MIRA INFORM REPORT

 

 

Report Date :

29.04.2014            

 

IDENTIFICATION DETAILS

 

Name :

D I C LANKA (PVT) LTD

 

 

Formerly Known As :

COATES (LANKA) LIMITED

 

 

Registered Office :

# 147, Katuwana Industrial Estate, Katuwana Road, Homagama,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

30.03.1982

 

 

Com. Reg. No.:

PVS 8384

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture of Printing Ink

 

 

No. of Employees

50

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets

 

Source : CIA

 

 

 

Company name and address

 

 Basic information at a glance

   

a.

Name of Subject of Inquiry

:

D I C LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Allan Luke Perera

d.

Primary Line of Business

:

Manufacture of Printing Ink

e.

Head office

&

Place of Business

 

:

 

 # 147, Katuwana Industrial Estate,

Katuwana Road,

Homagama,

Sri Lanka.

 

Tel. No: (00 94 11) 285 5038 / 285 7709 – 11 / 285 5031 / 285 5513

Fax No: (00 94 11) 555 1138

 

E-mail: coatesinks@dic.com.lk

              jagath.wewelwala@dic.com.lk

 

g.

No. of Employees

:

Approximately 50

 

 

 

 

                       

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

PVS 8384

Date of Registration

:

30th March 1982

b.

Re-registration No

:

PV 11388

Date of Re-registration

:

29th January 2009

c.

Registered Office

:

# 147, Katuwana Industrial Estate, Katuwana Rd, Homagama.

d.

Board of Directors

As At

20th June 2013

:

Allan Luke Perera

Managing Director

Sota Masamichi (Japanese)

Director

Paul Koek (Singaporean)

Director

M. Babary Hussain (Pakistan)

Director

Kashiwagi Hayato (Japanese)

Director

e.

Issued Share Capital

:

Rs.     19,132,500.00

No. of Issued Shares

 

           1,913,250

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

g.

 

Share Holders

As At

20th June 2013

:

Share Holders

No. of

Shares

DIC Asia Pacific Pte Ltd (Incorporated in Singapore)

1,913,250

h.

Auditors

:

W. H. Jagath Kumara Wewelwala

i.

Company Secretaries

:

KPMG, Ford, Rhodes, Thornton & Company

j.

Bankers

:

Hatton National Bank PLC, National Development Bank PLC

 

 

FINANCIAL DETAILS

 

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                                                                                 

 

CURRENT INVESTIGATION                      

 

History.

 

                The Subject Company D I C LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 30th March 1982 under registration number PVS 8384, and the company was re-registered on 29th January 2009 under re-registration number PV 11388 in terms of Companies Act #7 of 2007.

The Subject Company initially registered as COATES (LANKA) LIMITED and name of the company has been changed to D I C LANKA (PVT) LTD. 

 

Subject is a subsidiary of DIC Asia Pacific Pte Ltd., Singapore, which claims to have

Associate companies in South East Asia, Oceania, South Asia including India.

 

Location.

The Subject Company is located at client #147, Katuwana Industrial Estate, Homagama, Sri Lanka, approx. 25 kilo meters from Colombo.

 

 

Operational Details

 

General

The subject company primary line of business is Manufacture of Printing Ink

 

Products

Printing Inks-(Sheetfed, UV, News, Gravure, Flexo Inks, Coating Varnishes, Adhesives, Pressroom chemicals etc. 

 

Brand Name

“COATES”

 

Import Countries

Raw material China and India

 

Employees

Approximately 50

 

 

Directors Details

 

Name

Sota Masamichi

PP Number

TK1167397

Nationality

Japanese

 

 

Name

Paul Koek

PP Number

S 1412261 C

Nationality

Singaporean

 

 

Name

Allan Luke Perera

ID Number

572562395 V

Nationalty

Sri Lankan

Gender

Male

Date of Birth

12th September 1957

Age

56 Years

 

 

Name

Munwar Hussain Babary

PP Number

AC 3022861

Nationality

Pakistani

 

 

Name

Kashiwagi Hayato

PP Number

TZ 0560253

Nationality

Japanese

 

 

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

 

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.60.50

UK Pound

1

Rs.101.69

Euro

1

Rs.83.62

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.