MIRA INFORM REPORT

 

 

Report Date :

18.11.2014

 

IDENTIFICATION DETAILS

 

Name :

POLYCHEMEX (PVT) LTD

 

 

Registered Office :

# 181, Templers Road, Mount Lavinia

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

30.10.1987

 

 

Com. Reg. No.:

N (PVS) 3949

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Manufactures Exporters Importers Wholesale dealers of agrochemicals, tea machinery, biochemical

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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

:

POLYCHEMEX (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

 

Managing Director

 

 :

Herbet Beruwalage

d.

Primary Line of Business

:

Manufactures Exporters Importers Wholesale dealers of agrochemicals, tea machinery, biochemical

e.

 

 

Place of Business

 

:

 

# 181, Templers Road,

Mount Lavinia,

Sri Lanka.

 

Tel. No: (00 94 11) 2719954 (no body answered to the phone)

 

Email: polychem@dialogsl.net

 

f.

No. of  Employees

:

Not Disclosed

           

           

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 3949

Date of Registration

:

30th October 1987

b.

Re-registration No

:

PV 18358

Date of Re-registration

:

4th May 2010

c.

Registered Office

:

# 205, BMICH, Colombo 07

d.

Board of Directors

As At

23rd November 2013

:

Herbet Beruwalage

Managing Director

P. Ashoka Swarnakanthi (Ms)

Director

Dilan Madusanka Beruwalage

Director

Dulshan Thivanka Beruwalage

Director

Jishan Sanuka Beruwalage

Director

e.

Issued Share Capital

:

Rs.               40.00

f.

Nominal Value of Share

:

Rs.               10.00        

g.

Share Holders

As At

23rd November 2013

:

 

                       Share Holders

No. of Shares

 B. S de Silva

01

Herbet Beruwalage

01

P. A. Swarnakanthi  (Ms)

01

B. A. Chandra Ranawickrama

01

h.

Auditors

:

Thangavelu and Company

i.

Company Secretaries

:

Thangavelu Perinbaraj

j.

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 POLYCHEMEX (PVT) LTD is a Private    Limited Liability Company incorporated on 30th October 1987 under registration number N (PVS) 3948 and the company was re-registered on 4th May 2010 under registration number PV 18358 in term of Companies Act #7 of 2007.

 

·         Location.

The Subject Company is located at the client # 181, Templers Road,

Mount Lavinia, a city approx. 10 kilo meters south of Colombo.

 

·         Operations Details.

 

General

The subject company primary line of business is Manufactures Exporters Importers Whole sale  

Dealers in bio chemicals

 

Products

Bio chemicals, Agrochemicals, Tea machinery

 

Export and Import Countries

India, Malaysia, China, Taiwan, Korea

 

No of Employees

Not Disclosed

 

·         Directors’ Details

 

Name

Herbet Beruwalage

ID Number

530831728 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd March 1953

Age

61 Years

 

Name

P. Ashoka Swarnakanthi

ID Number

645613333 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

04th March 1964

Age

50 Years

 

Name

Dilan Madusanka Beruwalage

ID Number

802550553 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th September 1980

Age

34 Years

 

Name

Dulshan Thivanka Beruwalage

ID Number

862632958 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19th September 1986

Age

28 Years

 

Name

Jishan Sanuka Beruwalage

ID Number

922510881 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07th September 1992

Age

22 Years

 

·         General Comments

 

Our Investigators visited the company and the security guard of the company said that the company is functioning but were not allowed to go into the company premise. He also barred our investigators meeting the manager or the director of the company to obtain company details without any reason given. He even refused to provide the contact telephone numbers as there is no response to the available number when called. This subject company is not listed in the Tele Directory. Therefore, in service contact number could not be found.

When contacted the Secretary of the Subject Company, he too refused saying those are confidential details therefore, he cannot provide any information about Subject Company. 

 

·         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.

 

 

INFORMATION PARTED

 

Unable to contact the company

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.68

UK Pound

1

Rs.96.94

Euro

1

Rs.77.36                     

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SMN

 

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.