MIRA INFORM REPORT

 

 

Report No. :

316189

Report Date :

21.04.2015

 

IDENTIFICATION DETAILS

 

Name :

NALAKA PAPER MILLS (PVT) LTD

 

 

Registered Office :

Horaketiyawatta Road, Rathmalgoda, Poruwadanda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

05.01.2010

 

 

Com. Reg. No.:

PV 70570

 

 

Legal Form :

Private Limited Liability Company [In Operation]

 

 

Line of Business :

Manufacturer and Distributors of Paper Products.

 

 

No. of Employees :

200 [Group]

 

 

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 :

No Complaints

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

:

NALAKA PAPER MILLS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

 :

R. A. Nalaka Nishantha Perera

d.

Primary Line of Business

:

Manufacturer and Distributors of Paper Products

e.

Places of Business

:

Horaketiyawatta Road, Rathmalgoda,

Poruwadanda,

Sri Lanka.

 

Tel. No: (00 94 34) 225 5752

Fax No: (00 94 34) 225 8020

E Mail: nalakapaper@gmail.com

             

Head Office:

#258/A, Galvihara Road, Dehiwala

Tel. No: (00 94 11) 271 7608

Fax No: (00 94 11) 271 2380

Email:    nalaka_ex@sltnet.lk

 

Factory:

#132, Borupana Road, Ratmalana

Tel. No: (00 94 11) 273 6760

Fax No: (00 94 11) 262 3838

 

 

f.

No. of  Employees

:

Approximately 200 (Group)

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Old Registration No

:

PV 70570

Registration Date

:

05th January 2010

c.

Registered Office

:

Horaketiya Road, Rathmalgoda,Poruwadanda

d.

Board of Directors

As At

  30th  November 2012

:

R. A. Nalaka Nishantha Perera

Managing

Director

W. A. Ariyawathi Perera (Ms)

Director

H. Champika Damayanthi (Ms)

Director

H. Mithrarathna

Director

e.

Issued Share Capital

:

Rs.    1,000,000.00          

No. Of Shares

:

100,000

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

 

SVAT No

:

SVAT001116

g.

Share Holders

As At

30th  November 2012

 

Share Holders

No. of Shares

R. A. Nalaka Nishantha Perera

40,000

W. A. Ariyawathi Perera (Ms)

20,000

H. Champika Damayanthi (Ms)

20,000

H. Mithrarathna

20,000

h.

Auditors

:

A J S  Associates, #100/20, Sir C.A. Gardiner Mw., Colombo 02

i.

Company Secretaries

:

H. Champika Damayanthi

j.

Bankers

:

-Not Disclosed-

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

Subject company declined to provide details without knowing the identity of the end user of the enquiry, due to security reasons

 

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 financials are available for this entity

 

 

CURRENT INVESTIGATION

           

·         History.

 

                  The Subject Company NALAKA PAPER MILLS (PVT) LTD is a Private Limited   Liability Company incorporated on 05th January 2010 under the registration number PV 70570.

 

                  Subject is having two (2) Associate Companies in the Nalaka Group namely;

                       NALAKA EXERCISE BOOKS INDUSTRIES (PVT) LTD

                       NALAKA STATIONERY

              

·         Location.

 

The Subject Company is located at the client Horaketiyawatta Road, Rathmalgoda, Poruwadanda, an area approx. 50 kilo meters south of Colombo city.

 

·         Operations Details.

 

General

                  The subject company primary line of business is Manufacture, Export and Distribution of Paper Products

 

Products

Coated Duplex Board

Uncoated Board

Manila Boards

Bristol Boards

File Cover

Chip Board

Cover Board              

    

Import Countries

Raw materials (Paper & Boards) & machinery India, China, Indonesia, South Africa, Thailand, Finland, Norway   etc.

 

Export Countries

Asia Pacific & Central Asian countries

 

No of Employees

                  Approximately 200 (Group)

 

·         Director’s Details

 

01)

Name

R. A. Nalaka Nishantha Perera

ID Number

712740094 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th September 1971

Age

43 Years

Address

#258/A, 1/1, Galvihara Road, Dehiwala

 

02)

Name

W. A. Ariyawathi Perera

ID Number

397220940 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

09th August 1939

Age

75 Years

Address

Pahala Horaketiyawatta Poruwadanda

 

03)

Name

H. Champika Damayanthi

ID Number

708471518 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

12th December 1970

Age

44 Years

Address

#258/A, 1/1, Galvihara Road, Dehiwala

 

 

 

04)

Name

H. Mithrarathna

ID Number

401511857 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th May 1940

Age

74 Years

Address

#91/1, “Wijesiri”, Hingurala, Puwakpitiya.

 

·         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 :

RAS

 

 

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.