MIRA INFORM REPORT

 

 

Report No. :

329345

Report Date :

10.07.2015

 

IDENTIFICATION DETAILS

 

Name :

MULTICHEMI EXPORTS (PVT) LTD

 

 

Registered Office :

Lot # 12, Block A, Biyagama Export Processing Zone, Biyagama

 

 

Country :

Sri Lanka 

 

 

Date of Incorporation :

05.08.1996

 

 

Com. Reg. No.:

PV 1286

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Subject is Manufacture and export of Chemicals and Detergents

 

 

No. of Employee :

Approximately  1000

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

:

 

MULTICHEMI EXPORTS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

K. Samantha Sathischandra Wanniarachchi

d.

Primary Line of Business

:

Manufacture and export of Chemicals and Detergents

e.

Office

 &

Factory

:

 

Lot # 12, Block A

Biyagama Export Processing Zone,

Biyagama

 

Tel. No: (00 94 11) 246 5406 , 246 5423, 481 5456 – 7

Fax No: (00 94 11) 246 5313

 

E-mail: info@multichemi.com

 

 

f.

No. of Employees

:

Approximately  1000

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 17584

Date of Registration

:

05th August 1996

b.

Registration No

 

PV 1286

Date of Registration

 

05th December 2007

c.

Registered Office

:

Lot 12, Block A, Biyagama Exports Processing Zone, Malwana

Biyagama.

d.

Board of Directors

As At

12th  October 2013

:

S. Kumarasinghe Sathischandra

Managing Director

Lilian Kumarasinghe

Director

P. Thusitha Wijayaweera

Director

e.

Issued Share Capital

:

Rs.  20,000,000.00

Number of Shares

:

2,000,000

f.

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

g.

 

Share Holders

As At

12th  October 2013

:

Share Holders

No. of

Shares

S. Kumarasinghe Sathischandra

1,399,928

Lilian Kumarasinghe

600,072

h.

Auditors

:

D.H.P.Munaweera & Co

# 537/2, Bauddhaloka Mawatha, Colombo 08

i.

Company Secretaries

:

Ralapanawe Associates 

# 194, Sri Jayawardenapura Mawatha, Welikada, Rajagiriya

j.

Bankers

:

Commercial Bank Of Ceylon Plc, Peoples Bank

 

 

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 MULTICHEMI EXPORTS (PVT) LTD is a Private    Limited   

                 Liability   Company incorporated on 05th August 1996 under registration number N (PVS) 

                 17584 then the company was re-registered on 05th December 2007 under registration number                        

                  PV 1286.

 

 

·         Location.

 

http://www.multichemigroup.com/../images/company%20photos/export.gif
 

 

 

 

 

 

 

 


The Subject Company is located at the client Lot 12, Block A, Biyagama Exports Processing Zone, Biyagama, Sri Lanka.

 

 

·         Operational Details.

 

General

 

               The subject company is the Manufacture & Export of Textile Chemicals. 

                   The subject company has earned certified by ISO 9001:2008

 

The subject company has an associate company in Sri Lanka, Multichemi International (Pvt) Ltd. that produces Household and Industrial Chemicals, Personal Care Products and Car Care Products for the Sri Lankan market.  These products are marketed on a Direct Selling System.

 

The associate company in Bangladesh, Multichemi Bangladesh (Pvt) Ltd. also markets these products in Bangladesh in a similar Direct Sales System.  This company also manufactures Textile Chemicals for the Bangladesh market

 

Products

Enzymes

Detergents

Softeners

Anti black-staining Agents

Boosters

Stain Removers

 

Country

Major markets serviced are Bangladesh, Maldives, Nepal and India. Additionally, the emerging markets for the company are the Middle Eastern countries.

 

No of Employees

                  Approximately 1000

 

Director’s Details

 

01)

Name

S. Kumarasinghe Sathischandra

ID Number

582600120 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th September 1958

Age

57 Years

Address

# 62/4, Wickramasinghepura Road, Battaramulla

 

02)

Name

Lilian Kumarasinghe

ID Number

655391576 V

Nationality

Sri Lankan

Gender

Female 

Date of Birth

8th February 1965

Age

50 Years

Address

# 62/4, Wickramasinghepura Road, Battaramulla

 

03)

Name

Priyal Thusitha Wijayaweera

ID Number

601380439 V

Nationality

Sri Lankan

Gender

Male 

Date of Birth

17th May 1990

Age

55 Years

Address

# 137/5, Vajira Road, Colombo 05

 

 

Trade references

 

Board of Investment (BOI)

Ceylon National Chamber of Industries

National Chamber of Exporters

 

 

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 BY

 

Name :

Ms. Achini

Designation :

Accounts Department

Contact No.:

009411-2465406

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.51

UK Pound

1

Rs.97.85

Euro

1

Rs.70.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

 

 

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.