MIRA INFORM REPORT

 

 

Report Date :

19.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

TINPAK (PVT) LTD

 

 

Registered Office :

# 70, K. Cyril C. Perera Mawatha, Colombo – 13

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.10.2008

 

 

Com. Reg. No.:

N PVS) 6858

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Engaging business of tin smith, tin plate maker, crate, carton, receptacle, container, pouch, cover, drum makers, aluminium workers, miners, smelters, manufacturers and dealers in galvanized sheets aluminium or other metal.

 

 

No. of Employees :

Not Disclosed

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

 

Source : CIA

 

 

 

GENERAL

- Basic information at a glance

 

a.

Name of Subject of Inquiry

:

TINPAK (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Dinesh Kumar Mahendrarajah

d.

Primary Line of Business

:

Engaging business of tin smith, tin plate maker, crate, carton, receptacle, container, pouch, cover, drum makers, aluminium workers, miners, smelters, manufacturers and dealers in galvanized sheets aluminium or other metal.

e.

Head office

&

Place of Business

 

:

# 70, K. Cyril C. Perera Mawatha,

Colombo – 13,

Sri Lanka.

 

Tel. No: (00 94 11) 243 3143 – 5 / 232 7669 / 232 8842

Fax No: (00 94 11) 243 5649 / 461 4822

 

E-Mail: tinpack@sltnet.lk / info@tinpakmetalcans.com

 

g.

No. of Employees

:

-Not Disclosed-

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

N PVS) 6858

Date of Registration

 

14th October 1990

b.

Re-registration No

:

PV 8717

Date of Re-registration

 

29th October 2008

c.

Registered Office

:

# 70, K. C. C. Perera Mawatha, Colombo – 13.

d.

Board of Directors

As At

11th October 2013

:

Dinesh Kumar Mahendrarajah

Managing Director

Balasubramaniam Surendra

Director

Mahesan Buvanendran

Director

Vaitilingam Balasubramaniam

Director

W. Harin Mahinda Fernando

Director

f.

Issued Share Capital

:

Rs.         75,000,000.00           

g.

Nominal Value of Share

:

Rs.                       10.00

 

h.

 

Major Share Holders

As At

11th October 2013

(Total Number of Share Holders 27)

:

Major Share Holders

No. of

Shares

Vaitilingam & Company Ltd

5,853,686

W. D. Mahinda Fernando

500,000

Balasubramaniam Surendra

150,001

D.K. Mahendrarajah

135,001

W. H. Mahinda Fernando

125,000

Kamaleswary Sinnadorai

75,000

Binanthi Shamani Rasanayagam

75,000

i.

Auditors

:

W.S. Kiruparatnam & Company

j.

Company Secretaries

:

BDO Secretaries (Pvt) Ltd

k.

Bankers

:

Commercial Bank

Hatton National Bank

 

 

 

Director Details

 

1)

Name

D.K. Mahendrarajah

Nationality

Sri Lankan

ID Number

581990049 V

Gender

Male

Date of Birth

17th July 1958

Age

55 Years

Address

# 95/7, Horton Place, Colombo – 07,  Sri Lanka

 

 

2)

Name

Balasubramaniam Surendra

Nationality

Sri Lankan

ID Number

572110435S X

Gender

Male

Date of Birth

29th July 1957

Age

56 Years

Address

#. 1/1, Gregories Road, Colombo – 07,  Sri Lanka

 

 

  3)

Name

Mahesan Buvanendran

Nationality

Sri Lankan

ID Number

391220220 V

Gender

Male

Date of Birth

01st May 1939

Age

74 Years

Address

#. 11, Castle Lane, Colombo – 04,  Sri Lanka

 

 

  4)

Name

Vaitilingam Balasubramaniam

Nationality

Sri Lankan

ID Number

221643704 V

Gender

Male

Date of Birth

12th June 1922

Age

91 Years

Address

# 102/3, Barnes Place, Colombo – 07,  Sri Lanka

 

 

 5)

Name

W. H. Mahindra Fernando

Nationality

Sri Lankan

ID Number

583482792 V

Gender

Male

Date of Birth

13th December 1958

Age

55 Years

Address

# 46/1, Fife Road, Colombo – 05,  Sri Lanka

 

 

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

 

Company Logo                                   

                      

 

History

 

 The Subject Company TINPAK (PVT) LTD is a Private Limited liability Company incorporated on 14th October 1990 under registration number N (PVS) 6858 and then the company was re-registered on 29th October 2008 under re-registration number PV 8717.

 

 

Location

 

The Subject Company is located at the client # 70, K. Cyril C. Perera Mawatha, Colombo – 13.

 

 

Operational Details

 

General

The subject company primary line of businesses are tin smith, tin plate maker, crate, carton, receptacle, container, pouch, cover, drum makers, aluminium workers, miners, smelters, manufacturers and dealers in galvanized sheets aluminium or other metal.

 

The subject company’s Metal Printing and Packaging Industry is with Modern Technology, such as large Format Sheets, Anilox Technology and Fast Output. The inclusion of a State-of-the-Art Food Can Line to produce A1 A2, A2 ˝ and A10 Food Grade Cans.

 

The company said they can supply minimum order quantities of 2000pcs for unprinted and 5000pcs for printed cans.

                  

 

Products

 

Food Cans

Biscuit Cans

                 

               Milk Powder Cans 

              

 

 

Tea Caddies

Round Cans

 

 

 

General Cans

Paint Cans

 

Polish / Wax Cans

 

 

Display Boards

    

 

Composite Cans

 

Import Countries

India, China, Taiwan, Malaysia and Europe

 

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

 

                  International Metal Decorators Association (IMDA).

                  Sri Lanka Association of Printers

                  National Chamber of Exporters of Sri Lanka

                  Maliban Biscuits

                  Nestomalt

                  Marbroc

                 Causeway Paints

                 Cardinal Polish

                 Astra

                 Milo

                 Maggi

                 Orange Electric

                 Siddhalepa

 

 

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.

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Malik

Designation :

General Manager

Contact No.:

91-9411-2433143

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.06

UK Pound

1

Rs.101.84

Euro

1

Rs.81.56

 

INFORMATION DETAILS

 

Information Gathered by :

JML

 

 

Analysis Done by :

RAS

 

 

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%)

 

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.