MIRA INFORM REPORT

 

 

Report Date :

24.05.2014

 

IDENTIFICATION DETAILS

 

Name :

SARASAVI EXPORTS (PRIVATE) LIMITED

 

 

Registered Office :

# 375A, High Level Road, Makumbura, Pannipitiya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.01.1997

 

 

Com. Reg. No.:

PV 19186

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture & Exporters of Socks & Tights

 

 

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

(30.09.2013)

Current Rating

(01.12.2013)

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

:

SARASAVI EXPORTS (PRIVATE) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company (in operation)

c.

Managing Director

 :

M.D. Samaranath Hemantha Kumara

d.

Primary Line of Business

:

Manufacture & Exporters of Socks & Tights

e.

   Head Office

          &

 Place of Business

:

 

# 375A, High Level Road,

Makumbura,
Pannipitiya,

Sri Lanka.

 

Tel. No: (00 94 11) 285 5023 / 555 5003

Fax. No: (00 94 11) 555 5004

 

Email: sarex@sltnet.lk / sarex2@sltnet.lk

            sarasavi@celltelnet.lk

 

f.

No. of  Employees

:

Not disclosed

           

 

COMPANY DETAILS       - Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 18359

Date of Registration

:

 

02nd January 1997

b.

Re-registration No

:

PV 19186

Date of re-registration

:

19th August 2010

c.

Registered Address

:

# 375A, High Level Road, Makumbura, Pannipitiya.

d.

Board of Directors

As At

     31st December 2009

:

M.D. Samaranath Hemantha Kumara

Managing Director

J. Himanthi Perera (Mrs)

Director

e.

Issued Share Capital

:

Rs.  23,000,000.00          

Number of Shares

:

2,300,000

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007            

g.

        Share Holders

              As At

   31st December 2009

 

                       Share Holders

 

No. of Shares

M.D. Samaranath Hemantha Kumara

99,999

J. Himanthi Perera

01

Delta Gall Industries (Ltd) (Incorporated in Israel)

2,200,000

h.

Auditors

:

Hemachandra & Company

i.

Company Secretaries

:

Crawley Management Systems (Pvt) Ltd

j.

Bankers

:

Not Disclosed

 

·         Directors’ Information

 

              01)

Name

M.D. Samaranath Hemantha Kumara

Gender

Male

Nationality

Sri Lankan

National ID No.

692661869 V

Date of Birth

22nd September 1969

Age

44 Years

Address

# 375A, High Level Road, Makumbura, Pannipitiya

 

                02)

Name

J. Himanthi Perera

Gender

Female

Nationality

Sri Lankan

National ID No.

776160164 V

Date of Birth

25th April 1977

Age

37 Years

Address

# 394/5, High Level Road, Makumbura, Pannipitiya

 

            

3) FINANCIAL DETAILS - Most recent available Financial Information

  

THE COMPANY HAS DECLINED TO PROVIDE ANY 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

 

 

4) CURRENT INVESTIGATION

 

·         History.

 

The Subject Company SARASAVI EXPORTS (PRIVATE) LIMITED is a Private Limited Liability Company incorporated on 02nd January 1997 under registration N (PVS) 18359 and then the company was re-registered on 19th August 2010 under the registration number PV 19186

                 

·         Location.

 

The Subject Company is located at the client, # 375A, High Level Road, Makumbura, Pannipitiya..

 

 

·         Operations Details.

 

General

 

The subject company primary line of business is a Manufacture & Exporters of Socks & Tights.

The subject company has earned certified by ISO 9001:2008 & ISO 14001:200

 

 

Products

 

Socks & Tights

 

Country

 

Europe Countries

 

 

Employees

 

Not disclosed

 

 

·         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

 

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        

NA

b) Business Trend

NA

c) Management Capability

NA

d) Commercial Morality

NA

e) Reputation

NA

f) Market Situation

Very Competitive

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 58.48

UK Pound

1

Rs. 98.67

Euro

1

Rs. 79.80

 

 

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.