MIRA INFORM REPORT

 

 

Report Date :

02.01.2014

 

IDENTIFICATION DETAILS

 

Name :

UPALI NEWSPAPERS (PVT) LTD

 

 

Registered Office :

#.223, Bloemendhal Road,Colombo-13.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.10.1978

 

 

Com. Reg. No.:

PV 8654

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Engaged in all kinds of Printing and publishing such as News Papers, Magzine, Journalist & diaries

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Slow but Correct  

 

 

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

     

Name of Subject of Inquiry

:

UPALI NEWSPAPERS (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairmen

:

Sivali Hansasara Ratwatte

Primary Line of Business

:

All kinds of Printing and publishing

Head office

&

Place of Business

 

:

 

#.223, Bloemendhal Road,

Colombo-13,

Sri Lanka.

 

Tel. No: (00 94 11) 249 7500/ 243 6591

Fax No: (00 94 11) 244 7351

 

Email: radasanga@yl.upali.lk

 

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

PVS 5330

Date of Registration

 

20th October 1978

Re-registration No

:

 PV 8654

Date of Re-registration

 

29th October 2008

Registered Office

:

#.223, Bloemendhal Road,Colombo-13.

Board of Directors

As at

31st December 2012

:

Sivali Hansasara Ratwatte

Chairmen

W. Lakmal Ratwatte

Director

W.N. Weerasiri Wimalajeewa

Director

A. Sudhammika Keminda

Director

D.A. Lakshman Perera

Director

Lahiru Gunasekera

Director

Issued Share Capital

:

Rs.     45,000,000.00              

Nominal Value of Share

:

Rs.                   10.00                    

 

Major Share Holders

As at

31st December 2010

:

Share Holders

No. of

Shares

Ramalingam Murugiah

01

Upali Enterprises Ltd

400,000

Upali Investment Ltd

4,099,999

Auditors

:

Ernst & Young

Company Secretaries

:

R. Sushil Fernando

Bankers

:

Bank of Ceylon

 

 

 

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 UPALI NEWSPAPERS (PVT) LTD is a Private    Limited   liability Company incorporated on 20th October 1978 under registration number PVS 5330 and then the company was re-registered on 29th October 2008 under registration number PV 8654.

 

·         Location.

The Subject Company is Located at Client #.223, Bloemendhal Road, Colombo-13

 

·         Operational Details.

 

General

            The subject company’s primary line of business is all kinds of Printing and publishing

 

            Products

                  News Papers, Magzine,Journalist & diaries

                         

                        

 

Employees

                  Not Disclosed

 

·         Directors Details

 

         01)

Name

 

Sivali Hansasara Ratwatte

ID Number

233290475 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

24th November 1923

Age

90 Years

 

 

         02)

Name

W. Lakmal Ratwatte

ID Number

537691670 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

25th September 1953

Age

60 Years

 

 

         03)

Name

 

W.N. Weerasiri Wimalajeewa

ID Number

452711443 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

27th September 1945

Age

68 Years

 

 

         04)

Name

A. Sudhammika Keminda

ID Number

641600997 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

08th June 1964

Age

49 Years

 

         05)

Name

D.A. Lakshman Perera

ID Number

521832770 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

01st July 1952

Age

61 Years

 

         06)

Name

Lahiru Gunasekera

ID Number

600410695 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

10th February 1960

Age

53 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 reference

                  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.61.93

UK Pound

1

Rs.102.39

Euro

1

Rs.85.12

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.