MIRA INFORM REPORT

 

 

Report Date :

30.08.2011

 

IDENTIFICATION DETAILS

 

Name :

PIRAMAL GLASS CEYLON PLC

 

 

Registered Office :

148, Maligawa Road, Borupana, Ratmalana

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.05.1955

 

 

Com. Reg. No.:

PQ 190

 

 

Legal Form :

Public Limited Liability Company listed in Colombo Stock Exchange (In Operation)

 

 

Line of Business :

Manufacture and Sales of Glass Containers

 

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 :

No Complaints

 

 

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 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GENERAL

- Basic information at a glance

       

Name of Subject of Inquiry

:

PIRAMAL GLASS CEYLON PLC

Legal Form  & Status

:

Public Limited Liability Company listed in Colombo Stock Exchange (In Operation)

Chairman

 :

Vijay Shah

Primary Line of Business

:

Manufacture and Sales of Glass Containers

Place of Business

:

 

148, Maligawa Road,
Borupana, Ratmalana,
Sri Lanka.

 

Tel No: (00 94 11) 263 5481 - 83

Fax No: (00 94 11) 263 5484

 

Email: pgc.info@piramal.com 

 

Factory

:

Wagawatta Road,
Poruwadanda, Horana,
Sri Lanka.

 

Tel No: (00 94 34) 493 8965 – 67

Fax No: (00 94 34) 225 8120

Marawila Road,
Nattandiya,
Sri Lanka.

 

Tel No: (00 94 32) 780 0200 - 4

Fax No: (00 94 32) 225 5193

No. of  Employees

:

Approximately 400

           

 

        

 COMPANY DETAILS

- Registration and Shareholder Details

 

Registration No

:

PQ 190

Date of Registration

:

17th May 1955

Registered Office

:

# 148, Maligawa Road, Borupana, Ratmalana, Sri Lanka.

Board of Directors

As At

31st March 2011

:

 Vijay Shah

Chairman

Dr. C. T. S. B. Perera

Director

R M S Fernando

Director

Sanjay Tiwari

CEO / Executive Director

Sandeep Umesh Arora

Director

Issued Share Capital

:

LKR. 950,086,080.00

 

Nominal Value of Share

:

LKR.                 1.00                          

 

Share Price as at 29th August 2011

:

LKR.                  8.60

 

Major Share Holders

As At

31st March 2011

:

 

                       Share Holders

No. of Shares

 

Piramal Glass PLC

536,331,880

 

DFCC Vardhana Bank Ltd / R. F. T. Perera

62,202,000

 

Employees Provident Fund

18,868,742

 

M. M. Udeshi

25,000,000

 

C. S. J. Perera

8,200,000

 

DFCC Bank A/C 1

22,076,852

 

Auditors

:

Ernst & Young

 

Company Secretaries

:

Mrs. Sagarika Jayasundera (Attorney-at-Law)

 

Bankers

:

Bank of Ceylon, 

Citi Bank N.A, 

Commercial Bank, 

Hatton National Bank, 

People’s Bank, 

Sampath Bank, 

Standard Chartered Bank, 

Development Finance Corporation of Ceylon PLC 

 

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT INVESTIGATION

                                               

 

·         History.

The Subject Company PIRAMAL GLASS CEYLON PLC is a Public Limited Liability Company incorporated on 17th May 1955 under registration number PQ 190

 

The company has changed the name from “CEYLON GLASS COMPANY PLC” to “PIRAMAL GLASS CEYLON PLC” with effect from 26th August 2008 (in accordance with Section 8 of Companies Act No. 07 of 2007)

 

·         Location.

The Subject Company is located at the client given address 148, Maligawa Road, Borupana, Ratmalana, Sri Lanka.

 

·         Operations Details.

 

General

The subject company primary line of business is manufacture and Sales of Glass Containers

 

Products

Glass Containers

 

Export Country

Australia, UK, USA, India

 

No of Employees

                  Approximately 400

 

 

·         Financial Data

 

                 Received from company 2011 annual report

               

                 

·         Trade references

 

                  The subject company did not provide any trade references

 

 

 

·         Credit Recommendations

 

                  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.

 

 

 ANALYSIS & RATING

- Appraisal and Rating of Subject Company

 

 

 

Rating:

a) Business Scale        

Medium

b) Business Trend

Average

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Very Competitive

                                   

 

             

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.87

UK Pound

1

Rs.75.14

Euro

1

Rs.66.68

 

 

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%)

 

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.