MIRA INFORM REPORT

 

 

Report No. :

319767

Report Date :

20.05.2015

 

IDENTIFICATION DETAILS

 

Name :

EOAS ORGANICS (PVT) LTD

 

 

Registered Office :

No. 34/3, Lumbini Avenue, Ratmalana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.03.1999

 

 

Com. Reg. No.:

PV 1609

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacture and export of Spice and Essential Oils.

 

 

No. of Employee :

Approximately 125

 

 

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

:

 

EOAS ORGANICS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Dharmakeerthi Amarapala Perera

d.

Primary Line of Business

:

Manufacture and export of Spice and Essential Oils.

e.

Place of Business

&

Factory

 

:

 

No. 34/3, Lumbini Avenue

Ratmalana.

Sri Lanka

 

Tel. No: (00 94 11) 272 2223

Fax No: (00 94 11) 273 2085

 

E mail: info@eoasorganics.com

 

 

f.

No. of Employees

:

Approximately 125

                       

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 23287

Date of Registration

:

16th March 1999

b.

Registration No

:

PV 1609

Date of Registration

:

26th December 2007

c.

Registered Office

:

No. 34/3, Lumbini Avenue, Ratmalana.

d.

Board of Directors

As At

14th October 2014

 

:

 Dharmakeerthi Amarapala Perera

Managing Director

H. Lakshmi Damayanthi Perera (Ms)

Director

D. Chamila Amaranga Perera

Director

e.

`Issued Share Capital

:

Rs.     10,000,000.00

Number of Share

 

Rs.     1,000,000

f.

Nominal Value of Share

 

Not stated vide companies Act #7 of 2007

 

 

Registration and Shareholder Details

 

g.

 

Share Holders

As At

14th October 2014

:

Share Holders

No. of Shares

 Dharmakeerthi Amarapala Perera

800,000

H. Lakshmi Damayanthi Perera

100,000

D. Chamila Amaranga Perera

100,000

h.

Auditors

:

Ranwatta and Company

(#141/3, Vauxhall Street, Colombo 02)

i.

Company Secretaries

:

Chart Business Systems (Pvt) Ltd

(#141/3, Vauxhall Street, Colombo 02)

j.

Bankers

:

Sampath Bank Plc

 

 

  • Directors Information

 

01)

Name

Dharmakeerthi Amarapala Perera

Sex

Male

Nationality

SriLankan

National ID No.

482901225 V

Date of Birth

16th October 1948

Age

66 Years

Resident Address

#34/3, Lumbini Avenue, Ratmalana

 

    

02)

Name

H. Lakshmi Damayanthi Perera

Sex

Male

Nationality

SriLankan

National ID No.

558573201 V

Date of Birth

22nd December 1955

Age

59 Years

Resident Address

#34/3, Lumbini Avenue, Ratmalana

 

 

03)

Name

D. Chamila Amaranga Perera

Sex

Male

Nationality

SriLankan

National ID No.

851293191 V

Date of Birth

08th May 1985

Age

30 Years

Resident Address

#34/3, Lumbini Avenue, Ratmalana

 

 

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 EOAS ORGANICS (PVT) LTD is a Private    Limited   Liability Company incorporated on 16th march 1999 under registration number N (PVS) 23287. And then the company was re-registered on 26th December 2007 under registration number PV 1609

 

  • Location.

 

The Subject Company is located at client No. 34/3, Lumbini Avenue, Ratmalana.

 

 

  • Operational Details.

 

 

General

The subject company primary line of business is Manufacture and export of Spice and Essential Oils such as Cinnamon Oil and Sri Lankan Spices.

 

 

Products

SPICE OILS

SPICE OLEORESINS

HERBAL EXTRACTS

ORGANIC ESSENTIAL OILS

ORGANIC SPICES

 

 

Export countries

USA, Europe, Canada

 

 

No of Employees

Approximately 125

 

 

  • Trade references

 

Export Development Board, Sri Lanka

 

 

  • 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. Dharmakeerthi Amarapala Perera

Designation :

Director

Contact No.:

094 777885440

Date :

19.05.2015

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.69

UK Pound

1

Rs.99.73

Euro

1

Rs.71.90

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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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