MIRA INFORM REPORT

 

 

Report Date :           

16.07.2011

 

IDENTIFICATION DETAILS

 

Name :

OMEGA LINE (PVT) LTD

 

 

 

 

Registered Office :

# 41 Janadhipathi Mawatha Colombo 01.

 

 

 

 

Country :

Sri lanka

 

 

 

 

Date of Incorporation :

26.06.1998

 

 

 

 

Com. Reg. No.:

PB 1166

 

 

 

 

Legal Form :

Public Limited Liability Company

 

 

 

 

Line of Business :

Manufacturers and exporters of Lingerie & Swimwear

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Sri Lanka

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

GENERAL- Basic information at a glance

     

Name of Subject of Inquiry

:

OMEGA LINE (PVT) LTD

Legal Form  & Status

 

:

 

Public Limited Liability Company. (In Operation)

Managing Director

 :

Vincenzo Joppolo                    

Primary Line of Business

:

Manufacturers and exporters of Lingerie & Swimwear

Head Office

:

 

# 321, 1stFloor, Lakshman Building,

 Galle Road,

Colombo 03,

Sri Lanka

 

Tel No:  (00 94 11) 256 5951 - 3

Place of Business

&

Factory

:

 

Singakkuliya Road, Irabadagama,

Sandalankawa.

 

Tel No:  (00 94 31) 487 9000

Fax No:  (00 94 31) 487 9034

E-Mail: reception@omegaline.org

              Vincenzo.joppolo@omegaline.org

 

No. of Employees

:

Approximately 5000

 

 

COMPANY DETAILS-Registration and Shareholder Details

 

Registration No

:

N (PBS) 773

Date of Registration

:

26th June 1998

Re-registration No

:

PB 1166

Date of Re-registration

:

15th September 2009

Registered Office

:

# 41 Janadhipathi Mawatha Colombo 01.

Board of Directors

As At

28th May 2010

 

:

Vincenzo Joppolo                    

Managing

Director

J. D. Merlin Peiris    

Director

V. D. Sandro                

Director

S. T. Nagendra    

Director

J. M. Swaminathan

Director

Issued Share Capital

:

Rs.    60,000,000.00

Nominal Value of Share

:

Rs.                  10.00 

 Share Holders

As At

28th May 2010

 

:

  Share Holders

No Of Shares

Held

S. T. Nagendra  

1

J. D. Merlin Peiris    

1

V. D. Sandro  

1

C. S. Abdul     

1

J. M. Swaminathan

1

A. M. Fenando

1

H. A. Fernando

1

Calzedonia Finanziaria  Holdings S.A

5,999,993

Auditors

:

Ernst & Young Chartered Accountants

Company Secretaries

:

Jacey and Company.

Bankers

:

 

HSBC

Commercial Bank

Standard Chartered Bank

Bank of Ceylon

 

 

 

CURRENT INVESTIGATION                      

 

History

The Subject Company OMEGA LINE (PVT) LTD is a Public Limited   liability Company incorporated on 26th June 1998 under registration number N (PBS) 773 and then the company was re-registered on 15th September 2009 under registration number PB 1166

 

The parent Company Calzedonia Luxembourg S.A incorporated in Luxembourg. Also Subject Company OMEGA LINE LTD is a B.O.I. Garment factory landscaped and maintained on 12 Acres. Also Subject Company is among top 10 exporters in Sri Lanka.

                

Location

The Subject Company is located at Singakkuliya Road, Irabadagama, Sandalankawa.The client given address No.41, Janadhipathi Mawatha, Colombo – 01 is the registered address of the Subject Company.

 

Operational Details

 

General    

The subject company primary line of business is Manufacturers and exporters of Lingerie & Swimwear.

 

Products

Ladies and Gents underwear

 

Export Country

Italy, UK

 

No of Employees

Approximately 5000

 

 

Director Details

 

01)

Name

S. Theagarajah Nagendra    

ID Number

372721405 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

28th September 1937

Age

73 Years

Address

No.103/2, Rosmead Place, Colombo – 7, Sri Lanka.

 

 

02)

Name

J. D. Merlin Peiris    

ID Number

612390010 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th August 1961

Age

49 Years

Address

No.114, Lake Drive, Colombo – 8, Sri Lanka.

 

03)

Name

J. M. Swaminathan

ID Number

410091356 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

9th January 1941

Age

69 Years

Address

No.119, Rosmead Place, Colombo - 07

 

 

04)

Name

Vincenzo Joppolo   

PP Number

F 638371

Nationality

Italian

 

 

05)

Name

V. D. Sandro       

PP Number

Y 044645

Nationality

Italian

 

 

Financial Data

The financial information has been obtained from other source.

                                 

General Comments

When we contacted the subject company they gave us basic details to prepare this report, but they refused to provide any information related to finance of the company.

 

Trade references

The subject company did not provide any trade reference referrals

 

 

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.44.53

UK Pound

1

Rs.71.91

Euro

1

Rs.62.98

 

 

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

----

NB

New Business

----

 

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.