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Report No. : |
323970 |
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Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HAYCOLOUR (PVT) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
14.03.1980 |
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Com. Reg. No.: |
PVS 6382 |
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Legal Form : |
Private Limited Liability Company [In Operation] |
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Line of Business : |
Manufactures and Dealers in Pigment Emulsions For Textile Printing |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Sri Lanka |
A2 |
A2 |
|
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.
|
Source
: CIA |
|
a. |
Name of Subject
of Inquiry |
: |
HAYCOLOUR (PVT)
LTD |
|
b. |
Legal Form
& Status |
: |
Private Limited Liability Company (In
Operation) |
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c. |
Chairman |
: |
Abeyakumar Mohan Pandithage |
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d. |
Primary Line of
Business |
: |
Manufactures and
dealers in pigment emulsions for textile printing |
|
e. |
Head
Office |
: |
No.25,
Foresters Lane, Colombo
– 10. Sri
Lanka. Tel: (00 94 11) 269 9100 Fax: (00 94 11) 268 8882 Mobile:
(94 11 77) 773 6702 Email:
chanka.desilva@industrial.hayleys.com |
|
Factory |
: |
Jawatta, Kalutara
North, Kalutara. Tel:
(00 94 34) 222 2636, 224 4112 |
|
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f. |
No.
of Employees |
: |
Approximately 100 |
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a. |
Registration No |
: |
PVS 6382 |
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|
Date of Registration |
: |
14th March 1980 |
||
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b. |
Re-registration No |
: |
PV 5211 |
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Date of Re-registration |
: |
09th July 2008 |
||
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c. |
Registered Office |
: |
# 400, Deans
Road, Colombo 10 |
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d. |
Board of Directors As at 09th October 2014 |
: |
Abeyakumar Mohan Pandithage |
Chairman |
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Dr. Arul Sivagananathan |
Managing Director |
|||
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Sarath Clement Ganegoda |
Director |
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L. J. Chanaka De Silva |
Director |
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Deepthi Hewageegana |
Director |
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Chandana Sudath Bandara Wijesundara |
Director |
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e. |
Issued
Share Capital |
: |
Rs. 6,000,000.00 |
|
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Number of Share |
: |
60,000 |
||
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f. |
Nominal Value of
Share |
: |
Not applicable
vide Companies Act #7 of 2007 |
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Registration
and Shareholder Details
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g. |
Share Holders As at 09th October 2014 |
: |
Share Holders |
No. of
Shares |
|
Dean Foster (Pvt) Ltd |
01 |
|||
|
Hayleys Industrial Solutions (Pvt) ltd |
59,999 |
|||
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h. |
Auditors |
: |
Ernst and Young #201, De Saram Place, Colombo 10 |
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i. |
Company Secretaries |
: |
Hayleys Group Services (Pvt) Ltd #400, Deans Road, Colombo 10 |
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j. |
Bankers |
: |
Hatton National Bank |
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·
Directors Details
01)
|
Name |
Abeyakumar Mohan
Pandithage |
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ID Number |
511291887 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
08th
May 1951 |
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Age |
64 Years |
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Address |
#119, Kynsey
Road, Colombo 08 |
02)
|
Name |
Sarath Clement
Ganegoda |
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ID Number |
622330369 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
20th
August 1962 |
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Age |
52 Years |
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Address |
#37/7/1,
Fairmount Residency, Perera Mawatha, Kotuwegoda, Rajagiriya. |
03)
|
Name |
L. J. Chanaka De
Silva |
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PP Number |
N 2014410 |
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Nationality |
Sri Lankan |
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Address |
No.20, Gangadara
Mawatha, Off Templers Road, Mount Lavinia |
04)
|
Name |
Deepthi
Hewageegana |
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ID Number |
643480646 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
13th
December 1964 |
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Age |
50 Years |
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Address |
#79A, Railway
Avenue, Maharagama |
05)
|
Name |
Chandana Sudath
Bandara Wijesundara |
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ID Number |
770071127V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
07th
January 1977 |
|
Age |
37 Years |
|
Address |
#55/60B, Pathima
Road, Nagoda, Kandana |
06)
|
Name |
Dr. Arul Sivagananathan |
|
ID Number |
692313402V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
18th
August 1969 |
|
Age |
45 Years |
|
Address |
#33, Mary’s
road, Colombo 04 |
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 are not required to make public disclosure of their annual financials. Therefore no detailed financials are available for this entity
·
History.
The Subject Company HAYCOLOUR (PVT) LTD is a Private
Limited liability Company incorporated
on 14th March 1980 under
registration number PVS 6382 and
then the company was re-registered on 09th
July 2008 under registration number
PV 5211. The subject company was earlier known as HAYCOLOUR LTD and it was changed to HAYCOLOUR (PVT) LTD on 09th
July 2008.
Haycolour
is a 100% fully owned subsidiary of Hayleys Industrial Solution which is under
the wing of Hayleys PLC. Hayleys PLC being one of the prestigious Blue chip
companies in Sri Lanka has over 120 companies under the World of Hayleys
covering all sectors in the local and international markets.
Awards
The Subject Company HAYCOLOUR (PVT) LTD has received a Bronze award last year, for the
first time it participated in the awards programme.
Haycolour Pvt. Ltd. was
awarded Gold in the large industry sector, at the National Export Awards
presentation of the National Chamber of Exporters (NEC) of Sri Lanka.
·
Location.
The Subject
Company is located at No.25, Foster Lane, Colombo – 10. The client
Subject is an
associate company of HAYLEYS GROUP of
companies.
·
Operational
Details.
General
The subject company primary
line of business is Manufactures and dealers
in pigment emulsions for textile printing
Products
Pigment emulsions,
Textile Dyes and Processing chemicals
Import Countries
China, India, UK,
Korea, Malaysia
Employees
Approximately 100
·
Trade references
The subject
company did not provide any trade reference referrals.
Subject is a
well known company.
·
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 computerized 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.
Unable to contact.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
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Analysis Done by
: |
RAS |
|
|
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.