MIRA INFORM REPORT

 

 

Report No. :

347568

Report Date :

07.11.2015

 

IDENTIFICATION DETAILS

 

Name :

GOLD COIN FEED MILLS (LANKA) LIMITED

 

 

Registered Office :

# 205, Vystwyke Road, Colombo 15

 

 

Country :

Sri Lanka.

 

 

Date of Incorporation :

29.12.1992

 

 

Com. Reg. No.:

PB 652

 

 

Legal Form :

Public Limited Liability Company (In operation)

 

 

Line of Business :

Manufacturing of Animal Feed, Poultry foods and Animal Nutrition.

 

 

No. of Employee :

Approximately 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 – 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 government's 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, but low tax revenues remain a 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

:

GOLD COIN FEED MILLS (LANKA) LIMITED

b.

Legal Form  & Status

:

Public Limited Liability Company (In operation)

c.

Managing Director

:

Francis Fernandez

d.

Primary Line of Business

:

Manufacturing of Animal Feed, Poultry foods and Animal Nutrition

e.

Place of Business & Factory

:

 

# 205, Vystwyke Road,

Colombo 15,

Sri Lanka.

 

Tel. No: (00 94 11) 252 7273 / 252 7299 / 252 1274 / 252 7298

Fax No: (00 94 11) 252 1937

 

E-mail: francisf@sltnet.lk

              goldcoin@sltnet.lk

              goldcoin@panlanka.net

 

f.

No. of  Employees

:

Approximately 100

                       

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PBS) 386

Date of Registration

:

29th December 1992

b.

Re-registration No

:

PB 652

Date of Re-registration

:

29th September 2008

c.

Registered Address

:

# 205, Vystwyke Road, Colombo 15.

d.

Board of Directors

As at

26th June 2015

:

Francis Fernandez  (Malaysian)

Managing Director

Shiraz Asker Moosajee 

Director

Glasson Ian David  (Australian)

Director

Soh Ching Kher  (Singaporean)

Director

P. Sivakumar – (Indian) ( Alternate to Francis Fernandez)

Director

e.

Issued Share Capital

:

Rs.  87,500,000.00

Number of Shares

:

8,750,000

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

 

Registration and Shareholder Details Cont…

 

g.

Share Holders

As at

26th June 2015

 

 

                       Share Holders

No. of Shares

Moosajees Ltd (Incorporated in Sri Lanka)

3,500,000

Gold Coin Management Holding Ltd   - (Incorporated in British Virgin Island)

5,250,000

i.

Auditors

:

Ernst and Young

(# 201, De Saram Place, P.O Box 101, Colombo 10)

j.

Company Secretaries

:

Secretaries (Pvt) Ltd

(# 40, Galle Face Court 02, Colombo 03) 

k.

Bankers

:

 

HSBC,

Bank of Ceylon

 

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

The company has declined to provide information on its finances

 

Note: 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

 

    Company Logo

 

       Gold Coin Holdings

 

 

  • History.

 The Subject Company GOLD COIN FEED MILLS (LANKA) LIMITED is a Public Limited   liability Company (not listed in Colombo Stock Exchange) incorporated on 29th    December 1992 under registration number N (PBS) 386 and the company was re-registered on 29th September 2008 under registration number PB 652

 

  • Location.

The Subject Company is located at the client # 205, Vystwyke Road, Colombo 15.

 

  • Operations Details.

 

General

The subject company’s primary line of business is manufacturing of animal feed, poultry foods and animal nutrition.                                                

 

Products

Poultry foods, animal nutrition, animal feed

 

No of Employees

Approximately 100

 

 

Directors’ Details

 

01)

Name

Francis Fernandez

PP Number

A 112692278

Nationality

Malaysia

Address

74, 55 , 19 A , Subang Jaya 47500 Selangor D.E. Malaysia)

 

 

02)

Name

Glasoon Ian David

PP Number

E 1016878

Nationality

Australia

Address

Zuellig Agriculture 47 Scotts Road Goldbell Tower # 02-02 Singapore.

 

03)

Name

Soh Ching Kher

PP Number

E 3503510 K

Nationality

Singapore

Address

28, Desa Medan Stria Pondok Ungu, Bekas  Indonesia

 

 

04)

Name

S. Asker Moosajee

ID Number

652160670 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

3rd August 1965

Age

50 Years

Address

No 32, Park Street Colombo 02.

 

05)

Name

Pookulungora Sivakumar

PP Number

Z 1824456

Nationality

Indian

Address

30-2 BanyanCondominium Montkiara 50480 Kuala Lumpur

 

 

  • Trade references

 

Ceylon National Chamber of Industries

 

 

  • 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. Sisi Raj

Designation :

Finance Department

Contact No.:

(009411)2527273

Date :

05.11.2015

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.79

UK Pound

1

Rs.99.95

Euro

1

Rs.71.55

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

HNA

 

 

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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