MIRA INFORM REPORT

 

 

Report No. :

494893

Report Date :

07.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ECOCHEM (PRIVATE) LIMITED

 

 

Registered Office :

# 501, Katukurunduwatta Road, Ratmalana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

06.04.2000

 

 

Com. Reg. No.:

PV 4986

 

 

Legal Form :

Private, Limited Liability Company (In Operation)

 

 

Line of Business :

Manufacturer, exporter and importer of Chemical Products

 

 

No. of Employees :

52

 

 

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

(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

ECOCHEM (PRIVATE) LIMITED

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Chairman

Mr Mahinda Dhammika Palapotha Liyanage

d.

Primary Line of Business

Manufacturer, exporter and importer of Chemical Products

 

 

# 501, Katukurunduwatta Road, Ratmalana,

 

 

Sri Lanka.

e.

Principal Place of Business

Phone : (00 94 11) 2716 313 / 4211 903 4212 588 Fax : (00 94 11) 4547 673

 

 

E-Mail: ecochem@ecochemsl.lk

 

 

Web Site: http://ecochemsl.lk

f.

Employees

52

 

 

Company Details

 

 

 

 

 

 

 

a.

Registration No

N(PVS) 25921

Date of Registration

06th April 2000

b.

Re-registration No

PV 4986

Date of Re-registration

04th July 2008

c.

Registered Office

# 501, Katukurunduwatta Road, Ratmalana, Sri Lanka.

d.

Director Board / Ownership As At 31st December 2016

Mahinda Dhammika Palapotha Liyanage

Chairman

Ajith Priyadarshana Silva Atalugamage

Director

Dissanayake Arachchige Manjula Pushpasiri

Director

e.

Stated Share Capital

LKR 11,000,100.00

f.

No. of Shares

1,100,010

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

Dayananda Samarawickrema & Company Chartered Accountants # 20/26, Station Lane, Nugegoda, Sri Lanka.

j.

Company Secretaries

D M J Management & Secretarial Services (Pvt) Ltd # 20/26, Station Lane, Nugegoda, Sri Lanka.

k.

Main Bank/s

NA

 

 

Shareholders

 

 

NO.

NAME

NUMBER OF SHARES

1.

Mahinda Dhammika Palapotha Liyanage

366,670

2.

 

Ajith Priyadarshana Silva Atalugamage

366,670

3.

Dissanayake Arachchige Manjula Pushpasiri

366,670

 

 

FINANCIAL DETAILS    

 

Most recent available Financial Information

NA

 

 

CURRENT INVESTIGATION

 

Company Logo

 

History.

 

The subject company was initially formed on 06th April 2000 under N(PVS) 25921 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 04th July 2008 under PV 4986 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

 

Operational Details.

 

General

The subject company is into importing and supplying entities which manufacturer textiles with various enzymes and dyeing agents along with softeners etc.. the company is an established entity in its field and supplies many reputed entities.

 

Products & Services

Amylase Enzymes

Catalysts Enzymes

Alkaline Pectate Lyses

Cellulase Enzymes

Antistaing Agents

Finishing Agents

Pre Treatment and Dyeing Auxiliaries

 

Employees

52

 

Export Countries

Viet Nam

Bangladesh

India

Myanmar

 

Import Countries

USA

Turkey

India

Germany

 

Other Locations Abroad

• Ecochem Bangladesh (Pvt) Ltd, 22/B,Road,#36,Gulshan,7. 2,Dhaka,Bangladesh

 

Subsidiaries

• Ecoxhem (Pvt) Ltd

 

Purchasing terms

Letter of credit

Bank transfer

 

Sales terms

Letter of credit

Bank transfer

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Mahinda Dhammika Palapotha Liyanage

ID Number

642110764V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29.07.1964

Age

53

Address

# 50/10A, Janatha Mawatha, Attidiya, Dehiwala, Sri Lanka.

 

 

Director 2

 

ITEM

DETAIL

Name

Ajith Priyadarshana Silva Atalugamage

ID Number

683450510V

Nationality

Sri Lankan

Gender

Male

Date of Birth

10.12.1968

Age

49

Address

# 61/2, Sri Sumangala Road, Ratmalana, Sri Lanka.

 

 

Director 3

 

ITEM

DETAIL

Name

Dissanayake Arachchige Manjula Pushpasiri

ID Number

712172410V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04.08.1971

Age

46

Address

# 36/3AI, Liyanagahawatta, Gangarama Road, Werahera, Boralesgamuwa, Sri Lanka.

 

 

Information parted by [general details]

 

Person Name:   Mr. Janaka

Designation:     General Manager

Contact No.:     (00 94 11) 2716 313

Report date:      06.03.2018

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.99

UK Pound

1

INR 89.91

Euro

1

INR 80.21

LKR

1

INR 0.42

 

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.