MIRA INFORM REPORT

 

 

Report Date :

03.12.2012

 

IDENTIFICATION DETAILS

 

Name :

HELA CLOTHING (PVT) LTD

 

 

 

 

Formerly Known As :

HEMAS GARMENTS

 

 

Registered Office :

 

# 309/ 11, Negombo Road, Welisara, Ragama

 

 

 

 

Country :

Sri Lanka

 

 

 

 

Date of Incorporation :

29.07.1991

 

 

 

 

Com. Reg. No.:

N (PVS) 7895

 

 

 

 

Legal Form :

Private Limited Liability Company

 

 

 

 

Line of Business :

Manufacturing and Exporting of Readymade Garments

 

 

 

 

No. of Employees :

Approximately 4000

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Sri Lanka - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

 

Source : CIA

GENERAL - Basic information at a glance

    

 

a.

 

Name of Subject of Inquiry

 

:

HELA CLOTHING (PVT) LTD

 

b.

 

Legal Form  & Status

 

:

Private Limited Liability Company  (In Operation)

 

c.

 

 Managing Director

 

 

:

A. M. Ravindra Fernando            

 

d.

 

Primary Line of Business

 

:

 

Manufacturing and Exporting of Ready made Garments

 

 

 

 

e.

 

 

 

 

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

 

 

 

 

f.

 

 

 

Factory

 

 

 

 

:

 

# 309/11, Negombo Road,

Welisara,

 Ragama

                   

Tel. No: (00 94 11) 223 4000

Fax No: (00 94 11) 224 2424

 

 

g.

 

No. of Employees

 

:

 

Approximately 4000

           

 

COMPANY DETAILS  - Registration and Shareholder Details

 

 

a.

Registration No

:

N (PVS) 7895

Date of Registration

:

29th July 1991

 

b.

Re-registered Office

:

PV 2698

Date of Re-registration

:

26th February 2008

c.

Registered Address

:

# 309/ 11, Negombo Road, Welisara, Ragama

 

 

 

 

 

d.

 

 

 

 

Board of Directors

As At

14th October 2011

 

 

 

 

:

A. M. Ravindra Fernando

 Managing Director

M. Rehan Lakhany

 

Director

P. Elis Tuch

 

Director

M. Fielding Wolff 

 

Director

R. Annesly De Fonseka

Director

f.

Issued Ordinary Share

:

Rs.       89,000,020.00         

g.

Nominal Value of Share

:

Rs.                     10.00

h.

Share Holders

As At

14th October 2011

 

 

 

:

Share Holders

No. of

Shares

Monitane Holdings Limited – Incorp in UK

             8,900,001

Wolf  Michel Fielding

                         01

i.

Auditors

:

BDO Partners

j.

Company Secretaries

:

S S P Corporate Services (Pvt) Ltd

k.

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

                                                                       

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

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

 

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

 

                   

 

Export Countries

UK, India, USA and New Zealand

 

Brands

MARKS & SPENCER, LEVI’S, GEORGE, TESCO, NIKE,

 

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

58 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

41 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

53 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

 

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make public disclosure of their annual financials.                 

Therefore no Financials are available for this entity

                       

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.54.52

UK Pound

1

Rs.87.48

Euro

1

Rs.70.89

 

 

INFORMATION DETAILS

 

Report Prepared by :

SHG

 

 

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.