MIRA INFORM REPORT

 

 

Report No. :

337684

Report Date :

01.09.2015

 

IDENTIFICATION DETAILS

 

Name :

EXPOLANKA  (PVT) LTD.

 

 

Registered Office :

# 127, Mabima Road, Heiyanthuduwa, Biyagama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.10.1978

 

 

Com. Reg. No.:

PV 3322

 

 

Legal Form :

Private Limited Liability Company [In Operation]

 

 

Line of Business :

Manufacturing and Distribution of Dehydrated Fruits, Fresh Fruit Juices and Ready to East Food Products.

 

 

No. of Employees :

200

 

 

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

:

EXPOLANKA  (PVT) LTD.

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation).

c.

Managing Director

:

Hanif Yusoof

d.

Primary Line of Business

:

 

                   Manufacturing and Distribution of Dehydrated Fruits, Fresh Fruit Juices and Ready to East Food Products.

 

e.

Head office

&

Place of Business

 

:

 

# 127, Mabima Road,

Heiyanthuduwa,

Biyagama.

Sri Lanka.

 

Tel. No: (00 94 11) 240 1575

Fax No: (00 94 11) 240 1576

 

 E mail : expoltd@expolaka.com

 

f.

No. of Employees

:

Approx.200

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

 Registration No

:

N (PVS) 5305

Date of Registration   

:

16th October 1978

b.

Re- Registration

:

PV 3322

Date of Re-registration

:

16th April 2008

c.

Registered Address

:

# 10, Milepost Avenue, Colombo-03

d.

Board of Directors

                      As At

17th October 2014

:

Hanif Yusoof

Managing Director

Shantanu Nagpal (British)

Director

Mushtaq Ahamed

Director

Muhammed Imdadh Marikar

Director

e.

Issued Share Capital

:

Rs.   2,500,010.00        

f.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007

g.

 

Share Holders

                   As At

17th October 2014

:

Share Holders

No. of

Shares

Expolanka Holiday Plc

   250,001

h.

Auditors

:

Ernst & Young

i.

Company Secretaries

:

Consultants and Corporate Secretaries (Pvt) Ltd

j.

Bankers

:

Hatton National Bank Plc, Commercial Bank Plc

 

 

Directors’ Details

 

            01)

 

Name

Hanif Yusoof

Nationality

Sri Lankan

ID Number

583200339 V

Gender

Male

Date of Birth

15th November 1958

Age

56 Years

Address

#17/2, Alfred Place, Colombo 03

 

 

 

02)

Name

Shantanu Nagpal

ID Number

51140803

Nationality

British

Gender

 Male

Date of Birth

N/A

Age

N/a

 

 

03)

Name

Mushtaq Ahamed

ID Number

76277235 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

03rd October 1976

Age

 38 Years

Address

#43/3, Ven.Kotagama Vachissara Thero Mawatha, Dehiwala

 

04)

Name

Muhammed Imdadh Marikar

ID Number

802014023 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

19th  July 1980

Age

35  Years

Address

#01, De Fonseka Place, Colombo 05

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

   Subject Company declined to provide financials without knowing the end user of  the enquiry.

                                                                                   

     Note:  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 detailed Financials are available for this entity.

 

 

Current investigation

 

·         History.

 

                       http://www.expolimited.com/wp-content/themes/expo2/images/logo.jpg

 

 

                  The Subject Company EXPOLANKA (PVT) LTD is a Private Limited liability Company incorporated on 16th Octomber 1978 under registration N (PVS) 5305 and Re-registered in terms of Company Act. # 7 of 2007 on 16th April 2008 under # PV 3322.

 

                  Expolanka (Pvt) Limited is a subsidiary of the well established and well known Expolanka Group of Companies consisting of several companies covering Travel, Export, Freight, Technology, trading  fields.

 

 

·         Location.

 

The Subject Company is Located at the client # 127, Mabima Road, Heiyanthuduwa, Biyagama approx. 20 kilo meters north-east of Colombo city.

 

 

·         Operational Details.

 

General

                  The subject company’s primary line of business Manufacturing and Distributed Dehydrated Fruits, Fruit Juices and Ready to Eat Food Products.

 

                  The subject company has Earned HACCP, HALAL, ORGANIC certifications for its products. It is also stated that the company has won several accolades including the Presidential Award for Exports and the National Chamber of Exporters Gold Award for Value Added Agriculture under the Extra Large Category.

 

Products

Coconut Products (Fresh coconuts, Desiccated Coconuts, Coconut milk & cream, Young coconut water)

Fruit & Vegetables,

Processed Fruit Products- Fruit Juices, Organic Dried Fruits, Organic Chunks in Juice Foodstuff Range- Ready to eat Food, Dry food Range, Dry lemon (lime)

Herbal Products – Herbal Teas, Herbal Porridges

 

 

http://www.expolimited.com/wp-content/uploads/2010/10/about.jpg

 

Exporting Countries

                   Australia, Middle East, Pakistan, United Kingdom, Mediterranean, Africa, Europe etc.

 

Employees

                  Approx. 200

 

·         Trade references

 

National Chamber of Exporters

Export Development Board (EDB)

 

·         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 computerized 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 DECLINED

 

Unable to contact [00094-112401575]

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.26

UK Pound

1

Rs.101.99

Euro

1

Rs.74.79

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               


 

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.