MIRA INFORM REPORT

Report Date :

25.08.2014

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 readymade garments.
No of Employees :	Approximately 500

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

Source : CIA

GENERAL - Basic information at a glance

a.	Name of Subject of Inquiry	:	HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Anil Kumar Lalchand Hirdaramani
d.	Primary Line of Business	:	Export of locally produced ready made garments by Hirdaramani Group of Companies
e.	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 aroon@hirdaramani.com nikhil@hirdaramani.com
f.	No. of Employees	:	Approximately 500

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	PV 66466
b.	Date of Registration	:	10^th December 2008
c.	Registered Office	:	# 23, West Tower, World Trade Center, Echelon Square, Colombo-01
d.	Board of Directors As At 14th October 2013	:	Anil Kumar Lalchand Hirdaramani	Managing Director
			Mahesh Lalchand Hirdaramani	Director
			Vinod Kishore Hirdaramani	Director
			Nikhil Kishore Hirdaramani	Director
			R. Prasad Pathirana	Director
			Rakhil Anil Kumar Hirdaramani	Director
			Aroon Janak Hirdaramani	Director
			Siddarath Janaka Hirdaramani	Director
			Akshay Anil Hirdaramani	Director
f.	Issued Share Capital	:	Rs. 10,000,000.00
g.	Nominal Value of Share	:	Rs. 10.00
h.	Simplified Value Added Tax No.	:	SVAT000078
	Registration Date	:	01^st April 2011

Registration and Shareholder Details

h.	Share Holders As At 14th October 2013	:	Share Holders	No. of Shares
			Hirdaramani Apparel Holdings (Pvt) Ltd	1,000,000
i.	Auditors	:	M/S. Ernst & Young
j.	Company Secretaries	:	Chamindranee Bandara Kiriella
k.	Bankers	:	Bank of Ceylon Peoples Bank

Directors Details

01)

Name	Siddarath Janak Hirdaramani
ID Number	843602754 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	25^th December 1984
Age	29 Years

02)

Name	Akshay Anil Hirdaramani
ID Number	852973692 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	23^rd October 1985
Age	28 Years

03)

Name	Anil Kumar Lalchand Hirdaramani
ID Number	530793222V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	19^th March 1953
Age	61 Years
Address	#.76, Rosmead Place, Colombo-07

04)

Name	H. Mahesh Lalchand
ID Number	561931410V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	11^th July 1956
Age	57 Years
Address	#.58, Ward place, Colombo-07

05)

Name	H. Vinod Kishore
ID Number	712281650V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	15^th August 1971
Age	42 Years
Address	#.44, Horton Place, Colombo-07

06)

Name	H. Nikil Kishore
ID Number	743094158V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	4^th November 1974
Age	39 Years
Address	#.91, Horton Place, Colombo-07

07)

Name	R. Prasad Pathirana
ID Number	660142754V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	14^th January 1966
Age	48 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	19^th October 1979
Age	34 Years
Address	#.61, Barnes Place, Colombo-07

09)

Name	H. R. Anil Kumar
ID Number	811033790V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	12^th April 1981
Age	33 Years
Address	#.76, Rosmead Place, Colombo-07

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 EXPORTS (PVT) LTD is a Private Limited Liability Company incorporated on 10^th December 2008 under registration number PV 66466.

The Subject Company HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD is a subsidiary company of HIRDARAMANI APPAREL HOLDINGS and member of the Hirdaramani Group of companies.

· Location.

The Subject Company’s head office is located at the client 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.

Products

Knit and woven garments from casual wear to jeans, sleepwear, lounge sportswear and underwear, encompassing all segments – Women, Men and Children.

Importing 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, and Germany

No of Employees:

Approx. 500

· 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

Sri Lanka - Vietnam Business Council

Sri Lanka Export Development Board

Board of Investments of Sri Lanka

Americas Apparel Producer’s Network

· 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.60.43
UK Pound	1	Rs.100.23
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.