MIRA INFORM REPORT

 

 

Report Date :

21.06.2013

 

IDENTIFICATION DETAILS

 

Name :

HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD

 

 

Registered Office :

#.23, West Tower, World Trade Center, Echelon Square, Colombo-01

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

10.12.2008

 

 

Com. Reg. No.:

PV 66466

 

 

Legal Form :

Private Limited Liability Company  

 

 

Line of Business :

Exporter of locally produced ready made garments by Hirdaramani Group of Companies

 

 

No. of Employees :

Approximately 500

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

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 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

:

HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Kishore. B. Hirdaramani

Primary Line of Business

:

Export of locally produced ready made garments by Hirdaramani Group of Companies

 

Head office

 

 

 

# 23, West Tower, World Trade Centre,

Echelon Suqare,

Colombo 01,

Sri Lanka

 

Tel No: (00 94 11) 479 7000 / 244 7381 / 234 2083

Fax No: (00 94 11) 244 6135 / 232 0933

 

Email: info@hirdaramani.com

            vinod@hirdaramani.com

         

No. of Employees

:

Approximately 500

           

 

COMPANY DETAILS

Registration and Shareholder Details

 

Registration No

:

PV 66466

Date of Registration

:

10th December 2008

Registered Office

:

#.23, West Tower, World Trade Center, Echelon Square, Colombo-01

Board of Directors

As At

14th October 2012

:

Kishore. B. Hirdaramani

Managing Director

H. Mahesh Lalchand

Director

H. Vinod Kishore

Director

H. Nikil Kishore

Director

R. Prasad Pathirana

Director

Rakhil Anil Kumar Hirdaramani

Director

H. Aroon Janak

Director

Siddarath Janaka Hirdaramani

Director

A. K. Lalchand Hirdaramani

Director

Akshay Anil Hirdaramani

Director

Issued Share Capital

:

Rs.      10,000,020.00

Nominal Value of Share

:

Rs.                    10.00

 

Share Holders

As At

       14th October 2012

:

Share Holders

No. of

Shares

Janak B. Hirdaramani

01

H. Vinod Kishore 

01

Hirdaramani Apparel Holdings (Pvt) Ltd

1,000,000

Auditors

:

M/S. Ernst & Young

Company Secretaries

:

Chamindrance Bandara Kiriella

Bankers

:

Bank of Ceylon

Peoples Bank

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

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

 

CURRENT INVESTIGATION                      

Logo of the Hirdaramani Group

 

·         History.

The Subject Company HIRDARAMANI INTERNATIONAL EXPORT (PVT) LTD is a Private    Limited   Liability Company incorporated on 10th December 2008 under registration number PV 66466.

 

The Subject Company HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD is a subsidiary company of HIRDARAMANI GROUP

 

·         Location.

The Subject Company’s head office is located at the client given address #Level 23, West Tower, World Trade Centre, Echelon Square, Colombo 01

·         Operational Details.

 

General

                     The subject company’s primary line of business is export of locally produced ready made garments of the Hirdaramani Group and importing of all types of raw materials required for the manufacturer of ready made garments.

                 

                  Located at the Katunayake Export Processing Zone, HIRDARAMANI INTERNATIONAL EXPORT (PVT) LTD is a garment export trading house. The venture purchases products from local manufacturers to export to markets in the European Union and United States.

 

Import Countries:

Raw materials like fabrics, buttons, zips, and threads etc – EU countries such as UK, Italy, France, Germany and USA

 

Exporting Countries:

Ready Made Garments: USA, EU countries such as UK, Italy, France, Germany

 

No of Employees:

                  Approx. 500

 

·         Directors Details

         01)

Name

Siddarath Janak Hirdaramani

ID Number

843602754 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

25th December 1984

Age

28 Years

 

         02)

Name

Akshay Anil Hirdaramani

ID Number

852973692 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

23rd October 1985

Age

27 Years

 

         03)

Name

A. K. Lalchand Hirdaramani

ID Number

530793222V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

19th March 1953

Age

58 Years

Address

#.76, Rosmead Place, Colombo-07

 

         04)

Name

H. Mahesh Lalchand

ID Number

561931410V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

11th July 1956

Age

54 Years

Address

#.58, Ward place, Colombo-07

 

         05)

Name

H. Vinod Kishore

ID Number

712281650V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

15th August 1971

Age

39 Years

Address

#.44, Horton Place, Colombo-07

 

         06)

Name

H. Nikil Kishore

ID Number

743094158V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

4th November 1974

Age

36 Years

Address

#.91, Horton Place, Colombo-07

 

 

         07)

Name

R. Prasad Pathirana

ID Number

660142754V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

14th January 1966

Age

45 Years

Address

#.40/17- Lake Gardens, Sri Jayawardanapura Mawatha, Rajagiriya

 

         08)

Name

H. Aroon Janak

ID Number

792932614V

Nationality

Sri Lankan

Gender

31 Years

Date Of Birth

19th October 1979

Age

31 Years

Address

#.61, Barnes Place, Colombo-07

 

         09)

Name

H. R. Anil Kumar

ID Number

811033790V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

12th April 1981

Age

30 Years

Address

#.76, Rosmead Place, Colombo-07

 

          10)

Name

Kishore. B. Hirdaramani

ID Number

471463396V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

25th May 1947

Age

66 Years

Address

#.91, Horton Place, Colombo-07

 

·         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.59.70

UK Pound

1

Rs.92.22

Euro

1

Rs.79.19

 

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.