MIRA INFORM REPORT

 

 

Report No. :

349162

Report Date :

19.11.2015

 

IDENTIFICATION DETAILS

 

Name :

COLOUR COATING LANKA (PVT) LTD

 

 

Registered Office :

# 476/1C, Deniyawatta Road, Battaramulla         

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

06.05.2004

 

 

Com. Reg. No.:

PV 15628

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Importers and Distributors of Industrial chemicals  for Paint, Plastics and rubber industries

 

 

No. of Employee :

Approximately 10

 

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

:

COLOUR COATING LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Saliya Bandara Udapitiya

d.

Primary Line of Business

:

Importers and Distributors of Industrial chemicals  for Paint, Plastics and rubber industries

e.

 

Place of Business

 

:

 

 # 476/1C, Deniyawatta Road,

Battaramulla         

SriLanka.

 

Tel. No: (00 94 11) 441 3200

Fax No: (00 94 11) 288 4755, 4413201

Mobile: (00 94 77) 301 7002

Email: info@colourcoatingslanka.com

 

General Manager (Marketing)- Mr. Lasantha Udapitiya

 

f.

No. of Employees

:

Approximately 10

                       

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 37442

Date of Registration

:

06th May 2004

b.

Re Registration No

:

PV 15628

Date of Re Registration

:

21th  August 2009

c.

Registered Office

:

# 476 – 1C, Deniyawatta Road, Battaramulla, Sri Lanka

d.

Board of Directors

As At

28th August 2013

:

 Saliya Bandara Udapitiya

Managing Director

 Indra Udapitiya (Ms)

Director

e.

Issued Share Capital

:

Rs.    20.00

f.

No of Shares

:

02

g

Nominal Value of Share

:

Not Stated Vide Companies act #7 of 2007

g.

 

Share Holders

As At

28th August 2013

:

Share Holders

No. of

Shares

U. Saliya Bandara Udapitiya

01

U. Indra Udapitiya

01

h.

Auditors

:

Amunugama & Company (Kotugodella Veediya, Kandy)

i.

Company Secretaries

:

Cyril  Abeykoon,  (#54, Nelum Mawatha, Primrose Gardens, Kandy)

j.

Bankers

:

-Not Disclosed-

 

 

Director’s Details   

 

01)

Name

Saliya Bandara Udapitiya

ID Number

601250033 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04th May 1960

Age

55 Years

 

Address

 

#297/E/S, Kotalawala, Kaduwela.

 

 

02)

Name

U. Indra Udapitiya

ID Number

636101672 V

Nationality

Sri Lankan

Gender

Female 

Date of Birth

19th April 1963

Age

52 Years

 

Address

 

 

#297/E/S, Kotalawala, Kaduwela.

 

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

 The company has declined to provide information on its finance without knowing the end of user of enquiry

 

However, it should be taken in to consideration that the particular industry/trading segment the  

Company involved has a good growth potential and as such it can be expected for the  

Company good income prospects

                                                                                                                                               

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

                          

                     http://colourcoatingslanka.com/images/logo_footer.png

 

The Subject Company COLOUR COATING LANKA (PVT) LTD is a Private Limited Liability Company incorporated on 06th May 2004 under the registration number N (PVS) 37442 and Re registered in terms of Companies Act #7 of 2007 on 27th August 2009 under the registration number PV 15628.

 

 

Location

 

The Subject Company is located at #476-1C, Deniyawatta Road, Battaramulla, Sri Lanka, approx 8 Kilometres from Colombo City.

 

 

Operational Details

 

General

The subject company primary line of business is Importers and Distributors of main raw materials for industries such as Paint& coatings, Constructions, Adhesives, printing inks, Plastics, rubber, footwear, soap/detergents, cosmetics, stationery, polishers (floor & shoe), fuel and textile.

 

 

Products

Pigments, additives, waxes, polymer, detergents, rubber, inks, paints

Brands:

 http://colourcoatingslanka.com/images/link1.png http://colourcoatingslanka.com/images/link3.png http://colourcoatingslanka.com/images/link4.png http://colourcoatingslanka.com/images/link5.png http://colourcoatingslanka.com/images/link8.png

 

Import Country

India, Germany, Japan

 

 

No of Employees

Approximately 10

 

General comment:

 

Subject Company was contacted but he refused to provide company details to a third party and insists that the client should contact them direct.

Our investigations have revealed that this company is less known amongst the relevant business community, may be perhaps due to their attitudes not to exchange views with others.

 

However, all information included in this report is received is through indirect source but clearly coming from the company itself.

 

 

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) / DENIED BY

 

Management Non Co Operative.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.11

UK Pound

1

Rs.100.51

Euro

1

Rs.70.39

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

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.