MIRA INFORM REPORT

 

 

Report Date :           

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

LATEX GREEN (PVT) LIMITED

 

 

Registered Office :

Block E 4, Seethawake Industrial Park, Avisawella

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

03.01.2005

 

 

Com. Reg. No.:

PV 6712

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers & Exporters of natural latex

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Sri Lanka

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GENERAL- Basic information at a glance

 

Name of Subject of Inquiry

:

LATEX GREEN (PVT) LIMITED

Legal Form  & Status

:

Private Limited Liability Company   (In Operation)

Managing Director

:

Ananda Sunil Jayatilleka

 

Primary Line of Business

:

Manufacturers & Exporters of natural latex

Head office

&

Factory

:

 

   

# Block E –4,

Seethawaka Industrial Park,

Avissawella,

Sri Lanka

 

Tel. No: (00 94 36) 223 3523

Fax No: (00 94 36) 223 3416

 

E-mail : latexgreenltd@sltnet.lk

               latexgreen@aol.com

 

No. of Employees

:

Approximately 120

 

 

cOMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PVS) 40148

Date of Registration

:

03rd January 2005

Re-registration No

:

PV 6712

Date of Re-registration

:

20th August 2008

Registered Office

:

Block E 4, Seethawake Industrial Park, Avisawella

Board of Directors

As At

14th October 2010

:

Ananda Sunil Jayatilleka

Managing Director

Ranjith Michael Samuel Fernando

Director

Mervin Hamilton

Director

Roger Coffey

Director

P. S. Lal Silva

Director

M. Samantha Weerasinghe

Director

Issued Share Capital

:

Rs. 70,416,660.00

Nominal Value of Share

:

Rs.               10.00

 

Major Share Holders

As At

14th October 2010

:

  Share Holders

No. Of

Shares

Ranjith Michael Samuel Fernando

1,173,610

P. S. Lal Silva

1,173,610

Colharp Investments LLC

1,173,610

LG Patners Inc

1,173,610

R.D.M. LLC

586,808

Ananda Sunil Jayatilleka

1,173,610

Quay – One Group Inc

586,808

Auditors

:

Wejeyeratne & Company

Company Secretaries

:

Corporate Services Limited

Bankers

:

DFCC Vardena Bank

Commercial Bank PLC

Peoples Bank

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company LATEX GREEN (PVT) LIMITED is a Private    Limited   Liability Company incorporated on 03rd January 2005 under registration number N (PVS) 40148 and then the company was re-registered on 20th August 2008 under registration number PV 6712.

                              

                                                

·         Location.

The Subject Company is located at the client given address # Block E –4, Seethawaka Industrial Park, Avissawella.

 

·         Operational Details.

 

General

The subject company primary line of activity is Manufacturers and Exporters of natural latex products. 

 

Products                     

o        Cores      

o        Pillows

o        Toppers

o        Sheets

o        Fire Retardant Cores

o        Fire Retardant Sheets

 

               

 

      

 

 

Export Countries

USA and Europe.

 

No of Employees

                  Approximately 120

 

·           Details of Directors

 

Name

Ananda Sunil Jayatilleka

Gender

Male

Nationality

Sri Lankan

National ID No

510472012 V

Date of Birth

16th February 1951

Age

60 Years

 

 

Name

Ranjith Michael Samuel Fernando

Gender

Male

Nationality

Sri Lankan

National ID No

422730508 V

Date of Birth

29th September 1942

Age

69 Years

 

Name

P. Shantha Lal Silva

Gender

Male

Nationality

Sri Lankan

National ID No

552451341 V

Date of Birth

1st September 1955

Age

56 Years

 

Name

Rogey Coffey

Nationality

USA

PP No

037119368

 

Name

Mervin Hamilton

Nationality

USA

PP No

404170227

 

Name

M. Samantha Weerasinghe

Nationality

Canadian

PP No

JW 333947

 

·         Financial Data

                  The company has declined to provide information on its finances

    

·         General Comments

When we contacted Subject Company they gave some basic details to prepare this report

 

·         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.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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.