MIRA INFORM REPORT

Report No. :	325859
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	ACME PRINTING AND PACKAGING PLC
Registered Office :	1st Floor, Lakshman's Building, # n343, Galle Road, Colombo 03
Country :	Sri Lanka
Financials (as on) :	31.12.2014
Date of Incorporation :	20.12.1949
Com. Reg. No.:	PQ 196
Legal Form :	Public Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Material(Aluminium Linings and Foils) for Local and Export Markets
No of Employees :	Approximately 300

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
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 Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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	:	ACME PRINTING AND PACKAGING PLC
b.	Legal Form & Status	:	Public Limited Liability Company (In Operation) listed at Colombo Stock Exchange
c.	Chairman	:	J. Dinal Peiris
d.	Primary Line of Business	:	Manufacturer of Flexible Packaging Material(Aluminium Linings and Foils) for Local and Export Markets
e.	Registered Offices		1st Floor, Lakshman's Building, # n343, Galle Road, Colombo 03, Sri Lanka Tel. No: (00 94 11) 256 4458 Fax. No: (00 94 11) 256 4461 Email : acmepack@eureka.lk acmemkt@sltnet.lk
	Place of Business & Factory	:	# 318, Gonamaditta Road, P.O. Box 29, Piliyandala, Sri Lanka. Tel. No: (00 94 11) 464 1818 / 464 1830 Fax No: (00 94 11) 420 9830 E-Mail: acmemkt@sltnet.lk general@acmelk.com
g.	No. of Employees	:	Approximately 300

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	PVS/PBS 823
	Date of registration		20^th December 1949
b.	Re-registration No	:	PQ 196
	Date of Re-registration	:	03^rd September 2008
c.	Registered Office	:	1st Floor, Lakshmans Building, 321, Galle Road, Colombo - 3
d.	Board of Directors As At 13th October 2014	:	J. Dinal Peiris	Chairman
			R. Seevarathnam	Director
			Paras Chandaria	Director
			H.D.S. Amarasuriya	Director
			C.L.K.P. Jayasuriya	Director
			D.S. Weerakkody	Director
			N.M. Chandaria	Director
			J.M. Swaminathan	Director
e.	Issued Share Capital	:	Rs. 395,989,440.00
	Number of Shares	:	25,613,280
f.	Nominal Value of Share	:	Not applicable/declared vide Companies Act #7 of 2007
g.	Major Share Holders As At 31st December 2014 (Total Number Share Holders 1,828)	:	Major Share Holders		No. of Shares
			Clovis Company Ltd		11,054,831
			Richardson Holdings (Pvt) Ltd		8,000,000
			Mak Holdings Group Inc - UAE		3,993,775
			Seylan Bank PLC / Capital Trust Holdings (Pvt) Ltd		2,009,000
			Lanka Aluminium Industries PLC		1,836,486
			R.P. Weerasooriya		1,566,094
			Bank of Ceylon No.1 Account		1,078,700
			J.D. Peris		774,300
			Seylan Bank Ltd. / R.P. Sugathadasa		503,780
			J.Y.K. Associates (Private) Limited		454,199
i.	Auditors	:	KPMG Ford, Rhodes, Thornton & Company P. O. Box 186, Colombo 00300
j.	Company Secretaries	:	S S P Corporate Services (Pvt) Ltd (#. 101, Inner Flower Road, Colombo 03)
k.	Bankers	:	HSBC Commercial Bank of Ceylon PLC Bank of Ceylon Hatton National Bank Sampath Bank PLC Nations Trust Bank DFCC Bank DFCC Vardhana Bank Ltd National Development Bank Ltd Seylan Bank PLC

Director’s Details

01)

Name	J. Dinal Peiris
ID Number	612390010 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	26^th August 1961
Age	53 Years
Address	# 114, Lake Drive, Colombo 08

02)

Name	Ranjeevan Seevaratnam
ID Number	432681750 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	24^th September 1943
Age	71 Years
Address	# 19, 4/6, Station Court, 19, Station Road, Colombo 06

03)

Name	Paras Chandaria
PP Number	099263843
Nationality	British

04)

Name	H.D.S. Amarasuriya
ID Number	433241304 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	19^th November 1943
Age	71 Years
Address	# 30/15, Park Road, Colombo 05

05)

Name	C.L.K.P. Jayasuriya
ID Number	537411953 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28^th August 1953
Age	61 Years
Address	Residence ‘E’, Finlay House, # 186, Vauxhall Street, Colombo 02

