MIRA INFORM REPORT

 

 

Report No. :

319619

Report Date :

07.05.2015

 

IDENTIFICATION DETAILS

 

Name :

CITIHEALTH IMPORTS (PVT) LTD

 

 

Registered Office :

# 29/3,Kirimandala Mawatha Nawala, Rajagiriya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.01.2006

 

 

Com. Reg. No.:

PV 3198

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importers, Traders & Marketers of Pharmaceuticals.

 

 

No. of Employees :

185 (Approximately)

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

:

CITIHEALTH IMPORTS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman

:

Chandra Kumara De Silva Jayaratne

d.

Primary Line of Business

:

Importers, Traders & Marketers of Pharmaceuticals.

e.

      Head office

             &

   Place of Business

:

 

# 29/3,Kirimandala Mawatha
Nawala,
Rajagiriya,

Sri Lanka.

 

Tel. No: (00 94 11) 286 1800, 440 5864-5

Fax. No: (00 94 11) 441 2055, 286 1803

 

E-mail: citi@isplanka.lk

sanjaya@citihealth.lk

 

Location : Owned

Locality : Commercial

 

g.

No. of Employees

:

185 (Approximately)

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 16577

Date of Registration

:

19th January 2006

b.

Re-registration No

:

PV 3198

Date of re-registration

:

08th April 2008

c.

Registered Office

:

# 29/3,Kirimandala Mawatha, Nawala, Rajagiriya

d.

Board of Directors

As At

31st December 2014

:

Chandra Kumara De Silva Jayaratne

Chairman

Sunethra Jayaratne (Ms)

Director

Sanjaya De Silva Jayaratne

Director

Chathurani De Silva Jayaratne (Ms)

Director

f.

Issued Share Capital

:

Rs.    5,880,000.00

g.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007

h.

 

Share Holders

As At

31st December 2014

:

Share Holders

No. of

Shares

Chandra Kumara De Silva Jayaratne

149,999

Sunethra Jayaratne

90,000

Sanjaya De Silva Jayaratne

30,000

Chathurani De Silva Jayaratne

30,000

Naresh Joseph Raymond

01

Mirabaud and Cie (Switzerland)

288,000

i.

Auditors

:

S.B. Rodrigo & Co.

(#2A/ 2/4, Lake Drive, Colombo 08)\

 

OT and David

Chartered Accountant

j.

Company Secretaries

:

Update (Pvt) Ltd

(#15/1, Stamboul Place, Colombo 03)

 k.

Bankers

:

Commercial Bank, Sri Lanka

Sampath Bank, Sri Lanka

l.

Trading Terms

                       

 

Purchasing Terms:       Cheque

Sales Terms:                Cheque

 

 

Directors Details

 

01)

Name

Chandra Kumara Jayaratne De Silva

ID Number

462920342 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th October 1946

Age

68 Years

Address

#27, Kirimandala Mawatha, Nawala.

 

02)

Name

Sunethra Jayaratne

ID Number

528430333 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

08th December 1952

Age

62 Years

Address

#27, Kirimandala Mawatha, Nawala

 

03)

Name

Sanjaya Jayaratne De Silva

ID Number

800851831 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

25th March 1980

Age

35 Years

Address

#31, Kirimandala Mawatha, Nawala

 

04)

Name

Chathurani Jayaratne De Silva

ID Number

836590376 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07th June 1983

Age

31 Years

Address

#27, Kirimandala Mawatha, Nawala

FINANCIAL DETAILS - Most recent available Financial Information

 

 The Manager of the Company has declined to provide information on its Finances Details as they fear that the information will reach their competitors and/or the government agencies.

                                                           

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 CITIHEALTH IMPORTS (PVT) LTD is a Private    Limited   liability Company incorporated on 19th January 2006 under the registration number N (PVS) 16577 and then the company was re-registered on 08th April 2008 under the registration number PV 3198.

 

  • Location

 

The Subject Company is located at client # 29/3, Kirimandala Mawatha, Nawala, Rajagiriya.

 

  • Operational Details

 

General

The subject company’s primary line of activity is Import, Trade & Marketing of Pharmaceuticals.

 

Products

Blades Surgical, surgical gloves, Drugs and other Pharmaceuticals

 

Country

India, Indonesia

 

Employees

185 (Approximately)     

 

 

  • Financial Data

 

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  

                    

 

    

  • Trade references

 

Cosmetic, Devices & Drugs Regulatory Authority (CDRA)

State Pharmaceutical Corporation

 

  • 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 PARTED BY (GENERAL DETAILS)

 

Name :

Ms. Minoli

Designation :

Secretary

Contact No.:

(00 94 11) 286 1800

Date :

06.05.2015

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.96.81

Euro

1

Rs.71.51

 

INFORMATION DETAILS

 

Information Gathered by : 

MNJ

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

VNT

 

               

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.