MIRA INFORM REPORT

 

 

Report Date :

11.05.2013

 

IDENTIFICATION DETAILS

 

Name :

PRINTCARE PACKAGING (PVT) LTD

 

 

Registered Office :

# 77, Nungamugoda Road, Kelaniya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

28.03.1995

 

 

Com. Reg. No.:

PV 16883

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Printing Solution Providers

 

 

No. of Employees :

Approximately 90 (Group 650 approx)

 

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 – 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

 

 

 

GENERAL

Basic information at a glance

 

Name of Subject of Inquiry

:

PRINTCARE PACKAGING (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Mr. K. Ratnam Ravindran

Primary Line of Business

:

Printing Solution Providers

Place of Business

:

 

# 77, Nungamugoda Road,

Kelaniya.

                       

Tel. No: (00 94 11) 291 2791- 3

Fax No: (00 94 11) 291 2790

 

E-mail : printcare@printcare.lk

 

Factory

:

 

# 21, Pushparama Road,

Pahla Biyanwella,

Kadawata.

 

Tel. No: (00 94 11) 290 1042 - - 3 / 290 1850

Fax No: (00 94 11) 290 1044

 

No. of Employees

:

 Approximately 90 (Group 650 approx)

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 14641

Date of Registration

:

28th March 1995

Re-registration No

:

PV 16883

Date of Re-registration

:

17th November 2009

Registered Office

:

# 77, Nungamugoda Road, Kelaniya.

Board of Directors

As at

14th October  2012

:

K. Ratnam Ravindran

Managing

Director

Merril Joseph Fernando

Chairman/Director

Ejaz Gulamhusein Chatoor

Director

Abbasally Nuruddin Esufally

Director

Dayasiri Warnakulasooriya

Director

Issued Share Capital

:

Rs.          40,000,020.00             

Nominal Value of Share

:

Rs.                        10.00

Share Holders

As at

14th October 2012

:

 Share Holders

No. of Shares

Universal Packaging (Pvt) Ltd

4,000,000

Ratnam Ravindran Krishnamoorthi

01

Ejaz Gulamhusein Chatoor

01

Auditors

:

Ernst & Young

Company Secretaries

:

Corporate Advisory Services  (Pvt) Ltd

Bankers

:

National Development Bank PLC

Citibank

Deutsche Bank

Bank of Ceylon

Seylan Bank PLC

HSBC

 

 

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 is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION                      

 

History.

                    The Subject Company PRINTCARE PACKAGING (PVT) LTD is a Private Limited   liability Company incorporated on 28th March 1995 under registration number N (PVS) 14641 and then the company was re-registered on 17th November 2009 under registration number PV 16883.

 

The subject company PRINTCARE PACKAGING (PVT) LTD is a subsidiary company of PRINT CARE PLC.

 

·         Location.

 

The Subject Company’s Head Office is located at the client # 77, Nungamugoda Road, Kelaniya and their factory is located at # 21, Pushparama Road, Pahla Biyanwila, Kadawata, which are town on the Colombo-Kandy highway, approx. 15-20 kilo meters from Colombo.

      

·         Operational Details.

 

         General

                      The subject company primary line of business is printing solution providers.

 

Products

Cartons, Calendars, Advertising material, Tea tags, Envelopes, Magazines, Greeting cards, Beverage labels, Dialog cards, etc.

 

Country

-Not Disclosed-

 

Employees

·         The employee strength of the subject company is approximately 90 employees.

·         The total strength of employees in the group was stated as approximately 650 employees.

 

 

·         Director’s Details

01)

Name

Krishnamoorthy Ratnam Ravindran

ID Number

521521597 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st May 1952

Age

61 Years

 

 

02)

Name

Merril Joseph Fernando

ID Number

301272286 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

6th May 1930

Age

83 Years

 

03)

Name

Ejaz Gulamhusein Chatoor

ID Number

572460258 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

2nd September 1957

Age

56 Years

 

04)

Name

Abbasally Nuruddin Esufally

ID Number

523324527 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th November 1952

Age

61 Years

 

05)

Name

Dayasiri Warnakulasooriya

ID Number

390681364 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

8th March 1939

Age

74 Years

 

Financial Data

Declined to provide its 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

 

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.54.54

UK Pound

1

Rs.84.19

Euro

1

Rs.71.11

 

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.