MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	A T G LANKA (PVT) LTD

Formerly Known as:	JOHN WARD CEYLON (PVT) LTD

Registered Office :	Super Road 7, Phase 02, I.P.Z, Katunayake

Country :	Sri Lanka

Date of Incorporation :	03.12.2008

Com. Reg. No.:	PV 66397

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Importers and Exporters of Advanced Technology Gloves

No. of Employees :	Approximately 1600

RATING & COMMENTS

MIRA’s Rating :

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 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

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	:	A T G LANKA (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Managing Director	:	Mohamed Fazal Abdeen
Primary Line of Business	:	Manufacture, Importers and Exporters of Gloves
Place of Business & Factory	:	Super Road 7, Phase 02, I.P.Z, Katunayake, Sri Lanka Tel. No: (00 94 11) 483 8900 / 225 3856 / 225 3885 Fax No: (00 94 11) 225 3887 E mail: info@atg-glovesolutions.com
No. of Employees	:	Approximately 1600

COMPANY DETAILS

Registration and Shareholder Details

Registration No	:	PV 66397
Date of Registration	:	03rd December 2008
Registered Office	:	Super Road 7, Phase 02, I.P.Z, Katunayake, Sri Lanka
Board of Directors As At 14th October 2012	:	Mohamed Fazal Abdeen	Managing Director
		John Arthur Taylor	Director
		Howard William Thomas Goth	Director
Issued Share Capital	:	Rs. 30.00
Nominal Value of Share		Rs. 10.00
Share Holders As At 14th October 2012	:	Share Holders		No. of Shares
		ATG Ceylon (Pvt) Ltd		3
Auditors	:	Ernst & Young
Company Secretaries	:	Managers and Secretaries (pvt) Ltd
Bankers	:	Citibank HSBC

Directors Information

Name	Mohamed Fazal Abdeen
Sex	Male
Nationality	Sri Lankan
National ID No.	670230430 V
Date of Birth	23rd January 1967
Age	46 Years

Name	Howard William Thomas Goth
Nationality	British
PP No.	761066925

Name	John Arthur Taylor
Nationality	British
PP No.	040519512

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 ATG LANKA (PVT) LTD is a Private Limited Liability Company incorporated on 03^rd December 2008 under registration number PV 66397.

Initially company was registered as JOHN WARD CEYLON (PVT) LTD and on January 1st of 2009 name of the company changed to ATG LANKA (PVT) LTD.

· Location.

The Subject Company is located at client Super Road 7, Phase 02, I. P. Z. Katunayake.

· Operational Details.

General

The subject company primary line of business is Manufacture, Importers and Exporters of Gloves

Products

Advanced Technology Gloves

Export countries

France, Turkey, Germany, Italy, Spain, Latin America, UK, North America, Poland and Eastern Europe.

No of Employees

Approximately 1600

· 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

Not Available

· 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.62.48
UK Pound	1	Rs.99.66
Euro	1	Rs.83.50

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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