MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

LINEA AQUA (PVT) LTD

 

 

Registered Office :

10th Floor, Aitken Spence Tower II, # 315, Vauxhall Street, Colombo-02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

28.08.2002

 

 

Com. Reg. No.:

N (PVS) 26835

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturers and exporters of Swim Wear, Water Shorts and Leisure wear

 

 

No of Employees :

Approximately 3000

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

     

a.

Name of Subject of Inquiry

:

LINEA AQUA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Mahesh Dayalal Amalean

d.

Primary Line of Business

:

Manufacturers and exporters of Swim Wear, Water Shorts and Leisure wear

e.

Place of Business

&

Factory

 

:

 

Thanahenpitiya Estate,

Giridara, Kapugoda,

Hanwella,

Sri Lanka.

    

Tel. No: (00 94 36) 427 9600

Fax No: (00 94 36) 427 9699

 

E-mail: info@lineaaqua.com

              contactus@lineaaqua.com

 

f.

No. of Employees

:

Approximately 3000

           

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 26835

Date of Registration

:

28th August 2002

b.

Re-registration No

:

PV 6810

Date of Re-registration

:

25th August 2008

c.

Registered Office

:

10th Floor, Aitken Spence Tower II, # 315, Vauxhall Street,

Colombo-02

 

Location: Owned

d.

Board of Directors

As At

04th July 2014

:

Mahesh Dayalal Amalean

Managing Director

Sharad Dayalal Amalean

Director

Trust Martin (American)

Director

A. Michael Long (British)

Director

Kamakshi  Veera Raghavan (Australian)

Director

David Andrew Trust (US)

Director

e.

Issued Share Capital

:

Rs. 430,568,270.00

Number of Shares

:

43,056,827

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

 

Share Holders

As At

04th July 2014

:

Share Holders

No. of

Shares

Mahesh Dayalal Amalean

01

Sharad Dayalal Amalean

01

Brandot International Limited (Incorporated in Cayman Islands)

14,352,275

Speedo International (Pvt) Limited

(Company Incorporated in United Kingdom)

14,352,275

 MAS Capital (Pvt) Limited

14,352,275

h.

Auditors

:

Price Water House Coopers

i.

Company Secretaries

:

Corporate Services (Pvt) Limited

j.

Bankers

:

 

HSBC, Bank of Ceylon, Seylan Bank PLC, Commercial Bank PLC

 

k.

Trading Terms

:

Purchasing Terms: Cash, L/C and Credit

 

Selling Terms: Cash, L/C and Credit

 

 

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 LINEA AQUA (PVT) LIMITED is a Private    Limited   liability Company incorporated on 28th August 2002 under registration number N (PVS) 26835 and the company was re-registered on 25th August 2008 under registration number PV 6810.

                             

The Subject Company is a member of the MAS GROUP OF COMPANIES and is considered as the No. 1 in the garments and allied fields in Sri Lanka

 

LINEA AQUA – a joint venture between MAS Holdings, Speedo International (UK) and Brandot International (USA) has earned a global reputation for being a swimwear solutions provider.

          

·         Location.

The Subject Company is located at client Thanahenpitiya Estate, Giridara, Kapugoda, Hanwella, and it’s about 20 km east of Colombo city.  

 

·         Operational Details.

 

General

The subject company’s primary line of business is a Manufacturers and Exporters of Swim Wears.

 

Products

Swim wears Leisure wear, Kids wear and Water shorts

 

Services

Designing

Sourcing

Manufacturing

Delivery

                                                                                               

Export Country

USA and UK

 

Brand Names (Customers)

  • Speedo
  • NAUTICA
  • Triumph
  • LANDS’END
  • Victoria’s Secret
  • TESCO
  • SPRIT
  • CK

 

No of Employees

Approximately 3000

 

·         Directors’ Details

 

01)

Name

Mahesh Dayalal Amalean

ID Number

550951762 V

Nationality

Sri Lankan

Gender

Male

Age

59 Years

Date of Birth

4th April 1955

 

02)

Name

Sharad Dayalal Amalean

ID Number

562632247 V

Nationality

Sri Lankan

Gender

Male

Age

57 Years

Date of Birth

19th September 1956

 

03)

Name

Trust Martin

PP Number

111430825

Nationality

American

 

04)

Name

Kamakshi Veera Raghavan

PP Number

E 4006442

Nationality

Australia

 

05)

Name

A. Michael Long

PP Number

456584341

Nationality

British

 

06)

Name

David Andrew Trust

PP Number

039100331

Nationality

American

     

·         Trade references

Sri Lanka Apparel Exporters Association

Board of Investment

Sri Lanka Export Development Board

 

·         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.

 

 

INFORMATION PARTED (general details)

 

Name :

Mr. Mahesh Dayalal Amalean

Designation :

Managing Director

Contact No.:

0 (009411) 4796444

Date :

11.11.2014


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs.76.48                  

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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.