MIRA INFORM REPORT

 

 

Report Date :

02.01.2014

 

IDENTIFICATION DETAILS

 

Name :

MAINETTECH LANKA (PVT) LTD

 

 

Registered Office :

# 84, Ananda Rajakaruna Mawatha, Colombo- 08

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

08.11.1996

 

 

Com. Reg. No.:

N (PVS) 11946

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufactures and Exporters of Garments Hangers, Tie Hangers & Seals

 

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 (LTTE). 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. Growth slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. 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. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit

 

Source : CIA

 

 

 

 

company name and address

 

a.

Name of Subject of Inquiry

:

 

MAINETTECH LANKA (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

J. E. Ayam Perumal

d.

Primary Line of Business

:

 

Manufactures and Exporters of Garments Hangers, Tie Hangers & Seals

e.

Head office

:

 

 # 84, Ananda Rajakaruna Mawatha,

Colombo- 08,

Sri Lanka.

          

Tel. No: (00 94 11) 268 8281-2 / 462 1621 / 461 5371

Fax No: (00 94 11) 268 2338

 

E-Mail: mainetec@slt.lk

               info@srilanka.mainetti.com

               jperumal@mainettech.com

 

f.

Factory

:

 

# 426, Samurdhi Mawatha,

Sapugaskandha,

Heiyantuduwa.

 

Tel. No: (00 94 11) 240 0282 – 4

Fax No: (00 94 11) 240 0586

 

g.

No. of Employees

:

-Not Disclosed-

                       

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 11946

Date of Registration

:

08th November 1996

b.

Re-registration No

:

PV 8733

Date of Re-registration

:

30th October 2008

c.

Registered Office

:

# 84, Ananda Rajakaruna Mawatha, Colombo- 08.

d.

Board of Directors

As At

31st December 2012

:

J. E. Ayam Perumal

Managing Director

S. Josephus Godefridus Maria

Director

Stakol Michael Roy

Director

Perumal  Eresha Kamani Wanasinghe

Director

Balakrishnan Vaidya

Director

e.

Issued Share Capital

:

Rs.     19,672,000.00       

f.

Nominal Value of Share

:

Rs.                   10.00

 

Registration and Shareholder Details Cont….

 

g.

 

Share Holders

As At

31st December 2012

:

Share Holders

No. of

Shares

J. E. Ayam Perumal

01

S. Theagarajah Nagendra

01

Mainetti Holdings B V

1,377,039

Jeam Holdings (Pvt) Ltd

590,159

h.

Auditors

:

KPMG Ford Rhodes Thornton & Company

j.

Company Secretaries

:

Jacey & Company

k.

Bankers

:

 

Standard Chartered Bank

Seylan Bank

 

 

 

Directors Details

 

Name

J. E. Ayam Perumal

ID Number

500024496 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

2nd January 1950

Age

63 Years

 

Name

S. Josephus Godefridus Maria

PP Number

BA 0156843

Nationality

Netherlands

 

Name

Stakol Michael Roy

PP Number

093178027

Nationality

British

 

Name

Perumal  Eresha Kamani Wanasinghe

ID Number

586940139

Nationality

Sri Lankan

Gender

Female

Date of Birth

12th July 1958

Age

55 Years

 

Name

Balakrishnan Vaidya

ID Number

095846693

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                      

 

History.

 

 The Subject Company MAINETTECH LANKA (PVT) LTD is a Private    Limited liability     Company incorporated on 08th November 1996 under registration number N (PVS) 11946 and then the computer was re-registered on 30th October 2008 under registration number PV 8733

 

Location.

 

The Subject Company is located at the client # 84, Ananda Rajakaruna Mawatha (Campbell Place), Colombo- 08.

 

Operational Details.

 

General

                  The subject company primary line of business is Manufactures and Exporters of Garments Hangers, Hangers Tie and Seals.

 

Export Products

Garments hangers, Hangers Tie and Seals

Export Countries

Bangladesh, China, India,

 

No of Employees

                  -Not Disclosed-

 

 

Financial Data

 

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

 

Fabric & Accessory Manufacturer’s Association

Ceylon 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.61.93

UK Pound

1

Rs.102.39

Euro

1

Rs.85.12

 

 

INFORMATION DETAILS

 

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.