MIRA
INFORM REPORT
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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
WIMRO LANKA INDUSTRIES |
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Registered Office : |
Hirikuluwa, Muddaragama |
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Country : |
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Year of Establishments: |
2003 |
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Com. Reg. No.: |
WMB 2514 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Manufacturer & Distributors of Packaging Materials such as cartons & boxes. |
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No. of Employees : |
Approx.60
(consist of Office staff (10), machine operators, helpers, and watchers (50) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
GENERAL
Basic
information at a glance
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Name of Subject of Inquiry |
: |
WIMRO LANKA INDUSTRIES
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Legal Form & Status |
: |
Partnership Concern (in operation) |
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Managing Partner |
: |
D.W. Abeysinghe |
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Primary Line of Business |
: |
Manufacture
& Distributors of Packaging Materials |
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Office & Place of Business |
: |
Hirikuluwa, Muddaragama. Sri
Lanka Tel.
No: (00 94 33) 492 2777 Fax
No: (00 94 33) 493 2777 Mobile:
(00 94 77) Email:
info@wiropack.lk Contact
Person: Mr. Chathuranga Abeysinghe, Manager/Partner |
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No. of Employees |
: |
Approx.
60 |
CONCERN DETAILS
Registration and
Shareholder Details
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Registration No |
: |
WMB 2514 |
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Date of
Registration |
: |
2003 |
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Registered
Address |
: |
Hirikuluwa,
Muddaragama. Sri Lanka |
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Partners |
: |
D.W. Abeysinghe |
Managing Partner |
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Chathuranga Abeysinghe |
Partner |
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R. Abeysinghe (Ms) |
Partner |
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Auditors |
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- Not Disclosed
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Bankers |
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- Not Disclosed
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CURRENT INVESTIGATION
·
History.
Concern logo:
The Subject
Concern WIMRO LANKA INDUSTRIES is Proprietorship Concern in operation.
Mr. Chathuranga Abeysinghe, Manager of the concern was contacted and he was very polite in providing limited details of the concern which have been included in the report but declined to provide details regarding the financials without knowing the details of the end user of this enquiry.
Subject Concern is having an associate concern named “WIMRO PACKAGING INDUSTRIES” in operation, at the same location. These are said to be one-family owned business.
(The Proprietorship/
Partnership companies are being registered at the Provincial Registrar of
Companies and when the owner does not provide the registration details it is
not possible to extract such details from the Registrar’s office.)
Location.
The subject concern/factory is located at the client Hirikuluwa, Muddaragama, Sri Lanka, a residential cum suburban business/industrial area approx. 60 kilo meters North-East of Colombo city.
Operational
Details:
General
The main line of
business of the subject concern is Manufacture & distribution of Packaging
materials such as cartons, boxes.
Products/Services
Various types of
the corrugated Cartons such as:
- Hanger Pack Cartons
- Dye Cut Display cartons
- Telescopic Type cartons
- Universal Type cartons
- Laminated Type cartons
- 3 to 7 ply Boards
- Top & Bottom Cartons
- Partitions and dividers
- 2 ply corrugated real flutes
- Carton Pallet
Telescopic
Carton
Universal type carton
Dye cut carton
Laminated carton
Importing
Countries
Raw materials
(Paper) imported from Indonesia, USA, and Dubai
Production
machinery imported from Japan, India and Korea.
No. of Employees:
Approx.60 (consist
of Office staff (10), machine operators, helpers, and watchers etc (50)
Financial Data
Mr. Chathuranga
Abeysinghe, Manager/Partner of the subject concern
declined to provide information on its finances without knowing the details of the end user of this enquiry.
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 concern did not provide any trade reference referrals but
said that the products are being supplied to industries in Sri Lanka such as
garment, food, confectionary etc.
Credit
Recommendations
Since no
financial information has been forthcoming from the concern, it is not possible
to comment on
the merits or otherwise of the concern.
No computerised data bases exist to make checks whether the partners or
the concern 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
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UK Pound |
1 |
Rs.102.39 |
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Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.