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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
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Name : |
EMERGEN LIFE SCIENCES (PVT) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
03.08.2012 |
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Com. Reg. No.: |
PV 88021 |
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Legal Form : |
Private Limited Liability Company (In Operation) |
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Line of Business : |
Manufacturer, Importer and Distributor of Pharmaceuticals |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1100 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Basic information at a glance
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a. |
Name of Subject of Inquiry |
: |
EMERGEN LIFE
SCIENCES (PVT) LTD |
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b. |
Legal Form & Status |
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Private Limited Liability
Company (In Operation) |
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c. |
Managing Director |
: |
Jaward Azam
Mohamed |
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d. |
Primary Line of Business |
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Manufacturer,
Importer and Distributor of Pharmaceuticals |
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e. |
Head office & Place of Business |
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# 60, Maligawatte Road, Colombo 10, Sri Lanka. Tel. No: (00 94
11) 268 6493/ 269 4864 - 5 / 267 5005-6 Fax No: (00 94
11) 267 1877 Email: nimjay@sltnet.lk |
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f. |
No. of Employees |
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15 |
Registration and Shareholder Details
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a. |
Registration No |
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PV 88021 |
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Date of Registration |
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03rd
August 2012 |
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c. |
Registered Office |
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# 60,
Maligawatte Road, Colombo - 10 |
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d. |
Board of Directors As At 10th February 2014 |
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Jaward Azam
Mohamed |
Managing
Director |
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M. Sanjeewa
Hettiarachchi |
Director |
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Janaka Arjuna
Weeratunge |
Director |
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M. Chayani Dias
Jayasinghe (Ms) |
Director |
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K.K. Nalin
Priyadarshana |
Director |
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Prathaban
Mylvaganam |
Director |
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e. |
Issued Share Capital |
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Rs. 3,000,000.00 |
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Number of Shares |
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300,000 |
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f. |
Nominal Value of Share |
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Not applicable
vide Companies Act #7 of 2007 |
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g. |
Share Holders As At 10th February 2014 |
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Share Holders |
No. of Shares |
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Emerchemie NB
(Ceylon) Limited |
300,000 |
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h. |
Auditors |
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K P M G Ford Rhodes
Thornton & Company |
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i. |
Company Secretaries |
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Corporate
Services (Pvt) Ltd |
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k. |
Bankers |
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HSBC Bank,
Colombo |
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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 detailed financials are available
for this entity
History.
The Subject Company EMERGEN LIFE
SCIENCES (PVT) LTD is Private Limited Liability
Company incorporated on 03rd
August 2012 under registration number PV
88021.
The subject company is a Associate Company of Emerchemie NB (Ceylon) Limited
Location.
The Subject Company is located at the client. # 60, Maligawatte Road, Colombo 10, Sri Lanka.
Factory : No. 667, Biyagama
Road, Kelaniya Colombo, Sri Lanka
Operational
Details.
General
The subject company primary line of business is an Importer and distributor of Pharmaceutical Products.
Products
Pharmaceutical products
Import Countries
The Netherlands, UK, India, Pakistan, Indonesia, Bangladesh, Korea,
Australia
No of Employees
15
Trading Terms
Purchasing Terms : Cash / Advanced Payment
Sales Terms : Cash
Customers
Retailers
Holding Company
Emerchemie NB (Ceylon) Limited
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 detailed financials are available for this entity.
Activity started
from 2013
Sales Turnover
2013-14 : Rs.25.000 Million (Sri Lanka Rs.)
Trade references
Cosmetic, Devices & Drugs Regulatory
Authority
Credit Recommendations
Since no detailed 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.
Maximum Credit
Limit : USD 1100
Appraisal of Subject Company
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Rating: |
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a) Business Scale |
NA |
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b) Business Trend |
Average |
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c) Management
Capability |
Average |
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d) Commercial
Morality |
Average |
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e) Reputation |
Average |
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f) Market Situation |
Competitive |
Name : Mr. Nalin K. K.
Designation : Director
Contact No.: (00 94 11) 268 6493
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.95 |
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1 |
Rs.102.78 |
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Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared by
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NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.