MIRA INFORM REPORT

 

 

Report No. :

336137

Report Date :

26.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MIDAYA PACKAGING INDUSTRIES  (PVT) LTD

 

 

Registered Office :

Muthuhena Watta, Padukka Road, Meegoda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.01.1987

 

 

Com. Reg. No.:

PV 5446

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in design, manufacture, export and distribution of packaging materials.

 

 

No. of Employee :

100

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 government's 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, but low tax revenues remain a 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

:

MIDAYA PACKAGING INDUSTRIES  (PVT) LTD       

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Kumudu T. M. Warnakulasooriya

d.

Primary Line of Business

:

 Design, Manufacture, Export and distribution of packaging materials

e.

Head office

&

Place of Business

and

Factory

 

 

Muthuhena Watta, Padukka Road,

Meegoda.

Sri Lanka.

 

Tel. No: (00 94 11) 275 0110    

Fax No: (00 94 11) 275 0111

Mobile: (00 94 77) 323 6666- Mr. Kumudu Warnakulasooriya-(Managing Director)

 

E-Mail: midpack.mkt@gmail.com

 

f.

No. of Employees

:

Approximately 100

        

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No:

:

N(PVS) 3202

Date of Registration

:

26th  January 1987

b.

Re-registration No:

:

PV 5446

Date of Re-registration

:

22nd  July 2008

c.

Registered Address

:

Muthuhanawatta, Padukka Road, Meegoda.

d.

Board of Directors

As At

14th  October 2014

:

Dayasiri Warnakulasooriya

Chairman

 

Kumudu T.Matsuda Warnakulasooriya

Managing Director

S.Matsuda Warnakulasooriya

Director

Anura Y.Matsuda Warnakulasooriya

Director

e.

Issued Share Capital

:

Rs.   13,000,020.00

Issued Shares

:

187,502

f.

Nominal Value of Share

:

Not stated vide Companies Act  #7 of 2007

g.

 

Share Holders

As At

14th  October 2041

:

Share Holders

No. of

Shares

Dayasiri Warnakulasooriya

      127,501

S. Matsuda Warnakulasooriya

        60,001

h.

Auditors

:

SJMS Associates, #02, Castle Lane, Colombo 04

i.

Company Secretaries 

:

Accounting Systems Secretaries Services (Pvt) LTD, Level 4, No.02, Castle Lane, Colombo 04

j.

Bankers

:

Sampath Bank PLC, Peoples Bank, Commercial Bank PLC, Seylan Bank PLC

 

 

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.

                                                         

midaya Packaging Industries

Company Logo

 

 

The Subject Company MIDAYA PACKAGING INDUSTRIES (PVT) LTD is a Private    Limited   liability Company incorporated on 26th January, 1987 under registration number N (PVS) 3202 and Re-registered on 22nd July 2008 under No. PV 5446 in terms of Companies Act #7 of 2007.

 

                  The subject company is a family owned business.

 

                  They have the following associate companies in the group:

-          Universal Ceramics Co. (Pvt) Ltd.

-          Midaya Ceramics (Pvt) Ltd.

-          Nikko Toki (Ceylon) Ltd.

-          Midaya Vitrified Tile Co. (Pvt) Ltd.

 

·         Location.

 

The Subject Company is located at the client,   Muthuhenawatte, Padukka Road,Meegoda, Sri Lanka, approx. 40 kilo meters from Colombo.

 

·         Operational Details.

General

 

                  The subject company’s primary line of business is Designing, Manufacturing, Exporting and distribution of packaging materials.

. 

Products

Flexible packaging materials made of Paper & Boards- Boxes, Cartons etc.

 

Single Face, Double Face Corrugated Sheets, Boards & Cartons, Point-of-Sale Displays, Gift Boxes, Carrier Bags and Packaging Accessories & Total Packaging Solutions Provider.

 

The company claims that they have achieved ISO 9001 certification for their products.

 

Export Country

 Maldives – Finished goods (Packaging)

 

Import Country

India – Paper & gum

 

Employees

                  Approximately 100

 

 

Trade references

 

The subject company has provided the following trade reference referrals in Sri Lanka:

-          John Keells PLC

-          Stassen Tea Company

-          Brook Bonds Tea company

-          Jones International

-          Ansell Lanka

-          Lions Brewery

-          The Ceylon National Chamber of Industries

They are also holding membership of:

-          National chamber of Exporters of Sri Lanka

-          Ceylon Chamber of Commerce

-          Sri Lanka Printers association       

 

 

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 by

 

Name :

Mr. Kumudu

Designation :

Director

Contact No.:

009411-2750110

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.71

UK Pound

1

Rs.105.10

Euro

1

Rs.77.11

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

Analysis Done by :

RAS

 

 

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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