MIRA INFORM REPORT

 

 

Report Date :

10.10.2013

 

IDENTIFICATION DETAILS

 

Name :

ACME PRINTING AND PACKAGING PLC

 

 

Registered Office :

1st Floor, Lakshman's Building, # n343, Galle Road,  Colombo 03

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

20.12.1949

 

 

Com. Reg. No.:

PQ 196

 

 

Legal Form :

Public Limited Liability Company 

 

 

Line of Business :

Manufacturer of flexible packaging.

 

 

No. of Employees :

800

 

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 :

Slow

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

Company name and address

 

a.

Name of Subject of Inquiry

:

ACME PRINTING AND PACKAGING PLC

b.

Legal Form  & Status

:

Public Limited Liability Company  (In Operation) listed with Colombo Stock Exchange

c.

Chairman

:

J. Daniel Peiris

d.

Primary Line of Business

:

Flexible packaging manufacturer

e.

Registered Offices

 

1st Floor, Lakshman's Building,
# n343, Galle Road,
Colombo 03,
Sri Lanka

Tele: (00 94 11) 256 4458
Email : acmepack@eureka.lk

             acmemkt@sltnet.lk

Place of Business

&

Factory

:

# 318, Gonamaditta Road,

P.O. Box 29,

Piliyandala,

Sri Lanka.

 

Tel. No: (00 94 11) 260 6336 - 8

Fax No: (00 94 11) 260 6340

 

E-Mail: acmemkt@sltnet.lk

              general@acmelk.com

g.

No. of Employees

:

Approximately 800

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

 

a.

Registration No

:

PQ 196

b.

Date of Registration

:

20th December 1949

c.

Registered Office

:

1st Floor, Lakshmans Building, 321, Galle Road, Colombo - 3

d.

Board of Directors

As At

31st March 2013

:

J. Daniel Peiris

Chairman

R. Seevarathnam

Director

Paras Chandaria

Director

H.D.S. Amarasuriya

Director

C.L.K.P. Jayasuriya

Director

D.S. Weerakkody

Director

N.M. Chandaria

Director

J.M. Swaminathan

Director

e.

Issued Share Capital

:

Rs.   256,132,800.00         

f.

Nominal Value of Share

:

Rs.    10.00

 

 

 

Registration and Shareholder Details Cont….

 

g.

     

Major Share Holders

As At

31st March 2013

(Total Share Holders 2,093)

:

 Major Share Holders

No. of

Shares

Clovis Company Ltd

11,054,831

Lanka Aluminium Industries PLC

1,836,486

R.P. Weerasooriya

1,655,349

Bank of Ceylon No.1 Account

1,078,700

J.D. Peris

774,300

J.Y.K. Associates (Private) Limited

454,199

Finco Holdings (Pvt) Ltd

359,000

I.G. Nanayakkara

351,291

i.

Auditors

:

KPMG Ford, Rhodes, Thornton & Company

j.

Company Secretaries

:

S. S. P. Corporate Services (Pvt) Ltd

k.

Bankers

:

 

HSBC

Commercial Bank of Ceylon PLC

Bank of Ceylon

Hatton National Bank

Sampath Bank PLC

Nations Trust Bank

DFCC Bank

DFCC Vardhana Bank Ltd

National Development Bank Ltd

Seylan Bank PLC

 

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

             New Picture

 

 

 

New Picture
CURRENT INVESTIGATION      

 

History

The Subject Company ACME PRINTING AND PACKAGING PLC is a Public    Limited   Liability Company incorporated on 20th December 1949 under registration number PVS 823 then the company was re-registered under registration number PQ 196. The Subject Company is a listed company of Colombo Stock Exchange.

 

Location

The Subject Company is located at client # 318, Gonamaditta Road, P.O. Box 29, Piliyandala, Sri Lanka.

 

Operational Details

 

General

The subject company primary line of business is Flexible packaging manufacturer.

The subject company has earned certified by ISO: 9001-2000 certification

Below a few international brand names for which, Subject Company provide packaging material.

Nido

Nespray

Nestle Coconut Milk Powder

Sunlight, Surf Excel, Rin, Supreme

Panadol & Disprin

Malibon Lemon Puff, Cream Crackers etc

 

 

Client list of the Subject Company

 

Unilever Ceylon Ltd

Nestle Lanka Ltd

Maliban Biscuits Ltd

Ceylon Chocolate Ltd

Ceylon Chocolate Ltd

Edna Chocolate Ltd

Ceylon Biscuits Ltd

Glaxo SmithKline Beecham (Pvt) Ltd

Glaxo SmithKline - Pakistan

Cargills Quality Foods Ltd

Ceylon Cold Stores Ltd

James Finlay & Company (Colombo) Ltd

Stassen International

J Cey Tea (Pvt) Ltd

Ceylon Tea Marketing Ltd

Raigam Marketing (pvt) Ltd

 

Import Countries

India, China, England, Taiwan…etc

 

Employees

Approximately 800

 

Financial Data

 

Received from the Annual Report- 2012/2013.

 

     

Trade references

 

 The subject company did not provide any trade reference referrals

 

 

Credit Recommendations

 

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.61.92

UK Pound

1

Rs.99.45

Euro

1

Rs.83.9

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.