Mira INFORM REPORT

 

 

Report Date :

27.03.2014

 

IDENTIFICATION DETAILS

 

Name :

EMERCHEMIE N B (CEYLON) LTD

 

 

Formerly Known As :

PHARMED IMPORTS (PVT) LTD

 

 

Registered Office :

# 60, Maligawatte Road, Colombo - 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

28.01.1998

 

 

Com. Reg. No.:

PB 120

 

 

Legal Form :

Public Limited Liability Company not listed on Colombo Stock exchange

(In Operation)

 

 

Line of Business :

Importer and Distributor of Pharmaceuticals Products

 

 

No. of Employees

Approximately 400

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

:

EMERCHEMIE N B (CEYLON) LTD

 

Legal Form  & Status

:

Public Limited Liability Company not listed on Colombo Stock exchange (In Operation)

Chairman

:

Nimal Dias Jayasinghe

Primary Line of Business

:

Importer and Distributor of Pharmaceuticals

Head office

&

Place of Business

 

:

 

 # 60, Maligawatte Road,

Colombo 10,

Sri Lanka.

                   

Tel. No: (00 94 11) 269 4864 - 5 / 267 5005-6 / 268 9378 / 268 9390

Fax No: (00 94 11) 267 1877

 

Email: nimjay@sltnet.lk

 

No. of Employees

:

Approximately 400

        

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS/PBS) 20544

Date of Registration

:

28th January 1998

Re-registration No

:

PB 120

Date of Re-registration

:

27th December 2007

Registered Office

:

# 60, Maligawatte Road, Colombo - 10

Board of Directors

As At

31st December 2013

:

Nimal Dias Jayasinha

        Chairman

M. Nelun Dias Jayasinghe

Director

M. Chayani Dias Jayasinghe

Director

Prof. Preethika Angunawela

Director

M. Charles Nihal Fonseka

Director

M. Sanjeewa Hettiarachchi

Director

Dr. Ramesh Chaminda Bentota Pathirana

Director

Rudi Van Anraat

Director

Nimal Dias Jayasinha (Alternate to Rudi Van Anraat)

Director

Chammika Ediriwickramasuriya

Director

Azam Mohamed Jaward

Director

Mylvaganam Prathaban

Director

Janaka Arjuna Weeratunge

Director

Issued Share Capital

:

Rs.    25,000,000.00

Nominal Value of Share

:

Rs.                  10.00

 

Share Holders

As At

31st December 2013

:

Share Holders

No. of

Shares

 

M. Nelun Dias Jayasinghe

649,920

 

M. Chayani Dias Jayasinghe

624,925

 

Prof. Preethika Angunawela

599,930

 

M. Charles Nihal Fonseka

25

 

J. M. Wijewardana

100

 

Nimal Dias Jayasinha

625,000

 

N. Nelum Wijewardana

100

 

Auditors

:

K P M G Ford Rhodes Thornton & Company

 

Company Secretaries

:

Ashley Saint Christopher Kingsley Seneviratne

 

Bankers

:

Seylan Bank

Commercial Bank PLC

HSBC

Muslim Commercial Bank

 

 

 

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      

                                                

                                                             Company Logo

 

·         History.

The Subject Company EMERCHEMIE N B (CEYLON) LTD is Public Limited Liability Company (not listed at Colombo Stock exchange) incorporated on 28th January 1998 under registration number N (PVS/PBS) 20544 and then the company was re-registered on 27th December 2007 under registration number PB 120

 

                  The subject company was originally known as PHARMED IMPORTS (PVT) LTD and the name was changed to EMERCHEMIE NB (CEYLON) LTD on 25th June 1999.

 

·         Location.

The Subject Company is located at the client. # 60, Maligawatte Road, Colombo 10, Sri Lanka.

 

 

·         Operational Details.

 

General

                  The subject company primary line of business is an importer and distributor of Pharmaceutical Products.

 

 

Products

Pharmaceutical products

 

Manufacturing Companies Represented

 

·         Pharmachemie BV -  Netherlands

·         Merck Limited -  India

·         Teva Pharmaceuticals -  Israel

·         Dr. Reddy’s Labs -  India

·         Merck Marker -  Pakistan

·         Actavis -  UK, Sante -  Pakistan

·         Ranbaxy -  India

·         Renata -  Bangladesh

·         Alkem -  India

·         Bago -  Argentina

·         Beximco -  Bangladesh

·         Wockhardt -  India,  Jewim -  China

·         Pharmaniaga -  Malaysia,  V. M. D. n. y. -  Belgium

 

 

Import Countries

The Netherlands, UK, India, Pakistan, Indonesia, Bangladesh, Korea, Australia

 

No of Employees

Approximately 400

 

Financial Data

Subject company Annual turnover exceeding Two Billion Sri Lankan Rupees

 

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

·         Sri Lanka Chamber of the Pharmaceutical Industry

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 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.

 

 

ANALYSIS & RATING

Appraisal and Rating of Subject Company

 

Rating:

a) Business Scale        

Medium/Large

b) Business Trend

Average

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Competitive

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.17

UK Pound

1

Rs.99.39

Euro

1

Rs.83.09

                

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.