MIRA INFORM REPORT

 

 

Report Date :

25.01.2011

 

IDENTIFICATION DETAILS

 

Name :

GAAT LANKA (PVT) LTD

 

 

Registered Office :

Advantage Building, 2nd & 3rd Floors, No.74A, Dharmapala Mawatha, Colombo – 07

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

24.02.2010

 

 

Com. Reg. No.:

PV 71236         

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Exporting trading house to export locally produced manufactured garments

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Sri Lanka

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Information parted by

 

Name               : Mr. Nirosha

Designation     : Accounts Executive

 

 

GENERAL- Basic information at a glance

     

Name of Subject of Inquiry

:

GAAT LANKA (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Managing Director

:

Yasemin Erdom

Primary Line of Business

:

Exporting trading house to export locally produced manuafactured garments

Head Office

&

Place of Business

 

:

 

Advantage Building,

2nd & 3rd Floors,

No.74A,

Dharmapala Mawatha,

Colombo – 07,

Sri Lanka.

           

Tel. No: (00 94 11) 257 4232 - 4

Fax No: (00 94 11) 257 4235

E-mail: njayathil@gaat.com.lk

Location : Rented

No. of Employees

:

40

 

 

COMPANY DETAILS-Registration and Shareholder Details

 

Registration No

:

PV 71236

Date of Registration

:

24th February 2010

Registered Office

:

Advantage Building, 2nd & 3rd Floors, No.74A, Dharmapala Mawatha, Colombo – 07, Sri Lanka.

Board Of Directors

As At

06th May 2010

:

Yasemin Erdom

Managing Director

Sita Vinothini Amarasekara

Director

Issued Share Capital

:

Rs. 3,435,010.00

Nominal Value of Share

:

Rs. 10.00

Share Holders

As At

14th November 2003

:

 Share Holders

No of Shears

GAAT Dis Ticaret Ve Sanayi AS – Incorp in Turkey

343,501

Secretaries

:

Varners International (Pvt) Ltd

Auditors

:

E and Y

Bankers

:

·         HSBC bank, Colombo

·         Hatton National Bank, Colombo

Sister Concern

:

Gaat Distikera, Turkey

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company GAAT LANKA (PVT) LTD is a Private Limited liability Company incorporated on 24th February 2010 under registration number PV 71236.

 

·         Location.

 

The Subject Company is located at the client given address Advantage Building, 2nd & 3rd Floors, No.74A, Dharmapala Mawatha, Colombo – 07, Sri Lanka.

 

·         Operations Details.

 

General

The subject company primary line of business is exporting trading house to export locally produced manuafactured garments

 

Products

All types of ready made garments such as men’s wear, ladies wear, boys wear, girls wear, babies wear, home textile

 

Import Countries

Turkey, UK, USA

 

Employees

40

 

 

Directors Details

 

Name

Sita Vinothini Amarasekara

ID Number

466462136 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

25th May 1946

Age

65Years

 

 

Name

Yasemin Erdom

PP Number

637867

Nationality

Turkish

Gender

Male

 

Trading terms:

·         Purchasing terms           Cash, Credit

·         Selling terms                 Cash, Credit

 

·         Financial Data

The company has declined to provide information on its finances

     

·         General Comments

                        When we contact the Subject they gave us all the basic details to prepare this report but they didn’t provide its financial due to not yet finished the accounting year

 

·         Trade references

Union Apparel

 

·         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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.79

Euro

1

Rs.62.01

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

 

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.