MIRA INFORM REPORT

 

 

Report Date :

01.09.2014

 

IDENTIFICATION DETAILS

 

Name :

L AND C PACKAGING INDUSTRIES (PVT) LTD

 

 

Registered Office :

# 30/15, Longden Place Colombo 07,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

30.06.2003

 

 

Com. Reg. No.:

PV 6188

 

 

Legal Form :

Private Limited Liability

 

 

Line of Business :

Manufacture of Packaging Products

 

 

No. of Employees

50

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

:

L AND C PACKAGING INDUSTRIES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (in operation)

c.

Managing Director

 :

Chanaka Frederick Goonetilleke

d.

Primary Line of Business

:

Manufacture of Packaging Products

e.

   Head Office

        &

Place of Business

:

 

# 30/15, Longden Place

Colombo 07,

Sri Lanka.

 

Tel. No: (00 94 11) 294 7747

Fax No: (00 94 11) 482 0897

 

E Mail: c_s@eureka.lk

              info@landcpackaging.com

 

 

f.

No. of  Employees

:

50

           

           

 COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 34232

Date of Registration

:

30th June 2003

 

Re-registration No

 

PV 6188

Date of Re-registration

 

06th August 2008

c.

Registered Office

:

# 30/15, Longden Place, Colombo 07, Sri Lanka.

d.

Board of Directors

As At

14th October 2013

:

Chanaka Frederick Goonetilleke

Managing Director

L.R. Stephen Theodore

Director

Sonali Kumudini Goonetilleke

Director

e.

Issued Share Capital

:

Rs.  15,000,000.00

Number of Shares

:

1,500,000

f.

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

g.

Share Holders

As At

14th October 2013

 

 

                       Share Holders

No. of Shares

Chanaka Frederick Goonetilleke

899,999

L.R. Stephen Theodore

600,000

Sonali Kumudini Goonetilleke

01

h.

Auditors

:

Dias Associates

i.

Company Secretaries

:

Corporate Advisory Servicers (Pvt) Ltd

j.

Bankers

:

People’s 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

 

                                                      

                                                                   Company Logo

 

History.

 

                  The Subject Company L AND C PACKAGING INDUSTRIES (PVT) LTD is a Private    Limited   liability Company incorporated on 30th June 2003 under registration number N (PVS) 34232 and then the company was re-registered on 06th August 2008 under the registration number PV 6188

 

Location.

 

The Subject Company is located at client # 30/15, Longden Place, Colombo 07, Sri Lanka.

 

 

Operations Details

 

General

The subject company primary line of business is Manufacture of Packaging Products.

The subject company has earned certified by ISO 9001:2008 Certification and ISO 22000: 2005

 

 

Products

Paper Products (Paper Sacks)

 

Raw Material Import Countries

Europe and Scandinavian

 

No of Employees

50

 

Directors Details

 

01)

Name

Chanaka Frederick Goonetilleke

ID Number

482370152 V

Nationality

Sri Lankan

Gender

Male

Date of birth

24th August 1948

Age

66 Years

 

02)

Name

L.R. Stephen Theodore

ID Number

46300106 V

Nationality

Sri Lankan

Gender

Male

Date of birth

26th October 1946

Age

67 Years

 

03)

Name

Sonali Kumudini Goonetilleke

ID Number

618222721 V

Nationality

Sri Lankan

Gender

Female

Date of birth

17th November 1961

Age

52 Years

 

 

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 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.

 

 

Information parted by

 

NAME

Mr. Chanaka

DESIGNATION

Director

CONTACT NO.

009411-2947747

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.48

UK Pound

1

Rs.100.35

Euro

1

Rs.79.86

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.