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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

494242

Report Date :

05.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ISIN LANKA (PVT) LTD

 

 

Registered Office :

Rahula Mawatha, Off Minuwangoda Road, Andiambalama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

03.10.1991

 

 

Com. Reg. No.:

PV 8833

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Producer and Importer of Spun Yarn (Synthetic & Cotton)

 

 

No. of Employees :

Approximately 500

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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 its IMF program that it began in 2016. 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 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

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

 

a.

Name of Subject of Inquiry

ISIN LANKA (PVT) LTD

b.

Legal Form & Status

Private Limited Liability Company (In Operation)

c.

Chairman

Mr Sri Prakash Lohia (Group Chairman)

d.

Primary Line of Business

Producer and Importer of Spun Yarn (Synthetic & Cotton)

 

 

Rahula Mawatha,Off Minuwangoda Road,Andiambalama,

 

 

Sri Lanka.

e.

Principal Place of Business

Tel. No: (00 94 11) 2253694/2253700

Fax. No: (00 94 11) 2251248/2253698

E-Mail : isinmkt@slt.lk, infoindoramalk@sltnet.lk , atibrewal@indorama.com

Website : http://www.indorama.com/

f.

Employees

Approximately 500

 

 

Company Details

 

a.

Registration No

NPVS 8190

 

 

Date of Registration

03rd October 1991

b.

Re-registration No

PV 8833

 

 

Date of Re-registration

03rd November 2008

c.

Registered Office

Rahula Mawatha, Off Minuwangoda Road, Andiambalama, Sri Lanka.

d.

Board of Directors

As At 31st December 2017

Jatinder Biala

Director

 

 

Krishan Kumar Aggarwal

Director

 

 

Anurag Aggarwal

Director

e.

Issued Share Capital

LKR 207,475,000.00

f.

No. of Shares

20,747,500

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

K M P G Ford Rhodes Thornton & Company

# 32 A, Sir Mohamed Macan Markar Mawatha, Colombo 03,Sri Lanka

j.

Company Secretaries

Corporate Affairs (Pvt) Ltd

# 24/2, Sri Siddhartha Road, Colombo 05, Sri Lanka.

k.

Main Bank/s

NA

 

 

Shareholders

 

NO.

NAME

 

NUMBER OF SHARES

1.

IRS Global Pte Ltd (Singapore)

20,747,500

 

 

FINANCIAL DETAILS    

- Most recent available Financial Information

 

NA

 

 

CURRENT INVESTIGATION

 

 

Company Logo

 

 

·         HISTORY

 

The subject company was formed on 03rd October 1991 under NPVS 8190 and Re-registered on 03rd November 2008 under PV 8833 under the ROC act of Sri Lanka. The company is a fully owned subsidiary of Indorama Corporation (Pte) Ltd and Isin International (Pvt) Ltd, both offices located in Singapore. Initially formed as Indorama Lanka (Pvt) Ltd the company has done a name change as Isin Lanka (Pvt) Ltd on 20th November 2009

 

Caption

Isin Lanka (Pvt) Ltd, a company incorporated under the BOI act of Sri Lanka which was known as Indorama (Pvt) Ltd is mainly a Yan manufacturer. The Factory hosts 500+ employees and produces both Synthetic and Cotton Yarn for production of materials by its suppliers spread across the globe. The company Isin Lanka (Pvt) Ltd is a fully owned subsidiary of the Indorama Group with its Headquarters located in Singapore.

 

The group has diverse interests spread across the Asia region with manufacturing plants in Malaysia, Indonesia, India, Nigeria and Senegal and is into various business lines. Indorama Corporation is one of Asia's leading holding companies. Started in 1975, ndorama manufactures a multitude of industrial products including Polyethylene, Polypropylene, Polyester, Spun Yarns, Fabrics, Medical Gloves, and Fertilizers.

 

·         OPERATIONAL DETAILS

 

General

Isin Lanka (Pvt) Ltd, is a producer of Yarn (both Synthetic and Cotton) for import purposes.. The company operates in Sri Lanka as a feeder for the Indorama Group which is a large scale business conglomerate in the Asia region.

 

Products

Synthetic and Cotton Yarn

 

Employees

Approximately 500+

 

Associate Companies

Indorama Group

PT. Indo-Rama Synthetics Tbk

Indorama Eleme Petrochemical Limited

Industries Chimiques du Senegal (I.C.S.)

Indorama Industries Limited

Medisafe Technologies

YTY Industry Holdings

Indorama Real Estate

Indorama Eleme Fertilizer & Chemicals Limited

 

 

Personal Details of Key Persons

 

The following information was found through the registrar of companies records:

 

Director 1

 

ITEM

DETAIL

Name

Jatinder Biala

ID Number

Z 2140920

Nationality

Indian

Gender

Male

Address

HIG 762 A Phase-9,S.A.S.Nagar Mohali Distt

 

Ropor Panjab India

 

Director 2

 

ITEM

DETAIL

Name

Krishan Kumar Aggarwal

ID Number

Z1627411

Nationality

Indian

Gender

Male

Address

# 3,Rhu Cross,# 08-15 Costa Rhu,Singapore 437433

 

Director 3

 

ITEM

DETAIL

Name

Anurag Aggarwal

ID Number

Z1612414

Nationality

Indian

Gender

Male

Address

# 15,Leonie Hill Road,# 09-04 Horizon Towers

 

 

Information Declined

 

MANAGEMENT NON CO-OPERATIVE

 

Contact No.: 009411-2253694

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.23

UK Pound

1

INR 89.71

Euro

1

INR 79.50

LKR

1

INR 0.42

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

NIT

 

 

 

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)

 

 

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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.