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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

515157

Report Date :

22.06.2018

 

IDENTIFICATION DETAILS

 

Name :

COLOUR COATING LANKA TRADING (PVT) LTD

 

 

Registered Office :

# 476 – 1C, Deniyawatta Road, Battaramulla

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

21.12.2010

 

 

Com. Reg. No.:

PV 75912

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Import and distribution of Industrial chemicals, Colour Pigments.

 

 

No. of Employees :

Approximately 10

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

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

 

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

Sri Lanka

A2

A2

 

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 the IMF program it began in 2016. The government's high debt payments and bloated civil service, which have contributed to historically high budget deficits, remain a concern. Government debt is about 79% of GDP and remains among the highest of the emerging markets. In the coming years, Sri Lanka will need to balance its elevated debt repayment schedule with its need to maintain adequate foreign exchange reserves.

In May 2016, Sri Lanka regained its preferential trade status under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including its top export garments, tax free to the EU. In 2017, Parliament passed a new Inland Revenue Act in an effort to increase tax collection and broaden the tax base in response to recommendations made under its IMF program. In November 2017, the Financial Action Task Force on money laundering and terrorist financing listed Sri Lanka as non-compliant, but reported subsequently that Sri Lanka had made good progress in implementing an action plan to address deficiencies.

Tourism has experienced strong growth in the years since the resolution of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. In 2017, the government promulgated plans to transform the country into a knowledge-based, export-oriented Indian Ocean hub by 2025.

 

Source : CIA

 

Basic information at a glance

     

Name of Subject of Inquiry

:

COLOUR COATING LANKA TRADING (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Saliya Bandara Udapitiya

Primary Line of Business

:

Import and distribution of Industrial chemicals, Colour Pigments.

 

Place of Business

 

:

 

 # 476/1C, Deniyawatta Road,

Battaramulla,

SriLanka.

 

Tel. No: (00 94 11) 441 3200 / 288 8960

Fax No: (00 94 11) 288 4755

Mobile: (00 94 77) 301 7002

 

Email: colours@sltnet.lk

 

General Manager (Marketing)- Mr. Lasantha Udapitiya

 

No. of Employees

:

Approximately 10

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

Registration No

:

PV 75912

Date of Registration

:

21st December 2010

Registered Address

:

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

Board of Directors

As At

02nd June 2017

:

 Saliya Bandara Udapitiya

Managing Director

 Indra Udapitiya (Ms)

Director

Issued Share Capital

:

Rs. 500,000

No of Shares

:

50,000

Nominal Value of Share

:

Not Stated Vide Companies act #7 of 2007

 

Share Holders

As At

02nd June 2017

:

Share Holders

No. of

Shares

Saliya Bandara Udapitiya

25,000

Indra Udapitiya (Ms)

25,000

Company Secretaries

:

R.W.M. Geetha Sriyani Ranatunga

(#33/5, Kuruppu Road, Colombo 08)

Company Auditors

:

N.M. Amunugama and Co.

(#33/5, Dutugemunu Mawatha, Lewella, Kandy)

Bankers

:

Commercial Bank.

 

 

Directors’ Details

 

01)

 

Name

Saliya Bandara Udapitiya

ID Number

601250033 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04th May 1960

 

Address

 

#297/E/S, Kotalawala, Kaduwela.

 

 

02)

 

Name

Indra Udapitiya

ID Number

636101672 V

Nationality

Sri Lankan

Gender

Female 

Date of Birth

19th April 1963

 

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                 

 

The Subject Company COLOUR COATING LANKA TRADING (PVT) LTD is a Private Limited Liability Company incorporated on 21st December 2010 under the registration number PV 75912.

 

Subject is having an associate company named COLOUR COATING LANKA (PVT) LTD.

 

·         Location

 

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

 

·         Operational Details.

 

General

The subject company primary line of business is Import and distribution of industrial chemicals, Colour Pigments.

 

Proucts

Colour Pigments.

 

Brands: Clariant, ShinEtsu, Merck, Wacker, JVP

 

Import Country

Japan, Mexico, Germany,

 

Clariant International AG

Shinetsu-SE Tylose GmbH

Merck Ltd

Wacker Chemie AG

Japan Vam and Poval Co. ltd

 

No of Employees

Approximately 10

 

·         Summary

 

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 BY

 

Name :

Miss Dhanashree

Designation :

Account executive

Contact No.:

(00 94 11) 441 3200

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.20

UK Pound

1

INR 89.58

Euro

1

INR 78.79

LKR

1

INR 0.43

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.