MIRA INFORM REPORT

 

 

Report Date :

19.12.2014

 

IDENTIFICATION DETAILS

 

Name :

NATURUB EXPORTS INTERNATIONAL (PVT) LTD

 

 

Registered Office :

# 105/1, Madupitiya Road, Mahawila,Panadura

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

11.04.1995

 

 

Com. Reg. No.:

PV 1776

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer & Exporters of Garments Accessories such as Elastic Tapes, Elastic Tapes Knitted, Elastic tapes Woven, Braided Cords, Bra Tapes &   Sewing Thread

 

 

No of Employees :

Approximately 1000

 

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 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. 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

     

Name of Subject of Inquiry

:

 

NATURUB EXPORTS INTERNATIONAL (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Tissa Eleperuma

Primary Line of Business

:

Manufacturer & Exporters of Garments Accessories such as Elastic Tapes, Elastic Tapes Knitted, Elastic tapes Woven, Braided Cords, Bra Tapes &   Sewing Thread

Head office

&

Place of Business

 

:

 

# 105/1, Madupitiya Road,

Mahawila,

Panadura,

Sri Lanka.

 

Tel. No: (00 94 38) 223 5024 / 224 2200

Fax No: (00 94 38) 224 0815 / 223 4025

 

Email: info@naturub.com

            tissa@naturub.com

 

No. of Employees

:

Approximately 1000

          

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N(PVS) 14762                       

Date of Registration

 

11th April 1995

Re-registration No

:

PV 1776

Date of Re-registration

 

03rd January 2008

Registered Office

:

# 105/1, Madupitiya Road, Mahawila,Panadura, Sri Lanka.

Board of Directors

As at

31st December 2012

:

Tissa Eleperuma

Managing Director

H. Sumanawathie Fernando

Director

Issued Share Capital

:

Rs.  5,400,20.00

Number of Shares

:

540,002

Nominal Value of Share

 

Not applicable vide Companies Act #7 of 2007            

 

Share Holders

As at

31st December 2012

:

Share Holders

No. of

Shares

Tissa Eleperuma

310,501

H. Sumanawathie Fernando

229,501

Auditors

:

Jayaweera & Company

Company Secretaries

:

S. Chula Ranganath Amarapala Fernando

Bankers

:

Not Disclosed

 

 

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 NATURUB EXPORTS INTERNATIONAL (PVT) LTD is a Private    Limited   liability Company incorporated on 11th April 1995 under registration number N(PVS) 14762 and then the company was re-registered on 03rd January 2008 under registration number PV 1776.

 

·         Location.

                  The subject company is located at client # 105/1, Madupitiya Road,  

                  Mahawila, Panadura, Sri Lanka.

 

·         Operational Details.

 

General

              The subject company primary line of business is Manufacture & Exporters of Garments Accessories. The subject company has earned certified by ISO 9001-2000 certified

 

            Products

                  Elastic Tapes, Elastic Tapes Knitted, Elastic tapes Woven, Braided Cords, Bra Tapes &  

                  Sewing Thread

 

                  Brands

                 “Marks & Spencer, NEXT, NIKE, Liz Claiborne,Naturub”

 

Export Country

                    UK, USA, India, Bangladesh, Germany, Dubai

 

Employees

                    Approximately 1000

 

·         Directors Details

 

         01)

Name

Tissa Eleperuma

ID Number

552640330 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

20th September 1955

Age

57 Years

 

         02)

Name

H. Sumanawathie Fernando

ID Number

550301520 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

30th January 1955

Age

58 Years

 

·         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

National Chamber of Exporters of Sri Lanka

The National Chamber of Commerce

 

·         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.63.32

UK Pound

1

Rs.98.68

Euro

1

Rs.78.11

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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