MIRA INFORM REPORT

 

 

Report Date :

27.09.2011

 

IDENTIFICATION DETAILS

 

Name :

BODYLINE (PVT) LTD

 

 

Registered Office :

10th Floor, Aitken Spence Tower II, No.315, Vauxhall Street, Colombo – 2

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

31.03.1992

 

 

Com. Reg. No.:

N (PVS) 9033

 

 

Legal Form :

Private Limited Liability Company (In operation)

 

 

Line of Business :

Manufactures and Exporters of ladies lingerie and underwear

 

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

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

:

BODYLINE (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company (In operation)

Managing Director

:

S. Dayalal Amalean

Primary Line of Business

:

Manufactures and Exporters of ladies lingerie and underwear

Factory and Head Office

:

 

Ratnapura Road, Gurugoda, Horana


Tel No: (00 94 34) 428 5500
Fax No: (00 94 34) 428 5524

Email: JeromeU@mastsl.com

 

Location: Owned

Area 15 acres

 

Factories

:

Kalawellawa Road, Pimbura, Aluthgama

Tel No: (00 94 34) 224 9232

 

Location: Owned

No. of Employees

:

Approximately 7500

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

Registration No

:

N (PVS) 9033

Date of Registration

:

31st March 1992

Registration No

:

PV 11184

Date of Registration

:

23rd January 2009

Registered Office

:

10th Floor, Aitken Spence Tower II, No.315, Vauxhall Street, Colombo – 2

 

Mobile No.: 00 94 7739 54781 (Mr. Fonseka)

 

Email: janakaf@masholdings.com

Web Site: www.masholdings.com

 

Area: 4000 sq.ft (Approximately)

Location: Rented

 

Board of Directors

As At

15th June 2011

:

S. Dayalal Amalean

Managing Director

M. Dayalal Amalean

Director

Stephan Habluetzel

Director

M. Michael

Director

Leonardo Innocenzi

Director

R. Alan Paul

Director

Issued Share Capital

:

Rs.   330,250,000.00

Nominal Value of Share

:

Rs.                 100.00

Auditors

:

Price Water House, Coopers

Company Secretaries

:

Corporate Services (Pvt) Ltd

Joint Venture

:

MS Holdings Limited

Share Holders

As At

15th June 2011

:

Share Holders

No. of. Shares

Mast Industries (far East) Ltd

(Company incorporate in Hong Kong)

1,100,000

Triumph International Overseas Ltd.

(Company incorporate in France)

1,100,000

Mas Capital (Pvt) Ltd.

(Company incorporate in Sri Lanka)

1,100,000

Amalean Sharad Dayalal

2,500

Bankers

:

·         HSBC Bank, Corporate Branch, Colombo 

·         Deutsche Bank, Colombo

·         Bank of Ceylon, Pimbura Branch, Colombo

Customers

:

Dealer, Boutique

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 FINANCIAL DETAILS

– Most recent available Financial Information

 

THE COMPANY HAS TO PROVIDE INFORMATION ON ITS FINANCES

 

 

31.03.2011

31.03.2010

 

Sales Turnover (Approximately)

:

USD 100 millions

USD 100 millions

 

Expected Sales Turnover (2011-2012) : USD 150 millions

 

 

Information parted by

 

Name                           : P J C Fonseka

Designation                 : Assistant in Finance Manager

Contact                        : 00 94 773954781

Date                             : 27.09.2011

 

 

CURRENT INVESTIGATION

 

·         History.

 

                  The Subject Company BODYLINE (PVT) LTD is a Private    Limited   liability Company incorporated on 31st March 1992 under registration number N (PVS) 9033. And then the company was re-registered on 23rd January 2009 under registration number PV 11184

 

·         Location.

The Subject Company’s Head Office is located at Ratnapura Road, Gurugoda, Horana. The client given address 10th Floor, Hemas House, No.75, Braybrooke Place, Colombo – 02 is the previous registered address of the Subject Company.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufactures and Exporters of Garments especially ladies lingerie and underwear

 

                  Industry sources reveal that the subject company, BODY LINE (PVT) LTD comes within the purview of the MAS GROUP of COMPANIES. BODY LINE (PVT) LTD is a joint venture between MAS Holdings, Mast Industries Inc and Triumph International. The production plant was established in 1992 to manufacture foundation garments for the American and European markets. The plant is one of the largest in South Asia and has earned the distinction of being the group's best production unit worldwide

 

Products

                  Ladies Lingerie, Underwear and Swimwear 

 

Export Country

USA, Netherlands, Belgium 

 

Import Country

Hong Kong, Thailand

 

Trading Terms

Selling: TT

Purchase: TT

 

Employees

                  Approximately 7500

 

 

·         Directors Details

1)

Name

S. D. Amalean

Nationality

Sri Lankan

PP Number

N 1731201

Address

No.532/3, Galle Road, Colombo – 3, Sri Lanka

 

2)

Name

G. D. M. Ranasinghe

Nationality

Sri Lankan

PP Number

N 1244501

Address

No.45/15A, Chandraloka Mawatha, Udahamulla Nugegoda,  Sri Lanka

 

3)

Name

M. Michael

Nationality

American

PP Number

400796629

 

4)

Name

Stephan Habluetzel

Nationality

Switzerland

PP Number

F 1938843

 

 

 

5)

Name

R. Alan Paul

Nationality

Hong-Kong

PP Number

710365416

 

6)

Name

Oliver Spiesshafer

Nationality

British

PP Number

706345696

 

 

·         Financial Data

The company has to provide information on its finances

 

·         General Comments             

The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational.         

            

 

·         Trade references

1.       Mast Industries (Far East) Limited (Customer)

2.       Regina Miracle International Limited – Hong Kong (Supplier)

 

·         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.

 

 

ANALYSIS & RATING

- Appraisal and Rating of Subject Company

 

 

 

Rating:

a) Business Scale        

Large

b) Business Trend

Growing

c) Management Capability

Above Average

d) Commercial Morality

Above Average

e) Reputation

Above Average

f) Market Situation

Very Competitive

                                   

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.62

UK Pound

1

Rs.76.68

Euro

1

Rs.66.47

 

 

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.