MIRA INFORM REPORT

Report Date :

16.03.2011

IDENTIFICATION DETAILS

Name :	POLYPAK SECCO LTD
Registered Office :	# 108, 04^th Floor, W.A.D.Ramanayake Mawatha, Colombo 02
Country :	Sri Lanka
Financials (as on) :	31.03.2010
Date of Incorporation :	02.09.1987
Com. Reg. No.:	PB 820
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Importers, Exporters and Distributors of Article and Products Made out of Plastics, Thermoplastics, and other Synthetic Resins.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Sri Lanka	b1	b1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

information parted by

Name : Mr. Gunatilak

Designation : Accounts Executive

Date : 15.03.2011

GENERAL-Basic information at a glance

Name of Subject of Inquiry	:	POLYPAK SECCO LTD
Legal Form & Status	:	Private limited liability Company (In Operation)
Managing Director	:	Sohli Edulji Captain
Primary Line of Business	:	Manufacturers, Importers, Exporters and Distributors of Article and Products Made out of Plastics, Thermoplastics, and other Synthetic Resins.
Head office & Place of Business	:	4th Floor, Propertex Court, No.108, W A D Ramanayake Mawatha, Colombo – 02, Sri Lanka. Tel. No: (00 94 11) 233 0128 – 30/ 233 0289-94/ 232 4136 Fax No: (00 94 11) 244 7661/ 244 7661 E-Mail: propertx@eureka.lk polypaksales@eureka.lk Location: Owned
No. of Employees	:	450 (30 in Office and 420 in Factory)

COMPANY DETAILS- Registration and Shareholder Details

Registration No	:	N (PVS) 3795 / PBS
Re-Registration No		PB 820
Date of Registration	:	02^nd September 1987
Date of Re-Registration		31^st December 2008
Registered Office	:	# 108, 04^th Floor, W.A.D.Ramanayake Mawatha, Colombo 02.
Board of Directors As At 30th September 2010		Sohli Edulji Captain	Managing Director
		Shattar Oraja Wijeysekera	Director
		Damayantha Wickramasinghe	Director
		Ranjith Francis Dias Abeysinghe	Director
		Rusi Sohli Captain	Director
		Leesha Anne Captain	Director
Issued Share Capital	:	Rs. 5,000,000.00
Nominal Value of Share	:	Rs. 10.00
Share Holders As At 30th September 2010	:	Share Holders		No. of Shares
		Sohli Edulji Captain		3,749,990
		Perin Edulji Captain		02
		Leesha Anne Captain		625,002
		Diana Captain.		02
		Nigel Drogo Cameron Austin		02
		A. Anthony Neville De Fonseka		02
		Rusi Sohli Captain		625,000
Auditors	:	Ford Rhodes Thornton & Company
Company Secretaries	:	Hulugalle Associate
Bankers	:	Commercial Bank, Foreign Branch Facilities: Overdraft : Rs. 200 millions Ceylon Bank, Colombo Facilities: Overdraft : Rs. 150 millions

CURRENT INVESTIGATION

· History.

The Subject Company POLYPACK SECCO LTD is a Private Limited liability Company incorporated on 02^nd September 1987 under registration number N (PVS) 3795 / PBS and then re-registered under the registration number PB 820 on 31^st December 2008.

· Director Details

01)

Name	Sohli Edulji Captain
ID Number	332491296 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	5th September 1933
Age	77 Years
Address	No.8, Clifford Avenue, Colombo – 3.

02)

Name	Shattar Oraja Wijeysekera
ID Number	332191012 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	6th August 1933
Age	77 Years
Address	No.39, Jayasinghe Road, Off Balapokuna Road, Colombo – 6.

03)

Name	Damayantha Wickramasinghe
ID Number	268190848 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	14th November 1926
Age	84 Years
Address	No.8, Claessen Road, Colombo – 5.

04)

Name	Ranjith Francis Dias Abeysinghe
ID Number	382400836 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	27th August 1938
Age	72 Years
Address	No.8, 1st Lane, Baddegana Road, Pitakotte, Kotte.

05)

Name	Rusi Sohli Captain
ID Number	650933010 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	02nd April 1965
Age	45 Years
Address	No.9/1, Gower Street, Colombo – 5.

06)

Name	Leesha Anne Captain
ID Number	685424100 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	11th February 1968
Age	42 Years
Address	No.2, Spathodea Avenue, Colombo – 5.

· Location.

The Subject Company is located at the client given address # 108, 04^th Floor, W. A. D Ramanayake Mawatha, Colombo 02.

· Operational Details.

General

The subject company primary line of business is manufacturers, importers, exporters and distributors of article and products made out of plastics, thermoplastics, and other synthetic resins.

Products

Plastics, Thermoplastics, and other Synthetic Resins, Soft drink Bottles, Polythene filers and ploy bags,

Import Countries

India, China, Malaysia

Employees

450 (30 in Office and 420 in Factory)

Trading terms

Selling Term : Cash, Credit

Purchasing Terms : Cash, Credit

Type of customers:

Manufacturer

· Financial Data

(Amt. In LKR Billions)

Particulars	31.03.2010	31.03.2009
Sales Turnover	1.500	1.200

Expected Sales (2010-2011):- LKR 2 Billions

· General Comments

The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from non-formal sources but clearly originating from the company.

· Trade references

Uniliver

· Credit Recommendations

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.15
UK Pound	1	Rs.72.59
Euro	1	Rs.62.95

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

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%)

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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.