MIRA INFORM REPORT

 

 

Report Date :

05.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AMSAFE BRIDPORT (PVT) LTD

 

 

Formerly Known as : 

BRIDPORT AVIATION LANKA (PVT) LTD

 

 

Registered Office :

Wathupitiwala Export Processing Zone, Wathupitiwala, Nittambuwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

23.01.2001

 

 

Com. Reg. No.:

PV 10891

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Aircraft & Cargo products.

    

Subject product ranges includes:

·         Child Restraint Products

·         Aviation Airbags

·         Cargo and Barrier Nets

·         Tie-down Systems

·         Helicopter Underslung Load Equipment

·         Aircraft Cabin Interior Products

 

 

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 Glance

 

a.

Name of Subject of Inquiry

:

AMSAFE BRIDPORT (PVT) LTD

b.

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

c.

Managing Director

:

Ian Paul Kentfield (British)

d.

Primary Line of Business

:

Manufacturer and Exporter of Aircraft & Cargo products

e.

Head Office

&

Factory

:

 

Wathupitawala EPZ, Wathupitawala,

Nittambuwa,

Sri Lanka.

 

Tel: (00 94 33) 467 8400

Fax: (00 94 33) 467 8313

 

E. mail : sales-asb@amsafe.com

 

f.

Sales Administration office

:

 

# 10, 3rd Floor, Gothami Road,

Colombo -08,

Sri Lanka

 

Tel: (00 94 33) 451 6888

Fax: (00 94 33) 4451 6880

 

Email:  sales-asb@amsafe.com

 

g.

No. of Employees

:

Approximately 500

 
COMPANY DETAILS

Registration and Shareholder’s details

 

a.

Registration No

:

N (PVS) 27761

Date of Registration

:

23rd January 2001

b.

Re-Registration No

:

PV 10891

Date of Re-Registration

 

13th January 2009

c.

Registered Office

:

Wathupitiwala Export Processing Zone, Wathupitiwala, Nittambuwa.

d.

Board of Directors

As at

12th July 2013

:

Ian Paul Kentfield (British)

Managing Director

Wendy Hagley (British)

Director

Rufus Gregory (USA)

Director

e.

 

Total No. of Issued Shares

:

500,002

Nominal Value of Share

:

Rs.  500,000,020.00

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

g.

Share Holders

As at

12th July 2013

:

Share Holders

No. of    Shares

AMSAFE Inc   (Co incorp in America)   

250,001

Bridport Air Carrier Inc    (incorp in USA)      

    250,001

h.

Auditors

:

SJMS Associates

(# 2, Castle Lane, Colombo 04)

i.

Company Secretaries

:

Jacey and Company

(# 9/5, Thambiah Avenue, Colombo 07)

j.

Bankers

:

HSBC

 

Directors Details

 

01)

Name

Ian Paul Kentfield

PP or ID Number

706313187

Nationality

British

 

03)

Name

Wendy Hagley

PP or ID Number

202884130

Nationality

British

 

 

03)

Name

Rufus Gregory

PP Number

475084603

Nationality

American

 

 

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

 

Company Logo

 

                                 New Picture

                                                 

 

·         History.

 

                   The Subject Company AMSAFE BRIDPORT (PVT) LTD is a Private    Limited   liability Company incorporated on 23rd January 2001 under Reg. No N (PVS) 27761 and then the company were re-registered on 13th January 2009 under the registration number PV 10891.

 

                  The Subject Company was originally incorporated under the name 7 style “BRIDPORT AVIATION LANKA (PVT) LTD” and has changed to client given name “AMSAFE BRIDPORT (PVT) LTD” on 18th August 2005.

 

·         Location.

 

The Subject Company is located at the client Wathupitawala Export Processing Zone, Wathupitawala, Nittambuwa.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacturer and Export of Aircraft & Cargo products.

    

Products

·         Restraint Systems

·         Child Restraint Products

·         Aviation Airbags

·         Cargo and Barrier Nets

·         Tie-down Systems

·         Helicopter Underslung Load Equipment

·         Aircraft Cabin Interior Products

 

Export Country

Europe Countries, Middle East Countries, Asian Countries

 

 

No of Employees

                  Approximately 500   

           

·         Trade references

National Chamber of Exporters of Sri Lanka.

                  Board of Investment, Sri Lanka (BOI)

                  Sri Lanka Export Development Board (EDB)

 

·         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.61.88

UK Pound

1

Rs.97.02

Euro

1

Rs.76.13

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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