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MIRA
INFORM REPORT
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Report Date : |
10th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
FULGAR
LANKA (PRIVATE) LIMITED |
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Registered Office : |
# 41,
Janadhipathi Mawatha, Colombo 01. |
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Country : |
Sri
Lanka |
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Date of Incorporation : |
16.06.2004 |
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Com. Reg. No.: |
N (PVS)
37894 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufactures
and Exporters of Yarn |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
GENERAL
Basic information at a glance
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a. |
Name of Subject of Inquiry |
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FULGAR LANKA (PVT) LTD |
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b. |
Legal
Form & Status |
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Private Limited Liability
Company (In operation) |
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c. |
Managing
Director |
: |
Mr. P. Andelo Bertarelli (Italian) |
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d. |
Primary Line of Business |
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Manufactures
and Exporters of Yarn |
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e. |
Head Office & Factory |
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# Phase 1, Spur Road 4, Katunayake.
Tel. No : (00 94 11) 533 1181/ 533 1193 Fax No : (00 94 11) 533 1191-2 E-mail : fulgarlanka@fulgarlanka.com |
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f. |
No. of
Employees |
: |
Approximately 40 |
COMPANY DETAILS
- Registration and Shareholder Details
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a. |
Registration No |
: |
N (PVS) 37894 |
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b. |
Date of Registration |
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16th
June 2004 |
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c. |
Registered Office |
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# 41,
Janadhipathi Mawatha, Colombo 01. |
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d. |
Board Of Directors As At 02nd June 2006 |
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Mr. P.
Andelo Bertarelli
(Italian) |
Managing Director |
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Mr. J.
Mootatamby Suraminathan (Sri Lankan) |
Director |
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Mr.
Marino Garosi
(Italian) |
Director |
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Mr.
Attilia Casnici
(Italian) |
Director |
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Mr.
Roberto Medina
(Italian) |
Director |
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Mr.
Mario Zarino
(Italian) |
Director |
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Mr. S.
Theagarajah Nagendra (Sri Lankan) |
Director |
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Mr. G.
C. Stanislaus Rodrigo (Sri
Lankan) |
Director |
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e. |
Authorised Share Capital |
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Rs. 50,000,000.00 |
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f. |
Issued Share Capital |
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Rs. 20.00 |
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g. |
Nominal Value of Share |
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Rs. 10.00 |
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h. |
Share Holders As At 02nd June 2006 |
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Share Holders |
No
of Shears |
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Mr. S.
Theagarajah Nagendra (Sri
Lankan) |
01 |
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Mr. J.
Mootatamby Suraminathan (Sri Lankan) |
01 |
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i. |
Secretaries |
: |
Jacey
& company |
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j. |
Auditors |
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KPMG
Ford Rhodes Thornton & Company |
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k. |
Bankers |
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-Not
Disclosed- |
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History
The Subject Company FULGAR LANKA (PVT) LTD is a Private Limited
liability Company incorporated
on 16th June 2004.
The subject company is a subsidiary company of FULGAR SPA which is in Italy.
Location
The Subject Company is located at the client given address # Phase 1, Spur Road 4, Katunayake.
This company is located in the
free trade zone complex which is approximately 35 KM from the city of
Colombo and it is in close
proximately to the international Airport.
Operational Details
General
The subject company primary line
of activity is Manufacturers and
Exporters of Yarn. The company
obtain their raw materials from their parent
company FULGAR SPA. These raw
materials are proses at
the factory and Exported since
they are a board of investment (BOI) approved company.
Products
Yarn.
Export Country
India, Thailand, Malaysia, Australia and
Italy.
Employees
The employee strength of the subject company is approximately 40
employees.
Financial Data
The
company has declined to provide information on its finances.
General Comments
When the subject
company was contacted they were very cooperative and polite in providing the
information given in this report, however they were reluctant to provide
financial and any other background information that would have been useful to
enhance this report.
Trade references
The subject company did not provide any trade reference
Credit Recommendations
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.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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