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Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
L AND C Packaging Industries (Pvt) LTd |
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|
|
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Registered Office : |
# 30/15, Longden
Place, Colombo 07 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
30.06.2003 |
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Com. Reg. No.: |
N (PVS) 34232 |
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Legal Form : |
Private Limited Liability Company (in operation) |
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Line of Business : |
Manufacture and Export of Paper Products |
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No. of Employees : |
Not Disclosed |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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|
|
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. 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 strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.
Source
: CIA
|
a. |
Name of Subject of Inquiry |
: |
L AND C
PACKAGING INDUSTRIES (PVT) LTD |
|
b. |
Legal Form &
Status |
: |
Private Limited Liability
Company (in operation) |
|
c. |
Managing Director |
: |
Chanaka Frederick Goonetilleke |
|
d. |
Primary Line of Business |
: |
Manufacture and
Export of Paper Products |
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e. |
Place of Business |
: |
# 30/15, Longden Place Colombo 07, Sri Lanka. Tel. No: (00 94 11) 294 7747 Fax
No: (00 94 11) 482 0897 E Mail: c_s@eureka.lk |
|
f. |
No. of Employees |
: |
Not Disclosed |
|
a. |
Registration No |
: |
N (PVS) 34232 |
|||
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Date of Registration |
: |
30th June 2003 |
||||
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|
Re-registration No |
|
PV 6188 |
|||
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Date of Re-registration |
|
06th August 2008 |
||||
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c. |
Registered Office |
: |
# 30/15, Longden Place, Colombo
07, Sri Lanka. |
|||
|
d. |
Board of Directors As At 14th
October 2012 |
: |
Chanaka Frederick Goonetilleke |
Managing
Director |
||
|
L.R. Stephen Theodore |
Director |
|||||
|
Sonali Kumudini Goonetilleke |
Director |
|||||
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e. |
Issued Share Capital |
: |
Rs. 15,000,000.00 |
|||
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f. |
Nominal Value of Share |
: |
Rs.
10.00 |
|||
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g. |
Share Holders As At 14th
October 2012 |
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Share Holders |
No. of Shares |
||
|
Chanaka Frederick Goonetilleke |
899,999 |
|||||
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L.R. Stephen Theodore |
600,000 |
|||||
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Sonali Kumudini Goonetilleke |
01 |
|||||
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h. |
Auditors |
: |
Dias
Associates |
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i. |
Company Secretaries |
: |
Corporate Advisory Servicers (Pvt) Ltd |
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j. |
Bankers |
: |
Not Disclosed |
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- 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 is not required to make public disclosure of their annual financials.
Therefore no financials are available for this entity
·
History.
The Subject Company L AND
C PACKAGING INDUSTRIES (PVT) LTD is a Private Limited
liability Company incorporated on 30th
June 2003 under registration number N
(PVS) 34232 and then the
company was re-registered on 06th
August 2008 under the
registration number PV 6188
·
Location.
The Subject Company is located at client #
30/15, Longden Place, Colombo 07, Sri Lanka.
·
Operations Details.
General
The subject company primary line of business
is Manufacture and Export of Paper
Products.
Products
Paper Products
Countries
India
No of Employees
Not Disclosed
·
Directors
Details
01)
|
Name |
Chanaka Frederick Goonetilleke |
|
ID Number |
482370152 V |
|
Nationality |
Sri Lankan |
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Gender |
Male |
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Date of birth |
24th August 1948 |
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Age |
64 Years |
02)
|
Name |
L.R. Stephen Theodore |
|
ID Number |
46300106 V |
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Nationality |
Sri Lankan |
|
Gender |
Male |
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Date of birth |
26th October 1946 |
|
Age |
66 Years |
03)
|
Name |
Sonali Kumudini Goonetilleke |
|
ID Number |
618222721 V |
|
Nationality |
Sri Lankan |
|
Gender |
Female |
|
Date of birth |
17th November 1961 |
|
Age |
51 Years |
·
Financial Data
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 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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.