MIRA INFORM REPORT

 

 

Report Date :

17.06.2014

 

IDENTIFICATION DETAILS

 

Name :

HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD

 

 

Registered Office :

# 23, West Tower, World Trade Center, Echelon Square, Colombo-01

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

10.12.2008

 

 

Com. Reg. No.:

PV 66466

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Exporter of locally produced readymade garments by Hirdaramani Group of Companies

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

     

a.

Name of Subject of Inquiry

:

HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Anil Kumar Lalchand Hirdaramani

d.

Primary Line of Business

:

Export of locally produced ready made garments by Hirdaramani Group of Companies

e.

 

Head office

 

 

 

# 23, West Tower, World Trade Centre,

Echelon Suqare,

Colombo 01,

Sri Lanka

 

Tel No: (00 94 11) 479 7000 / 244 7381 / 234 2083

Fax No: (00 94 11) 244 6135 / 232 0933

 

Email: info@hirdaramani.com

            vinod@hirdaramani.com

            aroon@hirdaramani.com

            nikhil@hirdaramani.com

         

f.

No. of Employees

:

Approximately 500

           

 

COMPANY DETAILS       - Registration and Shareholder Details

 

a.

Registration No

:

PV 66466

b.

Date of Registration

:

10th December 2008

c.

Registered Office

:

# 23, West Tower, World Trade Center, Echelon Square, Colombo-01

d.

Board of Directors

As At

14th October 2013

:

Anil Kumar Lalchand Hirdaramani

Managing Director

Mahesh Lalchand Hirdaramani

Director

Vinod Kishore Hirdaramani

Director

Nikhil Kishore Hirdaramani

Director

R. Prasad Pathirana

Director

Rakhil Anil Kumar Hirdaramani

Director

Aroon Janak Hirdaramani

Director

Siddarath Janaka Hirdaramani

Director

Akshay Anil Hirdaramani

Director

f.

Issued Share Capital

:

Rs.      10,000,000.00

g.

Nominal Value of Share

:

Rs.                    10.00

h.

Simplified Value Added Tax No.

:

SVAT000078

Registration Date

:

01st April 2011

 

 

Registration and Shareholder Details

 

h.

 

Share Holders

As At

       14th October 2013

:

Share Holders

No. of

Shares

Hirdaramani Apparel Holdings (Pvt) Ltd

1,000,000

i.

Auditors

:

M/S. Ernst & Young

j.

Company Secretaries

:

Chamindranee Bandara Kiriella

k.

Bankers

:

Bank of Ceylon

Peoples Bank

 

·         Directors Details

 

         01)

Name

Siddarath Janak Hirdaramani

ID Number

843602754 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

25th December 1984

Age

29 Years

 

 

         02)

Name

Akshay Anil Hirdaramani

ID Number

852973692 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

23rd October 1985

Age

28 Years

 

         03)

Name

Anil Kumar Lalchand Hirdaramani

ID Number

530793222V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

19th March 1953

Age

61 Years

Address

#.76, Rosmead Place, Colombo-07

 

         04)

Name

H. Mahesh Lalchand

ID Number

561931410V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

11th July 1956

Age

57 Years

Address

#.58, Ward place, Colombo-07

 

         05)

Name

H. Vinod Kishore

ID Number

712281650V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

15th August 1971

Age

42 Years

Address

#.44, Horton Place, Colombo-07

 

         06)

Name

H. Nikil Kishore

ID Number

743094158V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

4th November 1974

Age

39 Years

Address

#.91, Horton Place, Colombo-07

 

         07)

Name

R. Prasad Pathirana

ID Number

660142754V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

14th January 1966

Age

48 Years

Address

#.40/17- Lake Gardens, Sri Jayawardanapura Mawatha, Rajagiriya

 

         08)

Name

H. Aroon Janak

ID Number

792932614V

Nationality

Sri Lankan

Gender

31 Years

Date Of Birth

19th October 1979

Age

34 Years

Address

#.61, Barnes Place, Colombo-07

 

         09)

Name

H. R. Anil Kumar

ID Number

811033790V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

12th April 1981

Age

33 Years

Address

#.76, Rosmead Place, Colombo-07

 

FINANCIAL DETAILS - Most recent available Financial Information

 

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                     

Logo of the Hirdaramani Group

 

·         History.

 

The Subject Company HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD is a Private    Limited   Liability Company incorporated on 10th December 2008 under registration number PV 66466.

 

The Subject Company HIRDARAMANI INTERNATIONAL EXPORTS (PVT) LTD is a subsidiary company of HIRDARAMANI APPAREL HOLDINGS and member of the Hirdaramani Group of companies.

 

 

·         Location.

 

The Subject Company’s head office is located at the client Level 23, West Tower, World Trade Centre, Echelon Square, Colombo 01

 

 

·         Operational Details.

 

General

                  The subject company’s primary line of business is export of locally produced ready made garments of the Hirdaramani Group and importing of all types of raw materials required for the manufacturer of ready made garments.

 

                  Products

Knit and woven garments from casual wear to jeans, sleepwear, lounge sportswear and underwear, encompassing all segments – Women, Men and Children.

 

Importing Countries:

Raw materials like fabrics, buttons, zips, and threads etc – EU countries such as UK, Italy, France, Germany and USA

 

Exporting Countries:

Ready Made Garments: USA, EU countries such as UK, Italy, France, and Germany

 

No of Employees:

                  Approx. 500

 

 

·         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

 

Sri Lanka - Vietnam Business Council

 

                 Sri Lanka Export Development Board

                 Board of Investments of Sri Lanka

                 Americas Apparel Producer’s Network

 

·         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

 

 

a) Business Scale         

Large

b) Business Trend

Steady Growing

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. 60.00

UK Pound

1

Rs. 101.99

Euro

1

Rs. 81.25

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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.