MIRA INFORM REPORT

 

 

Report No. :

340567

Report Date :

18.09.2015

 

IDENTIFICATION DETAILS

 

Name :

UNICAL CEYLON (PRIVATE) LIMITED

 

 

Formerly Known As :

UNICAL (CEYLON) (PVT) LTD

 

 

Registered Office :

Lady Catherine Estate, Ratmalana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.03.1964

 

 

Com. Reg. No.:

PVS 2159

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Manufacture & distribution of human Veterinary pharmaceuticals and packaging of branded pharmaceutical products.

 

 

No. of Employees :

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

NOTE

 

In absence of financials, no credit limit could be recommended.

 

 

Basic information at a glance

     

a.

Name of Subject of Inquiry

:

UNICAL CEYLON (PRIVATE) LIMITED.

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation).

c.

Chairman/MD

 :

Dilhan Suresh de Silva.

d.

Primary Line of Business

:

Manufacture & distribution of human and veterinary pharmaceuticals and packaging of branded pharmaceutical products.  

e.

Place of Business

:

Lady Catherine Estate,

Ratmalana

Sri Lanka.

 

Tel. No: (00 94) 263 5971 / 263 5602

Fax No: (00 94) 263 2049

 

E Mail:  uncal@slt.lk

f

No. of Employees

:

Not Disclosed.

 

                       

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

 

Registration No

:

PVS 2159

Date of Registration

:

16th  March 1964

b.

Registration No

:

PV 4182

Date of Registration

:

10th June 2008

c.

Registered Office

:

Lady Catherine Estate, Rathmalana, Sri Lanka.

d.

Board of Directors

As at

14th October 2014

:

Dilhan Suresh de Silva.

Chairman/MD

Fidelia Irene Padmawathie de Silva (Ms)

Director

e.

Total Share Capital

:

Rs.   4,234,500.00

Total No. Of Shares

:

42,345

f.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007. But could be computes as Rs. 100.00 

g.

Share Holders

As at

 14th October 2014

:

 Share Holders

No of Shares

Dilhan Suresh de Silva.

40,042

Union Traders Ltd.

892

Glaxo Smithkline International (Luxemborg) Ltd.

1,411

h.

Auditors

:

Ernst and Young

i.

Company Secretaries

:

Nexia Corporate Consultants (Pvt) Ltd.

j.

Bankers

:

Commercial Bank Plc, HSBC

 

 

Directors’ Details

 

01)

Name

Dilhan Suresh de Silva.

ID Number

592010992 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19th July 1959

Age

56 Years

Address

#30/11, Bagatalle Road, Colombo 05

 

02)

Name

Fidelia Irene Padmawathie de Silva.

ID Number

216011244 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

10th April 1921

Age

94 Years

Address

#30/11, Bagatalle Road, Colombo 05

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

Subject company was contacted and they declined financials without the identity of the client.

 

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

 

     http://www.unical.lk/Immage/normallogo.jpg

                           Company Logo

 

 

History.

The Subject Company UNICAL CEYLON (PVT) LTD is a Public Limited Liability Company incorporated on 16th March 1964 under the registration number PVS 2159, and then re-registered under the registration number PV 4182 on 10th June 2008 in terms                     

Of Companies Act. # 7 of 2007.

 

The subject company is an earlier known as a UNICAL (CEYLON) (PVT) LTD it changed to read as UNICAL CEYLON (PVT) LTD on 17th August 2010 (only the bracket around the word “Ceylon” removed)

 

The Subject Company is located at the client Lady Catherine Estate, Ratmalana, Sri Lanka, an industrial area approx. 10 kilo meters south of Colombo city.

 

Operational Details.

 

General

The subject company primary line of business is Manufacture & distribution of human Veterinary pharmaceuticals and packaging of branded pharmaceutical products.

 

Products

UN – Coated Tablets, Hard Gel Capsules, Blister Packaging, Strip Packaging, Liquid Bottle Filling. (Pharmaceutical products).

 

Brands

"CICATRIN" manufactured and sold under license from Calmic Ltd, United Kingdom.

 

Veterinary healthcare Products:

Animal, Pet and large animal products such as:

Antibiotics, De-wormers, Vitamins-oral, Biological Growth promoters Feed Enzymes.

 

Export Countries

EU, Middle East and South Asia.

 

No of Employees

Not Disclosed.

 

Trade references

 

Cosmetics, Drugs and Devices Regulatory Authority of Sri Lanka (CDDRA)

 

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 (0094-11-2635602)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.50

UK Pound

1

Rs.101.99

Euro

1

Rs.75.03

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

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.