MIRA INFORM REPORT

 

 

Report Date :

11.01.2014

 

IDENTIFICATION DETAILS

 

Name :

PRINT USA (PRIVATE) LTD

 

 

Registered Office :

# 272/26, Sudarshana Mawatha, Malabe

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

03.05.1990

 

 

Com. Reg. No.:

PV 5031

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Engaged in manufacturing and printing cartons for the packaging Industry

 

 

No. of Employees :

Approximately 100

 

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

:

PRINT USA (PRIVATE) LTD

Legal Form  & Status

:

Private Limited Liability Company (in operation)

Managing Director

 :

U. Sathis Abeywickrama

Primary Line of Business

:

Manufacturing and printing Cartons for the packaging Industry

  Place of Business

          &

      Factory

:

 

# 272 / 26, Sudarshana Mawatha,

Malabe,

Sri Lanka.

 

Tel. No: (00 94 11) 241 3344 - 5

Fax No: (00 94 11) 241 3346

 

E Mail: printusa@eol.lk

 

    

No. of  Employees

:

Approximately 100

           

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 6388

Date of Registration

:

3rd May 1990

Re-registration No

:

PV 5031

Date of Re-registration

:

7th July 2008

Registered Office

:

# 272/26, Sudarshana Mawatha, Malabe

Board of Directors

As At

14th October 2013

:

U. Sathis Abeywickrama

Managing Director

Isuru Sampath Abeywickrema

Director

S. Damayanthi Abeywickrema

Director

Issued Share Capital

:

Rs.   40,633,850.00            

 

Nominal Value of Share

:

Rs.                 10.00                   

 

Share Holders

As At

14th October 2013

 

 

                       Share Holders

No. of Shares

 

 U. Sathis Abeywickrama

3,453,575

 

S. Damayanthi Abeywickrema

126,810

 

Trade U.S.A (Pvt) Ltd

483,000

 

Auditors

:

Aiyar & Company

 

Company Secretaries

:

Business & Industrial Consultants (Pvt) Ltd

 

Bankers

:

Commercial Bank PLC

 

 

 

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

 

                                                           

                                                            Company Logo

History.

The Subject Company PRINT USA (PRIVATE) LTD is a Private    Limited   liability Company incorporated on 3rd May 1990 under registration number N (PVS) 6388 and then the company was re-registered on 7th July 2008 under registration number PV 5031.

 

Location.

The Subject Company is located at the client # 272/26, Sudarshana Mawatha, Malabe

 

Operations Details.

 

General

The subject company primary line of business is Manufacturing and printing Cartons for the packaging Industry

 

Products

Offset Printed Packaging, Greeting Cards, Confectionary Cartons, Tea Cartons, Rubber Glove Cartons, Calendars

              

 

Employees

Approximately 100

 

 

DIRECTORS’ DETAILS

 

01)

Name

U. Sathis Abeywickrama

Nationality

Sri Lankan

Gender

 

ID Number

571192713 V

Date of birth

28th April 1957

Age

58 Years

 

 

02)

Name

Isuru Sampath Abeywickrema

Nationality

Sri Lankan

Gender

Male

ID Number

861221571 V

Date of birth

1st May 1986

Age

27 Years

 

03)

Name

S. Damayanthi Abeywickrema

Nationality

Sri Lankan

Gender

Female

ID Number

647921078 V

Date of birth

18th October 1964

Age

49 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

·         Sri Lanka Institute of Packaging

Akbar Brothers Ltd

BPL Teas (Pvt) Ltd

Empire Teas (Pvt) Ltd

Lanka Rubber (Pvt) Ltd

Dipped Products Ltd

Ceylon Biscuits Ltd

Perera & Sons Bakers Ltd

Link Natural Products Ltd

Samson Manufactures Co. (Pvt) Ltd

Gamma Pharmaceutical Ltd

 

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        

NR

b) Business Trend

NR

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.