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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

482985

Report Date :

01.01.2018

 

IDENTIFICATION DETAILS

 

Name :

NAWALOKA POLYSACKS (PVT) LTD

 

 

Registered Office :

# 42, Negombo Road, Peliyagoda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

08.12.1978

 

 

Com. Reg. No.:

PV 2280

 

 

Legal Form :

Private, Limited Liability Company

 

 

Line of Business :

Manufacturer and Supplier of Flexible Packaging

 

 

No. of Employees :

Approximately Over 4000

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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 an IMF program. 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 77% of GDP and remains among the highest of the emerging markets.

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.

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

NAWALOKA POLYSACKS (PVT) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Chairman

Mr Hewa Konamage Upali Dharmadasa

d.

Primary Line of Business

Manufacturer and Supplier of Flexible Packaging

e.

Principal Place of Business

Roshan Meewala,

Marketing Manager,

Nawaloka Polysacks(Pvt)Ltd.

Address : #42, Negombo Road, Peliyagoda, Sri Lanka. Telephone : +94 (0)11 5 888270 / +94 (0)778 810876 Fax : +94(0)112 931075 E-Mail : marketing@nawaloka.lk Web : www.nawaloka.lk/Polysacks

f.

Employees

Approximately Over 4000 Employees in Nawaloka Group

 

 

Company Details

 

a.

Registration No

PVS 5427

Date of Registration

08th December 1978

b.

Re-registration No

PV 2280

Date of Re-registration

06th February 2008

c.

Registered Office

# 42, Negombo Road, Peliyagoda, Sri Lanka.

d.

Director Board / Ownership As At 02nd July 2017

Hewa Konamage Upali Dharmadasa

Director

S Neelakanthi Goonawardena Dharmadasa

Director

e.

Sated Share Capital

LKR 117,500,000.00

f.

No. of Shares

11,750,000

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

Jayasinghe & Company Chartered Accountants # 94/12, Kirulapone Avenue, Colombo 05, Sri Lanka.

j.

Company Secretaries

Prestige Secretaries & Consultants (Pvt) Ltd # 20 D,

k.

Main Bank/s

DFCC Bank, Bank of Ceylon, Seylan Bank, Sampath Bank, Hatton National Bank, Commercial Bank, Deutsche Bank, Amana Bank

 

 

 

 

Shareholders

 

 

NO.

NAME

NUMBER OF SHARES

1.

Hewa Konamage Upali Dharmadasa

11,749,999

2.

S Neelakanthi Goonawardena Dharmadasa

01

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

NA

 

 

CURRENT INVESTIGATION

 

Company Logo

 

·         History.

The subject company was initially formed on 08th December 1978 under PVS 5427 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 06th February 2008 under PV 2280 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

Caption

 

Nawaloka Polysacks (Pvt) Limited has been in sound existence since its inception in 1978, catering to varied market segments. The efforts taken by our staff has been commendable and through their valued contribution, we were able to obtain ISO 9001-2008 Certification awarded by SGS Yarsley International, United Kingdom Ltd. in the year 2000.

 

We own a manufacturing plant at Ragama, 10 Kms away from the heart of Colombo and proud to claim that our major customers consist of Multi-Nationals as well as large scale local companies.

 

·         Operational Details.

 

General

 

General Products & Services

Woven Polypropylene Bags, printed & unprinted as well as leno bags.

Plastic cups, tubs & lids both printed & unprinted for yoghurt, ice cream, margarine & beverages

Plastic decorative Mats

 

Employees

NA

Export Countries

NA

 

Import Countries

India, China,

 

Associate / Subsidiary Companies

Nawaloka Hospitals PLC

Nawaloka Metropolis Laboratories (Pvt) Ltd

 New Nawaloka Hotels (Pvt) Ltd

Nawaloka Aviation (Pvt) Ltd

Nawaloka Timber Stores (Pvt) Ltd

New Nawaloka Medical Centre (Pvt) Limited

Nawaloka Industries (Pvt)Limited

Nawaloka Piling (Pvt) Ltd.

 

Factory / Warehouse and Sales Outlets

Owned

 

 

Personal Details of Key Persons

 

Director 1

ITEM

DETAIL

Name

Hewa Konamage Upali Dharmadasa

ID Number

521595566V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07th June 1952

Age

65

Address

# 909/10L, Adikaram Mawatha, Ethul Kotte, Kotte, Sri Lanka.

 

Director 2

ITEM

DETAIL

Name

S Neelakanthi Goonawardena Dharmadasa

ID Number

615540684V

Nationality

Sri Lankan

Gender

Female

Date of Birth

23rd February 1961

Age

56

Address

# 909/10L, Adikaram Mawatha, Ethul Kotte, Kotte, Sri Lanka.

 

 

 

INFORMATION DENIED

 

Management Non Co-Operative (Tel No.: 94 (0)778 810876 )

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.93

UK Pound

1

INR 86.06

Euro

1

INR 76.39

LKR

1

INR 0.42

 

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

SAV

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

KET

                                                


 

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.