MIRA INFORM REPORT

 

 

Report No. :

341874

Report Date :

30.09.2015

 

IDENTIFICATION DETAILS

 

Name :

PETFORM (PVT) LTD

 

 

Registered Office :

#14, Wekaanda Road, Walgama, Malwana.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

21.05.2008

 

 

Com. Reg. No.:

PV 3875                

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture, Importer and Distributor of all Kinds of Pet Bottles

 

 

No. of Employees :

90

 

 

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

 

Basic information at a glance

     

a.

Name of Subject of Inquiry

:

PETFORM (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman/MD

:

P. Mathytharan

d.

Primary Line of Business

:

Manufacture, Importer and Distributor of all Kinds of Pet Bottles

e.

Head office, Factory

&

Place of Business

 

:

#14, Wekaanda Road,

Walgama,

Malwana.

Sri Lanka.

 

Tel. No: (00 94 11) 437 7045, 311 6693 / 3520116

Fax No: (00 94 11) 481 5318

Mobile: (00 94 77) 311 4081

Email: ptform@hotmail.com

 

f.

No. of Employees

:

90

g.

Trading Terms

:

Purchasing Terms : Cash and Cheque

Sales Terms : Cash and Cheque

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

 PV 3875                

b.

Date of Re-registration

:

21st May, 2008

c.

Registered Address

:

#14, Wekaanda Road, Walgama, Malwana.

d.

Board of Directors

As at

14th  October 2014

:

P. Mathytharan

Chairman/MD

P. Kartheepan

    Director

e.

Issued Share Capital

:

Rs.    30,000,000.00 

Issued Shares

:

3,000,000     

f.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007                 

 

g.

 

Share Holders

As at

14th  October 2014

:

Share Holders

No. of

Shares

P. Mathytharan

1,530,000

Sujatha Parameshwaran (Ms)

420,000

Krishnakumar Vithiya

1,050,000

h.

Auditors

:

V.G. Associates, #256-9/1/2, Wolfendhal Street, Colombo 13

i.

Company Secretaries

:

Business and Industrial Consultants (Pvt) Ltd, 65/2,  Sir Chittampalam A. Gardiner Mawatha, Colombo 02

k.

Bankers

:

DFCC Vardhana Bank, Piliyandala, Sri Lanka

Peoples Bank

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 financials are available for this entity

 

 

Current investigation

 

History

 

The Subject Company PETFORM (PVT) LTD is a Private    Limited   liability Company incorporated on 21ST May, 2008 under registration number PV 3875.      

 

Location.

 

The subject company is located at client #14, Wekaanda Road, Walgama, Malwana, an industrial area approx. 25 kilo meeters east of Colombo city.

 

Operational Details.

 

General

 

The subject company primary line of business is Manufacture, Exporter & Distributor of all kinds of pet bottles

 

Petform Pvt. Ltd. is introduced itself as one of the prime manufacturing and supplying units of Pet Preforms based in India

Having experience in the domain of Plastic Products, Petform Pvt. Ltd. has become the leader in the Plastic Industry, the company states. Based in Sri Lanka, the company is a renowned PET Bottles Manufacturer and Supplier. The range of PET Bottles is especially fabricated as per the set industrial standards, to ensure its high quality. Their variety of PET Bottles comprises of PET Water Bottles and PET Oil Bottles.

Company states that being a Client Centric Organization, the company also lays special emphasis upon the timely delivery of the client’s consignments.

 

Products

PET Products are dimensionally accurate and durable at the same time. These PET Products are widely used for industrial as well as household applications. Made available in diverse specifications, the PET Products available with them are said to be very affordable

 

PET Products encompasses Pet Bottles and Pet Preforms

    - PET Oil Bottles.

    - PET Water Bottles

 

Pet Preforms: 

 

The Pet Preforms available with are used for varied purposes in different industries such as pharmaceutical industry, beverage industry, soap industry and so on. Designed to perfection, these Pet Preforms have accurate dimensions and are made using the finest grade raw materials. Made available in different specifications and sizes, these Pet Preforms are very affordable.

 

 

Sizes Available


15g, 18g, 20g, 24g, 28g, 31g, 34, 38g, 88g, 98g 110g.

 

 

Importing Country

 

Raw materials, plastic imported from China, India

 

 

Employees

 

90

 

 

Directors’ Details

 

01)

Name

Perinpam  Mathytharan

ID Number

751671504V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

 16th June 1975

Age

40  Years

Address

#40, Dam Street, Colombo 12

 

02)

Name

Parameswaran Kartheepan

ID Number

850080020 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

08th January, 1985

Age

30 Years

Address

#09, Ridgeway Place, Colombo 04

 

 

Trade references

 

A.Baurs Ltd, Laugfs Plc, Browns Group, AB Mauri, Nature’s Secrets, Link Natural Products, Lankem, Speed Purified Drinks

                    

http://www.petformlanka.com/images/logo.png

 

 

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. Hira

Designation :

Accountant

Contact No.:

009411-3520116

Date :

25.09.2015

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.18

UK Pound

1

Rs.100.46

Euro

1

Rs.74.61

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

               

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.