MIRA INFORM REPORT

 

 

Report Date :

20.07.2013

 

IDENTIFICATION DETAILS

 

Name :

LUCKY INDUSTRIES (PVT) LIMITED

 

 

Registered Office :

# 11, Hulftsdorp Street, Colombo 02.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

05.09.1991

 

 

Com. Reg. No.:

PV 2831

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture & Exporters of Garments

 

 

No. of Employees :

Approx. 1500

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. 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 with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.

 

Source : CIA

 

 

 

GENERAL

Basic information at a glance

      

Name of Subject of Inquiry

:

LUCKY INDUSTRIES (PVT) LIMITED

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

:

A.M. Haroon Aboobacker

Primary Line of Business

:

Manufacture & Exporters of Garments

Head office

 

 

 

# 3, Milagiriya Avenue

Colombo -04,

Sri Lanka

 

Tel. No: (00 94 11) 451 3111 / 775 0555

Fax. No: (00 94 11) 451 3100

 

E-Mail: lucky@eureka.lk

Factory

:

 

Irriyagola,

Dehiowita.

 

Tel. No: (00 94 77) 329 5310

 

No. of Employees

:

Approx. 1500

 

           

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 8078

Date of Registration

 

05th September 1991

Re-registration No

:

PV 2831

Date of Re-registration

 

13th March 2008

Registered Office

:

# 11, Hulftsdorp Street, Colombo 02.

Board of Directors

As At

31st December 2012

:

A.M. Haroon Aboobacker

Chairman

A.M. Illiyas Aboobacker

Director

A.M. Yoosuf Aboobacker

Director

Issued Share Capital

:

Rs.        30.00              

Nominal Value of Share

:

Rs.         10.00

 

Share Holders

As At

31st December 2012

:

Share Holders

No. of

Shares

A.M. Haroon Aboobacker

01

A.M. Illiyas Aboobacker

01

A.M. Yoosuf Aboobacker

01

Auditors

:

S. Saverimuttu & Company

Company Secretaries

:

Management Accounting Services (Pvt) Ltd

Bankers

:

Habib Bank

 

 

Director’s Details

 

01)

Name

A.M. Haroon Aboobacker

ID Number

552460197 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd September 1955

Age

57 Years

 

02)

Name

A.M. Illiyas Aboobacker

ID Number

563200278 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th November 1956

Age

56 Years

 

03)

Name

A.M. Yoosuf Aboobacker

ID Number

592620688 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th September 1959

Age

53 Years

 

 

FINANCIAL DETAILS

Most recent available Financial Information

                                                                       

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 LUCKY INDUSTRIES (PVT) LIMITED is a Private Limited   liability Company incorporated on 05th September 1991 under the registration number N (PVS) 8078 and then re-registered under the registration number PV 2831 on 13th March 2008, in terms of Registrar of companies Act. # 7 of 2007.

                 

·         Location.

                    The Subject Company head office is located at # 3, Milagiriya Avenue, Colombo -  04.

 

                   Operational Details.

 

General

The subject company primary line of business is Manufacture & Exporters of Garments.

The subject company has earned certified by ISO 9001:2000 Certified

 

Products

Jackets, Jogging Suit, Bottom, T-Shirts, Shorts, Pants, Trousers

 

Export Country

USA, UK, Europe

 

No of Employees

                  Approximately 1500

 

 

·         Financial Data

                  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 Ceylon National Chamber of Industries.

                  American Chamber of Commerce of Sri Lanka

                  National Apparel Exporters Association

 

·         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.59.79

UK Pound

1

Rs.91.03

Euro

1

Rs.78.52

 

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.