MIRA INFORM REPORT

 

 

Report Date :

09.06.2012

 

IDENTIFICATION DETAILS

 

Name :

HIRDARAMANI MERCURY APPARELS (PVT) LTD

 

 

Registered Office :

Level 23, West Tower, World Trade Center, Colombo 01

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.05.1987

 

 

Com. Reg. No.:

PV 137

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Exporters of knit and women apparels

 

 

No. of Employees :

Approximately 30,000 employees (Group)

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GENERAL

- Basic information at a glance

      

Name of Subject of Inquiry

:

HIRDARAMANI MERCURY APPARELS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Mr. M. Lalchand Hirdaramani

Primary Line of Business

:

Manufacturers and Exporters of knit and women apparels

Head office

:

 

 # Level 23, West Tower,

World Trade Centre,

Colombo 01.

         

Tel. No: (00 94 11) 479 7000 / 225 0600

Fax No: (00 94 11) 244 6135

 

E-Mail: HMK.Info@hirdaramani.com  

              info@hirdaramani.com

 

No. of Employees

:

Approximately 30,000 employees (Group)

           

 

COMPANY DETAILS

-Registration and Shareholder Details

 

Registration No

:

N (PVS) 3488

Date of Registration

:

19th May 1987

Re-registration No

 

PV 137

Date of re-registration

 

28th June 2007

Registered Office

:

Level 23, West Tower, World Trade Center, Colombo 01

Board of Directors

As At

14th March 2011

:

M. Lalchand Hirdaramani

Managing Director

J. Bhagwandas Hirdaramani

Director

A. Kumar Lalchand Hirdaramani

Director

K. Bhagwandas Hirdaramani

Director

V. Kishore Hirdaramani

Director

N. Kishore Hirdaramani

Director

Ranil Prasad Pathirana

Director

Aroon Janak Hirdaramani

Director

R. Anil Kumar Hirdaramani

Director

P.S. Nimal Placidus

Director

Issued Share Capital

:

Rs.    200,000,000.00              

Nominal Value of Share

:

Rs.                    10.00

 

Share Holders

As At

14th March 2011

:

Share Holders

No. of

Shares

Hirdaramani Apparel Holdings Limited

20,000,000

Auditors

:

Price Water House Coopers

Company Secretaries

:

Nihal Jinadasa

Bankers

:

Peoples Bank, Bank of Ceylon

 

 

 

CURRENT INVESTIGATION                      

 

                                                        

                                                  Hirdaramani Group Logo

 

·         History.

 

                  The Subject Company HIRDARAMANI MERCURY APPARELS (PVT) LTD is a Private Limited   Liability Company incorporated on 19th May 1987 under registration number N (PVS) 3488 and then the company was re-registered on 28th June 2007 under registration number PV 137.

                  The subject company HIRDARAMANI MERCURY APPARELS (PVT) LTD is a subsidiary company of HIRDARAMANI GROUP.

                   

The Subject Company, HIRDARAMANI MERCURY APPARELS (PVT) LTD, originally incorporated in Sri Lanka on 19th May 1987 as Mercury Garments (Pvt) Ltd then changed its name to Desmonds Mercury (Pvt) Ltd on 8th October 1996 and then they changed to HIRDARAMANI MERCURY APPARELS (PVT) LTD on 02nd August 2005.

 

·         Location.

The Subject Company’s Head Office is located at the client given address # Level 23, West Tower, World Trade Centre, Colombo 01.

Mercury Apparel focuses on both Knit and Woven garments and operates four facilities in Seethawaka, two in Katunayake as well as one in Kirindiwela running 64 lines with a capacity of 1.3 million pieces a month.

 

The subject company having 2 production facilities as Listed below:-

 

1.  Seethawaka    - Tel No: (00 94 11) 246 9040

     Established : 2000

     Production Area: 82,000 sq.ft, singlestoried, fully air-conditioned

     Capacitiy: 280,000 pieces per month

 

2.  Katunayake   - Tel No: (00 94 11) 225 0600

     Established: 1987

     Production Area: 86,000 sq.ft, fully air-conditioned

     Capacitiy: 300,000 number of pieces per month

 

Operational Details.  

 

General

                    The subject company primary line of business is Manufacturers and Exporters of knit and woven apparels.

 

Products

Men's, women's and children's leggings, joggers, t-shirts, Jackets, Casual Pants, Dungarees, Fleece Jackets, Hoodies, Gowns and Bathrobes.

 

                  Certifications:

                   ISO 9001:2000

                   National Exports Awards for the years of 2004, 2005 and 2006

                  Certified ISO 9001:2008

                  Merit award winner for Japanese 5S Awards 2003

                  Winner of Industrial safety Awards 2004

                 Sri Lanka National Quality Awards 2005

                 Sri Lanka National Quality Awards 2006

                 Winner of Industrial safety Awards 2008

 

Export Countries

UK, USA, and Hong Kong.

 

No of Employees

                    Approximately 30,000 employees (Group)

 

·         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.55.36

UK Pound

1

Rs.85.64

Euro

1

Rs.69.21

 

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%)

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.