MIRA INFORM REPORT

 

 

Report Date :

17th May 2006

 

IDENTIFICATION DETAILS

 

Name :

FANTASIA ELASTICS (PVT) LTD

 

 

Registered Office :

# 07, Post Master’s Place, Off Templers Road, Mount Lavinia.

 

 

Date of Incorporation :

08th APRIL 1995

 

 

Com. Reg. No.:

N (PVS) 14707

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture, Distributor and exporter of Bag Webbing, Elastic Yarn Tape. 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Status :

Undetermined

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

 

1) GENERAL        - Basic information at a glance

     

a.

Name of Subject of Inquiry

:

 

FANTASIA ELASTICS (PVT) LTD

 

 b.

Legal Form  & Status

:

Private Limited Liability Company (in operation)

c.

Managing Director

:

Mr. Hameed Ashraff

d.

Primary Line of Business

:

Manufacture, Distributor and exporter of Bag Webbing, Elastic Yarn Tape. 

e.

Place of Business

& Factory

:

 

# 07, Post Master’s Place,

Off Templers Road,

Mount Lavinia.

 

Tel No:  (00 94 11) 272 8555

Fax No: (00 94 11) 272 2957

 

E-Mail: reachus@fantasia.lk

 

f.

No. of Employees

:

Approximately 300

 

 

 

 

2) COMPANY DETAILS - Registration and Shareholder Details

 

 

a.

Registration No

:

N (PVS) 14707

b.

Date of Registration

:

08th APRIL 1995

c.

Registered Office

:

# 07, Post Master’s Place, Off Templers Road, Mount Lavinia.

d.

Board Of Directors

As At

          30th  March 2005

:

Mr. Hameed Ashraff

Managing Director

Mr. Abdul Hameed Marikar Mihilar

Director

Mr. Marikar Mihilar Ashar Marikar

Director

e.

Authorised Share Capital

:

Rs.         100,000,000.00

f.

Issued Share Capital

:

Rs.           50,000,000.00

g.

Nominal Value of Share

:

Rs.                         10.00

h.

Share Holders

As At

31st  December 2004

:

 Share Holders

No. of Shears

Mr. Hameed Ashraff

3,750,000

Mr. Abdul Hameed Marikar Mihilar

750,000

Mr. Marikar Mihilar Ashar Marikar

500,000

i.

Secretaries

:

Management Accunting Services Ltd

j.

Auditors

:

M/S Savirimuttu & Company

k.

Bankers

:

-Not Disclosed-

 

 

 

3) FINANCIAL DETAILS - Most recent available Financial Information

 

    THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

 

 

 

 

A

Revenue

:

 

 

B

 Cost of Sales

:

 

 

C

Gross Profit

:

 

 

D

Other Income

 

 

 

E

Administration Expenses

:

 

 

F

Distribution Expenses

:

 

 

G

Financing (cost)/Income

:

 

 

H

Net Profit / (Loss) before Tax

:

 

 

I

Income Tax (expenses)/  

Release                                                                                                                   

:

 

 

J

Net Profit / (Loss) After Tax:

:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DETAILS - Most recent available Financial Information (Cont/d….)

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                  

 

 

 

a)

Non-current Assets

:

 

 

b)

Investment

:

 

 

c)

Current Assets

:

 

 

d)

Current Liability

:

 

 

e)

Non-current liability

:

 

 

f)

Total Liabilities

:

 

 

g)

Total Assets

:

 

 

h)

 

Net Worth

 

:

 

 

                                                                 

 

 

 

 

 

4) CURRENT INVESTIGATION                                             

 

The Subject Company FANTASIA ELASTICS (PVT) LTD is a Private Limited liability Company incorporated on 08th April 1995. The Subject Company was originally incorporated as FANTASIA ENTERPRISES (PVT) LTD on 8th  April 1995 and then changed the  name to FANTASIA ELASTICS (PVT) LTD on 01st April 1999.

 

The subject company was shifted from client given address Samagi Mawatha , Borupana , Ratmalana to  07, Post Master’s Place, Off Templers Road, Mount Lavinia and also a registered office of the subject company.

 

The subject company is a manufacture , Distributor  and exporter of  Bag Webbing, Elastic Yarn Tape, Textile Wax, Paper corns & Tubes and Textile Accessories. The subject company is an export oriented organization as well as Domestic sales as per customer requirements. 

 

The subject Company employee’s strength is approximately 300 employees.

 

Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

 

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

 

The subject company did not provide any trade reference referrals.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  5) ANALYSIS & RATING - Appraisal and Rating of Subject Company

 

Rating:

a) Business Scale

NR

b) Business Trend

NR

c) Management Capability

NR

d) Commercial Morality

NR

e) Reputation

NR

f) Market Situation

NR

g) Credit Rating

NR

                            

 

 

NR              -        No Rating - Insufficient Information

 

 

 

 RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

 

 

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