MIRA INFORM REPORT

 

 

Report Date :

13.03.2014

 

IDENTIFICATION DETAILS

 

Name :

POLYPAK SECCO LTD

 

 

Registered Office :

4th  Floor, Propertex Court, # 108, W A D Ramanayake Maatha, Colombo – 02,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.09.1987

 

 

Com. Reg. No.:

N (PVS/PBS) 3795

 

 

Legal Form :

Public limited liability Company

 

 

Line of Business :

Manufacturers, Importers, Exporters and Distributors of Article and Products Made out of Plastics, Thermoplastics, and other Synthetic Resins.

 

 

No. of Employees :

700

 

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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets

 

Source : CIA

 

 

 

 

Company name and address

 

a.

Name of Subject of Inquiry

:

 

POLYPAK SECCO LTD

 

b.

Legal Form  & Status

:

Public limited liability Company (In Operation) – Not Listed Colombo Stock Exchange

c.

Chairman

:

Sohli Edulji Captian

d.

Primary Line of Business

:

 

Manufacturers, Importers, Exporters and Distributors of Article and Products Made out of Plastics, Thermoplastics, and other Synthetic Resins.

 

e.

Head office

&

Place of Business

 

:

 

4th  Floor, Propertex Court,

# 108, W A D Ramanayake Maatha,

Colombo – 02,

Sri Lanka.

 

Tel. No: (00 94 11) 253 0128 – 30 / 233 0128

Fax No: (00 94 11) 244 7661

 

E-Mail: propertx@eureka.lk

               polypaksales@eureka.lk

 

f.

No. of Employees

:

Approx. 700

                       

 

 COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

 N (PVS/PBS) 3795

Date of Registration

:

 02nd September 1987

b.

Registration No

 

PB 820

Date of Registration

 

31st December 2008

c.

Registered Office

:

04th Floor,# 108, W.A.D.Ramanayake Mawatha, Colombo 02.

d

Board of Directors

As At

14th January 2013

 

Sohli Edulji Captian

Chairman

Shattra Oraja Wijeysekera

Director

Ranjit Francis Dias Abeysinghe

Director

Leesha Anne Captain

Director

Rusi Sohli Captain

Director

f.

Issued Share Capital

:

Rs.      50,000,000.00

g.

Nominal Value of Share

:

Rs.                    10.00         

h.

SVAT No. (Simplified Value Added Tax)

:

SVAT000010

 

 

Registration and Shareholder Details Cont….

 

h.

 

Share Holders

As At

14th January 2013

:

Share Holders

No. of

Shares

Sohli Edulji Captian

3,749,990

Perin Edulji Captain

02

Leesha Anne Captain.

625,002

Diana Captain.

02

N. D. C. Austin

02

A. A. N. Fonseka

02

Rusi Sohli Captain

625,000

i.

Auditors

:

Ford Rhodes Thornton & Co

j.

Company Secretaries

:

Hulugalle Associates (Pvt) Ltd

k.

Bankers

:

Bank of Ceylon, Commercial Bank

 

 

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 POLYPAK SECCO LTD is a Public Limited liability                                             Company (Not Listed Colombo Stock Exchange) incorporated on 02nd September 1987 under registration number N (PVS/PBS) 3795 and then the company was re-registered on 31st December 2008 under registration number PB 820.

 

Location.

 

The Subject Company is located at the client 4th  Floor, Propertex Court,

   # 108, W A D Ramanayake Mawatha, Colombo – 02.

 

 

Operational Details

 

General

The subject company primary line of business is manufacturers, importers, exporters and distributors of article and products made out of plastics, thermoplastics, and other synthetic resins.

 

 

Products

Plastics, Thermoplastics, and other Synthetic Resins, Soft drink Bottles, Polythene filers and     ploy bags,

 

 

Import Countries

India, China, Malaysia

 

 

Employees

Approx. 700

 

 

Director Details

 

01)

Name

Sohli Edulji Captian

ID Number

332491296 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

5th September 1933

Age

80 Years

Address

# 8, Clifford Avenue, Colombo 03

 

 

They claimed the businessman topped the Rich List 2013 list by a huge margin – his nearest rival was the 80-yearl old Sohli Captain who the Rich List estimated at USD423 Million – Rs 55 Billion. Sohli Captain – whose investment in the blue chip John Keels Holdings remains the single largest shareholding by any Sri Lankan national.

 

02)

Name

Shattra Oraja Wijeysekera

ID Number

332191012 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

6th August 1933

Age

80 Years

Address

# 39, Jayasinghe Road, Off Balapokuna Road, Colombo 05

 

 

03)

Name

Ranjit Francis Dias Abeysinghe

ID Number

382400836 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th August 1938

Age

75 Years

Address

8th Lane, Baddegana Road, Pita Kotte, Kotte

 

 

04)

Name

Rusi Sohli Captain

ID Number

650933010 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd April 1965

Age

48 Years

Address

# 9/1, Gower Street, Colombo 05

 

 

05)

Name

Leesha Anne Captain

ID Number

685424100 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

11th February 1968

Age

45  Years

Address

# 2, Spathodea Avenue, Colombo 05

 

 

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

 

The Ceylon National Chamber of Industries

Board of Investments of 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.61.09

UK Pound

1

Rs.101.59

Euro

1

Rs.84.65

 

 

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.