MIRA INFORM REPORT

Report No. :	319254
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	J F& I PACKAGING (PVT) LTD

Registered Office :	No. 321, Kaduwela Road, Koswatta, Talangama

Country :	Sri Lanka

Date of Incorporation :	04.08.1975

Com. Reg. No.:	PVS 4283

Legal Form :	Private Limited Liability Company [In Operation]

Line of Business :	Subject is engaged in Packaging and Printing

No. of Employees :	500

RATING & COMMENTS

MIRA’s Rating :

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

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	:	J F& I PACKAGING (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Chairman	:	S. Neville Arthur Fernando
d.	Primary Line of Business	:	Subject is engaged in Packaging and Printing
e.	Head office & Place of Business	:	No. 321, Kaduwela Road, Koswatta, Talangama. Sri Lanka. Tel. No: (00 94 11) 278 9069 / 279 1928 / 278 8598 Fax No: (00 94 11) 278 8598 E-Mail: jpack@jfi.lk packaging@jfi.lk
g.	No. of Employees	:	Approximately 500

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	PVS 4283
	Date of Registration	:	04^th August 1975
b.	Re-registration No	:	PV 9457
	Date of Re-registration	:	19^th November 2008
c.	Registered Office	:	No.321, Kaduwela Road, Koswatta, Talangama.
d.	Board of Directors As At 02^nd October 2014	:	Dr. S. Neville Arthur Fernando	Chairman
			W.A. Swarnamalie Fernando (Ms)	Director
			S.N. Lalith Fernando	Director
			S. Neranja Jayathilaka	Director
			S. Devaka Srinath Fernando	Director
			S. Krishantha Fernando	Director
			T.M. Hemantha Sanath Tennakoon	Director
			M.G.D. Gamini Priya Perera	Director
			H. Sajith Nanayakkara	Director
			M. Jayantha Karunaratne	Director
			Anura Thilak Ketipearachchi	Director
e.	Issued Share Capital	:	Rs. 172,809,234.00 (Total No. of Shares: 17,280,171)
f.	Nominal Value of Share	:	Not declared/Not applicable in terms of Companies Act #7 of 2007
g.	Share Holders As At 02^nd October 2014	:	Share Holders		No. of Shares
			Dr. S. Neville Arthur Fernando		24
			W.A. Swarnamalie Fernando		60
			S.N. Lalith Fernando		9,494,187
			S. Neranja Jayathilaka		2,589,300
			S. Devaka Srinath Fernando		2,589,300
			S. Krishantha Fernando		2,589,300
			T.M. Hemantha Sanath Tennakoon		3,000
			M.G.D. Gamini Priya Perera		3,000
			H. Sajith Nanayakkara		3,000
			M. Jayantha Karunaratne		3,000
			Anura Thilak Ketipearachchi		3,000
			M.S. Wickramasinghe (Ms)		3,000
h.	Auditors	:	B.R. De Silva & Company, #22/4, Vijaya Kumaranatuga Mw. Colombo 05
i.	Company Secretaries	:	Hemantha Sanath Tennakoon #295E, Puwakgahadeniya Road, Hokandara
j.	Bankers	:	Hatton National Bank PLC, Bank of Ceylon
k.	Exports	:	Products: Label Country: France, Bangladesh
l.	Imports	:	Products: Raw Materials Country: India, Malaysia

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.

Company logo

New Picture (1)

The Subject Company JF & I PACKAGING (PVT) LTD is a Private Limited liability Company incorporated on 04^th August 1975 under registration number PVS 4283 and the company was re-registered 19^th November 2008 under registration number PV 9457.

The name of Subject Company was initially registered as “Janatha Finance & Investment

(Pvt) Ltd” and changed to the present name “JF & I PACKAGING (PVT) LTD”

On 27^th April 2011.

· Location.

The Subject Company is located at the client No.321, Kaduwela Road, Koswatta, Talangama, Sri Lanka, a city on the New Colombo-Kandy road, approx. 12 kilo meters north-east of Colombo city. This is a very prominent thickly populated business cum residential area, very close to the new approach road of Kottawa- Katunayake Express Highway.

· Operational Details.

General

The subject company primary line of business is Packaging and Printing

Products

Printed tags, printed boxes, printed leaflets, printed stickers, display units, printed cards, printed labels, Cartoons, Boxes, Bags, Sacs.

Importing Country

China, India

No of Employees

Approximately 150

· Directors Details

01)

Name	Dr. S. Neville Arthur Fernando
ID Number	310690155V
Nationality	Srilankan
Gender	Male
Date of Birth	09^th March 1931
Age	84 Years
Address	#147/2, Senanayake Mawatha, 2nd Lane, Nawala, Rajagiriya.

02)

Name	W.A. Swarnamalie Fernando (Ms)
ID Number	346830387 V
Nationality	Srilankan
Gender	Female
Date of Birth	01^st July 1934
Age	80 Years
Address	#147/2, Senanayake Mawatha, 2nd Lane, Nawala, Rajagiriya.

03)

Name	S.N. Lalith Fernando
ID Number	570130595 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	13^th January 1957
Age	58 Years
Address	#135/6, old Road, Nawala, Rajagiriya.

04)

Name	S.N.Jayathilaka
ID Number	608391495V
Nationality	Sri Lankan
Gender	Female
Date of Birth	04^th December 1960
Age	54 Years
Address	Garden, Nawala Road, Nugegoda.

05)

Name	S.D.S.Fernando
ID Number	621270629V
Nationality	Sri Lankan
Gender	Male
Date of Birth	06^th May 1962
Age	52 Years
Address	#147/2, Senanayake Mawatha, 2^nd Lane, Nawala, Rajagiriya.

06)

Name	S.K.Fernando
ID Number	662571075V
Nationality	Sri Lankan
Gender	Male
Date of Birth	13^th September 1966
Age	48 Years
Address	#56B, First Lane, Senanayake Mawatha, Nawala.

07)

Name	T.M.H.S.Tennakon
ID Number	572915251V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17^th October 1957
Age	57 Years
Address	#295E, Puwakgahadeniya Road, Hokandara.

08)

Name	M.G.D. Gamini Priya Perera
ID Number	621851268V
Nationality	Sri Lankan
Gender	Male
Date of Birth	03th July 1962
Age	52 Years
Address	#883/28, Etul Kotte, Kotte.

09)

Name	H.S.Nanayakkara
ID Number	680080950V
Nationality	Sri Lankan
Gender	Male
Date of Birth	08^th January 1968
Age	47 Years
Address	#31/18, Samudrasanna Road, Mount Lavinia.

10)

Name	M. Jayantha Karunaratne
ID Number	57001013V
Nationality	Sri Lankan
Gender	Male
Date of Birth	01^st January 1957
Age	58 Years
Address	#84, Kaludewala, Panadura

11)

Name	Anura Thilak Ketipearachchi
ID Number	562530380V
Nationality	Sri Lankan
Gender	Male
Date of Birth	09^th September 1956
Age	58 Years
Address	#5A, Robert Place, Dehiwela

· Trade references

Sri Lanka Institute of Printing

· 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 PARTED BY [GENERAL DETAILS]

Name :	Ms. Geethal
Designation :	Group Accountant
Contact No.:	(009411) 2789069
Date :	29.04.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	DIV

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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