MIRA INFORM REPORT

 

 

Report Date :

11.12.2013

 

IDENTIFICATION DETAILS

 

Name :

EX – PACK CORRUGATED CARTONS (PVT) LTD

 

 

Registered Office :

# 10, Mile Post Avenue, Colombo 03

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.03.2002

 

 

Com. Reg. No.:

PV 3294

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacture, importer, exporter and dealers of corrugated cartons, plain and printed cartons, boxes, plastic cones, Collapsible, Containers, Boxes

 

 

No. of Employees :

Approximately 250

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka''s economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.

 

Source : CIA

 

NOTE

 

In absence of financials, no credit limit could be recommended.

 

 

GENERAL

           

Basic information at a glance

       

a.

Name of Subject of Inquiry

:

EX – PACK CORRUGATED CARTONS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

 :

Sattar Kassim

d.

Primary Line of Business

:

 

Manufacture, importer, exporter and dealers of corrugated cartons, plain and printed cartons, boxes, plastic cones, Collapsible, Containers, Boxes

 

e.

Place of Business & Factory

:

 

# 79, Pattiwila Road,

Gonawala,
Kelaniya,

Sri Lanka.

 

Tel. No: (00 94 11) 489 1891

Fax No: (00 94 11) 461 2965 / 474 1751

 

Email: sales@expack.lk

             info@expack.lk

 

f.

No. of  Employees

:

Approximately 250

                       

 

 

 

 

 

 

 

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 30220

Date of Registration

:

19th March 2002

b.

Re-registration No

:

# 79, Pattiwila Road,

Gonawala,
Kelaniya,

Sri Lanka.

 

Date of Re-registration

:

16th April 2008

c.

Registered Office

:

# 10, Mile Post Avenue, Colombo 03

d.

Board of Directors

As at

13th September 2012

 

Sattar Kassim

Managing Director

Shafik Kassim

Director

Hanif Yusoof

Director

Mohamed Zulficur Mohamed Ghouse

Director

e.

Issued Share Capital

:

Rs.     500,000,000.00

f.

Nominal Value of Share

:

Rs.                     10.00   (Total Number of Shares 50,000,000)                      

g.

Share Holders

As At

13th September 2012

 

 

                       Share Holders

No. of Shares

Aberdeen Holdings (Pvt) Ltd (Incorporated in Sri Lanka)

50,000,000

h.

Auditors

:

B.D.O Burah Hathy

i.

Company Secretaries

:

Consultants &Corporate Secretaries (Pvt) Ltd

j.

Bankers

:

HSBC, National Development Bank, Standard Chartered Bank, Amana Bank

 

 

Directors’ Details

 

01)

Name

Sattar Kassim

ID Number

563231289 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th November 1956

Age

56 Years

 

02)

Name

Shafik Kassim

ID Number

611090340 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th April 1961

Age

52 Years

 

03)

Name

Mohamed Zulficur Mohamed Ghouse

ID Number

652641103 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

20th September 1965

Age

47 Years

 

 

04)

Name

Hanif Yusoof

ID Number

583200339 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th November 1958

Age

55 Years

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION

                                                                         

Company Logo

 

History.

 

The Subject Company EX – PACK CORRUGATED CARTONS (PVT) LTD is a Private    Limited   liability Company incorporated on 19th March 2002 under registration number N (PVS) 30220 and then the company was re-registered on 16th April 2008 under registration number PV 3294.

 

Ex-pack Corrugated Cartons (Pvt) Ltd was established as a wholly owned subsidiary of Expolanka Holdings

 

Location.

 

The Subject Company is located at the client. # 79, Pattiwila Road, Gonawala, Kelaniya.

 

Operations Details.

 

General

The Subject Company, Ex-Pack Corrugated Cartons (Pvt) Ltd., is a company within the Expolanka Group of Companies.

 

The subject company has earned certified by ISO 9001-2008 and SGS-UKAS quality management.

 

Products

Corrugated Cartons & packaging materials,

 

Regular Slotted Case

 

Die Cut Boxes,

 

Laminated Boxes,

 

 

Corrugated Pallets, Wardrobe Cartoons, Coir pallets

 

Country

India, China, Maldives

 

Employees

Approx. 250

 

Financial Data

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

               

Trade references

National Chamber of Exporters

National Chamber of Commerce

Sri lanka Institute of Packaging

 

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.61.21

UK Pound

1

Rs.100.65

Euro

1

Rs.84.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.