MIRA INFORM REPORT

 

 

Report Date :

17.08.2012

 

IDENTIFICATION DETAILS

 

Name :

M.S.J. INDUSTRIES (CEYLON) LTD

 

 

Registered Office :

# 618, 620, Biyagama Road, Pithiyagoda, Kelaniya

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

15.08.1959

 

 

Com. Reg. No.:

PV 1374

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers, Importers and Distributors of Pharmaceuticals and Cosmetics.

 

 

No. of Employees :

Approximately 500 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

M.S.J. INDUSTRIES (CEYLON) LTD

Legal Form  & Status

 

:

 

Private Limited Liability Company   (In Operation)

Chairman

 :

Reginald Abeyawira

Primary Line of Business

:

Manufacturers, Importers and Distributors of Pharmaceuticals and Cosmetics.

Head Office

&

Place of Business

:

 

# 126, Aluthmawatha Road,

Colombo-15,

Sri Lanka

 

Tel: (00 94 11) 290 4222  / 243 1441

Fax: (00 94 11) 291 5378

 

E-Mail: jlm_ac@eureka.lk

 

No. of Employees

:

Approximately 500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Holders

As at

07th October 2011

:

Share Holders

No. of    Shares

R. Abeyawira

01

H. R. Gunatilake

01

J.L. Morison Son & Jones

52,837

Upananda Karunatilake

01

Auditors

:

Ernst & Young

Company Secretaries

:

W. M. Gamunu Wijesundera

Bankers

:

Bank of Ceylon

People’s Bank

Sampath Bank

Hatton National Bank PLC

DFCC

Standard Chartered Bank

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

 

Registration No

:

PVS 1833

Date of Registration

:

15th August 1959

Re-registration No

:

PV 1374

Date of Re-registration

:

7th December 2007

Registered Office

:

# 618, 620, Biyagama Road, Pithiyagoda, Kelaniya

Board of Directors

As at

07th October 2011

:

Reginald Abeyawira

Chairman

Nihal Parakrama De Alwis Samaranayake

Managing

Director

Geeganage Karunapala

Director

B. Abeysena Cooray

Director

L.D. Arunakumari Wickramanayake

Director

L. Kalyana Gunarathna

Director

Issued  Share Capital

:

Rs.   528,400.00

Nominal Value of Share

:

Rs.            10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

 

As at 31st March 2011

                                                                                   

 

31-03-2011

Rs.

31-03-2010

Rs.

A

Revenue

:

671,483,737

627,460,951

B

 Cost of Sales

:

(461,006,219)

(493,358,604)

C

Other Income

:

210,477,158

134,102,347

D

Administration Cost

:

(5,452,029)

(4,678,475)

E

Distribution Cost

:

953,339

905,127

F

Finance & Other Cost

:

(10,121,829)

(17,748,104)

G

Net Profit / (Loss) before Tax

:

138,549,704

63,784,149

H

Taxation

:

(63,971,586)

(19,126,463)

I

Net Profit / (Loss) After Tax:

:

74,578,117

44,657,686

 

 

 

As at 31st March 2011

 

 

31-03-2011

Rs.

 

31-03-2010

Rs.

 

a)

Non-current Assets

:

777,119,522

420,664,173

b)

Current Assets

:

332,569,927

252,568,492

c)

Current Liability

:

229,528,966

211,246,539

d)

Non-current liability

:

93,519,447

94,523,883

e)

Total Liabilities

:

323,048,413

305,770,422

f)

Total Assets

:

1,109,689,449

673,232,665

g)

 

Net Worth

 

:

786,641,036

367,444,243

 

 

 

 

CURRENT INVESTIGATION                      

 

·         History.

                  The Subject Company M.S.J. INDUSTRIES (CEYLON) LTD is a Private    Limited   liability Company incorporated on 15th August 1959 under registration number PVS 1833 and then the company was re-registered on 07th December 2007 under registration number PV 1374.

 

·         Location.

The Subject Company is located at the client # 126, Aluthmawatha Road, Colombo-15.

 

·         Operational Details.

                 

General

               

                  The Subject Company M.S.J. INDUSTRIES (CEYLON) LTD is an Importer and Distributor of all types of Pharmaceuticals and Cosmetics products. The primary line of business of the subject company is as a manufacturer under licence of various over the counter (OTC) pharmaceuticals and other pharmaceuticals. The parent company has its own distribution channels for their products through their own marketing division. The subject company is a subsidiary of J.L.MORRISON SON & JONES GROUP OF COMPANIES which is one of the largest and oldest pharmaceutical businesses established in Sri Lanka with over 65 years of operations in Sri Lanka.

 

The other subsidiary companies that come under the wing of the J.L.MORRISON SON & JONES (CEYLON) LTD group are

o        M.S.J. FOODS (CEYLON) LTD

o        M.S.J. TOURS (CEYLON) LTD

o        M.S.J. HOTELS (CEYLON) LTD

o        M.S.J. CARGOS (CEYLON) LTD

o        M.S.J. PROMOTIONAL SERVICES (CEYLON) LTD.

 

Products

Pharmaceuticals and Cosmetics

 

Employees

                  Approximately 500

 

Directors Details

 

01)

Name

R. Abeyawira

ID Number

273000275 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th October 1927

Age

83 Years

 

 

02)

Name

Nihal Parakrama De Alwis Samaranayake

ID Number

553652302 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th December 1955

Age

55 Years

 

 

03)

Name

Geeganage Karunapala

ID Number

441082908 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th April 1944

Age

66 Years

 

 

04)

Name

B. Abeysena Cooray

ID Number

503013053 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th October 1950

Age

60 Years

 

05)

Name

L.D. Arunakumari Wickramanayake

ID Number

715740842 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

14th March 1971

Age

41 Years

 

06)

Name

L. Kalyana Gunarathna

ID Number

792620752 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th September 1979

Age

33 Years

 

·         Financial Data

Company declined to provide financial information, but it’s received from other source

                   

·         General Comments

The Subject Company when contacted refused to provide any Information to prepare this Report and declined to disclose any operational or financial Information and as such the information in this report was obtained from other sources.

             

·         Trade references

                   The subject company did not provide any trade reference referrals

 

·         Credit Recommendations

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.55.98

UK Pound

1

Rs.87.55

Euro

1

Rs.68.69

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.