MIRA INFORM REPORT

 

 

Report Date :

11.01.2014

 

IDENTIFICATION DETAILS

 

Name :

S.C. PRINTING INTERNATIONAL (PVT) LTD

 

 

Registered Office :

# 654/19, Industrial Estate, Galle Road, Ratmalana,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

24.03.2000

 

 

Com. Reg. No.:

PV 16199

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Subject is engaged in Business of Packaging and printing.

Products Mainly includes : Cartons and labels such as Garment tags, Domestic printing of books, booklets, Brochures, pamphlets, leaflets, calendars and diaries, Journals

 

 

No. of Employees :

Not Available

 

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

 

 

company name and address

 

a.

Name of Subject of Inquiry

:

S.C. PRINTING INTERNATIONAL (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Summer Cordington Hewawitharana

d.

Primary Line of Business

:

Packaging and printing

e.

Head office

&

Place of Business

 

:

# 654/19, Industrial Estate,
Galle Road,
Ratmalana,

Sri Lanka.

         

Tel. No: (00 94 11) 262 6626-8

Fax No: (00 94 11) 262 6629

 

E-Mail: scap@sltnet.lk

g.

No. of Employees

:

Not Disclosed

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 25819

Date of Registration

:

24th March 2000

b.

Re-registration No

:

PV 16199

Date of Re-registration

:

01st October 2009

c.

Registered Office

:

# 138/1, Sri Pragnaloka Avenue, Kawdana Road, Dehiwela

d.

Board of Directors

As At

14th December 2012

:

Summer Cordington Hewawitharana

Chairman

Nethagi Neranjali Hewawitharana

Director

D. Thimothynath Hewawitharana

Director

Harsha Tessitus Hewawitharana

Director

e.

Total No. of Issued Shares

:

02

10

02

06

Total Value of Shares (* see note below)

 

Rs. 20

Rs. 32,000,000

Rs. 2,999,980

Rs. 15,000,000

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

g.

 

Share Holders

As At

11th December 2012

:

Share Holders

No. of

Shares

Summer Cordington Hewawitharana

08

Nethagi Neranjali Hewawitharana

04

D. Thimothynath Hewawitharana

04

Harsha Tessitus Hewawitharana

04

h.

Auditors

:

Jayasinghe & Company

i.

Company Secretaries

:

A & A Associates

j.

Bankers

:

Peoples Bank

 

Note: The share capital of the company is shown as declared and filed by the subject

Company with the Registrar of Companies as follows:

 

Nos. 02 shares @ Rs. 10.00 per share            = Rs.20/-

Nos.10 shares @ Rs. 3,200,000.00 per share = Rs. 32,000,000/-

Nos. 02 shares @Rs. 1,499,990 per share      = Rs.   2,999,980/-

Nos. 06 shares @ Rs. 2,500,000 per share      = Rs. 15,000,000/-

 

Subject Company declined to give us further clarification in this regards.

 

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 S.C. PRINTING INTERNATIONAL (PVT) LTD is a Private Limited liability Company incorporated on 04th August 1975 under registration number N (PVS) 25819 then the company was re-registered 01st October 2009 under registration number PV 16199.

 

Location.

 

The Subject Company is located at the client # 654/19, Industrial Estate,
Galle Road, Ratmalana

 

 

Operational Details

 

General

The subject company’s primary line of business is Packaging and printing.

 

Products

Cartons and labels such as Garment tags, Domestic printing of books, booklets, Brochures, pamphlets, leaflets, calendars and diaries, Journals….etc

 

Country

China, India

 

No of Employees

Not Disclosed

 

 

Financial Data

 

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

 

 

Trade references

 

Not Available

 

 

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.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

 

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.