MIRA INFORM REPORT

 

 

Report Date :

04.05.2011

 

IDENTIFICATION DETAILS

 

Name :

HELA CLOTHING (PVT) LTD

 

 

Registered Office :

# 304, Graceland Building, Negombo Road, Peliyagoda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.07.1991

 

 

Com. Reg. No.:

N (PVS) 7895

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturing and Exporting of Ready made Garments

 

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 :

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 GENERAL    

- Basic information at a glance

    

 

 

Name of Subject of Inquiry

 

:

HELA CLOTHING (PVT) LTD

 

Legal Form  & Status

 

:

Private Limited Liability Company  (In Operation)

 

 Managing Director

 

 

:

A. M. Ravindra Fernando            

 

Primary Line of Business

 

:

 

Manufacturing and Exporting of Ready made Garments

 

 

 

 

Head Office

 

 

 

 

:

 

# 304, Graceland Building,

Negombo Road,

Peliyagoda

 

Tel No: (00 94 11) 479 1888

Fax No: (00 94 11) 479 1800

 

Email: info@helaclothing.com

 

 

 

 

Factory

 

 

 

 

:

 

# 309/11, Negombo Road,

Welisara,

 Ragama

                    

Tel. No: (00 94 11) 223 4000

Fax No: (00 94 11) 224 2424

 

 

No. of Employees

 

:

 

Approximately 4000

           

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

Registration No

:

N (PVS) 7895

Date of Registration

:

29th July 1991

Re-registered Office

:

PV 2698

Date of Re-registration

:

26th February 2008

Registered Address

:

# 309/ 11, Negombo Road, Welisara, Ragama

 

 

 

 

Board of Directors

As At

05th July 2009

 

 

 

 

:

A. M. Ravindra Fernando

 Managing Director

M. Rehan Lakhany

 

Director

P. Elis Tuch

 

Director

M. Fielding Wolff 

 

Director

R. Annesly De Fonseka

Director

Issued Ordinary Share

:

Rs.           8,900,002.00         

Nominal Value of Share

:

Rs.                         10.00

Share Holders

As At

05th July 2009

 

 

 

:

Share Holders

No. of

Shares

Monitane Holdings Limited – Incorp in UK

             8,900,001

Wolf  Michel Fielding

                         01

Auditors

:

Puvimanasinghe & Company

Company Secretaries

:

SSP Corporate Services (Pvt) Ltd

Bankers

:

National Development Bank, Seylan Bank, HSBC, Bank Of Ceylon

 

 

 

 

 

FINANCIAL DETAILS

 

 - Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

                                                                                   

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company HELA CLOTHING (PVT) LTD is a Private    Limited   Liability Company incorporated on 29th July 1991 under registration number N (PVS) 7895 and then the company was re-registered on 26th February 2008 under registration number PV 2698

 

                 The subject company was earlier known as HEMAS GARMENTS and it was changed to HELA CLOTHING (PVT) LTD on 27th June 2005.

 

 

·         Location.

                     

The Subject Company’s registered address and factory are located at the client given address # 309/ 11, Negombo Road, Welisara, Ragama.

 

                 The Company Head Office Located at # 304, Graceland Building, Negombo Road,                  Peliyagoda.

 

    Factories of the Subject Company are located at Thihiraya, Welisara, Ukuwela and Naula 

 

·         Operational Details.

 

General

                  The subject company primary line of business is manufacturing and Exporting of Ladies and Gents Ready made Garments.

 

 

Products

      Kids Wear, School Wear, Men’s Wear, Women’s Wear, Night Wear

 

                   

 

 

 

 

 

·         Embellishment Capabilities

o        Hand Embroidery

o        Hand Sockicking

o        Crochet Trim

o        Sequins attach embroidery machinery

o        All types of hand beading

o        Garment dying and washing techniques

o        Heat transfer & printing

o        Diamante attaching 

 

Export Countries

UK, India, USA and New Zealand

 

No of Employees

Approximately 4000

 

 

·         Directors Details

 

01)

Name

A. M. Ravindra Fernando

ID Number

541210300 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th April 1954

Age

57 Years

Address

No.29, Kalyani Mawatha, Wattala

 

 

02)

Name

M. Rehan Lakhany

ID Number

711810188 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29th June 1971

Age

39 Years

Address

No.18, Silva Lane, Colombo -4

 

 

03)

Name

R. Annesly De Fonseka

ID Number

591250280 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

4th May 1959

Age

52 Years

Address

No.36/18, Subuthi Mawatha, Subuthipura, Battaramulla

 

 

04)

Name

M. Fielding Wolff 

PP Number

800367417

Nationality

British

 

 

05)

Name

P. Elis Tuch

PP Number

093067978

Nationality

British

 

 

·         Financial Data

The company has declined to provide information on its finances

                 

 

 

                               

·         Trade references

                  The subject company did not provide any trade references

 

 

·         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.44.34

UK Pound

1

Rs.73.69

Euro

1

Rs.65.75

 

 

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.