MIRA INFORM REPORT

 

 

Report Date :

23.09.2014

 

IDENTIFICATION DETAILS

 

Name :

GAMMA PHARMACEUTICALS (PVT) LTD

 

 

Registered Office :

# 476, Union Place, Colombo - 08.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

24.11.1962

 

 

Com. Reg. No.:

PV 13249

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importers, Distributors & Dealers in Pharmaceutical 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 – 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

:

GAMMA PHARMACEUTICALS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Kalana Gamini Kodituwakku Hewamallika

d.

Primary Line of Business

:

Importers, Distributors & Dealers in Pharmaceutical products

e.

Head office

&

Place of Business

 

:

 

 # 476, Union Place,

Colombo 02,

Sri Lanka.

         

Tel. No: (00 94 11) 269 6071 / 269 8054 / 269 8078

Fax No: (00 94 11) 269 6427 / 269 6020

 

E-Mail: gammasales@eureka.lk

              gamma@eureka.lk 

 

f.

No. of Employees

:

-Not Disclosed-

           

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PVS 2042

Date of Registration

:

24th November 1962

b.

Re-registration No

:

PV 13249

Date of Re-registration

:

15th May 2009

c.

Registered Office

:

# 476, Union Place, Colombo - 08.

d.

Board of Directors

As At

14th October 2011

:

Kalana Gamini Kodituwakku Hewamallika

Managing Director

S. Sivayogarajan

Director

M. P. Ruwanthi Murage

Director

Dhanassri Perera

Director

f.

Issued Share Capital

:

Rs. 31,251,750.00

Number of Shares

:

1,258,513

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

h.

 

Share Holders

As At

14th October 2011

:

Share Holders

No. of

Shares

Marvis Gardiner Sanjeev Edward Chittam Palam Gardiner

262

B. Selvanayagam

262

Interpharm Investments (Pvt) Ltd

1,124,654

Estate of Late D. G. K. Hewamallika

01

S. Sivayogarajan

01

The Arunadisi (Pvt) Ltd

33,333

Gamini & Brothers (Pvt) Ltd

100,000

i.

Auditors

:

Price Water House Coopres

j.

Company Secretaries

:

Consultant & corporate Services Ltd

k.

Bankers

:

Commercial Bank, HSBC Bank

 

3) FINANCIAL DETAILS - Most recent available Financial Information

 

    THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

    (Note: 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)

 

4) CURRENT INVESTIGATION                                                  

 

·         History.

 

                  The Subject Company GAMMA PHARMACEUTICALS (PVT) LTD is a Private     Limited   liability Company incorporated on 25th May 1992 under registration number PVS 2042 then the company was re-registered on 6th April 2010 under registration number PV 13249.

 

                 The subject company has s associate company of the Interpharm (Pvt) Ltd

 

·         Location.

 

The Subject Company is located at the client # 476, Union Place, Colombo 08

 

·         Operational Details.

 

General

                  The subject company primary line of business is Importers, Distributors & Dealers in Pharmaceutical products.

 

Products

Pharmaceuticals Drugs

 

Import Countries

India, England

 

Employees

                  -Not Disclosed-

 

 

Directors Details

1)

Name

Kalana Gamini Kodituwakku Hewamallika

ID Number

700980561 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07th April 1970

Age

74 Years

 

 

 

2)

Name

S. Sivayogarajan

ID Number

486201860 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

29th April 1948

Age

66 Years

 

Name

M. P. Ruwanthi Murage

ID Number

596360300 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

15th May 1959

Age

55 Years

 

Name

Dhanassri Perera

ID Number

727723404 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

28th September 1972

Age

41 Years

 

·         Trade references

 

Cosmetics, 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.

 

 

Information denied

 

Management non – corporative

Tel No:  0009411 2698078

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.78

UK Pound

1

Rs.99.29

Euro

1

Rs.78.16

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

Calling by :

GYT

Report Prepared by :

PDT

 

               

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.