3decades

MIRA INFORM REPORT

Report No. :	503845
Report Date :	21.04.2018

IDENTIFICATION DETAILS

Name :	NITHYA PAPER AND BOARDS LANKA (PRIVATE) LIMITED

Registered Office :	# 49, Export Processing Zone, Horana,

Country :	Sri Lanka

Date of Incorporation :	20.07.2010

Com. Reg. No.:	PV 73316

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Manufacturer & Exporter of Kraft Paper

No. of Employees :	150 Approximately

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

Status :	Moderate

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

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

Name of Subject of Inquiry	NITHYA PAPER AND BOARDS LANKA(PRIVATE) LIMITED
Legal Form & Status	Private Limited Liability Company (In Operation)
Managing Director – Group	Mr Narayanasamy Gokulakrishnan
Primary Line of Business	Manufacturer & Exporter of Kraft Paper
Principal Place of Business	# 49, EPZ, Horana Sri Lanka. Tel. No: (00 94 77) 7277241 / +94 117672684 Fax. No: (00 94 11) NA E-Mail: factoryacconts_lanka@nithyagroup.com Web Site: http://www.nithyapackaging.com/
Employees	150 Approximately

Company details

Registration No	PV 73316
Date of Registration	20^th July 2010
Re-registration No	NA
Date of Re-registration	NA
Registered Office	# 26-6/4, Moor Road, Colombo 06, Sri Lanka. New : # 49, Export Processing Zone, Horana, Sri Lanka (25th January 2017)
Board of Directors As At 21^st November 2016	Narayanasamy Gokulakrishnan		Director
	Pandurenga Naidu Dharmodharan		Director
	Rajaraman Vijayaraman		Director
	Nithyakala Dharmadharan		Director
	Vidhya Gokulakrishnan		Director
	Mangayarkarasi Gokulakrishnan		Director
	Sinnathamby Balasundaram		Director
Sated Share Capital (Share issued on 27^th October 2016)	LKR 552,389,100.00 (Ordinary)	LKR 186,167,980.00
No. of Shares	55,238,910	18,616,798
Preferential Shares	NA
Nominal Value of Share	LKR 10.00
Auditors	M G Associates Chartered Accountants # 7- 2/2, Orchard Building, Galle Road, Colombo 06, Sri Lanka
Company Secretaries	Brilliant Promoters & Consultants (Pvt) Ltd # 5/2, Block E, Bambalapitiya Flats, Colombo 04, Sri Lanka
Main Bank/s	Indian Bank, Union Bank of Sri Lanka

Shareholders

NO.

NAME

NUMBER OF SHARES

Nithya Packaging (Pvt) Ltd

55,238,910 + 18,616,798

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

COMPANY LOGO

History

The subject company was initially formed on 20th July 2010 under PV 73316 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka. The company located at the EPZ in Horana is a Direct Indian Investment via the BOI and a fully owned subsidiary of Nithya Packaging (Pvt) Ltd – India

Caption

Nithya Packaging was started in the year 1996 and it has been in the field more than a decade. The main motive of the company was to fulfill the customer’s satisfaction for which we have implemented the five ply automation plant, four colour printer slotter and auto folder gluer . The company is renowned for its quality output. Every employee in our organization made to understand what total quality is and the means to attain it.

Operational Details

General

The subject company, Nithya Paper and Boards (Pvt) Ltd is a company into manufacturing Kraft Paper for corrugated packaging. The company has its head office located in India and

exports most of the manufactured paper to India and Bangladesh.

Products

Kraft Paper – flutting medium & testliner

Employees

150 Approximately

Export Countries

India, Bangladesh

Import Countries

India

Associate / Subsidiary Companies

Nithya Packaging (pvt) Ltd – India

No. 48, 3rd Cross Street,

Anandharangapillai Nagar,

Pondicherry-605 005.

Phone: +91-413-2668184

+91-93442-89016

+91-93442-89003

Fax: 0413 -2248434

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Narayanasamy Gokulakrishnan
ID Number	Z 1760373
Nationality	Indian
Gender	Male
Date of Birth	NA
Age	NA
Address	Plot 48, 3^rd Cross Street, Anandarangapillai Nagar, Pandicherry 605008 India.

Director 2

ITEM	DETAIL
Name	Pandurenga Naidu Dharmadharan
ID Number	F 2881226
Nationality	Indian
Gender	Male
Date of Birth	NA
Age	NA
Address	Plot 48, 3^rd Cross Street, Anandarangapillai Nagar, Pandicherry 605008 India.

Director 3

ITEM	DETAIL
Name	Rajaraman Vijayaraman
ID Number	G 7959614
Nationality	Indian
Gender	Male
Date of Birth	NA
Age	NA
Address	Plot 48, 3^rd Cross Street, Anandarangapillai Nagar, Pandicherry 605008 India.

Director 4

ITEM	DETAIL
Name	Nithyakala Dharmodharan
ID Number	F 4671320
Nationality	Indian
Gender	Female
Date of Birth	NA
Age	NA
Address	Plot 48, 3^rd Cross Street, Anandarangapillai Nagar, Pandicherry 605008 India.

Director 5

ITEM	DETAIL
Name	Vidhya Gokulakrishnan
ID Number	F 4671317
Nationality	Indian
Gender	Female
Date of Birth	NA
Age	NA
Address	Plot 48, 3^rd Cross Street, Anandarangapillai Nagar, Pandicherry 605008 India.

Director 6

ITEM	DETAIL
Name	Mangayarkarasi Gokulakrishnan
ID Number	F 4671319
Nationality	Indian
Gender	Female
Date of Birth	NA
Local Address	# 26-6/4, Moor Road, Colombo 06, Sri Lanka.
Address	Plot 48, 3^rd Cross Street, Anandarangapillai Nagar, Pandicherry 605008 India.

Director 7

ITEM	DETAIL
Name	Sinnathamby Balasundaram
ID Number	551490670V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28^th May 1955
Age	62 Years
Address	# 37, Collingwood Place, Colombo 06, Sri Lanka

INFORMATION DENIED

Management non-co-operative [0094-11-7672684]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.02
UK Pound	1	INR 92.72
Euro	1	INR 81.45
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information Gathered by :	SVT

Analysis Done by :	PRI

Report Prepared by :	TPT

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)

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.