MIRA INFORM REPORT

 

 

Report Date :

09.01.2014

 

IDENTIFICATION DETAILS

 

Name :

CEYLON PENCIL COMPANY (PVT) LTD

 

 

Registered Office :

# 96, Parakrama Road,  Peliyagoda,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.09.1959

 

 

Com. Reg. No.:

PV 7125

 

 

Legal Form :

Private Limited Liability Company  

 

 

Line of Business :

Manufactures, Exporters and Distributors of Stationary Products

 

 

No. of Employees :

700

 

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 :

No complaints

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

 

 

 

 

company name and address

 

a.

Name of Subject of Inquiry

:

 

CEYLON PENCIL COMPANY (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company   (In Operation)

c.

Managing Director

 :

Nirmal Anuradha Madanayake

d.

Primary Line of Business

:

Manufactures, Exporters and Distributors of Stationary Products

e.

Place of Business

          &

      Factory

:

 

# 96, Parakrama Road,

Peliyagoda,

Sri Lanka

 

Tel. No: (00 94 11) 532 0320/ 291 2879 / 291 1482

Fax No: (00 94 11) 291 2878 / 291 1208

 

E Mail: info@atlas.lk

              marketing@atlas.lk

 

 

f.

No. of  Employees

:

Approximately 700

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

PVS 1838

Date of Registration

 

29th September 1959

b.

Re-Registration No

:

PV 7125

 

Date of Re-Registration

:

4th September 2008

c.

Registered Office

:

# 96, Parkrama Road, Peliyagoda. Sri Lanka

d.

Board of Directors

As At

       14th October 2013

:

 Nirmal Anuradha Madanayake

Managing

Director

K. H. Kumudu Nishantha

Director

J.A.D. Viraj Kanchana Jayasooriya

Director

Muhammed Hamza

Director

Albert Rasakantha Rasiah

Director

e.

Issued Share Capital

:

Rs.          100,000,000.00

f.

Nominal Value of Share

:

Rs.                          10.00

g.

Share Holders

As At

14th October 2013

:

 

                       Share Holders

No. of Shares

Care Products (Pvt) Ltd

2,276,051

Nirmal Anuradha Madanayake

7,723,949

h.

Auditors

:

PriceWaterhouse  Coopers

i.

Company Secretaries

:

Businessmate (Pvt) Ltd

j.

Bankers

:

Hatton National Bank, Bank of Ceylon, National Development Bank

 

 

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 CEYLON PENCIL COMPANY (PVT) LTD is a Private Limited

Liability Company incorporated on 29th September 1959 under registration No PVS 1838 and

Then the company was re-registered on 04th September 2008 under registration number PV 7125.

 

 The subject company has earned certified by ISO 9001-2008 certified company and well known   

In the trade.

 

 

Location.

 

The Subject Company is located at the client # 96, Parakrama Road, Peliyagoda, Sri Lanka, a town adjoining Colombo city.

 

                     

   

Operations Details.

 

General

The subject company primary line of business is Manufacture, Export and Distribution of Stationary Items.

 

Products

Pens

Pencils

Drawing Books

Excise Books

Colour Pencils

Hi-lighters/ markers

Permanent Markers

stapler-machines

Science Books

Erasers

Packaging materials for industrial packaging, such as gum tapes, BOPP tapes etc.

      

Export Countries

 United States, England, Australia, Malaysia and Italy

 

No of Employees

Approximately 700

 

 

Directors’ Details

 

                    01)

Name

Nirmal Anuradha Madanayake

Nationality

Sri Lankan

P.P No.

N 2572052

 

                    02)

Name

K. H. Kumudu Nishantha

Sex

Male

Nationality

Sri Lankan

National ID No.

671071050 V

Date of Birth

16th April,1967

Age

46 Years

 

                03)

Name

J.A.D. Viraj Kanchana Jayasooriya

Sex

Male

Nationality

Sri Lankan

National ID No.

723513510 V

Date of Birth

16th December,1972

Age

41 Years

 

 

                    04)

Name

Muhammed Hamza

Sex

Male

Nationality

Sri Lankan

National ID No.

571520940 V

Date of Birth

31st May,1957

Age

56 Years

 

                    05)

Name

Albert Rasakantha Rasiah

Sex

Male

Nationality

Sri Lankan

National ID No.

453620158 V

Date of Birth

27th December,1945

Age

68 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 Ceylon National Chamber of Industries

 

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.62.24

UK Pound

1

Rs.102.17

Euro

1

Rs.84.82

 

 

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%)

 

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.