MIRA INFORM REPORT

 

 

Report Date :

11.01.2014

 

IDENTIFICATION DETAILS

 

Name :

ACE EXPORTS (PVT) LTD.

 

 

Registered Office :

# 315, Vauxhall Street, Colombo 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.03.1987

 

 

Com. Reg. No.:

PV 412

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer & exporter of a wide range of flexible packaging/printed material for local and export markets.

 

 

No. of Employees :

Approx. 125

 

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

     

Name of Subject of Inquiry

:

ACE EXPORTS (PVT) LTD.

Legal Form  & Status

:

Private Limited Liability Company (In Operation).

Managing Director

:

Prasanna Karunatilake

Primary Line of Business

:

Manufacturer & exporter of a wide range of flexible packaging/printed material for local and export markets.

Head office

 

 

 

 

# 315, Vauxhall Street,

Colombo-02,

Sri Lanka.

 

Tel. No: (00 94 11) 530 8308

Fax No: (00 94 11) 555 0636

 

 E mail : aceprint@aitkenspence.lk

 

Place of Business

:

 

# 90, St. Rita’s Estate,

Mawaramandiya,

Siyambalape.

 

Tel. No: (00 94 11) 297 6312

 

No. of Employees

:

Approx. 125

           

 

Company details

Registration and Shareholder Details

 

 Registration No

:

N (PVS) 3382

Date of Registration   

:

26th March, 1987

Re- Registration

:

PV 412

Date of Re-registration

:

11th September, 2007

Registered Office

:

# 315, Vauxhall Street, Colombo 02.

Board of Directors

As At

24th September 2013

:

Prasanna Karunatilake

Managing Director

Nilanthi Silvapragasam

Director

Issued Share Capital

:

Rs.    14,000,000.00        

Nominal Value of Share

:

Rs.                 10.00

 

Share Holders

As At

24th September 2013

:

Share Holders

No. of

Shares

Aitken Spence PLC

   1,400,000     

Auditors

:

KPMG Ford Rhodes Thornton

Company Secretaries

:

Aitken Spence Corporate Finance (Pvt) Ltd.

Bankers

:

HSBC, Commercial Bank, DFCC

 

 

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                      

 

·         History.

                  The Subject Company ACE EXPORTS (PVT) LTD is a Private Limited liability Company incorporated on 26th March, 1987 under registration N (PVS) 3382 and Re-registered in terms of Company Act. # 7 of 2007 on 11th September, 2007 under # PV 412.

 

                  The subject company is a member of the AITKEN SPENCE PLC, a well known business conglomerate, which is the umbrella organization for 15 companies.

              

·         Location.

The Subject Company group head office is Located at client # 315, Vauxhall Street, Colombo-02.

 

·         Operational Details.

 

General

                  The subject company’s primary line of business is Manufacture, distribute & Export of a wide range of packaging/ printed material for local and export markets.

 

Products

Packaging & advertising material, Books, Periodicals, Brochures, Labels, Posters, Annual Reports, calendars.

                        

Country

                   UK, China, India, Thailand, European Countries.

 

Employees

                  Approx. 125

 

 

Directors’ Details

 

01)

Name

Prasanna Karunatilake

ID Number

571930307 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th July 1957

Age

56 Years

 

 

02)

Name

Nilanthi Silvapragasam

ID Number

597190166 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

06th August 1959

Age

54 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

National Chamber of Commerce of Sri Lanka

                  Export Development Board

 

·         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 & RATING

Appraisal and Rating of Subject Company

 

Rating:

a) Business Scale        

No Rating - Insufficient Information on finances

 

 

b) Business Trend

Growing

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Competitive

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

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.