MIRA INFORM REPORT

 

 

Report Date :

28.01.2013

 

IDENTIFICATION DETAILS

 

Name :

MEDICCON PHARMACEUTICALS (PVT) LTD

 

 

Registered Office :

# 16/ 1 / 3, Parliament Road, Palawatta, Battaramulla

 

 

Country :

Sri Lanka.

 

 

Date of Incorporation :

31.01.2012

 

 

Com. Reg. No.:

PV 84028

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import & Supplier of Pharmaceuticals and Medical Equipments

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

-

NB

                                       New Business

-

 

 

 

Status :

New Business

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

(31.03.2012)

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

:

MEDICCON PHARMACEUTICALS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Managing Director

:

Udara Tharanga Saputhanthri

d.

Primary Line of Business

:

Import & Supplier of Pharmaceuticals and Medical Equipments

e.

Place of Business

 

 

:

 

 

 

 

 # 16/1/3, Parliament Road,

Palawatta,

Battaramulla,

Sri Lanka.

 

Tel. No: (00 94 11) 217 7688 

Fax No: (00 94 11) 217 7588

 

g.

No. of Employees

:

Not Disclosed

 

 

 

COMPANY DETAILS 

 Registration and Shareholder Details

 

a.

Registration No

:

PV 84028

b.

Date of Registration

:

31st January 2012

c.

Registered Office

:

# 16/ 1 / 3, Parliament Road, Palawatta, Battaramulla, Sri Lanka.

d.

Board of Directors

As At

31st January 2012

:

Udara Tharanga Saputhanthri

Managing

Director

Wijaya  Lal Wasantha Saputhanthri

Director

e.

Issued Share Capital

:

Rs   20.00

f.

Nominal Value of Share

:

Rs   10.00

g.

 

Major Share Holders

As At

31st January 2012

:

Major Share Holders

No. of

Shares

Udara Tharanga Saputhanthri

        01

Wijaya  Lal Wasantha Saputhanthri

        01

h.

Auditors

:

Not Disclosed

i.

Company Secretaries

:

L. D. Himash Chamandra

j.

Bankers

:

DFCC Vardhana Bank Plc

 

 

 

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 is MEDICCON PHARMACEUTICALS (PVT) LTD is a Private Limited Liability Company incorporated on 31st January 2012 under registration number PV  84028.

 

·         Location.

 

                 The Subject Company is located at the client # 16/ 1 / 3, Parliament Road, Palawatta, Battaramulla, Sri Lanka

 

·         Operational Details.

 

General

 

                   The subject company primary line of business is Import & Supplier of Pharmaceuticals              

                   And Medical Equipments

 

Products

 

                  Pharmaceuticals, Testing kits and other Medical equipment

                

Import Countries

 

China, USA, India

 

No of Employees

 

                  Not Disclosed

 

 

 

 

 

 

 

 

 

Directors’ Details

 

01)

Name

Saputhanthri Udara Tharanga

ID Number

822390307 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th August 1982

Age

30 Years

 

 

02)

Name

Saputhanthri Wijaya  Lal wasantha

ID Number

512931723 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19th  Octomber 1951

Age

61 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 provided the following trade references:

 

 

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.53.85

UK Pound

1

Rs.85.25

Euro

1

Rs.71.72

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.