|
Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
LANKA LEATHER FASHION (PVT) LTD |
|
|
|
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Registered Office : |
Ring Road-1, I.P.Z, Katunayake |
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|
|
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Country : |
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|
|
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Date of Incorporation : |
25.11.1981 |
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|
|
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Com. Reg. No.: |
PV 1872 |
|
|
|
|
Legal Form : |
Private Limited Liability Company
(In Operation) |
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|
|
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Line of Business : |
Manufacture, Exporter and Distributor of all Kinds of Leather Items |
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|
|
|
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 |
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Payment Behaviour : |
Unknown |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 2012-13. 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 |
Basic information at a glance
|
a. |
Name of Subject of Inquiry |
: |
LANKA LEATHER
FASHION (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited
Liability Company (In Operation) |
|
c. |
Chairman |
: |
Herbert
Weidemann (Netherland) |
|
d. |
Primary Line of Business |
: |
Manufacture,
Exporter and Distributor All Kinds of Leather Items |
|
e. |
Head office & Place of Business |
: |
Ring Road1,I. P. Z, Katunayake, Sri Lanka. Tel. No: (00 94 11) 225 6694/ 225 2035/ 483 3305/ 483 3306 Fax No: (00 94 11) 225 2034 |
|
f. |
No. of Employees |
: |
Not Disclosed |
Registration and
Shareholder Details
|
a. |
Registration No |
: |
PVS 7981 |
||
|
Date of Registration |
|
25th
November 1981 |
|||
|
b. |
Re-registration No |
: |
PV 1872 |
||
|
Date of Re-registration |
|
08th
January 2008 |
|||
|
c. |
Registered Office |
: |
Ring Road-1, I.P.Z, Katunayake, Sri Lanka. |
||
|
d. |
Board of Directors As at 14th October 2013 |
: |
Herbert
Weidemann (Netherland) |
Chairman |
|
|
Christl
Weidemann ( Deutsche) |
Managing
Director |
||||
|
Duncan Fraser
(British) |
Director |
||||
|
Marco Weidemann
( Deutsche) |
Director |
||||
|
e. |
Issued Share Capital |
: |
Rs. 1,500,000.00 |
||
|
f. |
Nominal Value of Share |
: |
Rs. 100.00 (Total No. of Shares – 15,000) |
||
|
g. |
Share Holders As at 14th
October 2013 |
: |
Share Holders |
No. of Shares |
|
|
Chelliah
Thangarajan |
01 |
||||
|
Alamea Corp.,
(Seychelles) |
14,998 |
||||
|
Raoul Widmer
(Germany) |
01 |
||||
|
h. |
Auditors |
: |
K P M G |
||
|
i. |
Company Secretaries |
: |
P W Corporate
Secretarial (Pvt) Ltd |
||
|
j. |
Bankers |
: |
Not Disclosed |
||
Directors’ Details
01)
|
Name |
Herbert
Weidemann |
|
ID Number |
Nlt 1527302 |
|
Nationality |
Netherland |
|
Address |
No 02, Sea Road,
Negombo |
02)
|
Name |
Christl
Weidemann |
|
ID Number |
3335010135 |
|
Nationality |
Deutsche |
|
Address |
No 02, Sea Road,
Negombo |
03)
|
Name |
Duncan Fraser |
|
ID Number |
740185047 |
|
Age |
British |
|
Address |
No 19, Queens
Road, Colombo 03. |
04)
|
Name |
Marco Weidemann |
|
ID Number |
333501202 |
|
Nationality |
Deutsche |
|
Address |
30 /52 A, Longton
Place , Colombo 07 |
Most recent available Financial Information
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
History
The Subject Company LANKA LEATHER
FASHION (PVT) LTD is a
Private Limited Liability Company
incorporated on 25th November
1981 under Registration No. PVS 7981
and subsequently re-registered under
Companies Act # 7 of 2007 on 8th January 2008 under Reg. No. PV
1872.
Subject is a Board of Investment (BOI) approved company.
Location.
The Subject Company is located at the client Ring Road1, I.P.Z,
Operational
Details.
General
The subject company primary line of business is Manufacture, Exporter and Distributor All Kinds of Leather Items.
Products
Leather Products
Country
German, Europe Countries and Western Countries.
Employees
Not Disclosed
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
reference referrals
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.60.76 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.