MIRA INFORM REPORT

 

 

Report Date :

22.01.2013

 

IDENTIFICATION DETAILS

 

Name :

MULTICHEMI EXPORTS (PVT) LTD

 

 

Registered Office :

Lot 12, Block A, Biyagama Exports Processing Zone, Malwana Biyagama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

05.08.1996

 

 

Com. Reg. No.:

N (PVS) 17584

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacture and export of Chemicals and Detergents

 

 

No. of Employees :

Approximately  1000

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

Source : CIA

GENERAL

- Basic information at a glance

     

 

a.

Name of Subject of Inquiry

:

 

MULTICHEMI EXPORTS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

S. Kumarasinghe

d.

Primary Line of Business

:

Manufacture and export of Chemicals and Detergents

e.

 

Head office

 

:

 

# 23 B, Pagoda Road,

Nugegoda

 

Tel No: (00 94 11) 430 9275-83

 

Fax No: (00 94 11) 246 5313

 

Email: mciexpvt@sltnet.lk

 

 

f.

Factory

:

 

Lot # 12, Block A

Biyagama Export Processing Zone,

Biyagama

 

Tel. No: (00 94 11) 246 5406 , 246 5423, 481 5456 – 7

Fax No: (00 94 11) 246 5313

 

 

g.

No. of Employees

:

Approximately  1000

           

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 17584

Date of Registration

:

05th August 1996

b.

Registration No

 

PV 1286

Date of Registration

 

05th December 2007

c.

Registered Office

:

Lot 12, Block A, Biyagama Exports Processing Zone, Malwana

Biyagama.

d.

Board of Directors

As At

12th  Octomber 2012

:

S. Kumarasinghe Sathischandra

Managing Director

L. Kumarasinghe

Director

P. Thusitha Wijayaweera

Director

e.

Issued Share Capital

:

Rs.           20,000,000.00

f.

Nominal Value of Share

:

Rs.                         10.00

g.

 

Share Holders

As At

12th  Octomber 2012

:

Share Holders

No. of

Shares

S. Kumarasinghe

1,399,928

L. Kumarasinghe

600,072

h.

Auditors

:

D.H.P.Munaweera & Co

i.

Company Secretaries

:

Ralapanawe Associates 

j.

Bankers

:

Commercial Bank Of Ceylon Ltd

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

                

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                                   

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 MULTICHEMI EXPORTS  (PVT) LTD is a Private    Limited   

                 Liability   Company incorporated on 05th August 1996 under registration number N (PVS) 

                 17584 then the company was re-registered on 05th December 2007 under registration number                        

                  PV 1286.

 

 

·         Location.

 

 

 

 

 

 

 

 

 


The Subject Company is located at the client given address Lot 12, Block A, Biyagama Exports Processing Zone, Biyagama, Sri Lanka.

 

·         Operational Details.

 

General

 

               The subject company is the Manufacture & Export of Textile Chemicals. 

 

The subject company has an associate company in Sri Lanka, Multichemi International (Pvt) Ltd. that produces Household and Industrial Chemicals, Personal Care Products and Car Care Products for the Sri Lankan market.  These products are marketed on a Direct Selling System.

 

The associate company in Bangladesh, Multichemi Bangladesh (Pvt) Ltd. also markets these products in Bangladesh in a similar Direct Sales System.  This company also manufactures Textile Chemicals for the Bangladesh market

 

 

Products

Enzymes

Detergents

Softeners

Anti black-staining Agents

Boosters

Stain Removers

 

Country

Major markets serviced are Bangladesh, Maldives, Nepal and India. Additionally, the emerging markets for the company are the Middle Eastern countries.

 

No of Employees

                  Approximately 1000

 

 

·         Director’s Details

 

01)

Name

S. Kumarasinghe Sathischandra

ID Number

582600120 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th September 1958

Age

55 Years

 

02)

Name

L. Kumarasinghe

ID Number

655391576 V

Nationality

Sri Lankan

Gender

Female 

Date of Birth

8th February 1965

Age

48 Years

 

 

03)

Name

P. Thusitha Wijayaweera

ID Number

601380439 V

Nationality

Sri Lankan

Gender

Male 

Date of Birth

17th may 1990

Age

53 Years

 

 

·         Financial Data

The company has declined to provide information on its finances

 

                 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

 

 

·         Trade references

 

                  The subject company did not provide any trade references

 

 

·         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.53.87

UK Pound

1

Rs.85.53

Euro

1

Rs.71.77

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.