MIRA INFORM REPORT

 

 

Report No. :

347966

Report Date :

17.11.2015

 

IDENTIFICATION DETAILS

 

Name :

M.S.H PACKAGING INDUSTRIES (PVT) LTD

 

 

Registered Office :

# 143/17  Sri Wickrema Mawatha, Colombo 15

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

21.03.1978

 

 

Com. Reg. No.:

PV 12678

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturers of Corrugated Cartons.

 

 

No. of Employee :

Approx.150

 

 

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

:

M.S.H PACKAGING INDUSTRIES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Ananda Lalindra Weerasinghe

d.

Primary Line of Business

:

Manufacturers of Corrugated Cartons.

e.

Head office & Place of Business

 

:

 

# 143/17  Sri Wickrema Mawatha,

Colombo 15,

Sri Lanka.

 

Tel. No: (00 94 11) 734 0440

Fax. No: (00 94 11) 534 4100

 

E-mail: mshpil@sltnet.lk

 

 

 

Factory

 

 

:

Kirikiththa Road,

Kithulakanda,

Weliweriya,

Sri Lanka

       

Tel. No: (00 94 33) 225 5000

Fax No: (00 94 33) 225 5777

g.

No. of Employees

:

Approx.150

 

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

PVS 4975

Date of Registration

:

21st March 1978

b.

Re-registration No

:

PV 12678

Date of re-registration

:

27th March 2009

c.

Registered Office

:

# 143/17  Sri Wickrema Mawatha,Colombo 15

d.

Board of Directors

As At

14th October 2015

:

Ananda Lalindra Weerasinghe

Managing Director

Avindra Manisha Weerasinghe

Director

Roshan Abhaya Iriyagolla

Director

Asanga Viswajith Weerasinghe

Director

f.

Issued Share Capital

:

Rs. 100,000,000.00     

Issued Share

:

2,000,000           

g.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007

h.

 

Share Holders

As At

14th October 2015

:

Share Holders

No. of

Shares

Almar Trading Company (Pvt) Ltd

1,020,000

Boston Capital (Pvt) Ltd

980,000

i.

Auditors

:

Weerasinghe & Co. #1E-2/1, De Fonseka Place, Colombo 05

j.

Company Secretaries

:

Co-Serv (Pvt) Ltd, #56/10, Horton Place, Colombo 07.

k.

Bankers

:

Commercial Bank, Colombo

l.

Export

:

Country: Pakistan, India

m.

Importer of

:

Raw Material

Country : Austria, Singapore, Russia

n.

Trading Terms

:

Purchasing Terms: Cheque, Credit

Sales Terms : Cheque, Credit

o.

Types of Customers

:

Retailers, End User, OEM’s

p

Sister Concern (Holding company)

:

Almar Trading Company (Pvt) Ltd

 

 

Directors Details

 

01)

Name

Ananda Lalindra Weerasinghe

ID Number

631060420 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th April 1963

Age

52 Years

 

02)

Name

Avindra Manisha Weerasinghe

ID Number

613620184 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th December 1961

Age

53 Years

 

03)

Name

Roshan Abhaya Iriyagolla

ID Number

710511950 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

20th February 1971

Age

44 Years

 

04)

Name

Asanga Viswajith Weerasinghe

ID Number

572062279 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

24th July 1957

Age

58 Years

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

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

 

 

FINANCIAL DATA

[All Figures in Sri Lankan Rupees Millions]

 

Particulars

 

 

2014-2015

2013-2014

 

 

 

 

Sales Turnover (Approximately)

 

223.880

236.590

 

 

(Due to Market Fluctuation)

 

Expected Sales (2015-2016): 250.000 Million

 

 

Current investigation

 

·         History.

 

The Subject Company M.S.H PACKAGING INDUSTRIES (PVT) LTD is a Private    Limited   liability Company incorporated on 21st March 1978 under the registration number PVS 4975 and then the company was re-registered on 27th March 2009 under the registration number PV 12678

 

·         Location.

 

The Subject Company is located at Client # 143/17, Sri Wickrema

Mawatha, Colombo 15.

Factory is at Kirikiththa Road, Kithulakanda, Weliweriya, and approx. 45 kilo meters

from Colombo.

 

·         Operational Details.

 

General

The subject company primary line of activity is Manufacturers, Exporters and Distributors of Corrugated Cartons of many varieties and sizes.

 

Products

Corrugated cartons, Boxes & Bags,

 

Country

Finland, Sweden and South Africa.

 

Employees

Approx.200

 

                             

·         Trade references

Export Development Board (EDB)

 

 

·         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 PARTED BY

 

Name :

Mr. Mohammed Rifzon

Designation :

Accountant

Contact No.:

00094 11 7340440

Date :

13.11.2015

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.17

UK Pound

1

Rs.1000.66

Euro

1

Rs.70.97

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

ANK

 

 

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.