MIRA INFORM REPORT

 

 

Report No. :

493408

Report Date :

26.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

WPI SYNDICATE (PRIVATE) LTD

 

 

Registered Office :

# 1/282, Horana Road, Pamunugama, Alubomulla, Panadura

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

12.12.2003

 

 

Com. Reg. No.:

PV 12039

 

 

Legal Form :

Private, Limited Liability Company (In Operation)

 

 

Line of Business :

Stickers, Barcoding and Barcoding Systems.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

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

A2

A2

 

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

 

a.

Name of Subject of Inquiry

WPI SYNDICATE (PRIVATE) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Chairman

Mr Sugath Moragoda Hettiarachchige Priyantha

d.

Primary Line of Business

Stickers, Barcoding and Barcoding systems

 

 

1/282, Horana Road, Panadura

 

 

# 1/282, Semerty Road Pamunugama Alubomulla - Factory

 

 

Sri Lanka

e.

Principal Place of Business

Phone : (00 94 38) 2235539.

 

 

Fax : (00 94 38) 2234568 / 38 2244222

 

 

E-Mail: info@westernpapersl.com

Web Site: www.westernpapersl.com

f.

Employees

NA

 

 

Company Details

 

a.

Registration No

N(PVS)36050

 

 

Date of Registration

12th December 2003

b.

Re-registration No

PV 12039

 

 

Date of Re-registration

26th February 2009

c.

Registered Office

# 1/282, Horana Road, Pamunugama, Alubomulla, Panadura, SriLanka.

d.

Director Board / Ownership As At 31st October 2015

Sugath Moragoda Hettiarachchige Priyantha

Chairman

 

 

 

 

Dissanayake Wagaachchige Priyangani

Director

e.

Stated Share Capital

LKR 2,000,000.00

f.

No. of Shares

Ordinary Shares 200,000

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

S K Associates Chartered Accountants

# 114-1/1, Kandy Road, Kiribathgoda, Sri Lanka.

j.

Company Secretaries

Dudley Senanayake

#155/1, Jaya Mawatha, Bellanwila, Boralesgamuwa, Sri Lanka.

k.

Main Bank/s

Sampath Bank Bank PLC

l.

Vat

114 360 503 - 7000

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

 

1.

Sugath Moragoda Hettiarachchige Priyantha

106,500

2.

Dissanayake Wagaachchige Priyangani

93,500

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

NA

 

 

CURRENT INVESTIGATION

 

 

COMPANY LOGO

 

 

·         HISTORY

 

The subject company was initially formed on 12th December 2003 under N(PVS) 36050 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 26th February 2009 under PV 12039 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

·         OPERATIONAL DETAILS

 

General

Constantly on the lookout for meeting customers' wants, WPI found a window of opportunity when there was a requirement for packaging tapes. In 1996 WPI introduced its own brand of tape "Accura" for industrial use. This proved to be a remarkable success due to its quality and performance and became known as one of the best packaging tapes. This became another milestone for the company. Following this success it was only natural that the company began to offer several varieties self adhesive tapes to various other segments as well. Masking Tapes and Double sides tapes were introduced successfully the adhesive tape family in 2002.

 

As a new strategic business unit, the company ventured into paper cores and paper tubes, having identified requirements in Tea, Garment and other industries. By using good quality papers and adhesives to manufacture paper tubes according to the customer's requirement, the company built a reputation as a supplier of quality products.

 

With its experience in producing self adhesive tapes, WPI took a tentative step in 2002 to manufacture sticker paper in Sri Lanka. WPI Syndicate (Pvt) Limited was established as a separate entity to focus on the sticker paper manufacturing and distribution. Advance technology backed Silicon Coating, Poly coating & Adhesive coating processes aggravate the srilanakan sticker manufacturing capacity due to WPI syndicate innovations. Within a year of setting up WPI Syndicate (Pvt) Ltd (WPIS), sister company of Western Paper Industries (Pvt) Ltd., had its own product portfolio with ordinary sticker varity but also numbering stickers, thermal transfer stickers, price marking stickers and many more.

 

Having established its reputation in Sri Lanka, WPI spread its wings to export market as well. Its own brand accura has gained and established its reputation in the local market and inevitably, the brand's reputation was gained popularity in garment industries overseas as well. Modern technology based printing solutions became the newest venture of the WPIS group of business units.

 

With the addition of printing solutions WPI became a total solution provider. This was a role model for the industrial growth of the Sri Lanka. WPI has another brand "SEGURO" adhesive tapes have been catering to the retail market since 2009.

 

Products & Services

Stickers of all types (Numbering, Adhesive, Price Marking, Heat Transfer, Silicon coating etc.)

 

Employees

NA

 

Export Countries

UK and European Countries

 

Import Countries

NA

 

Associate / Subsidiary Companies

Western Paper Industries (Pvt) Ltd

 

Factory / Warehouse and Sales Outlets

Owned

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Sugath Moragoda Hettiarachchige Priyantha

ID Number

642812149V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07.10.1964

Age

53

Address

# 226/3, Mahawila Road, Kaludewala, Panadura, Sri Lanka

 

Director 2

 

ITEM

DETAIL

Name

Dissanayake Wagaachchige Priyangani

ID Number

697862412V

Nationality

Sri Lankan

Gender

Female

Date of Birth

12.10.1969

Age

48

Address

# 226/3, Mahawila Road, Kaludewala, Panadura, Sri Lanka

 

 

Information Declined

 

MANAGEMENT NON CO-OPERATIVE

 

Contact No.: 0094-38-2235539

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.82

UK Pound

1

INR 90.40

Euro

1

INR 79.76

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 :

VAR

 

 

Report Prepared by :

NIT

 

 

 

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.