MIRA INFORM REPORT

 

 

Report No. :

355185

Report Date :

22.12.2015

 

IDENTIFICATION DETAILS

 

Name :

WESTERN PAPER INDUSTRIES (PVT) LTD

 

 

Registered Office :

# 01/265, Cemetry Road, Pamunugama, Alubomulla, Panadura.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

PV 11449

 

 

Com. Reg. No.:

04.01.2001

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture, Importer & Exporter of stationeries.

 

 

No. of Employee :

Not Available

 

 

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

:

WESTERN PAPER INDUSTRIES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

 Sugath Hettiarachchi

d.

Primary Line of Business

:

Manufacture, Importer & Exporter Of stationeries

e.

Head office

&

Place of Business

 

 

 

# 1/265, Cemetery Road,

Pamunugama,

Alubomulla,

Panadura.

 Sri-Lanka.

 

Tel. No: (00 94 38) 2235539 / 2240038 / 2244222/ 2237669

Fax No: (00 94 38) 2234568

E-Mail:  info@westernpapersl.com       

 

f.

No. of Employees

:

Not disclosed

 

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 27668

Date of Registration

:

04th January 2001

b.

Re-registration No

:

PV 11449

Date of Re-registration

:

02nd February 2009

c.

Registered Office

:

# 01/265, Cemetry Road, Pamunugama, Alubomulla, Panadura.

d.

Board of Directors

As At

31 October 2013

:

M.H Priyantha Rohana Sugath

Director

W. Priyangani Dissanayaka

Director

Kelly Senanayake

Director

E.B Gamanson

Director

e.

Issued Share Capital

:

Rs. 13,204,320.00

f.

No. of  Shares

:

1,320,432

g

Nominal Value of Share

:

 Not Stated Vide Companies Act #7of 2007

 

Registration and Shareholder Details Cont…

 

h.

 

Share Holders

As At

31 December 2013

:

Share Holders

No. of Shares

M.H Priyantha Rohana Sugath

1,310,432

W. Priyangani Dissanayaka

10,000

i.

Auditors

:

S.K Associates (#114-1/1, Kandy Road Kiribathgoda)

j.

Company Secretaries

:

Dudley Senanayake, (#155/1, Jaya Mawatha, Bellanwila, Boralesgamuwa)

k.

Bankers

:

-Not Disclosed-

 

 

Directors’ Details

 

01)

 

 

Name

 

M.H Priyantha Rohana Sugath

 

ID Number

 

642812149V

 

Nationality

 

Sri Lankan

 

Gender

 

Male

 

Date of Birth

 

07th October 1964

 

Age

 

50 Years

 

Address

 

#226/3,  Mohawila Road , Kaludewala, Panadura.

 

02)

 

 

Name

 

W. Priyangani Dissanayaka

 

ID Number

 

697862412V

 

Nationality

 

Sri Lankan

 

Gender

 

Female

 

Date of Birth

 

12th October 1969

 

Age

 

45 Years

 

Address

 

#226/3,  Mohawila Road , Kaludewala, Panadura.

 

 

03)

 

 

Name

 

Kelly Senanayake

 

ID Number

 

502703030V

 

Nationality

 

Sri Lankan

 

Gender

 

Male

 

Date of Birth

 

26th September 1950

 

Age

 

64  Years

 

Address

 

#121A, Modera Road , Egodauyana, Moratuwa

 

 

04)

 

Name

E.B Gamanson

ID Number

621793071V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th June 1962

Age

53 Years

 

Address

 

#12/15 D, Medawella Road, Walluruwa, Panadura

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 The company has declined to provide information on its finances without knowing the end user of the enquiry    

                                                           

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 WESTERN PAPER (PVT) LTD is a Private    Limited   liability Company incorporated on 1ST January 2001 under registration number N (PVS) 27668 and has been re-registered in terms of Companies Act #7 of 2007 on 2nd February 2009 under registration number PV 11449.

 

 

  • Location.

 

The Subject Company is located at the client # 01/265, Cemetry Road, Pamunugama, Alubomulla, Panadura, approx.25 kilo meters south of Colombo city.

 

  • Operational Details.

 

General

The subject company primary line of business is Import, Manufacture and exporter of Stationeries and products

 

Products

Self adhesive Tapes Solution Items, paper Solution Items, Paper tubes, Printing Solution items, Sticker Solution items

              

Import Country

Raw materials imported from India

 

Export Country

Bangladesh, Maldives

 

Employees

 Not disclosed

 

  • Trade references

 

National Chamber of Exporters of Sri Lanka

 

 

  • 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. Roshan

Designation :

Accountant

Contact No.:

(009438)2240038

 

Name :

Mr. Deepal Kumar Nayaka

Designation :

Finance Controller

Contact No.:

(009438)2240038

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.32

UK Pound

1

Rs.98.99

Euro

1

Rs.72.13

LKR

1

Rs. 0.46

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

AMT

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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