MIRA INFORM REPORT

 

 

Report Date :

21.02.2014

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL PAPER PRODUCTS (PVT) LTD

 

 

Registered Office :

# 261, Katuwana Road Homagama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.10.1992

 

 

Com. Reg. No.:

PV 18237

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importers and Distributors of  Paper Board, Packaging  and Printing

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

GENERAL

 

Basic information at a glance

     

a.

Name of Subject of Inquiry

:

INTERNATIONAL PAPER PRODUCTS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

H.G. Chintaka Parakrama Punyajith

d.

Primary Line of Business

:

Importers and Distributors of  Paper Board,   Packaging  and Printing

e.

Head office

 &

Factory

:

# 261 Katuwana  Road,

Homagama,

Sri Lanka.

 

Tel. No: (00 94 11) 444 2258

Fax No: (00 94 11) 444 2258

 

E-mail: ipp@sltnet.lk

f.

No. of Employees

:

Not Disclosed

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS)  9954

Date of Registration

 

16th October 1992

b.

Registration No

:

PV 18237

Date of Registration

 

1st April 2010

c.

Registered Office

:

# 261, Katuwana Road Homagama, Sri Lanka.

d.

Board of Directors

As At

14th October 2013

:

H.G. Chintaka Parakrama Punyajith

Managing Director

Lakminda Nalaka Gamlath Hapudeniya

Director

e.

Issued Share Capital

:

Rs.   11,300,020.00

 

f.

Nominal Value of Share

:

Rs.                 10.00 (Total Number of Shares 1,130,002)

 

g.

 

Share Holders

As At

14th October 2013

:

Share Holders

No. of

Shares

 

H.G. Chintaka Parakrama Punyajith

550,001

 

L. Nalaka Gamlath Hapudeniya

150,000

 

P. Chandra Gamlath Hapudeniya

230,000

 

Noor Mohamed Nizam

                01

 

C. Janaka Gamlath Hapudeniya

50,000

 

B. Sajeewani Gamlath Hapudeniya

50,000

 

LO Wai Shing – Hong Kong

100,000

 

h.

Auditors

:

Ted. Saverimuttu and Company

 

i.

Company Secretaries

:

Financial and Business Associates

 

 

Directors’ Details

 

         01)

 

Name

H.G. Chintaka Parakrama Punyajith

ID Number

672783798 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

4th October 1967

Age

46 Years

Address

# 261, Katuwana Road, Homagama, Sri Lanka.

 

         02)

Name

Lakminda Nalaka Gamlath Hapudeniya

ID Number

653140304 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

9th November 1965

Age

48 Years

Address

# 21, Siripa Lane, Colombo – 5, Sri Lanka.

 

 

FINANCIAL DETAILS 

 

Most recent available Financial Information

           

 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

 

 

CURRENT INVESTIGATION

                                                                                       

History.

                  The Subject Company INTERNATIONAL PAPER PRODUCTS (PVT) LTD is a Private Limited   liability Company incorporated on 16th October 1992 under registration number N (PVS) 9954 and the company was re-registered on 1st April 2010 under registration number PV 18237 in terms of Companies Act # 7 of 2007.

 

Location.

The subject company is located at the client given location # 261, Katuwana Road Homagama, Approx 23 kilo meters away from Colombo.

Operational Details.

 

General

.                 

The subject company primary line of business is Importers and Distributors of Paper Board,  Packaging and Printing,

 

Products

Printing, Packaging, Card Board Boxes.

 

Import Countries

German, Norway, India.

    

No of 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 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.

 

 

ANALYSIS - Appraisal of Subject Company

 

a) Business Scale        

NA

b) Business Trend

NA

c) Management Capability

NA

d) Commercial Morality

NA

e) Reputation

NA

f) Market Situation

Competitive

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.28

UK Pound

1

Rs.103.84

Euro

1

Rs.85.70

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.