MIRA INFORM REPORT

 

 

Report Date :

17.12.2014

 

IDENTIFICATION DETAILS

 

Name :

HANSEL TEXTIL LANKA (PVT) LTD

 

 

Registered Office :

195G, Karlshrue Court, Baseline Road, Colombo-09

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

31.05.2002

 

 

Com. Reg. No.:

PV 18003

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture and Import of Garments Fabrics

 

 

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

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

:

HANSEL TEXTIL LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Ishantha Jayasundara

d.

Primary Line of Business

:

Manufacture & Import Of Garments Fabrics

e.

       Head Office

              &

     Place of Business

:

195G, Karlshrue Court,

Baseline Road,

Colombo-09,

Sri Lanka

 

Tel. No: (00 94 11) 461 4356-7-8

Fax No: (00 94 11) 461 4359

 

E-Mail: sales@hansellanka.lk

g.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 30683

Date of Registration

:

31st May 2002

b.

Re-registration No

 

PV 18003

Date of Re-registration

 

04th March 2010

c.

Registered Office

:

#.195 G, Karlshrue Court, Baseline Road, Colomb-09

d.

Board of Directors

As At

07th November 2014

:

Ishantha Jayasundara

Managing Director

Rudolph Loewen (German)

Director

Stephan Alexander Wirtz (Hong Kong)

Director

f.

Issued Share Capital

:

Rs. 14,414,520.00

Number of Shares

:

1,441,452

g.

Nominal Value of Share

:

Rs. 10.00

h.

 

Share Holders

As At

07th November 2014

:

Share Holders

No. of

Shares

Hansel Textile GMBH (Germany)

1,369,380

Hance Verbudtechnik GMBH (Germany)

72,072

i.

Auditors

:

V.S. & Associates

j.

Company Secretaries

:

Managers & Secretarial (Pvt) Ltd

(# 8, Tickell Road, Colombo 08)

k.

Bankers

:

Not Disclosed

 

 

 

FINANCIAL DETAILS

- 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 are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION

 

·         History.

The Subject Company HANSEL TEXTIL LANKA (PVT) LTD is a Public Limited liability Company incorporated on 31st May 2002 under registration number N (PVS) 30683 and then the company was re-registered on 04th March 2010 under registration number PV 18003.

 

·         Location.

The Subject Company is located at the client #.195G, Karlshrue Court, Baseline Road, Colombo-09.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacture & Import of Garments Fabrics.

 

Products

Garments Fabric Products

 

Export Countries

 USA, UK, Europe

 

No of Employees

                  Not Disclosed

 

·         Directors Details

 

01)

Name

Ishantha Jayasundara

ID Number

 693492378 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th December 1969

Age

45 Years

 

02)

Name

Rudolph Loewen

ID Number

C7KXF9ZPL

Nationality

German

 

03)

Name

Stephan Alexander Wirtz

ID Number

C4KRZ5H60

Nationality

Hong Kong

 

·         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.

 

 

INFORMATION Declined BY

 

Name :

Mr. Nishant

Designation :

Accountant

Contact No.:

00094114614356

Date :

16.12.2014

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.41

UK Pound

1

Rs.99.30

Euro

1

Rs.79.00

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

 

               

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.