|
Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ANSELL LANKA (PVT) LTD |
|
|
|
|
Registered Office : |
# 216, De Saram Place, Colombo-10 |
|
|
|
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Country : |
Sri Lanka |
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|
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Date of Incorporation : |
14.07.1988 |
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|
|
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Com. Reg. No.: |
PV 17811 |
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|
|
|
Legal Form : |
Private Limited Liability Company
(In Operation) |
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|
|
|
Line of Business : |
Manufacturers of Surgical & Industrial gloves, gloves coated or
covered with plastics or rubber and condoms |
|
|
|
|
No. of Employees : |
Approximately 2000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). 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. However, low tax revenues are a major concern. 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 with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. 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. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.
|
Source
: CIA |
|
a. |
Name of Subject of Inquiry |
: |
ANSELL LANKA (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited
Liability Company (In Operation) |
|
c. |
Managing Director |
: |
Hasith Chamal Prematillake |
|
d. |
Primary Line of Business |
: |
Manufacturers of
Surgical & Industrial gloves, gloves coated or covered with plastics or rubber
and condoms |
|
e. |
Factory & Place of Business |
: |
Biyagama Export Processing Zone, Biyagama, Sri Lanka. Tel. No: (00 94 11) 246 5426 – 8 Fax No: (00 94 11) 246 5433 / 246 5429 Email: ihamthoon@ap.ansell.com |
|
f. |
No of Employees |
: |
Approximately 2000 |
|
a. |
Registration No |
: |
N (PVS) 4677 |
|||
|
Date of Registration |
: |
14th
July 1988 |
||||
|
b. |
Re-registration No |
: |
PV 17811 |
|||
|
Date of Re-registration |
: |
12th February
2010 |
||||
|
c. |
Registered Office |
: |
# 216, De Saram Place, Colombo-10 |
|||
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d. |
Board of Directors As at 14th October 2013 |
: |
M. Hasith Chamal Prematillake |
Managing Director |
||
|
Gerard Joseph |
Director |
|||||
|
Fred Marx |
Director |
|||||
|
Neil Discombe |
Director |
|||||
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Grant Alistair Ian |
Director |
|||||
|
e. |
Total No. of Issued Shares |
: |
|
Ordinary Shares |
Preference Shares |
|
|
6,500,002 |
2,401,503 |
|||||
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Total Value of Shares |
|
|
Rs. 65,000,020.00 |
Rs. 2,401,503,000.00 |
||
|
f. |
Nominal Value of Share |
: |
Not applicable
vide Companies Act #7 of 2007. |
|||
|
g. |
Share Holders As at 14th October 2013 |
: |
Share Holders |
No. Of
Shares |
||
|
Ordinary Shares |
Preference Shares |
|||||
|
P. D. International (PTY) Ltd |
6,500,001 |
2,401,503 |
||||
|
Ansell Services (Asia) SDN BHD |
1 |
-- |
||||
|
h. |
Auditors |
: |
Corporate Services Ltd |
|||
|
i. |
Company Secretaries |
: |
KPMG Ford Rhodes
Thornton And Company |
|||
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j. |
Bankers |
: |
Commercial Bank,
People’s Bank |
|||
1)
|
Name |
Hasith Chamal Prematillake |
|
ID Number |
711402241 V |
|
Nationality |
Sri Lankan |
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Gender |
Male |
|
Date of Birth |
19th May 1971 |
|
Age |
42 Years |
2)
|
Name |
Gerard Joseph |
|
PP Number |
A 25180471 |
|
Nationality |
Malaysian |
3)
|
Name |
Fred Marx |
|
PP Number |
447014885 |
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Nationality |
American |
4)
|
Name |
Neil Discombe |
|
PP Number |
706994054 |
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Nationality |
England |
5)
|
Name |
A. Ian Grant |
|
PP Number |
M 6839184 |
|
Nationality |
Australian |
Most recent available Financial Information
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.
·
History.
The Subject Company ANSELL LANKA (PVT) LTD is a
Private Limited liability Company incorporated on 14th July 1988 under registration number N (PVS) 4677 and then the
companyWas re-registered on 12th
February 2010 under registration
number PV 17811 in terms of
Companies Act #7 of 2007.
The subject company ANSELL LANKA
(PVT) LTD is an associate company of
Ansell and P D International Pty Ltd Australia.
·
Location.
The Subject Company is located at the client Biyagama Export Processing Zone,
Walgama, Malwana,
approx. 25 kilo meters from Colombo.
·
Operational
Details.
General
The subject company’s primary line of business is designs, develops, manufactures
and markets a wide range of surgical, examination, industrial and household
gloves, protective clothing and condoms for over 100 countries around the world.
Products
Natural Rubber Industrial
and Surgical Gloves and Condoms, Industrial gloves, Healthcare gloves
Export Countries:
USA, Europe, Australia, Malaysia
No of Employees
Approximately 2000 (Group –Global 10,000)
In recent months there has been labour unrest at Ansell Lanka with
workers going on strike on 11th October over the suspension and
later dismissal of some workers for alleged trade union work. Apparently, the company has even disregarded
the instructions of the Commissioner of Labour who has tried to assist to quell
the labour unrest of the company.
We attach a letter written by the General Secretary of “Industrial Labour Union” addressed to the CEO of Ansell Ltd ,
Australia regarding the labour unrest.
We have not been able to obtain any confirmation from the company, but we surmise the change of Directors dated 14th October 2013 had its
roots in the strike by workers.
We list here below the earlier set of Directors of the company along
with the date of their appointment.
14th January 2013
Ibralebbe M. Hamthoon – Sri Lankan
R. B. Cutler - (U.S.A)
Praveen Konchady Shenoy – (Malaysian)
·
Financial Data
.
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
Board of Investments (BOI) Sri Lanka.
The Plastic and Rubber Institute of Sri Lanka
The Ceylon Chamber of Commerce
·
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.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared by
: |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.