MIRA INFORM REPORT
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Report No. : |
316187 |
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Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
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Name : |
PAPERCOM TRADERS |
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Registered Office : |
# 304, Sea Street, Colombo 11. |
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Country : |
Sri Lanka |
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Date of Incorporation : |
01.04.1980 |
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Com. Reg. No.: |
W 49942 |
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Legal Form : |
Partnership Company (In Operation) |
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Line of Business : |
Importers and Distributors of Papers & Boards |
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No. of Employee : |
Approx. 100 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
No complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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. 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 |
GENERAL
- Basic information
at a glance
|
a. |
Name of Subject
of Inquiry |
: |
PAPERCOM TRADERS |
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b. |
Legal Form & Status |
: |
Partnership Company (In Operation) |
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c. |
Managing Partner |
: |
Zakir Hussain Kamrudeen |
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d. |
Primary Line of
Business |
: |
Importers and Distributors of Papers &
Boards |
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e. |
Office &
Place of Business |
: |
#304, Sea Street, Colombo 11, Sri Lanka Tel No: (00 94 11)234 1790 / 243 6214 /
245 2447- 9 Fax No: (00 94
11)2437168 E-Mail : papercom@sltnet.lk |
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h. |
No. of Employees |
: |
Approx. 100 |
COMPANY
DETAILS
- Registration and Shareholder Details
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a. |
Registration No |
: |
W 49942 |
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b. |
Date of Registration |
: |
01st April, 1980 |
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c. |
Registered Office |
: |
# 304, Sea Street, Colombo 11. Sri Lanka |
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d. |
Partners |
: |
Zakir Hussain Kamrudeen |
Managing Partner |
|
Shabbir
Mohamed |
Partner |
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i. |
Auditors |
: |
Kreston MNS & Co. |
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j. |
Company Secretaries |
: |
Not applicable for this category of
companies |
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k. |
Bankers |
: |
Bank of Ceylon Hatton National Bank Muslim Commercial Bank |
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FINANCIAL
DETAILS
- Most
recent available Financial Information
The company has declined to provide
information on its finances
(Note: Based on the
corporate laws of Sri Lanka, legal entities which are Private Company with
Limited Liability are 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
PAPERCOM TRADERS is a Partnership
Company registered on 01st April, 1980 under registration
number W 49942 is in operation as a trading organisation.
- LOCATION
The subject company
is located at client #304, Sea Street,
Colombo 11, Sri Lanka, one of the premier business areas in Colombo city.
- OPERATIONAL DETAILS
General:
The subject company’ primary line of business since its inception has
been dealing with the import of all types of paper, boards,
consumables, spare parts for printing industry, stationery items etc for
domestic market. The company also is in possession of a Sheeting & Slitting Factory,
equipped with high tech machinery to meet the individual paper sizes of
clients.
As expansion over
the years, the company has been able to move into other product lines required
by the printing industry and has established, Shalon Machinery &
Services [Pvt] Ltd under the Papercom Group.
Products:
All kind of Paper
Products such as: Printing papers, boards, stationery items, Adhesives, Uv
Varnish spare parts for printing industry etc
Importing Countries:
India, Malaysia, China, Canada, Indonesia, Sweden, USA.
Employees:
Approximately 100
- TRADE REFERENCES
Ceylon Chamber
of Commerce
Trading
Partners: Few of the trading partners:
Hans Gronchi, China, Astra Technologies, Uchida Yoko Japan, Precise
Equipment India, NGB Graphic (Pvt) Ltd,
India, MBO Folding Germany, Graphic Whizard Canada etc.
Holding
Membership of: Sri Lanka
Institute of Packaging (SLIP)
European Chamber of Commerce of Sri Lanka
Sri Lanka Printers Association
(SLPA)
Sri Lanka-Canada Business Council
Sri
Lanka-China Business Council
- 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 promoters 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
denied by
|
Name : |
Mr. Zakir Hussain |
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Designation : |
Partner |
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Contact No.: |
(00 94 11) 234 1790 |
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Date : |
08.04.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.91.60 |
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Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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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.