MIRA INFORM REPORT

Report No. :	329423
Report Date :	01.07.2015

IDENTIFICATION DETAILS

Name :	RESIN & POLYMERS TECHNOLOGIES (PVT) LTD

Registered Office :	Nippolac Towers”, # 69A, Buthgamuwa Road, Rajagiriya

Country :	Si Lanka

Date of Incorporation :	07.06.2011

Com. Reg. No.:	PV 79283

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of Chemicals

No. of Employees :	Approximately 10

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Sri Lanka

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	:	RESIN & POLYMERS TECHNOLOGIES (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Raja Gnanasiri Hewabowala
d.	Primary Line of Business	:	Manufacturing & Importing of Chemicals.
e.	Place of Business & Factory	:	# 69A, Nippolac Tower, Buthgamuwa Road, Rajagiriya, Sri Lanka. Tel. No: (00 94 11) 435 6900-1-8 Fax No: (00 94 11) 435 6909 Contact Person: (00 94 77) 211 9282 (Jagath-Accountant) E-Mail: jagathk@nippolac.lk
f.	No. of Employees	:	Approximately 10

COMPANY DETAILS - Registration and Shareholder Details

Registration No

PV 79283

Date of Registration

07th June 2011

Registered Office

“Nippolac Towers”, # 69A, Buthgamuwa road, Rajagiriya.

Board of Directors

As At

14th January 2015

Raja Gnanasiri Hewabowala

Managing Director

Issued Share Capital

Rs. 10.00

Number of Shares

Nominal Value of Share

Not declared/disclosed vide Companies Act #7 of 2007

Share Holders

As At

14th January 2015

Share Holders

No. of Shares

Raja Gnanasiri Hewabowala

Auditors

BDO Partners

(“Chartered House”, #65/2, Sir Chittampalam A Gardiner Mawatha, Colombo 02)

Company Secretaries

Cans Secretarial And Allied Service (Pvt) Ltd

(A5, Perahera Mw, Colombo 03)

Bankers

Sampath Bank PLC, Matara, Sri Lanka

Imports

Products :	Raw Material
Countries :	Germany

Terms

Selling :	Cheque, Credit
Purchasing :	Cheque, Credit

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

CURRENT INVESTIGATION

· History.

The Subject Company RESIN & POLYMERS TECHNOLOGIES (PVT) LTD is a Private Limited Liability Company incorporated on 07th June 2011 under registration number PV 79283.

RESIN & POLYMERS TECHNOLOGIES (PVT) LTD is an associate company of Nippon Paints Lanka (Pvt) Ltd, a well known major paints (Nippolac Paints) producer in Sri Lanka.

· Location.

The Subject Company is located at the client 69A, Nippolac Tower, Buthgamuwa Road, Rajagiriya, a location adjoining on the eastern side city limits of Colombo.

· Operations Details.

General

The subject company primary line of business is Manufacturing & Importing of Chemicals.

Products

All types of resin chemicals for Paints.

Countries

Not Disclosed.

No of Employees

Approximately 10

· Director’s Details

01)

Name	Raja Gnanasiri Hewabowala
ID Number	491390760 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18th May 1949
Age	66 Years
Address	#75, Kumaradasa Mawatha, Matara

· 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	Small
b) Business Trend	Growing
c) Management Capability	Average
d) Commercial Morality	Average
e) Reputation	Average
f) Market Situation	Competitive

INFORMATION PARTED BY

Name :	Mr. Jagath
Designation :	Accountant
Contact No.:	00094772119282
Date :	30.06.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.75
UK Pound	1	Rs. 100.12
Euro	1	Rs. 71.20

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	RSM

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%)

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