MIRA INFORM REPORT

 

 

Report Date :

13.12.2014

 

IDENTIFICATION DETAILS

 

Name :

HYUNG JEI CORRUGATED LANKA (PVT) LTD

 

 

Registered Office :

Block 2 A, W.E.P.Z. Wathupituwala, Nittambuwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

09.10.1998

 

 

Com. Reg. No.:

PV 11374

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture and Export of Corrugated Cartoons Boxes.

 

 

No. of Employees :

58 (Approximately)

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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

:

HYUNG JEI CORRUGATED LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman

:

Jae Seung Kim

d.

Primary Line of Business

:

Manufacture and Export of Corrugated Cartoons Boxes.

e.

Head office/ Factory

&

Place of Business

 

 

:

Block 2 A, W.E.P.Z. 

Wathupituwala,

Nittambuwa,

Sri Lanka.

 

Tel. No: (00 94 33)  228 1674

 Fax No: (00 94 33)  228 1675

 

Email : samuell@slt.lk

f

No. of Employees

:

58 (Approximately)

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 22229

Date of Registration

:

09th October 1998

b.

Re-registration No

:

PV 11374

Date of Re-registration

:

29th January 2009

c.

Registered Office

:

Block 2 A, W.E.P.Z.  Wathupituwala, Nittambuwa

d.

Board of Directors

As At

14th October 2014

:

Jae Seung Kim

Chairman

Bong Ja Lee

Director

Tae Woo Lee

Director

e.

Issued Share Capital

:

Rs. 504,993,000.00

Number of Shares

:

50,499,300

f.

Nominal Value of Share

:

Rs. 10.00 

g.

 

Share Holders

As At

14th October 2014

:

Share Holders

No. of

Shares

Jae Seung Kim

2,512,590

Bang Ja Lee

2,019,720

Jae Woo Lee

516,990

h.

SVAT No

:

SVAT000204

Reg. Date

:

01st April 2011

i.

TIN No

:

114222291

j.

Auditors

:

Ruwan De Silva And Company

(# 25, St. Stephen’s Mawatha, Rajagiriya)

k.

Company Secretaries

:

Florence Priyadarsheni Jesudason (Ms)

(# 129/12, Kalalgoda Road, Pannipitiya)

l.

Bankers

:

Not Disclosed-

m.

Exports

:

China, India

 

 

Director’s Detail’s

 

01)

Name

Jae Seung Kim

ID Number

7051451

Nationality

Korean

 

 

02)

Name

Bong Ja Lee

ID Number

7051431

Nationality

Korean

 

 

 

03)

Name

Tae Woo Lee

ID Number

7176305

Nationality

Korean

 

 

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 HYUNG JEI CORRUGATED LANKA (PVT) LTD is a Private   Limited liability Company incorporated on 09th October 1998 under registration number N (PVS) 22229 and then the company was re-registered on 29th January 2009 under registration number PV 11374.

 

·         Location.

                 The Subject Company is located at client Block 2 A, W.E.P.Z.   

                  Wathupituwala, Nittambuwa, Sri Lanka.

 

Operational Details.

 

General

 The subject company primary line of business is Manufacture and Export Corrugated Cartoons Boxes

 

Products

Corrugated Cartoon Boxes

 

Export Country

China, India

 

Employees

58 (Approximately)

 

·         Trade references

 

Not Available

 

·         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 PARTED BY

-General Details

 

Name :

Ms. Rasika

Designation :

Accountant

Contact No.:

00 94 33 228 1674

Date :

10.12.2014

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.98.15

Euro

1

Rs.77.38

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

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%)

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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.