06)

Name	D.S. Weerakkody
ID Number	631720889 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20^th June 1963
Age	51 Years
Address	# 119, Rosmead Place, Colombo 07

07)

Name	N.M. Chandaria
PP Number	A 958601
Nationality	Kenya

08)

Name	J.M. Swaminathan
ID Number	410091356 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	09^th January 1941
Age	74 Years
Address	# 119, Rosmead Place, Colombo 07

FINANCIAL DETAILS - Most recent available Financial Information

Quarterly Financial as at 31-12-2014

CURRENT INVESTIGATION

Company Logo

· History

The Subject Company ACME PRINTING AND PACKAGING PLC is a Public Limited Liability Company incorporated on 20^th December 1949 under registration number PVS/PBS 823 and the company was re-registered on 03^rd September 2008 under registration number PQ 196. The Subject Company is a listed company of Colombo Stock Exchange.

The subject company’s fully owned subsidiary, Acme Packaging Solutions (Private) Limited

· Location

The Subject Company is located at # 318, Gonamaditta Road, P.O. Box 29, Piliyandala, Sri Lanka and client is company registered office address

· Operational Details

General

The subject company’s primary line of business is manufacturing of Manufacturer of Flexible Packaging Material (Aluminium Linings and Foils) for Local and Export Markets.

The subject company has earned ISO: 9001-2000 certification

· Below are a few international brand names for which, the Subject Company provides packaging material:

o Nido

o Nespray

o Nestle Coconut Milk Powder

o Sunlight, Surf Excel, Rin, Supreme

o Panadol & Disprin

o Malibon Lemon Puff, Cream Crackers etc

Client list of the Subject Company

o Unilever Ceylon Ltd

o Nestle Lanka Ltd

o Maliban Biscuits Ltd

o Ceylon Chocolate Ltd

o Ceylon Chocolate Ltd

o Edna Chocolate Ltd

o Ceylon Biscuits Ltd

o Glaxo SmithKline Beecham (Pvt) Ltd

o Glaxo SmithKline - Pakistan

o Cargills Quality Foods Ltd

o Ceylon Cold Stores Ltd

o James Finlay & Company (Colombo) Ltd

o Stassen International

o J Cey Tea (Pvt) Ltd

o Ceylon Tea Marketing Ltd

o Raigam Marketing (pvt) Ltd

Import Countries

India, China, England, Taiwan…etc

Employees

Approximately 300

Customer

Cinnamon Biscuits

Suppler

Easter Industries Limited, India

ADVERSE DATA MONITORING: subject Company

Dishonoured Checks	No Record Found
Debt	No Record Found
Litigation	No Record Found
Performance Defaults	No Record Found
ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY	No Record Found

· Litigation

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.

Mortgaged Bonds of the subject

The Certificate of Charge Created by the Company

01)

Date and description of instrument creating or evidencing the charge	24/06/2014 - 1517
Amount Secured	Rs. 2,052,409/45
Short particulars of property charged	Aluminium Foil
Name, address and description of the persons entitled to the charge	People’s Bank, # 35, D.R. Wijewardena Mawatha, Colombo 10

02)

Date and description of instrument creating or evidencing the charge	11/06/2014 - 1410
Amount Secured	Rs. 4,200,797/02
Short particulars of property charged	Coex, CPP & MET CPP Films
Name, address and description of the persons entitled to the charge	People’s Bank, # 35, D.R. Wijewardena Mawatha, Colombo 10

03)

Date and description of instrument creating or evidencing the charge	19/06/2014 - 1474
Amount Secured	Rs. 2,743,170/02
Short particulars of property charged	Polyester Films
Name, address and description of the persons entitled to the charge	People’s Bank, # 35, D.R. Wijewardena Mawatha, Colombo 10

04)

Date and description of instrument creating or evidencing the charge	12/12/2014 - 2473
Amount Secured	Rs. 961,543/80
Short particulars of property charged	Aluminium Foil - Stock
Name, address and description of the persons entitled to the charge	People’s Bank, # 35, D.R. Wijewardena Mawatha, Colombo 10

· Credit Recommendations

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 parted by

Name :	Ms. Bhagya
Designation :	Supply Assistant
Contact No.:	00 94 11 464 1818
Date :	05.06.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.89
UK Pound	1	Rs. 97.97
Euro	1	Rs. 71.81

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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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