MIRA INFORM REPORT

 

 

Report No. :

507620

Report Date :

18.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KIFFS (PVT) LTD

 

 

Registered Office :

# 397, Kerawalapitiya, Hendala, Wattala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

28.04.2003

 

 

Com. Reg. No.:

PV 5916

 

 

Legal Form :

Private, Limited Liability Company

 

 

Line of Business :

Manufacturers and Suppliers of Plastic Products and LED Bulbs

 

 

No. of Employees :

100+ Approximately

 

 

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

 

a.

Name of Subject of Inquiry

KIFFS (PVT) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Chairman

Mr Anushman Rajaratnam

d.

Primary Line of Business

Manufacturers and Suppliers of Plastic Products and LED Bulbs

e.

Principal Place of Business

179/6, RAGAMA ROAD, KADAWATHA Present Address;

# 397, Kerawalapitiya, Hendala, Wattala, Sri Lanka

Phone : (00 94 11) 2927511/ 2927512/ +94 71 2976377

Fax : (00 94 11) 2927513

E-Mail: info@kiffslk.com

Web Site: http://www.kiffslk.com

f.

Employees

100+ Approximately

 

 

Company Details

 

 

 

 

 

a.

Registration No

N(PVS)33608

Date of Registration

28th April 2003

b.

Re-registration No

PV 5916

Date of Re-registration

31st July 2008

c.

Registered Office

# 397, Kerawalapitiya, Hendala, Wattala, Sri Lanka.

d.

Director Board / Ownership As At 01st June 2017

Anushman Rajaratnam

Chairman

David Kamalanesan Ponniah

Director

e.

Stated Share Capital

LKR 40.00

LKR 4,399,960.00

LKR 10.00

f.

No. of Shares

04

439,996

01

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

Ranwatta & Company

# 141/3, 2nd Floor, Vauxhall Street, Colombo 02, Sri Lanka.

j.

Company Secretaries

Corporate Managers & Secretaries (Pvt) Ltd

# 8/5/2, Leyden Bastian Road, York Arcade Building, Colombo 01, Sri Lanka.

k.

Main Bank/s

Commercial Bank of Ceylon PLC, Union Bank PLC

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

1.

J F Packaging (Pvt) Ltd

440,001

 

 

 

FINANCIAL DETAILS     

 

Most recent available Financial Information

NA

 

CURRENT INVESTIGATION

 

 

Company Logo

 

 

·         History.

 

The subject company was initially formed on 28th April 2003 under N(PVS) 33608 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 31st July 2008 under PV 5916 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

Caption

The company is an associate company of Alliance Five (Pvt) Ltd was incorporated in 28.04.2003 primarily to manufacture and supply PET Bottles.

 

The world's food and beverage industry had adopted PET as a material extra ordinarily matched to its packaging needs. Clear and strong, light weight and easily moulded to even complex shapes, PET offers the best shelf display properties.

 

Because of the nature of the application, quality is of paramount importance, and Kiffs (Pvt) Ltd has chosen the best technology and processes to ensure it.

 

The Parent Company's diversification to plastic sector in 1997 and its impeccable image maintained since then in manufacturing and supplying quality products to a multinational company is now passed on to Kiffs to look for new market opportunities with more vigour in both the domestic and overseas markets.

 

The world's food and beverage industry had adopted PET as a material extra ordinarily matched to its packaging needs. Clear and strong, light weight and easily moulded to even complex shapes, PET offers the best shelf display properties.

 

KIFFS (PVT) LTD is a reputed firm is involved in manufacturing and supplying Pet Bottles,Preforms,Bottle closures for mineral water industry and plastic accessories for thread industry. The company is staffed with qualified and experienced designing team of professionals. Set up in the year 1997 with a purpose to offer an exclusive range of PET related items of different sizes and shapes.

 

The company is among the leading names engaged in PET Bottle manufacturing and offers a wide
range of durable products as per customer's specific requirements. The principal emphasis of our
company is to use modern machines, latest technology, and reliable techniques in manufacturing
processes for continuous improvement in the quality of its products. Long term associations with
the customers speak for our excellent quality and delivery commitment. 

 

·         Operational Details.

 

General

The subject company is owned and managed by well-known individuals in the country, the company a subsidiary of JF Packaging (Pvt) Ltd which in return is a subsidiary of Lankem Ceylon PLC a public listed company based in Sri Lanka which is into many activities and diverse business segments.

 

Products & Services

Pet Bottles of all types

Plastic Accessories

LED Bulbs

 

Employees

100+ approximately (200+ in whole of JF Packaging (Pvt) Ltd

 

Export Countries

NA

 

Import Countries

India, China

 

Associate / Subsidiary Companies

JF Packaging (Pvt) Ltd Lankem Ceylon PLC

 

Factory / Warehouse and Sales Outlets

Owned

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Anushman Rajaratnam

ID Number

772600720V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16.09.1977

Age

41

Address

# 40/1, Bagatalle Road, Colombo 03, Sri Lanka.

Director 2

ITEM

DETAIL

Name

David Kamalanesan Ponniah

ID Number

671440749V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23.05.1967

Age

51

Address

# 81/16, Dharmadasa Mawatha, Elapitiwala, Ragama, Sri Lanka.

 

 

INFORMATION DENIED by

 

Name :

Ms. Sharmali Fernandis

Designation :

Accountant

Contact No.:

+94 71 2976377

Date :

17.05.2018

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.72

UK Pound

1

INR 91.65

Euro

1

INR 79.89

LKR

1

INR 0.43

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TRU

                                                


 

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.