MIRA INFORM REPORT

 

 

Report Date :

14.01.2014

 

IDENTIFICATION DETAILS

 

Name :

CEYLINE PHARMACEUTICALS (PVT) LTD

 

 

Registered Office :

# 01, Alfred House Avenue , Colombo 03

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.03.2012

 

 

Com. Reg. No.:

PV 83754

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import & Distributors of Pharmaceuticals

 

 

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 :

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, 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

 

a.

Name of Subject of Inquiry

:

CEYLINE PHARMACEUTICALS (PVT) LTD

 b.

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

c.

Managing Director

:

Sumith Nishantha Premaratne

d.

Primary Line of Business

:

 

Import & Distributors of Pharmaceuticals

e.

Head Office & Place of Business

 

:

 

# 1, Alfred House Avenue,

Colombo 03,

Sri Lanka.

                      

Tel. No: (00 94 11) 451 1092 / 451 1094 /  451 1097

Fax No: (00 94 11) 451 1096

 

f.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

PV 83754

b.

Date of Registration

:

26th March 2012

c.

Registered Office

:

# 01, Alfred House Avenue , Colombo 03

d.

Board Of Directors As At 09th October 2013

:

Sumith  Nishantha Premaratne

Managing Director

Cholmondely Lakdasa Wickramanayake

Director

Capt. P. Ajith Priyantha Peiris

Director

Hemantha Kumara Jayanetti

Director

Geetha Arundathi Jayanetti

Director

f.

Issued Share Capital

:

Rs.         100,010.00 

g.

Nominal Value of Share

:

Rs.                 10.00        

h.

Share Holders As At 09th October 2013

:

Major Share Holders

No of Shears

Ceyline Holdings (Pvt) Ltd 

5,501

Sumith  Nishantha Premaratne

4,500

i.

Secretaries

:

Businessmate (Pvt) Ltd 

j.

Auditors

 

H L B Edirisinghe and Company

k.

Bankers

:

Not Disclosed

 

 

Directors Details

 

01)

Name

Hemantha Kumara Jayanetti

ID Number

550372932 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

 6th  February 1955

Age

55 Years

 

            

 

 

 

02)

Name

Cholmondely Lakdasa Wickramanayake

ID Number

390300026 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

30th January 1939

Age

75 Years

 

03)

Name

Capt. P. Ajith Priyantha Peiris

ID Number

560852380 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

25th March 1956

Age

58 Years

 

04)

Name

Sumith  Nishantha Premaratne

ID Number

713362450 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

01st December 1971

Age

43 Years

 

 

 

05)

Name

Geetha Arundathi Jayanetti

ID Number

577683395 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

24th September 1957

Age

57 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 CEYLINE PHARMACEUTICALS (PVT) LTD is a Private Limited liability Company incorporated on 26th March 2012 under registration number PV 83754

 

The subject company Ceyline Pharmaceuticals (Pvt) Ltd a member of Ceyline Group Of Companies.

 

 

Location

 

The Subject Company is located at the client 01, Alfred House Avenue, Colombo 03\

 

 

Operations Details

 

General

 

The subject company primary line of business is Import & Distributors of Pharmaceuticals

 

 

Products

 

Pharmaceuticals Products and Medicine

 

 

Import Countries

 

India, Pakistan

 

 

Employees

 

Not Disclosed

 

 

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

 

Cosmetic, Devices & Drugs Regulatory Authority

 

 

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 computerized 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.

 

 

ANALYSIS - Appraisal of Subject Company

 

Rating:

a) Business Scale        

NA

b) Business Trend

NA

c) Management Capability

NA

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Very Competitive

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.52

UK Pound

1

Rs. 101.47

Euro

1

Rs. 84.11

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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

 

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%)

 

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