MIRA INFORM REPORT

 

 

Report Date :

20.05.2014

 

IDENTIFICATION DETAILS

 

Name :

SMITHKLINE BEECHAM (PVT) LTD

 

 

Registered Office :

World Trade Centre. Level 34, West Tower Echelon Square, Colombo 01

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.08.1961

 

 

Com. Reg. No.:

PV 4436

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Importer & Supplier of medicines & consumer products

 

 

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

(30.09.2013)

Current Rating

(01.12.2013)

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

 

 

GENERAL - Basic information at a glance

     

a.

Name of Subject of Inquiry

:

 

SMITHKLINE BEECHAM (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Dinesh Stephen Weerakkody

d.

Primary Line of Business

:

Importer & Supplier of medicines & consumer products.

e.

Head office

&

Place of Business

 

:

 

34th Level ,West Tower,

World Trade Center,

Echelon Square,

Colombo 01,

Sri Lanka.

 

Tel. No: (00 94 11) 244 8653 / 273 4961 / 234 8903 / 244 6774

Fax No: (00 94 11) 244 5182

 

 

f.

No. of Employees

:

Not Disclosed

           

 

COMPANY DETAILS       - Registration and Shareholder Details

 

a.

Registration No

:

PVS 1945                  

Date of Registration

 

01st August 1961

b.

Re-registration No

:

 PV 4436

Date of Re-registration

 

16th June 2008

c.

Registered Office

:

World Trade Centre. Level 34, West Tower Echelon Square, Colombo 01, Sri Lanka.

d.

Board of Directors

As at

21st June 2013

:

Dinesh Stephen Weerakkody

Managing Director

S. Simon James

Director

G.W. Kumudini Samanmali

Director

S. Anthony Chapman

Director

T. Sriram Dayanand

Director

e.

Issued Share Capital

:

Rs. 331,373,000.00

727,977,030.00

Number of Shares

 

331,373,000

145,595,406

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

 

Share Holders

As at

21st June 2013

:

Share Holders

No. of

Shares

Smithkline Beecham  Overseas Ltd (Incorporated in England)

27,562,500

Jacey Trust Services (Pvt) Ltd

1,687,500

Glaxosmithkline International (Luxembourg) S.A.

302,123,000

Setfirst Ltd (Incorporated in England)

145,595,406

 

 

The total number of issued shares is 476,968,406 and those are valued as follows:

 

Value of Nos. 331,373,000 shares is Rs. 331,373,000/-

Value of Nos.145, 595,406 shares is Rs.727, 977,030/-

 

h.

Auditors

:

Pricewaterhouse Coopers

i.

Company Secretaries

:

Jacey & Company

k.

Bankers

:

Not Disclosed

 

 

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                      

 

·         History

   

The Subject Company SMITHKLINE BEECHAM (PVT) LTD is a Private    Limited   liability Company

incorporated on 01st August 1961 under registration number PVS 1945 and then the company was re-registered

on 16th June 2008 under registration number PV 4436.

 

·               Location.

 

The subject company is located at client  34th Level, West Tower, World Trade Center, Echelon Square, Colombo 01, Sri lanka. 

 

·               Operational Details.

 

General

The subject company primary line of business is Importer & Supplier of medicines & consumer products.

 

Products

 Medicines, Panadol, health food drink

 

Brands

Viva, Horlicks

 

Country

India

 

Employees

Not Disclosed

 

 

·               Directors Details

 

         01)

Name

Dinesh Stephen Weerakkody

ID Number

631720889 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

20th June 1963

Age

49 Years

         02)

Name

S. James Scarff

PP Number

740211256

Nationality

British

 

         03)

Name

G.W. Kumudini Samanmala

ID Number

678260886 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

21st November 1967

Age

44 Years

 

         04)

Name

S. Anthony Chapman

ID Number

601950014 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

13th July 1960

Age

52 Years

 

         05)

Name

T. Sriram Dayanand

PP Number

Z 2007920

Nationality

Indian

 

·               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 did not provide any trade reference referrals

 

 

·                                 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 - Appraisal of Subject Company

 

 

Rating:

a) Business Scale        

NA

b) Business Trend

NA

c) Management Capability

NA

d) Commercial Morality

NA

e) Reputation

NA

f) Market Situation

Competitive

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 58.42

UK Pound

1

Rs. 98.28

Euro

1

Rs. 80.12

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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

--

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.