MIRA INFORM REPORT

 

 

Report No. :

343300

Report Date :

06.10.2015

 

IDENTIFICATION DETAILS

 

Name :

HETTIGODA INDUSTRIES (PVT) LTD

 

 

Registered Office :

# 33/3, Sridharmarama Road, Ratmalana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

28.10.1983

 

 

Com. Reg. No.:

PV 1644

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is manufacture and export of ayurvedic and herbal products

 

 

No. of Employee :

Not Available

 

 

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

:

HETTIGODA INDUSTRIES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman

:

Victor Hettigoda

d.

Primary Line of Business

:

Manufacture and Export of Ayurvedic and Herbal Products.

e.

Head office

&

Place of Business

 

:

# 33/3, Sridharmarama Road,

Ratmalana,

Sri Lanka.

 

Tel. No: (00 94 11) 273 6910

Fax No: (00 94 11) 273 5465

 

Email: siddalep@slt.lk / siddhalep@thinkayurveda.com

 

f.

No. of Employees

:

Not Disclosed

 

           

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N(PVS) 705

Date of Registration

 

28th October 1983

 

Re-registration No

 

PV 1644

Date of Re-registration

 

26th December 2007

b.

Registered Office

:

#33/3, Sri Dharmarama Road, Ratmalana, Sri Lanka.

c.

Board of Directors

As at

14th October 2013

:

Victor Hettigoda

Chairman

Vidyani Hettigoda

Director

Asoka Hettigoda

Director

Rupasiri Wickramanayake

Director

Dilanthi Vichitra Fernando

Director

Lankani Hettigoda

Director

Hewa Fonsekalage Sarojani Fonseka

Director

Wasantha Dharmapriya Ariyathilaka

Director

d.

Issued Share Capital

:

Rs.    475,000.00

e.

No of Shares

:

47,500

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

 

Registration and Shareholder Details

 

F

 

Share Holders

As at

14th October 2013

:

Share Holders

No. of

Shares

Victor Hettigoda

14,250

Rupasiri Wickramanayake

9,500

Vidyani Hettigoda

7,125

Asoka Hettigoda

7,125

Lankani Hettigoda

7,125

Dilanthi Vichitra Fernando

2,375

G

Auditors

:

M/S Nagasinghe & Company Chartered Accountants

(#277, New Hunupitiya Road, Dalugama, Kelaniya)

h.

Company Secretaries

:

Consultants & Corporate Secretaries (Pvt) Ltd

(#35 1/1, Dewanam Piyatissa Mawatha, Colombo 10)

i

Bankers

:

Bank of Ceylon, People’s 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                      

 

 

                                               logo

                                            Company Logo

 

·         History

                  The Subject Company HETTIGODA INDUSTRIES (PVT) LTD is a Private    Limited   liability Company incorporated on 28th October 1983 under registration number N (PVS) 705 and then the company was re-registered on 29th December 2007 under registration number PV 1644.

 

                 The subject company is a member company of the HETTIGODA GROUP. Hettigoda Group is consisting of following companies.

                  Hettigoda Industries (Pvt) Ltd

                  Siddhalepa Ayurveda Hospitals (Pvt) Ltd

                 Siddhalepa Ayurveda Health Resort (Pvt) Ltd

                 Suraya Compost Fertilizer (Pvt) Ltd

                 Maduthala (Pvt) Ltd

                 Siddhalepa (Pvt) Ltd

                 Hettigoda Distributors (Pvt) Ltd

 

·         Location.

The Subject Company is located at client # 33/3, Sridharmaram Road, Ratmalana. Approx 08 kilometerers away from colombo

 

 

·         Operational Details.

 

General

            The subject company primary line of business is Manufacture and Export of Ayurvedic and Herbal Products.

                  The subject company is aAyurvedic Manufacturing Company in East Asia to have been  

                  Awarded the prestigious ISO 9001 Quality Standards Certification.

 

            Products

Balm, Inhaler, Oil, Ayurvedic Toothpaste, Herbal Toilet Soap, Baby Soap, Herbal Tonics, Herbal Teas

 

                   Brands

                   “Supirivicky”, “Sumudu”, “Visaka”, “Kekulu”

 

Country

                  India and South East Countries

 

Employees

                  Not Disclosed

 

 

Directors Details

 

01)

Name

Victor Hettigoda

ID Number

372571390 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th September 1937

Age

78 Years

Address

#33/3, Sumangala Mawatha, Rathmalana.

 

02)

Name

Vidyani Hettigoda

ID Number

658160125 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

11th November 1965

Age

50 Years

Address

#33/3, Sumangala Mawatha, Rathmalana.

 

 

03)

Name

Asoka Hettigoda

ID Number

670110320 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th January 1967

Age

48 Years

Address

#33/3, Sumangala Mawatha, Rathmalana.

 

04)

Name

Rupasiri Wickramanayake

ID Number

 405031230 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

03rd January 1940

Age

75 Years

Address

#33/3, Sumangala Mawatha, Rathmalana.

 

05)

Name

Dilanthi Vichitra Fernando

ID Number

598400610 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

05th December 1959

Age

56 Years

Address

#33/3, Sumangala Mawatha, Rathmalana.

 

06)

Name

Lankani Hettigoda

ID Number

717523270 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

08th September 1971

Age

44 Years

Address

#33/3, Sumangala Mawatha, Rathmalana.

 

07)

Name

Hewa Fonsekalage Sarojini Fonseka

ID Number

627843798 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

10th October 1962

Age

53 Years

Address

#34/2, St. Maria Sevana, Wijeratne Road, Katukurunda.

 

08)

Name

Wasantha Dharmapriya Ariyathilaka

ID Number

681760571 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

24th June 1968

Age

47 Years

Address

#73, Mihiri Place, Asiri Uyana, Katubedda, Moratuwa.

 

 

Trade references

 

The Ceylon National Chamber of Industries

 

 

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

 

Management Non-cooperative (0009411-2736910)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.29

UK Pound

1

Rs.99.31

Euro

1

Rs.54.39

 

 

INFORMATION DETAILS

 

 

Information Gathered by :

NYN

 

 

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%)

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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.