MIRA INFORM REPORT

Report No. :	504273
Report Date :	19.04.2018

IDENTIFICATION DETAILS

Name :	EAST LANKA POLYSACKS (PVT) LTD

Registered Office :	# 315, ALIM Road, Valachchenai 05

Country :	Sri Lanka

Date of Incorporation :	11.07.2012

Com. Reg. No.:	PV 86999

Legal Form :	Private, Limited Liability Company (In Operation)

Line of Business :	Manufacturers of Poly Sacks

No. of Employees :	Approximately 65

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sri Lanka

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

Tourism has experienced strong growth during recent years following the resolution 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.

Source : CIA

Company Profile

Basic Information

Name of Subject of Inquiry	EAST LANKA POLYSACKS (PVT) LTD
Legal Form & Status	Private, Limited Liability Company (In Operation)
Chairman	Mr Abdul Salam Mohammed Sanoon
Primary Line of Business	Manufacturers of Poly Sacks
Principal Place of Business	# 315 ALIM ROAD, VALAICHENAI 05 Peliyagoda, Sri Lanka Phone : (00 94 11) 4540020 - Mr S L M Aslam / +94 77 032 32 00 Fax : (00 94 11) -Do-E-Mail: elpolysack@gmail.com Web Site: www.eastpolysack.com
Employees	Approximately 65

Company Details

Registration No	PV 86999
Date of Registration	11^th July 2012
Re-registration No	NA
Date of Re-registration	NA
Registered Office	# 315, ALIM Road, Valachchenai 05, Sri Lanka.
Director Board / Ownership As At 31^st December 2017	Abdul Salam Mohammed Sanoon	Chairman
	Mohamed Ibrahim Seeni Mohamed	Director
	Seeni Mohamed Mohamed Farzan	Director
	Mohamed Sadeeku Mohamed Sajeedu	Director
	Seeni Mohamed Mohamed Fairoos	Director
Stated Share Capital	LKR 30.00
No. of Shares	03
Preferential Shares	NA
Nominal Value of Share	LKR 10.00
Auditors	Deen & Company Chartered Accountants # 20/14, Office No 04, Symonds Road, Maradana, Colombo 10, Sri Lanka.
Company Secretaries	Expert Business Consultants (Pvt) Ltd # 20/14, First Floor, Abdullah Centre, Symonds Road, Maradana, Colombo 10, Sri Lanka.
Main Bank/s	Commercial Bank of Ceylon PLC

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Abdul Salam Mohammed Sanoon	01
2.	Mohamed Ibrahim Seeni Mohamed	01
3.	Seeni Mohamed Mohamed Farzan	01

FINANCIAL DETAILS - Most recent available Financial Information NA

CURRENT INVESTIGATION

Company Logo

• History.

The subject company was initially formed on 11th July 2012 under PV 86999 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

• Operational Details.

General

The subject company has its factory at the registered address but has its operations in Colombo. The subject company is into manufacturing of PP products, mainly Bags which are supplied to local parties who do local distribution of their products or is into export of products

Products & Services

PP Circular Woven Bags Mesh / Leno Bags

Employees

65 Approximately

Export Countries

Import Countries

Materials from Saudi Arabia

Associate / Subsidiary Companies

Factory / Warehouse and Sales Outlets

Owned

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Abdul Salam Mohammed Sanoon
ID Number	843250114V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20.11.1984
Age	34
Address	HPCC, Masjithul Hairath Road, Valaichchenai 05, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Mohamed Ibrahim Seeni Mohamed
ID Number	541674696V
Nationality	Sri Lankan
Gender	Male
Date of Birth	15.06.1954
Age	63
Address	# 315, Alim Road, Valaichchenai 05, Sri Lanka.

Director 3

ITEM	DETAIL
Name	Seeni Mohamed Mohamed Farzan
ID Number	822104649V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28.07.1982
Age	36
Address	# 315, Alim Road, Valaichchenai 05, Sri Lanka.

Director 4

ITEM	DETAIL
Name	Mohamed Sadeeku Mohamed Sajeedu
ID Number	852690283V
Nationality	Sri Lankan
Gender	Male
Date of Birth	25.09.1985
Age	33
Address	# 524, Metiwewa, Siyambalagaskotuwa, Kekunugolla, Kurunegala, Sri Lanka.

Director 5

ITEM	DETAIL
Name	Seeni Mohamed Mohamed Fairoos
ID Number	841111745V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20.04.1984
Age	34
Address	# 315, Alim Road, Valaichchenai 05, Sri Lanka.

INFORMATION DENIED BY

Name :	Mr. S L M Aslam
Designation :	Accounts manager
Contact No.:	(00 94 11) 4540020
Date :	19.04.2018

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.68
UK Pound	1	INR 93.98
Euro	1	INR 81.30
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information gathered by :	KAM

Analysis Done by :	NIY

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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