MIRA INFORM REPORT

 

 

Report Date :

02.08.2014

 

IDENTIFICATION DETAILS

 

Name :

SUNAGRO LIFESCIENCE LTD

 

 

Registered Office :

# 297A 1/1 , Union Place, Colombo- 02

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

04.01.2006

 

 

Com. Reg. No.:

PB 1329

 

 

Legal Form :

Public Limited Liability Company – Not Listed   (In Operation)

 

 

Line of Business :

Import, Marketing & Distribution of Agro Chemicals (Weedicides, Insecticides, Fungicides & Miscellaneous Items).

 

 

No. of Employees

Not Available

 

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 :

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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

 

 

 

GENERAL - Basic information at a glance

 

a.

Name of Subject of Inquiry

:

SUNAGRO LIFESCIENCE LTD

b.

Legal Form  & Status

:

Public Limited Liability Company – Not Listed   (In Operation)

c.

  Chairman

:

 A. Sri Dhaman Rajendram.

d.

Primary Line of Business

:

Import, Marketing & Distribution of Agro Chemicals (Weedicides, Insecticides, Fungicides & Miscellaneous Items).

g.

Head Office

:

 

 # 297A 1/1 , Union Place,

Colombo- 02,

Sri Lanka.

                        

 Tel. No:  (00 94 11) 776 6000

 Fax. No: (00 94 11)  247 8779

 

h.

Factory Address

:

 

Sunagro Factory Makandura Industrial Zone West,

Makandura,

Pannala ,

Sri Lanka.

 

 

i.

Employees

:

-Not Disclosed-

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N(PBS) 1299

Date of Registration

:

4th January 2006

b.

Registration No

 

PB 1329

Date of Registration

 

30th March 2010

c.

Registered Office

:

# 98 Sri Sangaraja Mawatha, Colombo -10

d.

Board of Directors

As At

05th  July 2013

:

 A. Sri Dhaman Rajendram

Chairman

 Rajaratnam Anushman

Managing Director

 B. Ranjit Noel

Director

 V. Damitha Laksiri

Director

Kamalanesen Ponniah David

Director

Amaralal Rajasri Peiris

Director

Ruwan Tharaka Weerasinghe

Director

e.

Issued Share Capital

:

Rs.      2,000,000.00          

f.

Nominal Value of Share

:

Rs.                 10.00

 

 

Registration and Shareholder Details

 

g.

Share Holders

As At

05th  July 2013

:

  Share Holders

No. Of

Shares

A. Sri Dhaman Rajendram

01

B. Ranjit Noel

01

F. Sneha Lavani

01

Rajaratnam Alagarajah

01

Rajaratnam Anushman

01

S. Tania Lourdes Motte

01

V. Damitha Laksiri

01

Lankem Ceylon Plc.

199,993

h.

Auditors

:

KPMG Chartered Accountants

i.

Company Secretaries

:

Corporate Managers & Secretaries (Pvt) Ltd.

j.

Bankers

:

Commercial Bank, People’s Bank.

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

For the Period Ended 31st March 2013

 

 

2013

RS.

2012

RS.

A

Turnover

:

527,945,461

442,748,303

B

 Cost of Sales

:

(408,615,219)

(314,344,804)

C

Gross Profit

:

119,330,242

128,403,499

D

Other Income

 

308,298

1,240,820

E

Administration Expenses

:

(59,384,517)

(40,428,320)

F

Distribution Expenses

:

(25,753,625)

(29,979,803)

G

Finance Expenses

:

(8,105,322)

(1,287,132)

H

Net Profit / (Loss) before Tax

:

26,395,076

57,949,064

I

Income Tax (expenses)/  

Release                                                                                                                    

:

(7,593,782)

(14,422,674)

J

Net Profit / (Loss) After Tax:

:

18,801,294

43,526,390

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information (Cont/d….)

 

As at 31st March

 

 

                  2013

                    RS

                   2012

                     RS

a)

Non-current Assets

:

             2,460,112

               2,897,711

b)

Current Assets

:

            347,605,519

             238,515,538

c)

Current Liability

:

            255,377,777

             160,706,973

d)

Non-current liability

:

               862,027

                507,279

e)

Total Liabilities

:

           256,239,804

            161,214,252

f)

Total Assets

:

            350,065,631

             241,413,249

g)

 

Net Worth

 

:

             93,825,827

              80,198,997

 

 

Current investigation

 

                                               

                                                       Company Logo

 

History.

 

The Subject Company SUNAGRO LIFESCIENCE LTD is a Public Limited Liability Company incorporated on 04th January 2006 under registration number N (PBS) 1299 and then the company was re-registered on 30th March 2010 under registration number PB 1329.

 

Location.

 

The Subject Company is located at # 297 /A 1 /1, Union Place Colombo 2. Client Sunagro Factory Makandura Industrial Zone West, Makandura, Pannala is company factory address.

 

Operational Details.

 

General

                  The subject company’s primary line of activity is an Import, Marketing & Distribution of Agro Chemicals (Weedicides, Insecticides, Fungicides & Miscellaneous Items).

 

Products

Fungicides, herbicides, insecticides (trade), organophosphorus, agricultural, powder, systemic, Fungicides.

 

Country

India, China

 

Employees

 - Not Disclosed-

 

 

Director’s Details

 

          01)

Name

A. Sri Dhaman Rajendram.

Nationality

Sri Lanka

ID Number

512292410 V

Gender

Male

Date of Birth

16th August 1951

Age

62 Years

 

          02)

Name

Rajaratnam Anushman.

Nationality

Sri Lanka

ID Number

772607200 V

Gender

Male

Date of Birth

16th September 1977

Age

36 Years

 

           03)

Name

B.Ranjit Noel.

Nationality

Sri Lanka

ID Number

403411060 V

Gender

Male

Date of Birth

06th December 1940

Age

73 Years

 

        04)

Name

V. Damitha Laksiri.

Nationality

Sri Lanka

ID Number

620760412V

Gender

Male

Date of Birth

16th March 1962

Age

51 Years

 

        05)

Name

Kamalanesen Ponniah David

Nationality

Sri Lanka

ID Number

671440749 V

Gender

Male

Date of Birth

23rd May 1967

Age

46 Years

 

 

        06)

Name

Amaralal Rajasri Peiris

Nationality

Sri Lanka

ID Number

470630922 V

Gender

Male

Date of Birth

03rd March 1947

Age

66 Years

 

        07)

Name

Ruwan Tharaka Weerasinghe

Nationality

Sri Lanka

ID Number

652162045 V

Gender

Male

Date of Birth

03rd August 1965

Age

48 Years

 

 

Financial Data

 

Received from company annual report

 

 

Trade references

 

Not Available

 

 

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.60.85

UK Pound

1

Rs.102.69

Euro

1

Rs.81.46

                

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SDA

               

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.