MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

P.JAYANETTI & SONS (PVT) LTD

 

 

Registered Office :

# 18/2, Attidiya Road, Ratmalana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.11.1984

 

 

Com. Reg. No.:

PV 12922

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importing, Trading & Distribution of Pharmaceuticals

 

 

No. of Employees :

38 (Approximately)

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

:

 

P.JAYANETTI & SONS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Premaratne Jayanetti

d.

Primary Line of Business

:

Importing & Distribution of Pharmaceuticals

e.

Head Office/ Warehouse

&

Place of Business

 

 

 

# 18/2, Attidiya Road,

Ratmalana,

Sri Lanka.

 

Tel./Fax No: (00 94 11) 263 7822

 

E-Mail: pjayanetti@dialogsl.net / pjayanetti@sltnet.lk

 

g.

No. of Employees

:

38 (Approximately)

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

N(PVS) 1470

Date of Registration

:

16th November 1984

b.

Re-registration No

:

PV 12922

Date of Re-registration

:

21st April 2009

c.

Registered Office

:

# 18/2, Attidiya Road, Ratmalana

d.

Board of Directors

As At

31st December 2010

:

Premaratne Jayanetti

Managing Director

Padma Jayanetti (Ms)

Director

Priyantha Jayanetti

Director

P.L. Mahinda Dammika

Director

Suranga Jayanetti

Director

e.

Issued Share Capital

:

Rs.1,000,000.00

Number of Shares

:

100,000

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

 

g.

 

Share Holders

As At

31st December 2010

:

Share Holders

No. of

Shares

Premaratne Jayanetti

62,400

Padma Jayanetti

7,975

Priyantha Jayanetti

18,125

P.L. Mahinda Dammika

11,500

h.

Auditors

:

Dayananda Samarawickrema & Company

(# 20/26, Station Lane, Nugegoda)

i.

Company Secretaries

:

M.D. Kulatunga

(# 37, Pamunuwa, Maharagama)

j.

Bankers

:

Peoples Bank, Katubedda Branch

k.

Imports

:

Country: India, Pakistan, Bangladesh, China

l.

Terms

:

Selling : Cash and Cheque

 

Purchasing : Cash and Cheque

 

m.

Customers

:

Retailers and End Users

 

 

Directors’ Details

 

01)

Name

Premaratne Jayanetti

ID Number

410350297 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04th February 1941

Age

73 Years

 

 

02)

Name

Padma Jayanetti

ID Number

427020550 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

20th July 1942

Age

72 Years

 

 

03)

Name

Priyantha Jayanetti

ID Number

720090139 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

09th January 1972

Age

42 Years

 

04)

Name

P.L. Mahinda Dammika

ID Number

642110764 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29th July 1964

Age

50 Years

 

 

05)

Name

Suranga Jayanetti

ID Number

740920383 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

01st April 1974

Age

40 Years

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

 

Subject declined to provide details without knowing the end user of the enquiry.

 

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 P.JAYANETTI & SONS (PVT) LTD is a Private Limited Liability Company incorporated on 16th November 1984 under registration number N (PVS) 1470 and the company was re-registered on 21st April 2009 under registration number PV 12922 in terms of Companies Act # 7 of 2007.

 

·         Location.

                  The Subject Company is located at client # 18/2, Attidiya Road, Ratmalana.

 

·         Operational Details.

 

General

                  The subject company’s primary line of business is Importing, Trading & Distribution of Pharmaceuticals

 

Products

Wadding Gauze, Bandages, Pharmaceuticals and allied products

 

Import Country

India, Pakistan, Bangladesh, China

 

Employees

                  38 (Approximately)

 

·         Trade references

 

State Pharmaceuticals Corporation

Cosmetic, Devices and Drugs Authority (CDDA)

 

·         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.

 

 

INFORMATION PARTED BY

-  General Details

 

Name :

Mr. Suranga Jayanetti

Designation :

Director

Contact No.:

0094112637822

Date :

11.12.2014

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

               

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.