MIRA INFORM REPORT

 

 

Report No. :

341807

Report Date :

25.09.2015

 

IDENTIFICATION DETAILS

 

Name :

H D D E S EXTRACTS (PVT) LTD

 

 

Registered Office :

# 309, Jayantha Weerasekara Mawatha, Colombo-10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

15.10.2001

 

 

Com. Reg. No.:

N (PVS) 29374

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturer and exporter of organic and conventional spices, essential oils oleoresin and floral extracts

 

 

No. of Employees :

30

 

 

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

 

 

Basic information at a glance

     

a.

Name of Subject of Inquiry

:

H D D E S EXTRACTS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

H. Gehan De Silva.

d.

Primary Line of Business

:

Manufacturer and exporter of organic and conventional spices, essential oils oleoresin and floral extracts

e.

Head office

&

Place of Business

 

 

 

# 309, Jayantha Weerasekara Mawatha,

Colombo-10

Sri Lanka.

 

Tel. No: (00 94 11) 243 8739

Fax No: (00 94 11) 244 0556

 

E-Mail: hddes@sltnet.lk , info@hddes.com

 

Website: http://www.hddes.com

 

            Factory

 

:

 

# 13 A, Export Processing Zone,

Horana,

Sri Lanka.

 

 Tel: (00 94 34) 225 5784

 

f.

No. of Employees

:

30

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 29374

Date of Registration

:

15th October 2001

b.

Re-registration No

:

PV 3904

Date of Re-registration

:

09th June 2008

c.

Registered Office

:

# 309, Jayantha Weerasekara Mawatha, Colombo-10

d.

Board of Directors

As At

31st December 2014

:

 H. Dharmasiri  De Silva

Chairman

 N. Kanthi De Silva (Ms.)

Director

 H.G. Kaminda De Silva

Director

H. Mevan Shaminda de Silva

Director

H.J. Ravinda De Silva

Director

f.

Issued Share Capital

:

Rs. 40,000,000.00

No. of shares

 

4,000,000

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

h.

Exporter

 

Product : organic and conventional spices, essential oils oleoresin and floral extracts

 

Country : India, China

i

Trading Terms

 

Purchasing Terms : Cash and Cheque

Sales Terms : Cash and Cheque

 

Registration and Shareholder Details

 

h.

 

Share Holders

As At

31st December 2014

:

Share Holders

No. of

Shares

 H. Dharmasiri  De Silva

1,400,000

 N. Kanthi De Silva

600,000

 H.G. Kaminda De Silva

600,000

 H.M. Shaminda De Silva

600,000

 H.J. Ravindra De Silva

600,000

H. D. DE Silva & Sons (Pvt) Ltd.

200,000

i.

Auditors

:

Liyanage & Company, #31, Kandy road, Wedamulla, Kelaniya

j.

Company Secretaries

:

Parakrama De Alwis, #282/23, Dam Street, Colombo 12.

k.

Bankers

:

Commercial Bank, Sampath Bank Plc

Sampath Bank Plc, Sri Lanka

 

 

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 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 H D D E S EXTRACTS (PVT) LTD is a Private    Limited    liability Company incorporated in 15th October 2001, under Registration number N (PVS) 29374 and the company was re-registered on 09th June 2008 under the registration number PV 3904.

It is stated that the subject is a family business

 

H D D E S Extracts (Pvt) Ltd has obtained the BOI approval in 2001 to manufacture sandalwood oil for the export market

.

Location.

 

The Office of the Subject Company is located at the client # 309, Jayantha Weerasekera Mawatha, Colombo-10, a highly commercial area  The Factory is located at the Export Processing Zone, Horana, a town south of Colombo city, approx. 45 kilo meters away.

Operational Details.

 

General

The subject company’s primary line of business is Manufacture and exporting of Organic and conventional Spices, essential Oils, Oleoresin and floral extracts under the Brand name “HDDES”.

 

Products

Spices and Spices oils: Cinnamon Quills, Black pepper, Cardamoms, Ginger, Cloves,

                                          Mace oil

                                                       

Country

 North and South American countries, Europe, Asia, Middle East & Africa.

 

Employees

30

 

Chairman Details

 

01)

Name

H. Dharmasiri  De Silva

ID Number

450950653 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04th April 1945

Age

70 Years

Address

# 309, Jayantha Weerasekara Mawatha, Sri Lanka.

 

Directors’ Details

 

01)

Name

N. Kanthi De Silva

ID Number

475052528 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

5th January 1947

Age

68 Years

Address

# 309, Jayantha Weerasekara Mawatha, Sri Lanka.

 

02)

 

Name

H.G. Kaminda De Silva

ID Number

713031321 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29th October 1971

Age

43 Years

Address

# 18, Ariyawillasa Road, Horana.

 

03)

Name

Hettiyahandi Mevan Shaminda de Silva

ID Number

731860027V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04th July 1973

Age

42 Years

Address

# 18, Ariyawillasa Road, Horana, Sri Lanka.

 

04)

Name

H.J. Ravindra De Silva

ID Number

790831357 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd March 1979

Age

36 Years

Address

# 18, Ariyawillasa Road, Horana, Sri Lanka.

 

 

Trade references

National Chamber of Exporters of Sri Lanka

Board of Investment of Sri Lanka (BOI)

 

 

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

 

Name :

Mr. H.T. Ravindra De Silva

Designation :

Director

Contact No.:

0009411-2438739

Date :

24.09.2015

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.10

UK Pound

1

Rs.100.89

Euro

1

Rs.73.96

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TRU

 

               

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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