MIRA INFORM REPORT

 

 

Report Date :           

12.11.2011

 

IDENTIFICATION DETAILS

 

Name :

VENIGROS (PVT) LTD

 

 

Registered Office :

# 400, Deans Road, Colombo 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

18.03.1994

 

 

Com. Reg. No.:

PB 458 PV

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture and Exporter of Rubber Gloves

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Sri Lanka

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GENERAL-Basic information at a glance

 

Name of Subject of Inquiry

:

VENIGROS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

Managing Director

:

 

N. G. Wickremratne

 

Primary Line of Business

:

Manufacture and Exporter of Rubber Gloves.

 Head Office &

 Main Place of Business

:

 

# 400, Deans Road,

Colombo 10,

Sri Lanka

 

Tel. No: (00 94 11) 471 2748 / 268 3964

Fax No: (00 94 11) 269 9018 / 269 9018

 

E-Mail: postmast@dplgroup.com

 

Factory

 

 

# Kekunagahawatte Estate,

Nadungamuwa,

Weliveriya

Sri Lanka.

 

Tel. No: (00 94 33) 225 5091-2

Fax No: (00 94 33) 225 5091

 

E-Mail: vlfty@dplgroup.com

 

No of Employees

:

Approximately 900

Types of customers

:

·         Retailers

·         Wholesalers

 

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PBS) 476

Date of Registration

:

18th March 1994

Re-registration No

:

PB 458 PV

Date of Re-registration

:

30th July 2008

Registered Office

:

# 400, Deans Road, Colombo 10, Sri Lanka.

Board of Directors

As Per

14th October 2010

 

A. Mohan Pandithge

Managing Director

R. M. Tilak. Premarathna

Director

J.A.G. Anandarajah

Director

S. Clement Ganegoda

Director

J. Benoit

Director

M. Orlando

Director

M. V. Fernandes

Director

M. Bettino 

Director

Dr.K. I. Mahesha Ranasoma

Director

Auditors

:

KMPG Ford Rhodes Thornton &Company

Company Secretaries

:

Hayleys Group Services Ltd

Bankers

:

Peoples Bank, Colombo Branch

National Development Bank

Bank of Ceylon

Citibank NA

HSBC

Hatton National Bank PLC

Issued Share Capital

:

Rs.      80,000,000.00

Nominal Value of Share

:

Rs       10.00

Share Holders

As At

14th October 2010

:

Share Holders

No. of Shares

Hayleys Plc

(Company incorporate in Sri Lanka)

01

Haycarb Plc

(Company incorporate in Sri Lanka)

01

Dipped Products Plc

(Company incorporate in Sri Lanka)

7,999,994

Dean Foster (Pvt) Ltd.

 (Company incorporate in Sri Lanka)

01

Palma PLC

(Company incorporate in Sri Lanka)

01

DPL Plantations Ltd

(Company incorporate in Sri Lanka)

01

Grossart Ltd

(Company incorporate in Sri Lanka)

01

 

 

Information parted by

 

Name               : Ms. Iayomi

Designation     : Admin Executive

Date                 : 12.11.2010

 

 

CURRENT INVESTIGATION

  

·         History.

 

The Subject Company, VENIGROS (PVT) LTD was initially incorporated as a public limited liability company (not listed in the Colombo Stock Exchange) on 18th March 1994 under Registration No N (PBS) 476. Then the company was re-registered on 30th July 2008 under registration number PB 458. On 23rd October 2008 the Subject Company converted to as Private Limited Liability Company, therefore, registration number of the company changed to PB 458 PV.

 

·   Location.

 

The subject company’s Head Office is located at the client given address # 400 Deans Road, Colombo 10, Sri Lanka. The factory is located at Weliveriya, a suburban town approx.40 kilo meters from Colombo, off the Colombo – Kandy highway.

  

 

·   Operational Details.

 

General

 

The subject company manufacture and export fabric supported unsupported gloves from natural and synthetic latex.

 

The subject company VENIGROS LTD is a subsidiary of Dipped Products Plc which is a quoted public company with a broad-based shareholding under the Hayleys Group of Companies.. The Hayleys Group is a highly diversified conglomerate with business interests in Coir, Rubber, Environment, Agriculture, Plantations Transportation, Inland Marketing, Textiles and Tourism

 

The Hayleys Group has 23 subsidiaries and 13 associate companies. The group employs about 33,000 persons directly in many locations spread over Sri Lanka, of this number approx.30,000 work outside the Colombo metropolitan area

 

The parent company of VENIGROS LTD, Dipped Products Plc is also having 5 other subsidiary companies, namely Grossat, Neoprex, Texnil, Dipped Products (Thailand) and Hanwella Rubber Products.

 

 Products

                Fabric supported unsupported gloves

 

Export

Products: Rubber Gloves

            Country: Asian Countries (India, China, Bangladesh), European Union countries, USA, Australia, New

            Zealand etc.

 

            Trade Reference

Purchasing Terms        : Cash, Credit (30-45 days)

Selling Terms              : Cash, Credit (30 days)

 

 

·         Directors & Shareholders Details

 

Name

A. Mohan Pandithge

Sex

Male

Nationality

Sri Lankan

National ID No.

511291887 V

Date of Birth

08th May 1951

Age

60 Years

 

 

Name

J.A.G.Anandarajah

Sex

Male

Nationality

Sri Lankan

National ID No.

491463481 V

Date of Birth

25th May 1949

Age

62 Years

 

 

 

Name

J. Benoit

Nationality

France

PP No.

86HA10167

 

 

Name

M. Orlando

Nationality

Italy

PP No.

Y108191

 

Name

M. Bettino 

Nationality

Italy

PP No.

B759205

 

Name

M. V. Fildier

Nationality

France

PP No.

08CP30626

 

Name

R. M. T. Premarathna

Sex

Male

Nationality

Sri Lankan

National ID No.

603510844 V

Date of Birth

16th December 1960

Age

51 Years

 

 

 

 

 

 

Name

S. Clement Ganegoda

Sex

Male

Nationality

Sri Lankan

National ID No.

622330369 X

Date of Birth

20th August 1962

Age

49 Years

 

 

Name

Dr.K. I. Mahesha Ranasoma

Sex

Male

Nationality

Sri Lankan

National ID No.

643521245V

Date of Birth

17th December 1964

Age

47 Years

 

·         Financial Data

The company has declined to provide information on its finances

 

·         General Comments

                

The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from non-formal sources but clearly originating from the company               

            

·         Trade references

                  The subject company did not provide any trade reference referrals

 

·         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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.28

UK Pound

1

Rs.80.08

Euro

1

Rs.68.45

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.