MIRA INFORM REPORT

 

 

Report Date :

28.07.2014

 

IDENTIFICATION DETAILS

 

Name :

HEMAS PHARMACEUTICALS (PVT) LTD

 

 

Registered Office :

Hemas House, # 75, Braybrooke Place, Colombo 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.09.1993

 

 

Com. Reg. No.:

PV 1177

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import, Distribution & Dealers of all kinds of Pharmaceuticals, Surgical & Diagnostic products & OTC Products

 

 

No of Employees :

Approximately 500

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

 

 

Name of Subject of Inquiry

:

HEMAS PHARMACEUTICALS (PVT) LTD

 

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

Managing Director

 :

N.D. Sanjeewa Samaranayake                      

Primary Line of Business

:

Importers, Distributors & Dealers in Pharmaceutical, Surgical & Diagnostic products.

Place of Business

:

 

# 439, Galle Road,

Colombo 03,

Sri Lanka.

 

Tel: (00 94 11) 476 6666, 478 6888

Fax: (00 94 11) 472 2975 / 255 2743

 

E-mail: info_hemas.pharma@hemas.com

 

 

Show Room                

:

 

# 562/7, Lower Bagatalle Rd,

Colombo-03

 

Tel No: (00 94 11) 478 6888, 476 6666

Fax No: (00 94 11) 451 7495

 

No. of Employees

:

Approximately 500

GENERAL-Basic information at a glance

Company Details

Registration & Shareholder Details

 

Registration No

:

N (PVS) 11722

Date of Registration

:

20th September 1993

Re-registration No

 

PV 1177

Date of re-registration

 

27th November 2007

Registered Office

:

Hemas House, # 75, Braybrooke Place, Colombo 02. 

Board of Directors

As at

07th October 2013

:

N.D. Sanjeewa Nishantha Samaranayake

Managing Director

Husein Nuruddin Esufally

Chairman/

Director

M. Abidhusein Hassanally  Esufally

 

Director

S. Sanjiva Kanishka Gamini

Director

Palitha Abeykoon

Director

A.W. Malinga De Fonseka

Director

G.A. Kishantha Nanayakkara

Director

Issued  Share Capital

:

Rs.  70,000,050.00

Number of Shares

:

3,920,005

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

Share Holders

As at

07th October 2013

:

Share Holders

No. of    Shares

Abbasally Nuruddin Esufally

01

 

Hemas Holdings Plc

 

3,920,004

Auditors

:

Ernst & Young

Company Secretaries

:

Hemas Corporate Services (Pvt) Ltd

Bankers

:

Commercial Bank

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

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                      

                                                               

                            

                                                        Company Logo

                                                   

                                                        

·         History.

 

The Subject Company HEMAS PHARMACEUTICALS (PVT) LTD is a Private    Limited   liability Company incorporated in 20th September 1993 under registration number N (PVS) 11722 and then the company was re-registered on 27th November 2007 under registration number PV 1177

 

The subject company HEMAS PHARMACEUTICALS (PVT) LTD is a subsidiary of HEMAS HOLDINGS PLC. Subject is having an associate company named Hemas Surgical & Diagnostics (Pvt) Ltd.

 

·         Location.

 

The Subject Company is located at # 439, Galle Road, Colombo 03, which is a multi storied building housed a prominent business area. Client given address Hemas Building # 36, Bristol Street, Colombo 01 is company one of the associate company address.

 

·         Operational Details.

 

General

                    The subject company primary line of business is Import, Distribution & Dealers in Pharmaceutical, Surgical & Diagnostic products.

 

Hemas Pharmaceutical (Pvt) Ltd also claims that their key strengths, which have enabled them to become the market leader for pharmaceutical products, is their ability to have the resources to maintain distribution of pharmaceutical products island-wide having Strategic departments manned by functional specialists to handle the various aspects of the Supply Chain including Registration, Inventory Management, Importation and Clearing, Warehousing, Selling and Distribution, and, Tendering. They claim to have 17% of the market share.

 

Products

All kinds of Pharmaceuticals, Surgical & Diagnostic products, OTC Products

 

Country

India, European Countries

 

Employees

                   Approximately 500

 

 

·         Directors’ Details

 

01)

Name

N.D. Sanjeewa Nishantha Samaranayake

ID Number

671230701 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd May 1967

Age

 47 Years

 

 

 

 

 

 

 

 

 

 

 

02)

Name

Husein Nuruddin Esufally

ID Number

603050134 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st October 1960

Age

53 Years

 

03)

Name

M. Abidhusein Hassanally Esufally

ID Number

662211575 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

08th August 1966

Age

47 Years

 

04)

Name

A.W. Malinga De Fonseka

ID Number

7101425999 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th January 1971

Age

43 Years

 

 

 

   

05)

Name

Palitha Abeykoon

ID Number

412760891V

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd October 1941

Age

72 Years

 

06)

Name

S. Sanjiva Kanishka Gamini

ID Number

501020230V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th April 1950

Age

64 Years

 

07)

Name

G.A. Kishantha Nanayakkara

ID Number

671870840 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

05th July 1967

Age

47 Years

 

 

 

 

·         Financial Data

The company has declined to provide information on its finances

               

                 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

                  The subject company has provided following as reference referrals such as:

                   Allergen, Abbott, Getz Pharma, USV, Bayer Health care, Seven Seas, Piramal Healthcare,

                   Reckitt Benckiser etc among many other.

The Cosmetics, Devices & Drugs Regulatory Authority of 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.60.14

UK Pound

1

Rs.102.22

Euro

1

Rs.81.02

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.