MIRA INFORM REPORT

 

 

Report No. :

316178

Report Date :

11.04.2015

           

IDENTIFICATION DETAILS

 

Name :

CVS PAPER TRADERS (PVT) LTD

 

 

Registered Office :

#18/2, Pantalion Mawatha, Rilaulla, Kandana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.07.2011

 

 

Com. Reg. No.:

PV 79760

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is Importers of Printing Paper & Paper Boards

 

 

No. of Employee :

25

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

GENERAL

 

Basic information at a glance

       

a.

Name of Subject of Inquiry

:

 

CVS PAPER TRADERS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Managing Director

 :

Clive M. Weerasinghe

d.

Primary Line of Business

:

Importers of Printing Paper & Paper Boards

e.

Head Office & Place of Business

:

 

#18/2, Pantalion Mawatha,

Rilaulla,

Kandana.

Sri Lanka

 

Tel No: (00 94 11) 2236902 / 223 4434 / 223 2705

Fax No: (00 94 11) 223 4434

Mobile No: (00 94 71) 275 6782

 

Email: cvspaper@sltnet.lk

 

Factory

:

 

No. 167, Negombo Road,
Rilaulla,
Kandana,
Sri Lanka.

f.

No. of  Employees

:

Approximately 25

           

        

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

PV 79760

b.

Date of Registration

:

01ST July 2011

c.

Registered Office

:

# 18/2, Pantalion Mawatha, Rilaulla, Kandana

d.

Board of Directors

As at

01 July 2011

 

:

Clive Murcott Weerasinghe

Managing Partner

S.F Violet Silva Weerasinghe

Partner

 

Marie Sherone Weerasinghe

 

Partner

Shamela Michelle Weerasinghe

Partner

e.

Issued Shares Capital

:

Rs. 1,000.00

f.

No. of Shares

 

100

g.

Nominal Value of Share

:

Not applicable

h.

Share holders as at

01 July 2011

 

:

Share holders

No. of Shares

Clive Murcott Weerasinghe

60

S.F Violet Silva Weerasinghe (Ms)

20

Marie Sherone Weerasinghe (Ms)

10

Shamela Michelle Weerasinghe (Ms)

10

j.

Auditors

:

-Not Disclosed-

k.

Company Secretaries

:

Businessmate (Pvt) Ltd

(#45, Braybrooke street, Colombo 02

l.

Bankers

:

Commercial Bank, HNB

 

 

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

 

·         History.

     The Subject Company C V S PAPER TRADERS (PVT) LTD is a Private Limited

       Liability  Company , incorporated on 01st July 2011 under registration number PV 71958.

 

      Subject company has been initially in operation as a Partnership Company.

                  It is said to be one-family business venture.

 

·         Location.

 

The Subject Company is located at the client 18/2, Pantalion Mawatha, Rilaulla, Kandana, Sri Lanka

 

·         Operations Details.

 

General

The subject company primary line of business is Importers of Printing Paper & Paper Boards

 

Products

Printing Paper & Paper Boards

 

Import Country

Russia, India

 

No of Employees

                  Approximately 25

 

 

Directors’ Details

 

01)

Name

Clive Murcott Weerasinghe

ID Number

523041886 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th October 1952

Age

62 years

Address

#10/3, Pantalion Mawatha, Rilaulla, Kandana

 

 

02)

Name

S.F Violet Silva Weerasinghe

ID Number

556201200 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

29th April 1955

Age

59 years

Address

#10/3, Pantalion Mawatha, Rilaulla, Kandana

 

 

03)

Name

Marie Sherone Weerasinghe

ID Number

857451082 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

1st September 1985

Age

29 years

Address

#10/3, Pantalion Mawatha, Rilaulla, Kandana

 

04)

Name

Shamela Michelle Weerasinghe

ID Number

905160400 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

16th January 1990

Age

25 years

Address

#10/3, Pantalion Mawatha, Rilaulla, Kandana

 

         

·         General Comments

 

The subject company when contacted declined to disclose any operational or financial information, However all information received is from non-formal sources but clearly originating from the company            

 

 

·         Trade references

 

                  The subject company did not provide any trade references

 

 

·         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 DENIED

 

Management non co-operative (Tel. No. 009411-223690 / 2234434)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.35

UK Pound

1

Rs.93.10

Euro

1

Rs.67.13

 

INFORMATION DETAILS

 

Information Gathered by :

JML

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

 

 

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%)

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