MIRA INFORM REPORT

 

 

Report Date :

18.09.2013

 

IDENTIFICATION DETAILS

 

Name :

ECONOPACK INDUSTRIES (PVT) LTD

 

 

Registered Office :

# 101, New Galle Road, Galathude, Bandaragama,                         

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

08.02.1994

 

 

Com. Reg. No.:

N(PVS) 12416   

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturer and Export of Corrugated Cartons.

 

 

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 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

:

ECONOPACK INDUSTRIES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

S. S. Harshani Fernando

d.

Primary Line of Business

:

Manufacturer and Export of Corrugated Cartons.

e.

Head office

&

Place of Business

 

:

 

# 101, New Galle Road,

Galathude,

Bandaragama,

Sri Lanka.

 

Tel. No: (00 94 38) 228 9903

Fax No: (00 94 11) 228 9905

 

Email: econo@sltnet.lk

 

f.

No. of Employees

:

Not Disclosed

                       

 

2) COMPANY DETAILS - Registration and Shareholder Details

 

a.

Registration No

:

N(PVS) 12416                               

 

Date of Registration

 

08th February  1994

 

b.

Re-registration No

:

 PV 18683

 

Date of Re-registration

 

15th June 2010

 

c.

Registered Office

:

# 101, New Galle Road,Galathude, Bandaragama

 

d.

Board of Directors

As at

13th August 2013

:

S. S. Harshani Fernando

Managing Director

R. L. Threse Leena Fernando

Director

J .W. M. Ranjit Canvicivs De Mel

Director

S. Hermila Fernando

Director

S. Natasha Shamara Fernando

Director

e.

Issued Share Capital

:

Rs.    26,200,000.00              

 

f.

Nominal Value of Share

:

Rs.                  10.00                    

 

 

 

Registration and Shareholder Details

 

 

g.

 

Share Holders

As at

13th August 2013

:

Share Holders

No. of

Shares

A. L. Chithrananda

270, 824

J .W. M. Ranjit Canvicivs De Mel

19,797

R. L. Threse Leena Fernando

606,861

S. S. Harshani Fernando

1,106,633

S. Hermila Fernando

496,998

S. N. Shamara Fernando

118,887

h.

Auditors

:

Kreston MNS & Company

 

i.

Company Secretaries

:

BDO Secretaries (Pvt) Ltd

 

k.

Bankers

:

Seylan Bank

 

 

 

 

 

 

Directors Details

 

         01)

Name

J .W. M. Ranjit Canvicivs De Mel

ID Number

 491992751X

Nationality

Sri Lankan

Gender

Male

Date Of Birth

17th July 1949

Age

 64 Years

Address

#.4, Kalyani Mawatha, Wattala

 

 

 

         02)

Name

R. L. Threse Leena Fernando

ID Number

427372308V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

24th August 1942

Age

71 Years

Address

#.92/1, Stratord Avenue, Colombo-06

 

 

         03)

Name

S. S. Harshani Fernando

ID Number

805272830V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

27th January 1980

Age

33 Years

Address

#.92/1, Stratord Avenue, Colombo-06

 

 

         04)

Name

S. Hermila Fernando

ID Number

818090188 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

4th November 1981

Age

31 Years

Address

#.92/1, Stratord Avenue, Colombo-06

 

 

         05)

Name

S. N. Shamara Fernando

ID Number

858100127 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

5th November 1985

Age

37 Years

Address

#.92/1, Stratord Avenue, Colombo-06

 

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 investment

                                   

History

 

The Subject Company ECONOPACK INDUSTRIES (PVT) LTD is a Private    Limited   liability Company

incorporated on 08th February 1994 under registration number N (PVS) 12416 and then the company was re-registered on 15th June 2010 under registration number PV 18683.

 

Location.

 

The Subject Company is Located at Client # 101, New Galle Road, Galathude, Bandaragama.

 

Operational Details.

 

General

 

The subject company primary line of business is Manufacturer and Export of Corrugated    Cartons.

.

Products

Cartoons, Boxes & Bags.

 

Country

China, Korea

 

Employees

Not Disclosed

 

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 Ceylon Chamber of Industries

 

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.63.38

UK Pound

1

Rs.100.86

Euro

1

Rs.84.60

 

 

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%)

 

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.