MIRA INFORM REPORT

 

 

Report No. :

339643

Report Date :

15.09.2015

 

IDENTIFICATION DETAILS

 

Name :

ULTRATECH CEMENT LANKA (PVT) LTD

 

 

Registered Office :

# 81 / 11 / 1, New Nuge Road, Peliyagoda, Kelaniya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

28.09.1997

 

 

Com. Reg. No.:

PV 10003

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is manufacture, import and distribute of cement.

 

 

No. of Employee :

90 (Permanent Staff)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

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

:

ULTRATECH CEMENT LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Chief Executive

 :

Kiran Gunaji Redkar (Indian)

d.

Primary Line of Business

:

Manufacture, Import and Distribute of Cement.

e.

Place of Business & Factory

:

 # 81 / 11 / 1,

New Nuge Road,

Peliyagoda,

Kelaniya,

Sri Lanka.

 

Tel. No: (00 94 11) 290 8310 / 290 8312 / 290 8311

Fax No: (00 94 11) 290 8313 / 290 7422

 

Email: corporate@ultratechcement.lk

 

f.

No. of  Employees

:

Approximately 90 (Permanent Staff)

           

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 19652

Date of Registration

:

28th September 1997

b.

Re-registration No

:

PV 10003

Date of Re-registration

:

03rd December 2008

c.

Registered Office

:

# 81/11/1, Nuge Road, Peliyagoda.

 

Board of Directors

As At

23rd June 2015

:

Kiran Gunaji Redkar (Indian)

Chief Executive

Ajith Rohan Gunawardena

Director

D.W.P. Upali

Director

Atul Daga

Director

Jayant Dua

Director

 

Registration and Shareholder Details Cont…

 

d.

Issued Share Capital

:

Rs.       500,000,000.00

e.

No. of Shares

:

50,000,000

 

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

f.

Share Holders

As At

19th September 2014

 

 

                       Share Holders

No. of Shares

UltraTech Cement Limited (India)

40,000,000

Ceylinco Insurance Company Limited

9,000,000

Ceylinco International Trading Company Ltd

1,000,000

 

 

g.

Auditors

:

KPMG

(#32A, Sir. Mohamed Macan Markar Mawatha, Colombo 03)

h.

Company Secretaries

:

SPA Corporate Services (Pvt) Ltd

(#05, 09th Lane, Nawala Road, Nawala)

i.

Bankers

:

Citi Bank.

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

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 is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

 

 

CURRENT INVESTIGATION

 

·         History.

 

logo_ultratech_lanka

Company Logo

 

                  The Subject Company ULTRATECH CEMENT LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 28th September 1997 under registration number N (PVS) 19652 and then the company was re-registered on 3rd December 2008 under registration number PV 10003

 

Previous name of the Subject Company was ULTRATECH CEYLINCO (PRIVATE) LIMITED, and it was changed to as ULTRATECH CEMENT LANKA (PVT) LTD on 07th October 2009. Also Subject Company is a Subsidiary Company of CEYLINCO GROUP which has 204 subsidiary companies 

 

·         Location.

 

The Subject Company is located at the client # 81 / 11 / 1, New Nuge Road, Peliyagoda, Kelaniya.

 

 

·         Operations Details.

 

General

 

The subject company primary line of business is Manufacture, Import and Distribute of Cement

 

Products

Cements.

 

Import Country

India

 

Employees

                  Approximately 90 (Permanent Staff)

 

 

Directors Details

 

01)

Name

Ajith Rohan Gunawardena

ID Number

560382804 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

7th February 1956

Age

54 Years

Address

No.3, St.Anthony’s Mawatha, Mount-Lavinia

 

 

02)

Name

D.W.P. Upali

ID Number

572661245 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

22nd September 1957

Age

58 Years

Address

#108/3, Gothami Road, Colombo 08

 

 

03)

Name

Atul Daga

PP Number

FF 8292499

Nationality

Indian

 

04)

Name

Jayant Dua

PP Number

Z 2070068

Nationality

Indian

 

 

05)

Name

Kiran Gunaji Redkar

PP Number

Z 2325083

Nationality

Indian

 

 

Financial Data

 

The company has declined to provide information on its finances

              

 

Trade references

 

The subject company did not provide any trade reference referrals

 

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 declined BY

 

Name :

Mr. Mahesh

Designation :

Accounts Executive

Contact No.:

0009411-2908310

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.37

UK Pound

1

Rs.102.54

Euro

1

Rs.75.32

 

 

INFORMATION DETAILS

 

 

Information Gathered by :

PRI

 

 

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.