3decades

MIRA INFORM REPORT

Report No. :	484644
Report Date :	09.01.2018

IDENTIFICATION DETAILS

Name :	PHOENIX INDUSTRIES LIMITED

Registered Office :	# 409, 3rd Floor, Galle Road, Colombo 03

Country :	Sri Lanka

Date of Incorporation :	21.03.2002

Com. Reg. No.:	PB 87

Legal Form :	Limited Liability Company (In Operation)

Line of Business :	Manufacturers, Distributors and Suppliers of Plastic Furniture, Furniture, Plastic Pipes and Equipment and Related Items

No. of Employees :	597

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Sri Lanka

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under an IMF program. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 77% of GDP and remains among the highest of the emerging markets.

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.

Tourism has experienced strong growth during recent years following the resolution 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.

Source : CIA

Company Profile

Basic Information

Name of Subject of Inquiry	PHOENIX INDUSTRIES LIMITED
Legal Form & Status	Limited Liability Company (In Operation)
Managing Director	Mr Mohamed Aslam Omar
Primary Line of Business	Manufacturers, Distributors and Suppliers of Plastic Furniture, Furniture, Plastic Pipes and Equipment and Related Items
Principal Place of Business	# 409, 3rd Floor, Galle Raod, Colombo 03 Sri Lanka. Tel. No: (00 94 11) 4726 333 Fax. No: (00 94 11) 2958 007 E-Mail: khemindas@phoenix.lk Web Site: http://www.phoenix.lk/
Factory	Makandura industrial zone[East], Makandura Gonawila, Sri Lanka
Location	Owned
Locality	Commercial
Employees	597

Company Details

Registration No	N(PVS) PBS 30196
Date of Registration	21st March 2002
Re-registration No	PB 87
Date of Re-registration	10th December 2007
Registered Office	# 409, 3rd Floor, Galle Road, Colombo 03, Sri Lanka.
	Mohamed Aslam Omar		Director
	Mohamed Ashroff Omar		Director
Director Board / Ownership As At 30^th September 2016	Trevine Lalith Francis Wass Jayasekara		Director
	Mohamed Haji Omar		Director
	Feroz Omar		Director
	Angeline Ondaatjie		Director
	Ajith Joseph Johnpillai		Director
Sated Share Capital	NA
No. of Shares	Ordinary Shares	Preferential Shares
	20,999,995	29,100,000
Preferential Shares
Nominal Value of Share	NA
Auditors	Pricewaterhouse Coopers Chartered Accountant # 100, Baybrook Place, Colombo , Sri Lanka.
Company Secretaries	Brandix Management Services (Pvt) Ltd # 409, 3^rd Floor, Galle Road, Colombo 03, Sri Lanka.
Main Bank/s	NA
Importer of	Raw material
Country	Middle east , Singapore
Trading terms
Purchasing terms	Cheque and bank transfer
Selling terms	Cheque and bank transfer

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Phoenix Ventures (Pvt) Ltd	Ordinary Shares	Preferential Shares
	Phoenix Ventures (Pvt) Ltd	20,999,995	6,600,000
2.	DFCC Bank		22,500,000

FINANCIAL DETAILS - Most recent available Financial Information

CURRENT INVESTIGATION

Company Logo

History

The subject company was initially formed on 21^st March 2002 under N(PVS) PBS 30196 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 10^th December 2007 under PB 87 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Caption

The largest plastic manufacturer in Sri Lanka Phoenix Industries Ltd has specialized *i inaction and blow molding smce its me option in 1976 Offering customers a diverse product range of ISO 9000 - 2008 and ISO 22000 - 2005 certified plastics Phoenix runs 4s operations m a state of the art rnanutacturng tacikty at the Makandura Industrial Zone which comprises at a 300 000 sqr It factory in a 23 acre land

Being the trend seller in plastic molding Phoenix has maintained the proneer ship in vast product categories that are offered to our valued customers From plastic household durables to crates pallets ngid packaging toothbrushes PVC pipes and tilings and mattresses we command majority of the business segments that we operate

Our products are made available through a wide-ranging network ot over 6 000 large and small retailers around the island We provide consumers with time-tested products that they trust

Moreover we are the preferred supplier of plastic products for many leading businesses both local and international So. although you may not know it every time you reach tor your favourite brand ot ice cream - chances are you're reaching lor a Phoenix product too

Operational Details

General

The subject company, owned and managed by well reputed individuals in Sri Lanka, is a well- established entity in Sri Lanka, one of the largest and oldest manufacturing companies in Sri Lanka. The company supplies many reputed entities in the Country and is a diverse manufacturer of various items to suite the consumers.

Products & Services

Material Handling Products PVS Fitting and Pipes Mattresses and Sleeping Solutions Packaging Solutions Consumer Durables

Employees

Export Countries

China, India, USA, Japan

Import Countries

Associate / Subsidiary Companies

Factory / Warehouse and Sales Outlets

Owned

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Mohamed Aslam Omar
ID Number	541192719V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28^th April 1954
Age	63
Address	# 19, Greenlands Lane, Colombo 05, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Mohamed Ashroff Omar
ID Number	551352110V
Nationality	Sri Lankan
Gender	Male
Date of Birth	14^th May 1955
Age	62
Address	# 08, Kynsey Ward Place, Colombo 07, Sri Lanka.

Director 3

ITEM	DETAIL
Name	Trevine Lalith Francis Wass Jayasekara
ID Number	530060241V
Nationality	Sri Lankan
Gender	Male
Date of Birth	06^th January 1953
Age	64
Address	# 82 B, Ward Place, Colombo 07, Sri Lanka.

Director 4

ITEM	DETAIL
Name	Mohamed Haji Omar
ID Number	520922470V
Nationality	Sri Lankan
Gender	Male
Date of Birth	01^st April 1952
Age	65
Address	# 116, Barnes Place, Colombo 07, Sri Lanka.

Director 5

ITEM	DETAIL
Name	Feroz Omar
ID Number	641052566V
Nationality	Sri Lankan
Gender	Male
Date of Birth	14^th April 1964
Age	53
Address	# 161/3, Duwa Road, Baddegana, Pitakotte, Sri Lanka.

Director 6

ITEM	DETAIL
Name	Angeline Ondaatjie
ID Number	676303251V
Nationality	Sri Lankan
Gender	Female
Date of Birth	09^th May 1967
Age	50
Address	# 20/1, Queens Road, Colombo 03, Sri Lanka.

Director 7

ITEM	DETAIL
Name	Ajith Joseph Johnpillai
ID Number	L 850830
Nationality	New Zealand
Gender	Male
Date of Birth	NA
Age	NA
Address	Expo Victoria Towers # 66,Park Street, Colombo 02, Sri Lanka.

INFORMATION PARTED BY

Name :	Mr. Binuka
Designation :	Assistant Finance Manager
Contact No.:	000 94 11 4726 333
Date :	09.01.2018

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.34
UK Pound	1	INR 85.89
Euro	1	INR 76.15
LKR	1	INR 0.41

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	PNM

Analysis Done by :	PRI

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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