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Report Date : |
18.01.2014 |
IDENTIFICATION DETAILS
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Name : |
PRINT ART SERVICE |
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Registered Office : |
#606/D, Nugape, Pamunugama |
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Country : |
Sri Lanka |
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Date of Incorporation : |
21.07.2004 |
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Com. Reg. No.: |
W/T/I/3390 |
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Legal Form : |
Sole Proprietorship Company (in operation) |
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Line of Business : |
Manufacture, printing and supplying of Inner Cartons of Tea |
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No. of Employees : |
Approx. 25 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Basic information
at a glance
|
a. |
Name of Subject of Inquiry |
: |
PRINT ART SERVICE |
|
b. |
Legal Form & Status |
: |
Sole
Proprietorship Company (in operation) |
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c. |
Proprietor |
: |
B.K.W Pradeep Sanjeewa Rodrigo |
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d. |
Primary Line of Business |
: |
Manufacture, printing
and supplying of Inner Cartons of Tea |
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e. |
Office, Printing press & Place of Business |
: |
#12,
Hospital Road,
Aniyakanda, Kandana. Sri Lanka Tel. No: (00 94
11) 3077 801 Fax No: (00 94
11) 2243 264 Mobile: (00 94
77) 304 3668 (Mr. Rodrigo, Proprietor) Email: printartlk@yahoo.com
|
|
f. |
No. of Employees |
: |
Approx. 25 |
Registration and
Shareholder Details
|
a. |
Registration No |
: |
W/T/I/3390 |
||
|
b. |
Date of Registration |
: |
21st
July, 2004 |
||
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c. |
Registered Address |
: |
#606/D, Nugape,
Pamunugama. Sri Lanka |
||
|
d. |
Proprietor |
: |
B.K.W Pradeep Sanjeewa Roddigo |
Managing
Proprietor |
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|
e. |
Auditors |
: |
PRJ Assocites |
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f. |
Bankers |
: |
People’s Bank-
Pamunugama |
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History.
The Subject Company PRINT ART SERVICE is Proprietorship Company
in operation.
Mr. Sanjeewa Rodrigo, Proprietor of the company,
when contacted provided details regarding the Company registration etc but
declined financial details without knowing who the enquiring party is.
(The Proprietorship/ Partnership companies are being registered at the
Provincial Registrar of Companies and when the owner does not provide the
registration details it is not possible to extract such details from the
Registrar’s office, to enable us the verify the company establishment details.)
Location.
The subject company PRINT ART SERVICE is located at #12, Hospital
Road, Aniyakanda, Kandana, a residential cum business area, towards North of
Colombo city, approx. 18 kilo meters away.
The client given address #606/D,
Nugape, Pamunugama, is the registered address of the subject company which is
approx. 4 kilo meters from the office/ business place of the subject company.
The business place
is located in a 2 storey building with approx.6, 000 square feet of floor
area with printing machines, equipments
and accessories etc.
Operational
Details:
General
The main line of business of the subject company is Manufacture, printing and supplying of Inner Cartons of Tea, tea bags
for tea exporting companies.
Products/Services
All types of Inner tea cartons for packaging
Importing
Countries
Raw materials such as ink, paper, and boards etc imported from India,
China, and Japan
No.
of Employees:
Approx.25
Financial Data
Mr. Rodrigo, the Proprietor of the
subject company declined to provide information on its finances without knowing the details of the end user
of this enquiry.
Based on the corporate laws of Sri Lanka, legal entities which are
Private Company with Limited
Liability/partnerships/Proprietorships is not required to make public
disclosure of their annual financials. Therefore no financials are available
for this entity
Trade references
The subject company said that they supply
these products to several tea exporting companies in Sri Lanka.
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.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.