MIRA INFORM REPORT

 

 

Report Date :

31st May 2006

 

IDENTIFICATION DETAILS

 

Name :

LINEA AQUA (PVT) LIMITED

 

 

Registered Office :

10th Floor, Hemas Building, # 75, Braybrooke Place,

Colombo 02, Sri Lanka

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31/12/2003

 

 

Date of Incorporation :

28th August 2000

 

 

Com. Reg. No.:

N (PVS) 26835

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and exporters of Swim Wear,  Water Shorts

 

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 :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

GENERAL - Basic information at a glance

 

 

Name of Subject of Inquiry

:

LINEA AQUA (PVT) LIMITED

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

:

Mr. Mahesh Dayalal Amalean (Sri Lankan)

Primary Line of Business

:

Manufacturers and exporters of Swim Wear,

Water Shorts.

Place of Business / Factory

 

 

Thanahenpitiya Estate, Giridara, Kapugoda,

Hanwella, Sri Lanka. 

 

Tel  :      (00 94 36) 427 9600

Fax No: (00 94 36) 427 9699

 

Employees

:

Approximately 850

 

 

 

 

           

 

 

 

 

 

 

 

 

 

 

                       

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

N (PVS) 26835

Date of Registration

:

28th August 2000

Registered Office

:

10th Floor, Hemas Building, # 75, Braybrooke Place,

Colombo 02, Sri Lanka.

Board of Directors

As At

05th April 2006

:

Mahesh Dayalal Amalean (Sri Lankan)

Chairman

Sharad Dayalal Amalean (Sri Lankan)

Director

Martin Trust (American)

Director

Diane Trust (American)

Director

Jonathan Sinclair (British)

Director

Rob Blundell (British)

Director

Auditors

:

PriceWaterHouseCoopers

Company Secretaries

:

Secretarius (Pvt) Ltd

Bankers

:

-Not Disclosed-

 

 

 

 

 

 

 

 

 

 

COMPANY DETAILS  - Registration and Shareholder Details (Cont/d….)

 

 

Authorised Share Capital

:

Rs.          500,000,000.00

Issued Share Capital

:

Rs.          430,568,270.00

Nominal Value of Share

:

Rs.                          10.00

Share Holders

As At

28th February 2004

:

 Share Holders

No. of Shares

Mr. Mahesh Dayalal Amalean

01

Mr. Sharad Dayalal Amalean

01

MAS Holdings (Pvt) Limited

(Company Incorporated in Sri Lanka)

14,352,275

Speedo International (Pvt) Limited

(Company Incorporated in United Kingdom)

14,352,275

Brandot International Limited

(Company Incorporated in Cayman Islands)

14,352,275

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

LINEA AQUA (PVT) LIMITED is a Sri Lankan company, maintains accounts in US Dollars.

 

 

 

Year Ended

31-12-2003

US $

Year Ended

31-12-2002

US $

A

Revenue

:

10,443,427

2,216,185

B

 Cost of Sales

:

(9,167,806)

(2,488,314)

C

 Gross Profit / (Loss)

:

1,275,621

(272,129)

D

Other Income

:

Nil

Nil

E

Administration Cost

:

(1,319,824)

(634,334)

F

Operating Expenses

:

(430,407)

(89,612)

G

Finance Cost

:

(214,373)

(99,906)

H

Net Profit / (Loss) before Tax

:

(688,983)

(1,095,981)

I

Taxation

:

Nil

(3,262)

J

Net Profit / (Loss) After Tax:

:

(688,983)

(1,099,243)

 

 

 

 

 

 

 

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

 

                                                                                                                                                                    

 

Year Ended

31-12-2003

US $

Year Ended

31-12-2002

US $

a)

Non-current Assets

:

9,077,160

6,874,443

b)

Investment

:

Nil

Nil

c)

Current Assets

:

5,634,374

1,881,444

 

d)

Total Liabilities

:

12,524,106

6,479,476

e)

Total Assets

:

14,711,534

8,755,887

f)

 

Net Worth

 

:

2,187,428

2,276,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT INVESTIGATION

 

The Subject Company, LINEA AQUA (PVT) LTD was incorporated as a private limited liability company on 28th August 2000. The client given  address Hemas Building # 75 Braybrooke Place , Colombo -02 is a head office of the Group and the factory and head office of the subject company is located at  Thanahenpitiya Estate, Giridara, Kapugoda, Hanwella.

 

 

The Subject Company is a member of the MAS GROUP of COMPANIES and is considered as the No. 1 in the garments and allied fields in Sri Lanka.

 

The MAS GROUP of COMPANIES has visions of being a US $ 1.0 billion turnover company by the year 2010. Informal feedback from trade circles indicates a good reputation of the ability of the MAS GROUP of COMPANIES to honour its debts and commitments.

 

The subject company, LINEA AQUA (PVT) LTD., has a good reputation within the garment-manufacturing sector as a well-managed and well-run company. The company has a very high standing in the garment industry for its quality standards and is considered the No. 1. Some of the products of this company is ladies blouses, swing wear, Water shots, and other garments.

 

The subject company, LINEA AQUA (PVT) LTD., enjoys extended credit from most of its suppliers while imports are normally on terms agreed with foreign suppliers. The company has access to extensive credit facilities from commercial banks.

 

The subject company has refused to provide any information to prepare this report and declined to disclose any operational or financial information and as such all information in this report has been obtained from other non-formal sources but clearly originating form the company. However the financial information therein was obtained from the register of companies. 

 

No computerised data bases exist to make checks whether the promoters 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 either.  

 

 

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