MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Name : |
PRINTCARE PLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
2010 |
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Date of Incorporation : |
03.09.1979 |
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Com. Reg. No.: |
PVS 5931 |
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Legal Form : |
Public Limited Liability Company (In Operation) |
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Line of Business : |
Manufacturing and printing of tea bags, tags and envelopes etc |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GENERAL
- Basic
information at a glance
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Name of Subject
of Inquiry |
: |
PRINTCARE PLC |
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Legal Form
& Status |
: |
Public
Limited Liability Company (In Operation) |
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Chairman |
: |
Merrill
J Fernando |
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Primary Line of
Business |
: |
Manufacturing
and printing of tea bags, tags and envelopes etc… |
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Place
of Business |
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Kelaniya, Tel No: (00 94 11) 482 9218 Fax No: (00 94 11) 291 2790 Email: printcare@printcare.lk |
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No.
of Employees |
: |
Approximately
420 |
COMPANY DETAILS
-
Registration and Shareholder Details
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Registration No |
: |
PVS
5931 |
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Date of Registration |
: |
03rd
September 1979 |
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Re-registration No |
: |
PQ
75 |
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Tax Payer Identification No |
: |
104059317 |
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Registered Office |
: |
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Board of Directors As at 31st March 2010 |
: |
Merrill
J Fernando |
Chairman
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Abbas
Esufally |
Director |
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K.
R. Ravindran |
Director |
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Ejaz
Chatoor |
Director |
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Dayasiri
Warnakulasooriya |
Director |
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Anushya
Coomaraswamy |
Director |
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Simon
Scarff |
Director |
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Issued
Share Capital |
: |
Rs.
271,893,021.00 |
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Nominal Value of Share |
: |
Rs. 10.00 |
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Share Holders As at 31st March 2010 |
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Share Holders |
No. of
Shares |
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M.
J. F. Holdings Ltd |
4,620,016 |
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M.
T. T. Al-Nakib |
4,364,321 |
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K.
R. Ravindran |
3,981,238 |
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A.
N. Esufally |
780,666 |
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S.
Nadesan |
720,000 |
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M.
J. F. Exports Ltd |
523,032 |
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Saboor
Chatoor and Co. Ltd |
431,166 |
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Printcare
( |
266,729 |
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G.
S. Chatoor |
289,332 |
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D.
Warnakulasooriya |
233,452 |
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Auditors |
: |
Messrs. Ernst
& Young |
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Lawyers |
: |
D. L. & F.
De. Saram |
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Company Secretaries |
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Managers
& Secretaries (Pvt) Ltd |
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Bankers |
: |
National
Development Bank Citibank Deutsche
Bank Bank
of Seylan
Bank HSBC |
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FINANCIAL DETAILS
Most
recent available Financial Information
information declined by
Name : Mr. Vighnaharan
Designation : Manager – Financial Services
Date : 18.01.2010
CURRENT INVESTIGATION
Company Logo
·
History.
The Subject Company PRINTCARE PLC was
incorporated as a Private Limited
liability Company on 03rd
September 1979 under registration number N (PVS) 5931. It was converted to a
Public Limited Liability Company on
21st October 1994 under registration number PQ 75.
With the
introduction of the new company’s Act
No. 7 of 2007 on 3rd of
May 2007, the company’s name has been changed from PRINTCARE (CEYLON) LTD to PRINT CARE PLC.
·
Location.
The Subject
Company is located at client given address #
77, Nungamugoda Road, Kelaniya,
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Operational
Details.
General
The subject company’s primary
line of business is Manufacturing and printing
of tea bags, tags and envelopes etc…
Products
·
Tea bag tags
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Tea bag envelopes
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Tea cartons
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Gift items and consumer goods packaging
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Garment packaging
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Garment tags
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Heat transfers
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Magazines
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Commercial publishing
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Greeting cards
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Beverage labels
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Laminates
·
Security printing
No of Employees
Approximately 400
·
Financial Data
Received from
subject company 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
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Rating: |
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a) Business Scale |
Large |
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b) Business Trend |
Growing |
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c) Management
Capability |
Above Average |
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d) Commercial
Morality |
Above Average |
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e) Reputation |
Above Average |
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f) Market Situation |
Very Competitive
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.59 |
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1 |
Rs.72.31 |
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Euro |
1 |
Rs.60.73 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.