MIRA INFORM REPORT

 

 

Report Date :

13.12.2013

 

IDENTIFICATION DETAILS

 

Name :

SRINKO ENTERPRISES (PVT) LTD

 

 

Registered Office :

No: 30 /11, Robert Gunawardanea. Mawatha, Colombo 06

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

06.01.1984

 

 

Com. Reg. No.:

PV 11311

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturers and Exporters Of PVC, Office Stationery and Lather Products

 

 

No. of Employees :

Approximately 450

 

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 :

Unknown 

 

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

 

GENERAL

Basic information at a glance

    

Name of Subject of Inquiry

:

SRINKO ENTERPRISES (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

:

K.A. Wimal Rupasinghe

Primary Line of Business

:

Manufacturers and Exporters Of PVC, Office Stationery and Lather Products.

Head Office

&

Place of Business

:

 

 

# 30/11,Robert Gunawardena Mawatha,
Kirulapone,
Colombo 6,

Sri Lanka.

 

Tel. No: (00 94 11)  251 2383

Fax No: (00 94 11)  251 3744 , 251 3702

 

Email : export@srinko.com

             info@srinko.com

 

No. of Employees

:

Approximately 450

           

        

cOMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N(PVS)  1185

Date of Registration

:

06th January 1984

Re-registration No

:

PV 11311

Date of Re-registration

:

27th January 2009

Registered Office

:

No: 30 /11, Robert Gunawardanea.Mawatha, Colombo 06.

Board Of Directors

As At

31st December 2012

:

K.A. Wimal Rupasinghe

Chairman

M.D. Samantha Kumari Rupasinghe

Director

Rangana Suwimal Rupasinghe

Director

Issued Share Capital

:

Rs.   5,000,000.00

Nominal Value Of Share

:

Rs.                  10.00  (Total Number of Shares 500,000)

 Share Holders

As At

31st December 2012

:

 Share Holder

No. of

Shares

In held

K.A. Wimal Rupasinghe

375,000

M.D. Samantha Kumari Rupasinghe

125,000

Auditors

:

Hemchandra and Company

Company Secretaries

:

Corporate Management Consortium (Pvt) Ltd

Bankers

:

Not Disclosed-

 

 

Directors Details

 

01)

Name

K.A. Wimal Rupasinghe

ID Number

561060800 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

15th April 1956

Age

57 Years

Address

No: 30 /11, Robert Gunawardanea.Mawatha, Colombo 06

 

02)

Name

M.D. Samantha Kumari Rupasinghe

ID Number

546452239 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

24th May 1954

Age

59 Years

Address

18, Costa Mawatha, Kalubowila, Dehiwala.

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

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

 

                                                                                                                                                                      

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company SRINKO ENTERPRISES (PVT) LIMITED Company incorporated on 06th January 1984 under registration number N (PVS) 1185 and then the company was re-registered on 27th January 2009 under registration number PV 11311.

                 

                 The Subject Company is a Member Company of the Srinko Group. Srinko Group consist of the following companies,

                 SAVECO Paper Corporation (Pvt) Ltd

                 Saveco Printing and Packaging (Pvt) Ltd

                 Srinko Paperboard Mills

                 Susicom International (Pvt) Ltd

                 Susiko Bakers (Pvt) Ltd

 

·         Location.

 

       The Subject Company is located at the client #: 30 /11, Robert  

       Gunawardanea.Mawatha, Colombo 06.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacturers and exporters of PVC Stationery products

 

           

Products

                  Clip Boards & Files, Office Files, Memo & Card Holders, Magazine & Document Files,

                   Promotional & Menu Cards, Pencil Cases & Bags, Tools Packs

    

 

Countries

India

 

Employees

                  Approximately 450

 

·         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

                  The subject company did not provide any trade reference referrals

 

·         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.61.62

UK Pound

1

Rs.100.84

Euro

1

Rs.84.98

 

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.