MIRA INFORM REPORT

 

 

Report Date :

27.04.2012

 

IDENTIFICATION DETAILS

 

Name :

ACE EXPORTS (PVT) LTD

 

 

Registered Office :

# 305, Vauxhall Street, Colombo 02.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.03.1987

 

 

Com. Reg. No.:

PV 412

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture, export of a wide range of flexible packaging/printed material for local and export markets

 

 

No. of Employees :

125

 

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 :

Slow

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

ACE EXPORTS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

:

J.M. Suresh Brito

Primary Line of Business

:

Manufacture, export of a wide range of flexible packaging/printed material for local and export markets.

Head office

&

Place of Business

 

:

 

# 316, K. Cyril, C. Pereira Mawatha ,

Colombo 13,

Sri Lanka.

 

 

Tel. No: (00 94 11) 232 4604

Fax No: (00 94 11) 233 2547

 

 E mail : aceprint@aitkenspence.lk / damayanthi@aitkerstence.lk 

Location: Owned

 

 

No. of Employees

:

Approx. 125

           

 

COMPANY DETAILS- Registration and Shareholder Details

 

 Registration No

:

N (PVS) 3382

Date of Registration   

:

26th March, 1987

Re- Registration

:

PV 412

Date of Re-registration

:

11th September, 2007

Registered Office

:

# 305, Vauxhall Street, Colombo 02.

Board of Directors

As At

07th October 2011

:

J.M. Suresh Brito

Chairman

De Mel, Devan Vasantha Hareen

Director

Karunatilaka Prasanna

Director

Issued Share Capital

:

Rs. 14,000,000.00        

Nominal Value of Share

:

Rs.               10.00

 

Share Holders

As At

07th October 2011

:

Share Holders

No. of

Shares

Aitken Spence Insurance (PVT) Ltd

      01

Aitken Spence PLC

    1,399,999     

Auditors

:

KPMG Ford Rhodes Thornton &n Co.

Company Secretaries

:

Aitken Spence Corporate Finance (Pvt) Ltd.

Bankers

:

HSBC, Commercial Bank

Trading Terms

:

Purchasing Terms : L/C, Cash

Selling Terms : L/C, Cash

Types customers

:

·         Retailers

Wholesalers

 

 

Information Parted By:

 

Name               : Ms. Damayanthi

Designation     : Finance Manager

Mobile No.       : 177058

Date                 : 25.04.2012

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company ACE EXPORTS (PVT) LTD is a Private Limited liability Company incorporated on 26th March, 1987 under registration N (PVS) 3382 and Re-registered in terms of Company Act. # 7 of 2007 on 11th September, 2007 under # PV 412.

 

                  The subject company is a member of the AITKEN SPENCE PLC, a well known business conglomerate, which is the umbrella organization for 15 companies

              

                  Location.

 

The Subject Company is located at the client given address # 316 C, K Cyril C Perera Mawatha, Colombo -13, a business cum residential area.

 

·         Operational Details.

General

                  The subject company’s primary line of business is Manufacture, distribute & Export of a wide range of packaging/ printed material for local and export markets.

 

Products

Packaging & advertising material., Books, Periodicals, Brochures, Labels, Posters, Annual Reports, calendars etc.

 

Export Country

                   UK, China, India, Thailand, European Countries

 

Employees

                  Approx. 125

 

 

·         Director‘s Details

01)

Name

J.M. Suresh Brito

ID Number

462342616 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

21st August 1946

Age

66 Years

 

 

02)

Name

De Mel, Devan Vasantha Hareen

ID Number

571471582 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

26th May 1957

Age

55 Years

 

 

 

 

 

 

 

 

 

03)

Name

Karunatilaka Prasanna

ID Number

571930307 V

Nationality

Sri Lankan

Gender

 Male

Date of Birth

11th July 1957

Age

55 Years

 

 

·         Financial Data

                  The company has declined to provide information on its finance                

 

                 In Sri Lanka, Private Limited Liability Companies do not publish their                                                                                                                                                               

                 Accounts for Public use, other than the shareholders

 

·         Trade references

National Chamber of Commerce of Sri Lanka

                  Export Development Board

 

·         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.52.57

UK Pound

1

Rs.85.03

Euro

1

Rs.69.56

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.