MIRA INFORM REPORT

 

 

Report No. :

316176

Report Date :

21.04.2015

 

IDENTIFICATION DETAILS

 

Name :

G T C CONVERTERS (PVT) LTD

 

 

Registered Office :

# 805/4 A, Bangalawatte Road, Mabole, Wttala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

27.04.2001

 

 

Com. Reg. No.:

PV 1754

 

 

Legal Form :

Private Limited Liability Company [In Operation]

 

 

Line of Business :

Subject is engaged in UV Varnishing and converting of every description of paper and board including cutting, sheeting, winding, varnishing, calendaring, laminating, poly-coating, corrugating, coating, embossing

 

 

No. of Employees :

80

 

 

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

:

G T C CONVERTERS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (in operation)

c.

Managing Director

 :

E. Ranjith Gunaratne

d.

Primary Line of Business

:

UV Varnishing and converting of every description of paper and board including cutting, sheeting, winding, varnishing, calendaring, laminating, poly-coating, corrugating, coating, embossing

e.

Place of Business & Factory

:

 

# 805/4 A, Bangalawatte Road,

Mabole,

Wttala,

Sri Lanka.

 

Tel. No: (00 94 11) 294 8856 – 8 / 481 9668

Fax No: (00 94 11) 294 8901 / 481 9669

 

E Mail: operations@gtcconverters.com

              sales@gtcconverters.com

              customercare@gtcconverters.com

              finance@gtcconverters.com

 

f.

No. of  Employees

:

Approximattaly 80

           

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 28350

Date of Registration

:

27th  April 2001

b.

Re-registration No

:

PV 1754

Date of Re-registration

:

2nd  January 2008

c.

Registered Office

:

# 805 /4A, Bangalawatta Road, Mabole, Wattala

d.

Board of Directors

As At

31st December 2014

:

 E. Ranjith Gunaratne

Managing Director

K. A. Nalani Damayanthi Gunaratne (Ms)

Director

E. Ramdika Kasun Gunaratne

Director

E. Rajitha Gimhani Gunaratne (Ms)

Director

e.

Issued Share Capital

:

Rs.   4,000,000.00        

f.

No. of shares

:

400,000

g.

Nominal Value of Share

;

Not applicable vide Companies Act #7 of 2007.

h.

Share Holders

As At

31st December 2014

 

 

                       Share Holders

No. of Shares

 E. Ranjith Gunaratne

200,000

K. A. Nalani Damayanthi Gunaratne (Ms)

100,000

E. Ramdika Kasun Gunaratne

50,000

Rajitha Gimhani Gunaratne  (Ms)

      50,000

i.

Auditors

:

Solomons De Silva & Moorthy

j.

Company Secretaries

:

Group Management and Secretarial Services (Pvt) Ltd

k.

Bankers

:

HNB, HSBC, Peoples Bank, Commercial Bank, Sampath Bank

 

 

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 is not required to make public disclosure of their annual financials. Therefore no detailed financials are available for this entity

 

 

CURRENT INVESTIGATION

                                               

·         History.

 

The Subject Company G T C CONVERTERS (PVT) LTD is a Private    Limited   liability Company incorporated on 27th April 2001 under registration number N (PVS) 28350 and then the company was re-registered on 2nd January 2008 under registration number PV 1754. 

 

·         Location.

 

The Subject Company is located at the client # 805 /4A, Bangalawatta Road, Mabole, Wattala.

 

·         Operations Details.

 

General

The subject company primary line of business is UV Varnishing and converting of every description of paper and board including cutting, sheeting, winding, varnishing, calendaring, laminating, poly-coating, corrugating, coating, embossing

 

 

Services

UV Varnishing and Sheeting

 

Employees

                  Approximately 80

 

 

·         Director’s Details

 

01)

Name

E. Ranjith Gunaratne

ID Number

540663203 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

6th  March 1954

Age

61 Years

Address

#7, Right Circular Road, Jayanthipura, Battaramulla.

 

02)

Name

K. A. Nalani Damayanthi Gunaratne

ID Number

627720530 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

28th  September 1962

Age

52 Years

Address

#7, Right Circular Road, Jayanthipura, Battaramulla.

 

 

03)

Name

E. Ramdika Kasun Gunaratne

ID Number

8614234840 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

21st  May 1986

Age

28 Years

Address

#7, Right Circular Road, Jayanthipura, Battaramulla.

 

 

04)

Name

E. Rajitha Gimhani Gunaratne

ID Number

905662244V

Nationality

Sri Lankan

Gender

Female

Date of Birth

06th March, 1990

Age

25 Years

Address

#7, Right Circular Road, Jayanthipura, Battaramulla.

 

·         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 computerized 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 declined

 

Management non co-operative.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.56

UK Pound

1

Rs.93.56

Euro

1

Rs.67.49

 

 

INFORMATION DETAILS

 

Information Gathered by :

JML

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

               


 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.