MIRA INFORM REPORT

 

 

Report Date :

03.01.2014

 

IDENTIFICATION DETAILS

 

Name :

KAMAL PVC INDUSTRIES (PVT) LTD

 

 

Registered Office :

# 56, Kandawala Mawatha , Ratmalana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.11.1980

 

 

Com. Reg. No.:

PV 3762

 

 

Legal Form :

Private Limited Liability Company   (In Operation)

 

 

Line of Business :

Manufacturer of all types of PVC pipes and fittings including :-

·         Foot Valves, Taps, PVC Ball Valves

PVC Pipes, Gutters & fittings

 

 

No. of Employees :

Approx. 250

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

Without Financials

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct  

 

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

gENERAL

Basic information at a glance

 

Name of Subject of Inquiry

:

 

KAMAL PVC INDUSTRIES (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company   (In Operation)

Managing Director

:

Kamalasiri Kodituwakku

Primary Line of Business

:

Manufacturing of PVC pipes and fittings.

Head Office

 

 

 # 56, Kandawala Mawatha

 Ratmalana.

Sri Lanka.

                        

 Tel. No:  (00 94 11)  262 4800

 Fax. No: (00 94 11)  263 5520

 

Email : info@kmlcables.com

 

Factory

:

 

# 56, Angulana Station Road,

Moratuwa

 

Employees

:

Approx. 250

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

PVS 7062

Date of Registration

:

19th  November 1980

Re – registration No

:

PV 3762

Date of Registration

:

16th May 2008

Registered Office

:

# 56, Kandawala Mawatha , Ratmalana

 

Board of Directors

As At

14th  October 2013

:

Kamalasiri Kodituwakku

Managing Director

Malini  Kodituwakku

Director

Tharushi Nadeesha Kodituwakku

Director

Share

:

Rs.             140,000,000.00           

Value of Share

:

Rs.                           10.00

Share Holders

As At

14th  October 2013

:

  Share Holders

No. Of

Shares

Kamalasiri Kodituwakku

   4,750,000

Malini  Kodituwakku ( Mrs)

     2,350,000

Thusitha Nadeesha Kodituwakku

    6,900,000

Auditors

:

Wijeyeratne & Co

Company Secretaries

:

Company Secretaries (Pvt) Ltd

Bankers

:

Not Disclosed

 

 

Directors Details

 

01)

Name

Kamalasiri Kodituwakku

ID Number

490964860 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

05th April 1949

Age

64 Years

 

02)

Name

Malini  Kodituwakku

ID Number

586100475 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

19th April 1958

Age

55 Years

 

03)

Name

Tharushi Nadeesha Kodituwakku

ID Number

816391520 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

18th May 1981

Age

32 Years

 

 

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 KAMAL PVC INDUSTRIES (PVT) LTD is a Private    Limited liability Company incorporated in Sri Lanka on 19th Noveember, 1980 under registration number PVS 7062 and re-registered in terms of Companies Act # 7 of 2007 on 16th May, 2008 under registered number PV 3762.

 

The subject company KAMAL PVC INDUSTRIES (PVT) LTD and KAMAL CABLES (PVT) LTD are the associate companies and Mr. Kamalasiri Kodituwakku is a Managing Director of both companies

          

Location.

The Subject Company is located at the client # 56, Kandawala Mawatha, Ratmalana, Approx. 10 kilo meters south of Colombo city.

 

Operational Details.

 

General

The subject company primary line of business is a Manufacturing of PVC pipes and fittings for local markets. They claim to have obtained ISO 9001:2000 certifications.

 

Products

All types of PVC pipes and fittings. The brand name of the products is “KTK PVC” & “Kamal PVC”

-           Foot Valves, Taps, PVC Ball Valves.

-           PVC Pipes, Gutters & fittings.

 

Country

Sri Lankan local markets.

 

Employees

Approx. 250

 

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

 

National Water Supply & Drainage Board, Sri Lanka

 

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.61.90

UK Pound

1

Rs.102.74

Euro

1

Rs.85.16

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.