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Report No. : |
302394 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
MAKOSHINE CHEMICALS INDUSTRIES |
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Registered Office : |
# 242B, Opatha, Kotugoda.. |
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Country : |
Sri Lanka |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
W 2624 |
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Legal Form : |
Partnership Company |
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Line of Business : |
Manufacturer of paints and importer of chemicals |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source
: CIA |
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a. |
Name of Subject of Inquiry |
: |
MAKOSHINE CHEMICALS
INDUSTRIES |
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b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
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c. |
Managing Proprietor |
: |
Mr. Dharshana Ambegoda |
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d. |
Primary Line of Business |
: |
Manufacturer of paints and importer of chemicals |
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e. |
Office & Place of Business |
: |
# 242B, Opatha, Kotugoda. Sri Lanka. Tel. No: (00 94 11) 229 6195 Fax No: (00 94 11) 229 5813 Mobile No.: 0097 - 77348727 Email: makoshine@sltnet.lk |
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f. |
No. of Employees |
: |
Approx.25 |
Registration and
Shareholder Details
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a. |
Registration No |
: |
W 2624 |
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b. |
Year of Registration |
: |
1991 |
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c. |
Registered Address |
: |
# 242B, Opatha, Kotugoda. Sri Lanka. |
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d. |
Partners |
: |
Dharshana H. Ambegoda |
Managing Partner |
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M.B.A. Kusumawthie |
Partner |
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A.L.P. Geetharanga |
Partner |
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A.L.S.P. Ambegoda |
Partner |
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e. |
Auditors |
: |
S N Kumar Kotugoda Sri Lanka |
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f. |
Bankers |
: |
Commercial Bank PLC, Minuwanuada Branch Sampath Bank PLC |
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G: |
Trading Terms : |
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Purchasing term : Cash and Credit Selling Terms : Cash and Credit |
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Sister Concern : |
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Customer |
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Most recent available Financial Information
The company has provide sales information on its finances without the identity of the end user of the enquiry, as they fear that the information will go to competitors and/or the state agencies.
However, It should be noted that the particular industry/trading segment the company is involved has very good growth potential and as such it can be expected for the company to expect a growth in the income.
(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability/partnerships, proprietorships are not required to make public disclosure of their annual financials. Therefore financials are available for this entity)
Only Sales Approximately available
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Particulars |
31.03.2014 |
31.03.2013 |
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Sales |
100.000 |
85.000 |
Sales for the year (2014-2015) - Rs. 120.000 Millions
History:
The subject company, MAKOSHINE CHEMICALS INDUSTRIES is Partnership Company in operation, established on 01st December, 2000, registered under No. W-2624.
When contacted, the manager of the subject company informed us that their company import
CHEMICALS from China & India for manufacturing of paints and provided company
Details included in the report.
The Subject Company is presently located at the client # 242B, Opatha, Kotugoda, approx. 30 kilo meters north of Colombo.
Our investigator had to visit the client given address # 242B, Opatha, Kotugoda, to obtain company details, due to unavailability of contact number/details.
The premise comprised of an office and the factory which manufacture paints and is approx. 3,000 Sq.Ft.
General
The subject company primary line of business is Import, manufacture & distribution of all kinds of chemicals and paints under the Brand Name “MAKOSHINE”. Paints are being supplied to toy manufactures.
Products
Chemicals & Non Toxic Wooden Paints.
Nitrocellulose, Epoxy Resin, Pigments, Xylene/Laws, Phtailic/Zincbtr
Importer of
Raw Materials
Import &
Countries
India, China, Singapore, Belgium, Taiwan, Germany.
No of Employees
Approx.25
The subject company refused to provide any trade references
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.
|
NAME |
Mr. Darshana H Amegoda |
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DESIGNATION |
Partner |
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CONTACT NO |
0097-777348727 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.70 |
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1 |
Rs.93.41 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared by
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NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.