MIRA INFORM REPORT

 

 

Report Date :

24.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ANSELL TEXTILES LANKA (PVT) LTD 

 

 

Formerly Known as : 

HANDS INTERNATIONAL (PVT) LTD

 

 

Registered Office :

# 32, Kammal Watte, Seeduwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.04.1988

 

 

Com. Reg. No.:

PV 352

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

·         Manufacturer and Exporter of Industrial Gloves with various types of Yarns, Threads and Fabrics.

 

·         Subject product ranges includes Leather Cum Nitrile Gloves, Leather Gloves, Cotton Gloves Handkerchiefs, Ties, Bow Ties and Cravats, Shawls, Scarves, Mufflers, Mantillas, Veils and the like, Travel Goods & Bags.

 

 

No of Employees :

4,000 (Approximately)

 

 

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

     

Name of Subject of Inquiry

:

 ANSELL TEXTILES LANKA (PVT) LTD

Legal Form  & Status                

 

:

Private Limited Liability Company  (In Operation)

Managing Director

:

 Neil Discombe

Primary Line of Business   

:

Manufacturer and Exporter of Industrial Gloves with various types of Yarns, Threads and Fabrics.

 

Head Office

&

Place of Business

:

# 09, Ramya Road,

Colombo 04.

 

Tel. No: (00 94 11) 250 8889 / 255 5300 / 255 5444 / 259 8908

Fax No: (00 94 11) 258 1281 / 259 9787

 

E-mail : hands@handsgroup.com

               hands@slt.lk

               gg@handsgroup.com

 

Factory - 1

:

 

# 32, Kammalwatte Road,

Kadolkelle,

Seeduwa.

 

Tel. No: (00 94 11) 225 4443 / 225 6732

Fax No: (00 94 11) 258 1281

 

Factory - 2

 

 

Kotugoda

Tel. No: (00 94 11) 229 0803

 

No. of Employees

:

Approximately 4,000

        

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 4458

Date of Registration

:

22nd April 1988

Re-registration No

:

PV 352

Date of Re-registration

:

11th October 2007

Registered Office

:

# 32, Kammal Watte, Seeduwa

Board of Directors

As At

27th November 2014

:

Neil Discombe (British)

Managing Director

Alistir Ian Grant (Australian)

Director

Rajat Chhabra (Indian)

Director

Issued  Share Capital

:

Ordinary Shares

Preference Shares

Rs. 165,113,750.00

Rs. 55,000,000.00

Number of Shares

 

16,511,375

5,500,000

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

Share Holders

As At

27th November 2014

:

 Share Holders

No. of Shares

Gratian Kingsley Gunawardhana

22,011,350

M. L. A. Sriyani Gunawardhana (Ms)

25

Auditors

:

B. R. De Silva & Company

Company Secretaries

:

Jacey & Company

Bankers

:

Bank of Ceylon, Commercial Bank PLC, Hatton National Bank PLC, Seylan Bank PLC, DFCC Vardena Bank, Sampath Bank PLC

 

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 ANSELL TEXTILES LANKA (PVT) LTD is a Private Limited   liability Company incorporated in 22nd April 1988 under Registration number N (PVS) 4458 and the company was re-registered in terms of Companies Act #7 of 2007 on 11th October 2007 under registration number PV 352.

 

The subject company initially registered as HANDS INTERNATIONAL (PVT) LTD it changed on 28th November 2014

                 

·         Location.

The Subject Company is located at the client # 32, Kammalwatte Road,

                    Kadolkelle, Seeduwa.

 

·         Operational Details.

 

General

                     The subject company’s primary line of business is Manufacture and Export of industrial Gloves with various types of yarns, threads and fabrics. The factory is with state-of -the -art technology and able to meet the demand at any time.

 

                  Products

                  Leather cum nitrile gloves, Leather gloves, Cotton Gloves , handkerchiefs, Ties, bow ties and

                  Cravats, Shawls, scarves, mufflers, mantillas, veils and the like, Travel Goods & Bags.

 

Export Countries

India, Australia, UK, USA, Middle East

 

                 Number of Employees         

                  Approximately 4000 

 

 

Directors Details

 

Name

Neil Discombe

PP Number

510765048

Nationality

British

Address

# 1, Jawatte Avenue, Colombo 05

 

 

Name

Alistir Ian Grant

PP Number

M 6839184

Nationality

Australian

Address

# 11, Orville Street, Malveem East, VIC 3145, Australia

 

 

 

Name

Rajat Chhabra

PP Number

Z 2352466

Nationality

Indian

Address

A – 4/1, Menara Bangsar, Jalan Maroof, Bangsar, Kualalumpur

 

·         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.

 

ANALYSIS

Appraisal of Subject Company

 

 

Rating:

a)  Business Scale        

Medium / Large

b)  Business Trend

Steady

c)  Management Capability

Above Average

d)  Commercial Morality

Above Average

e)  Reputation

Above Average

f)  Market Situation

Very Competitive

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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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