MIRA INFORM REPORT

Report No. :	337496
Report Date :	01.09.2015

IDENTIFICATION DETAILS

Name :	WIJITHA GROUP OF COMPANIES (PVT) LTD.
Registered Office :	# 10, Rubber Factory Road, Mahawaththa, Mawanella
Country :	Sri Lanka
Date of Incorporation :	17.03.1999
Com. Reg. No.:	PV 16663
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is manufacturer, exporter and importer of food items and ready –to- eat food products (FMCG Products).
No. of Employee :	200 (Group)

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	:	WIJITHA GROUP OF COMPANIES (PVT) LTD.
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation).
c.	Chairman/CEO	:	M.C.M. Rehmathulla
d.	Primary Line of Business	:	Manufacturer, Exporter and Importer of food items and Ready –to- eat Food Products (FMCG Products)
e.	Head office & Place of Business	:	# 10, Rubber Factory Road, Mahawaththa, Mawanella, Sri Lanka. Tel. No: (00 94 35) 224 6174 Fax No: (00 94 35) 224 7634 Mobile No. : 773876272 (Mr. Ramji) E mail : manezy@wijithagroup.com Website: http://www.wijithagroup.com
f.	No. of Employees	:	Approx. 200 (Group)

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	N (PVS) 20435
	Date of Registration	:	17^th March 1999
b.	Re- Registration	:	PV 16663
	Date of Re-registration	:	03^rd November 2009
c.	Registered Address	:	# 10, Rubber Factory Road, Mahawaththa, Mawanella, Sri Lanka.
d.	Board of Directors As At 14^th October 2014	:	M.C.M. Rehmathulla	Chairman/CEO
			M.C.M. Aslam	Director
e.	Issued Share Capital	:	Rs. 30.00
f.	Nominal Value of Share	:	Not stated vide Companies Act #7 of 2007
g.	Share Holders As At 14^th October 2014	:	Share Holders		No. of Shares
			M.C.M. Rehmathulla		01
			M.C.M. Aslam		01
			M.C.M. Naushad		01
h.	Auditors	:	K. Rajnathan & Co.
i.	Company Secretaries	:	S.M. Mohamed Makam, #135, St. Sebastian Street, Colombo 12
j.	Bankers	:	Sampath Bank, Mahawaththa, Sri Lanka Seylan Bank, Mahawaththa, Sri Lanka H. N. Bank, Mahawaththa, Sri Lanka
h.	Factory	:	Mahawaththa, Mawanella, Sri Lanka

Directors’ Details.

01)

Name	Mohamed Cassim Mohamed Rehmathulla
Nationality	Sri Lankan
ID Number	7215504860V
Gender	Male
Date of Birth	15^th November 1972
Age	43 Years

02)

Name	Mohamed Cassim Mohamed Aslam
ID Number	782882074 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	03^rd October 1974
Age	40 Years

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 Financials are available for this entity.

CURRENT INVESTIGATION

· History.

Company Logo

The Subject Company WIJITHA GROUP OF COMPANIES (PVT) LTD is a Private Limited liability Company incorporated on 01st January 1998 under registration N (PVS) 20435 and Re-registered in terms of Company Act. # 7 of 2007 on 03^rd November 2009 under # PV 16663.

Location.

The Subject Company is Located at the client # 160, Main Street, Mawanella, a town in the Kegalle district and on the Colombo –Kandy Highway 1, approx. 95 kilo meters north-east of Colombo city.

Operational Details.

General:

The subject company’s primary line of business Manufacturing and Distribution of Tea, Food items

Ready to Eat Food Products and consumer items

The subject company is having the following associate companies:

Wijitha Packaging [pvt] Ltd

Wijitha Food House [PVT]

Products

Noodles, Snacks, Soya, Papadam, Salt

Incense Sticks, Sambrani (Perfumed dust) Soap, Candles etc.

Tea

Shopping bags

Brands: “WijiSoya”, “Wiji”, “Manisha”, “Wijitha” “WFH” etc

The subject has obtained the following certifications for its products:.

Export

Finished Goods

Exporting Countries:

Kuwait, Saudi Arabia

Import

Raw Material

Importing Countries:

India, Germany, China

Employees:

Approx, 200 (Group)

Trading Terms (Purchasing and Salling):

Cash, L/C and Credit

Trade references

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 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Ramji
Designation :	Finance Manager
Contact No.:	009435-2246174

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 :	DPA
Analysis Done by :	DIV
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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