MIRA INFORM REPORT

 

 

Report Date :

24.12.2012

 

IDENTIFICATION DETAILS

 

Name :

HEMCO RUBBERS 

 

 

Registered Office :

Diyadola Estate, Habarakada, Thawalama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

07.10.2008

 

 

Com. Reg. No.:

TAWA/DS/2/3/3/1/1102

 

 

Legal Form :

Partnership Concern 

 

 

Line of Business :

Rubber Merchants & Manufacturers

 

 

No. of Employees :

Not Available 

 

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

(31.03.2012)

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

 

 

 

Name of Subject of Inquiry

:

HEMCO RUBBERS

 

Legal Form  & Status

 

:

 

Partnership Concern   (In Operation)

Managing Partner

 :

Ms. Gayani Sanjeewani Habarakada

Primary Line of Business

:

Rubber Merchants & Manufacturers

Place of Business

&

Factory

:

 

Factory:

Diyadola Estate,

Habarakada,

Thawalama

 

Tel/Fax: (00 94 91)  Not Disclosed (Client given number 2886096 not in operation)

 

Office:

# 25/7, Galpotta Road,

Nawala,

Rajagiriya. Sri Lanka

 

Tel. No: (00 94 11)288 6179

Mobile No: (00 94 77) 195 4991- (Mr. Ananda)

 

Email: ananda@hemcogroup.com

 

No. of Employees

:

Not disclosed

GENERAL - Basic information at a glance
CONCERN  DETAILS

Registration and Shareholder Details

                                                                                                                                                                                         

a.

Registration No

:

TAWA/DS/2/3/3/1/1102

b.

Date of Registration

:

07th October 2008

c.

Registered Office

:

Diyadola Estate, Habarakada, Thawalama

d.

Partners

:

Ms. H.L. Gayani Sanjeewani Habarakada

Partner

Ms. H.L Thakshila  Habarakada

Partner

e.

Auditors

:

Not Disclosed

f.

Company Secretaries

:

-Not Disclosed-

g.

Bankers

:

Not Disclosed

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

THE CONCERN  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 Concern  HEMCO RUBBERS is a Partnership Concern  incorporated in operation.

 

One Mr. Ananda who responded to our enquiries and introduced himself as the Manager of the subject informed that the partners of the subject concern  are not in Sri Lanka now and he is managing the concern . He agreed to provide concern  details but up to date no response from him in spite of several reminders. However, information provided is included in this report.       


                           

                   Hemco Rubbers Company is a subsidiary company under Hinidumapaththu Plantation Pvt.   

                   Ltd. Hinidumapaththu Plantation Pvt. Ltd was found in 1997 and primarily served as a

                  Manufacture of Tea and Rubber.

 

                  Hemco Rubbers Company was formed mainly to expand its services of Hinidumapaththu

                  Plantation Pvt. Ltd. and to increase its efficiency to produce a high quality product to their

                  customers. Currently they are manufacturing Ribbed Smoked Sheet, 3X Brown Crepe, TPC

                  and OG which is used in tire and shoe manufacturing companies as raw materials under the 

                  brand name of HEMCO.

 

                  Hemco Group is having two other associate companies namely:

-          Hemco Merchants

-          Diyesta Export

 

                        

·         Location.

The Factory of the  Subject Concern  is located at the client given address Diyadola Estate, Habarakada, Thawalama, approx.150 kilo meters south of Colombo City.

 

      The operational office of the subject is at #25/7, Galptta Road, Nawala, Rajagiriya, in close

      proximity to Colombo City. Client given telephone number, 2886096 is not in operation.

 

·         Operational Details.

 

General

                      The subject concern ’s primary line of business at present is manufacturing buying and trading of Rubber to local manufacturers.

 

Products

Rubber Smoke Sheet, White Rubber, Block Rubber

 

Country

No export. Products are being sold to local manufacturers of rubber products.

 

Employees

                   Not Disclosed

 

·         Financial Data

The concern  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 concern  did not provide any trade reference referrals

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.07

UK Pound

1

Rs.89.54

Euro

1

Rs.72.77

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.