MIRA INFORM REPORT

Report Date :

12.02.2014

IDENTIFICATION DETAILS

Name :	PACKSERVE (PVT) LTD

Registered Office :	# 130, Wewelduwa, Kelaniya,

Country :	Sri Lanka

Date of Incorporation :	10.06.1987

Com. Reg. No.:	N (PVS) 3562

Legal Form :	Private Limited Liability Company

Line of Business :	Manufactures of Corrugated cartons

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Sri Lanka

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

GENERAL

Basic information at a glance

a.	Name of Subject of Inquiry	:	PACKSERVE (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (in operation)
c.	Chairman	:	A. L. Athula Jayantha Silva
d.	Primary Line of Business	:	Manufactures of Corrugated cartons
e.	Place of Business & Factory	:	# 130, Wewelduwa, Kelaniya, Sri Lanka. Tel. No: (00 94 11) 291 3388 / 291 0468 Fax No: (00 94 11) 2 91 0655 E-mail: packserve@sltnet.lk
f.	No. of Employees	:	Not Disclosed

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No		:	N (PVS) 3562
	Date of Registration		:	10^th June 1987
b.	Re-registration No		:	PV 9825
	Date of Re-registration		:	27^th November 2008
c.	Registered Office		:	# 130, Wewelduwa, Kelaniya, Sri Lanka.
	Board of Directors As At 13^th October 2013		:	A. L. Athula Jayantha Silva	Chairman
				L. Blossom Nirmali Peiris	Director
				Sirina Ariyachandra	Director
				Gayan Eshantha Liyanage	Director
				Dayachandra Yasasiri Liyanage (Alternate to G.E. Liyanage)	Director
				L. Danushka Yasantha Ambalangoda	Director
				S.H. Srinath Dilanjan	Director
e.		Issued Share Capital	:	Rs. 18,444,990.00
f.		Nominal Value of Share	:	Rs. 10.00

Registration and Shareholder Details

g.	Share Holders As At 13^th October 2013 (Total Number of Share Holders 24)		Major Share Holders	No. of Shares
			A. L. Athula Jayantha Silva	116,714
			Sirina Ariyachandra	193,530
			Thilini Ramesh Priyachandra	59,244
			Nalini Srimathi De Silva Liyanage	13,165
			S.H. Srinath Dilanjan	60,000
			Ajantha Tewankalal Abeysinghe	106,485
			Harini Jayaleka Liyanage	130,499
			H. Gayathri Siromi Ansell	150,000
			L. Blossom Nirmali Peiris	309,459
			Dayachandra Yasasiri Liyanage	371,837
h.	Auditors	:	M/S Wickremasinghe Dayananda & Company
i.	Company Secretaries	:	Com-Sec Management Services (Pvt) Ltd
j.	Bankers	:	-Not Disclosed-

FINANCIAL DETAILS

Most recent available Financial Information

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

Current investigation

History.

The Subject Company PACKSERVE (PVT) LTD is a Private Limited liability Company incorporated in 10^th June 1987 under the registration number N (PVS) 3562 and then the company was re-registered on 27^th November 2008 under the registration number PV 9825.

Location.

The Subject Company is located at the client. # 130, Wewelduwa, Kelaniya, approx 27 km away from Colombo.

Operations Details.

General

The Subject Company primary line of business is manufactures of all type of Corrugated Cartoons

Products

Corrugated Boxes, Sacks, and other Paper Packing Material

Country

India

Employees

- Not Disclosed-

Directors Details

01)

Name	A. L. Athula Jayantha Silva
ID Number	450501816 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	19^th February 1945
Age	68 Years

02)

Name	L. Blossom Nirmali Peiris
ID Number	497730708 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	28^th September 1949
Age	64 Years

03)

Name	Sirina Ariyachandra
ID Number	447331730 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	20^th August 1944
Age	69 Years

04)

Name	Gayan Eshantha Liyanage
ID Number	760550701 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	24^th February 1976
Age	37 Years

05)

Name	Dayachandra Yasasiri Liyanage
ID Number	413531764 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	18^th December 1941
Age	72 Years

06)

Name	L. Danushka Yasantha Ambalangoda
ID Number	803220018 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	17^th November 1980
Age	33 Years

07)

Name	S.H. Srinath Dilanjan
ID Number	502811959 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	07^th October 1950
Age	63 Years

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 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.62.44
UK Pound	1	Rs.102.48
Euro	1	Rs.84.28

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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