MIRA INFORM REPORT

 

 

Report Date :

13.01.2014

 

IDENTIFICATION DETAILS

 

Name :

J F&I PACKAGING (PVT) LTD

 

 

Registered Office :

No.321, Kaduwela Road, Koswatta, Talangama.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

14.08.1975

 

 

Com. Reg. No.:

PV 9457

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Packaging and Printing

 

 

No of Employees :

Approximately 150 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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

 

 

 

 

GENERAL - Basic information at a glance

 

a.

Name of Subject of Inquiry

:

J F& I PACKAGING (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman 

:

S. Neville Arthur Fernando

d.

Primary Line of Business

:

Packaging and Printing

e.

Head office & Place of Business

 

:

 

No.321, Kaduwela Road,

Koswatta,

Talangama.

Sri Lanka.

         

Tel. No: (00 94 11) 278 9069 / 279 1928 / 278 8598

Fax No: (00 94 11) 278 8598

 

E-Mail: jpack@jfi.lk

           packaging@jfi.lk

 

 

g.

No. of Employees

:

Approximately 150 

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

PVS 4283

Date of Registration

:

04th August 1975

b.

Re-registration No

:

PV 9457

Date of Re-registration

:

19th December 2008

c.

Registered Office

:

No.321, Kaduwela Road, Koswatta, Talangama.

d.

Board of Directors As At 04th October 2013

:

Dr. S. Neville Arthur Fernando

Chairman

W.A. Swarnamalie Fernando (Ms)

Director

S.N. Lalith Fernando

Director

S. Neranja Jayathilaka

Director

S. Devaka Srinath Fernando

Director

S. Krishantha Fernando

Director

T.M. Hemantha Sanath Tennakoon

Director

M.G.D. Gamini Priya Perera

Director

H. Sajith Nanayakkara

Director

M. Jayantha Karunaratne

Director

Anura Thilak Ketipearachchi

Director

e.

Issued Share Capital

:

Rs.  172,809,234.00  (Total No. of Shares: 17,280,171)

f.

Nominal Value of Share

:

Not declared/Not applicable in terms of Companies Act #7 of 2007

g.

Share Holders As At 04th October 2013

:

Share Holders

No. of

Shares

Dr. S. Neville Arthur Fernando

24

W.A. Swarnamalie Fernando

60

S.N. Lalith Fernando

9,494,187

S. Neranja Jayathilaka

2,589,300

S. Devaka Srinath Fernando

2,589,300

S. Krishantha Fernando

2,589,300

T.M. Hemantha Sanath Tennakoon

3,000

M.G.D. Gamini Priya Perera

3,000

H. Sajith Nanayakkara

3,000

M. Jayantha Karunaratne

3,000

Anura Thilak Ketipearachchi

3,000

M.S. Wickramasinghe (Ms)

      3,000                     

h.

Auditors

:

B.R. De Silva & Company

i.

Company Secretaries

:

Hemantha Sanath Tennakoon

j.

Bankers

:

Hatton National Bank Limited, Bank of Ceylon

 

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

 

·   History

 

The Subject Company JF & I PACKAGING (PVT) LTD is a Private Limited liability Company incorporated on 04th August 1975 under registration number PVS 4283 and the company was re-registered 19th December 2008 under registration number PV 9457.

 

The name of Subject Company was initially registered as “Janatha Finance & Investment (Pvt) Ltd” and changed to the present name “JF & I PACKAGING (PVT) LTD” on 27th April 2011.

 

·   Location

 

The Subject Company is located at the client No.321, Kaduwela Road, Koswatta, Talangama, Sri Lanka, a city on the New Colombo-Kandy road, approx. 12  kilo meters north-east of Colombo city. This is a very prominent thickly populated business cum residential area, very close to the new approach road of Kottawa- Katunayake Highway.

 

·   Operational Details

 

General

 

The subject company primary line of business is Packaging and Printing

 

Products

 

Printed tags, printed boxes, printed leaflets, printed stickers, display units, printed cards, printed labels, Cartoons, Boxes, Bags, Sacs…etc  

 

Importing Country

 

China, India

 

No of Employees

 

Approximately 150

 

 

Directors Details

 

01)

Name

 Dr. S. Neville Arthur Fernando

ID Number

310690155V

Nationality

Srilankan

Gender

 Male

Date of Birth

09th  March 1931

Age

82 Years

 

02)

Name

 W.A. Swarnamalie Fernando (Ms)

ID Number

346830387 V

Nationality

Srilankan

Gender

 Female

Date of Birth

01st July 1934

Age

79 Years

 

03)

Name

S.N. Lalith Fernando

ID Number

570130595 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th January 1957

Age

56+ Years

 

04)

Name

S.N.Jayathilaka

ID Number

608391495V

Nationality

Sri Lankan

Gender

Female

Date of Birth

04th  December 1960

Age

53 Years

 

05)

Name

S.D.S.Fernando

ID Number

621270629V

Nationality

Sri Lankan

Gender

Male

Date of Birth

06th May 1962

Age

51 Years  

 

 

06)

Name

S.K.Fernando

ID Number

662571075V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th  September 1966

Age

47 Years

 

07)

Name

T.M.H.S.Tennakon

ID Number

572915251V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th  October 1957

Age

56 Years

 

08)

Name

M.G.D. Gamini Priya Perera

ID Number

621851268V

Nationality

Sri Lankan

Gender

Male

Date of Birth

03th  July 1962

Age

51 Years

 

09)

Name

H.S.Nanayakkara

ID Number

680080950V

Nationality

Sri Lankan

Gender

Male

Date of Birth

08th  January 1968

Age

46 Years

 

 

10)

Name

M. Jayantha Karunaratne

ID Number

57001013V

Nationality

Sri Lankan

Gender

Male

Date of Birth

01st   January 1957

Age

57 Years

 

11)

Name

Anura Thilak Ketipearachchi

ID Number

562530380V

Nationality

Sri Lankan

Gender

Male

Date of Birth

09th  September 1956

Age

57 Years

 

Financial Data

 

The company has declined to provide information on its finance

 

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 company did not provide any trade reference referrals

 

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. 61.93

UK Pound

1

Rs. 102.06

Euro

1

Rs. 84.30

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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

 

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.