102,000

Fathima Hajara Zahirsha

10,000

i.

Secretaries

:

Ceylon Secretarial Services Ltd

# 23, 1st Lane, Kirillapone, Colombo 05

j.

Auditors

:

Gunawardena & Company (Pvt) Ltd

# 40/115, Sumanatissa Mawatha, Colombo 12

k.

Bankers

:

Commercial Bank, HNB

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

 

 

Current investigation

 

  • History.

 

The Subject Company AROMATIC LABORATORIES (PVT) LTD is a Private    Limited   liability Company incorporated on 01st February 1985 under registration number N (PVS) 1611 and then the company was re registered on 28th September 2009 under registration number PV 16121.

 

  • Location.

 

The Subject Company is located at the client # 120/03, Aramaya Road,                            Dematagoda, Colombo 09

 

 

  • Operations Details.

 

General

 The subject company primary line of business is Manufactures, Imports of Food colourings and Food flavours.       

 

 

Products

Flavouring Essences, Food Colours, Liquid Food Colours, Industrials Fragrances, Personal Care Fragrances, Essential Oils

   

 

Import Country

U.K., France, India

 

 

Employees

 Not Disclosed

 

 

  • Director’s Details

 

1)

Name

Noorul Ini Asharunissa Wadood

PP Number

N 1896770

Nationality

Indian

 

2)

Name

S. Fairoza Faiz

ID Number

64657195X

Nationality

Sri Lankan

Gender

Female

Date of Birth

05th  June 1964

Age

 48 Years

 

3)

Name

S. Faris Ahamed

ID Number

90191103V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th  July 1990

Age

 24 Years

 

 

  • 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.

 

 

Information denied by

 

Name :

Mr. Layee

Designation :

Not divulged

Contact No.:

009411-2691816

Date :

28.02.2015

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.94.96

Euro

1

Rs.69.10

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 

 

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.