MIRA INFORM REPORT

Report Date :

09.10.2013

IDENTIFICATION DETAILS

Name :	UNI-DIL PAPER SACKS (PVT) LTD
Registered Office :	Naranpola Road, Moragala, Dekatana
Country :	Sri Lanka
Date of Incorporation :	27.10.2006
Com. Reg. No.:	PV 7976
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Exporter & Supplier of all kinds of wall paper sacks and sack Kraft.
No. of Employees :	Not Available

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 31^st, 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

Company name and address

a.	Name of Subject of Inquiry	:	UNI-DIL PAPER SACKS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Anthony Asokumar Page
d.	Primary Line of Business	:	Manufacture, Exporter & Supplier of all kinds of wall paper sacks and sack Kraft.
e.	Head office & Place of Business	:	Naranpola Road, Moragala, Dekatana, Sri Lanka. Tel. No: (00 94 11) 540 0000 Fax No: (00 94 11) 253 5138 / 253 5139 Email: unidilsack@unidil.com marketingsacks@unidil.com
f.	No. of Employees	:	Not Disclosed

COMPANY DETAILS

a.	Registration No	:	N(PVS) 48357
	Date of Registration		27^th October 2006
b.	Re-registration No	:	PV 7976
	Date of Re-registration		09^th October 2008
c.	Registered Office	:	Naranpola Road, Moragala, Dekatana.
d.	Board of Directors As at 10^th June 2013	:	Anthony Asokumar Page	Managing Director
			P. Senani Rajiv Casie Chitty	Director
			Lalendra Jerome Ruberu	Director
			D. Bannet Gamalath	Director
			Lalin Joseph Ainsely Fernando	Director
			Sivakumar Selliah	Director
e.	Issued Share Capital	:	Rs. 152,400,020.00
f.	Nominal Value of Share	:	Rs. 10.00
g.	Share Holders As at 10^th June 2013	:	Share Holders		No. of Shares
			Uni-Dil Packaging Ltd		15,240,001
			Ceytea Plantation Management Ltd		01
h.	Auditors	:	KPMG Ford Rhodes Thornton & Company
i.	Company Secretaries	:	P.W. Corporate Secretarial (Pvt) Ltd
k.	Bankers	:	Hatton National Bank

Director’s Details

01)

Name	Anthony Asokumar Page
ID Number	480812417 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	21^st March 1948
Age	63 Years

02)

Name	P. Senani Rajiv Casie Chitty
ID Number	681180400 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	27^th April 1968
Age	43 Years

03)

Name	Lalendra Jerome Ruberu
ID Number	592631970 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	19^th September 1959
Age	51 Years

04)

Name	D. Bannet Gamalath
ID Number	592830990 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	9^th October 1959
Age	51 Years

05)

Name	Sivakumar Selliah
ID Number	59344145 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	09^th December 1959
Age	54 Years

06)

Name	Lalin Joseph Ainsely Fernando
ID Number	500792434 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	19^th March 1950
Age	63 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

History

The Subject Company UNI-DIL PAPER SACKS (PVT) LTD is a Private Limited liability Company incorporated on 27^th October 2006 under registration number N (PVS) 48357 and then the company was re-registered on 9^th October 2008 under registration number PV 7976.

The subject company Uni-Dil Paper Sacks Pvt., Ltd operates as a subsidiary of Uni-Dil Packaging Ltd.

Location.

The Subject Company is located at client Naranpola Road, Moragala, Dekatana.

Operational Details.

General

The subject company primary line of business is Manufacture, Exporter & Supplier of all kinds of wall paper sacks and sack Kraft.

Products

Cement sacks, Tea sacks, Desiccated Coconut sacks…etc

Employees

Not Disclosed

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 computerized 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.61.69
UK Pound	1	Rs.99.20
Euro	1	Rs.83.69

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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