MIRA INFORM REPORT

 

 

Report No. :

347413

Report Date :

17.11.2015

 

IDENTIFICATION DETAILS

 

Name :

S. & D CHEMICALS (PVT) LTD

 

 

Registered Office :

# 36, Old Kesbewa Road, Rattanapitiya, Boralesgamuwa.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

13.11.2013

 

 

Com. Reg. No.:

PV 95538

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture, formulate & Distributor of Chemicals- Detergents, Sanitizers, Textile Auxiliaries.

 

 

No. of Employees :

Approx. 125 (Group)

 

 

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 government's 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, but low tax revenues remain a 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

:

S. & D CHEMICALS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company

c.

Managing Director

:

G. G. Anura Dayantha De Silva

d.

Primary Line of Business

:

Formulate Manufacture, & Distributor of Chemicals.

e.

Place of Business

:

 # 36, Old Kesbewa Road,

Rattanapitiya,

Boralesgamuwa.

Sri Lanka

 

Tel. No: (00 94 11) 451 5544; 451 5177; 451 5225

Fax No: (00 94 11) 451 5545

E mail: admin@sdchemlanka.com 

 

Contact Person: Ms. Nadishani, Accountant 

 

f.

No. of  Employees

:

Approx. 125 (Group)

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

PV 95538

b.

Date of Registration

:

13th November, 2013

c.

Registered Office

:

# 36, Old Kesbewa Road, Rattanapitiya, Boralesgamuwa.

d.

Board of Directors

         As At

  08th June  2015

:

G. G. Anura Dayantha De Silva

Managing

Director

M.P. Ransi Yasolekha de Silva

Director

e.

Issued Share Capital

:

Rs.   18, 600,000.00

Issued Shares

:

1,860,000

f.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007

g.

       Share Holders

              As At

      08th June 2015

 

 

                       Share Holders

No. of Shares

G. G. Anura Dayantha De Silva

1,855,000

M.P. Ransi Yasolekha de Silva (Ms)

5,000

h.

Auditors

:

Not disclosed

i.

Company Secretaries

:

M.J. Harold Tilak Fernando

j.

Bankers

:

Sampath Bank PLC

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The company has declined to provide information on its finances without the identity of the end user of the     enquiry.

However, It should be noted that the particular industry/trade segment the company is involved has very good   growth potential and as such it can be expected for the company to expect fair growth in income

                                                                       

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 S. & D CHEMICALS (PVT) LTD is a Private    Limited   liability Company incorporated on 13th November, 2013 under registration number PV 95538.

 

The subject company also has associate companies known as:

 

Delta Conversion Industries.

S & D Associates

               

As stated, these are considered as one family business.

          

Location.

 

The Subject Company office is located at the client # 36, Old Kesbewa Road,  Rattanapitiya, Boralesgamuwa approx. 12 kilo meters Colombo.

 

 

Operations Details.

 

General

 

The subject company’s primary line of business is Manufacture, formulate & Distributor of Chemicals- Detergents, Sanitizers, textile auxiliaries.

 

 

The S. & D. Group is having factories at:

 

Factory No: 1.

 # 138/4, Minuwangoda Road, Ekala, Ja-ela.

 

Factory No: 2:

Block –A, EPZ. Biyagama. Malwana.

 

              

Products

       Manufacture of textile Auxiliaries,

       Supplies of Printing Chemicals,

       “Clena” Brand Housekeeping, Stewarding Chemical & Clena janitorial Chemicals,

        Sanitizing Agents for food industry,

        Rubber Chemicals such as rubber bleaching Agents, Accelerators, Anti Oxidants,

        Supplies of water treatment & Swimming pool chemicals,

        Manufacture of Modified Starches, Carboxyl Methyl cellulose (CMC)

 

Import Countries

Raw materials from India, China, Malaysia, UK

 

Employees

                 Approx. 125

 

Trade references

              National Chamber of Commerce

 

 

Directors Details

 

01)

Name

G. G. Anura Dayantha De Silva

ID Number

570450972V

Nationality

Sri Lankan

Date of birth

14th February, 1957

Address

#17/3, Mirihana Road, Nugegoda

 

02)

Name

M.P. Ransi Yasolekha de Silva (Ms)

ID Number

585280585V

Nationality

Sri Lankan

Date of birth

16th Sept. 1958

Address

17/3, Mirihana Road, Nugegoda

 

 

Credit Recommendations

 

Since the company is not in operation and 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

 

Name :

Ms. Nadishani

Designation :

Accountant

Contact No.:

00094114515544

Date :

10.11.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.17

UK Pound

1

Rs.100.66

Euro

1

Rs.70.97

 

INFORMATION DETAILS

 

Information Gathered by :

SUV

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

               

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.