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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
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Name : |
LUCKY INDUSTRIES (PVT) LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.09.1991 |
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Com. Reg. No.: |
N (PVS) 8078 |
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Legal Form : |
Private Limited Liability Company (In Operation) |
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Line of Business : |
Manufacture & Exporters of Garments |
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No. of Employees : |
1500 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
|
a. |
Name of Subject of Inquiry |
: |
LUCKY INDUSTRIES (PVT) LIMITED |
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
|
c. |
Chairman |
: |
A.M. Haroon Aboobacker |
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d. |
Primary Line of Business |
: |
Manufacture
& Exporters of Garments |
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e. |
Head office |
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# 3, Milagiriya Avenue Colombo -04, Sri Lanka Tel. No: (00 94 11) 451 3111 / 775
0555 Fax. No: (00 94 11) 451 3100 E-Mail: lucky@eureka.lk |
|
Factory |
: |
Irriyagola, Dehiowita. Tel.
No: (00 94 77) 329 5310 |
|
|
f. |
No. of Employees |
: |
Approx.
1500 |
|
a. |
Registration No |
: |
N (PVS) 8078 |
||
|
Date of Registration |
|
05th
September 1991 |
|||
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b. |
Re-registration No |
: |
PV 2831 |
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Date of Re-registration |
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13th March 2008 |
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c. |
Registered Office |
: |
# 11, Hulftsdorp Street, Colombo 02. |
||
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d. |
Board of Directors As At 31st December 2013 |
: |
A.M. Haroon Aboobacker |
Chairman |
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|
A.M. Illiyas Aboobacker |
Director |
||||
|
A.M. Yoosuf Aboobacker |
Director |
||||
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e. |
Issued Share Capital |
: |
Rs. 5,000.00 |
||
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Number of Shares |
: |
500 |
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f. |
Nominal Value of Share |
: |
Rs. 10.00 |
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g. |
Share Holders As At 31st December 2013 |
: |
Share Holders |
No. of Shares |
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|
A.M. Haroon Aboobacker |
100 |
||||
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A.M. Illiyas Aboobacker |
100 |
||||
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A.M. Yoosuf Aboobacker |
100 |
||||
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A. Latiff Admani Aboobacker |
100 |
||||
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A. M. Iqbal Aboobacker |
100 |
||||
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h. |
Auditors |
: |
S. Saverimuttu
& Company |
||
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i. |
Company Secretaries |
: |
Management Accounting Services (Pvt) Ltd |
||
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j. |
Bankers |
: |
Habib Bank |
||
01)
|
Name |
A.M. Haroon Aboobacker |
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ID Number |
552460197 X |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
02nd September 1955 |
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Age |
57 Years |
02)
|
Name |
A.M. Illiyas Aboobacker |
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ID Number |
563200278 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
15th November 1956 |
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Age |
56 Years |
03)
|
Name |
A.M. Yoosuf Aboobacker |
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ID Number |
592620688 X |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
18th September 1959 |
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Age |
53 Years |
(Note: 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)
3) CURRENT INVESTIGATION
·
History.
The Subject Company LUCKY
INDUSTRIES (PVT) LIMITED is a Private
Limited liability Company
incorporated on 05th September 1991 under the registration
number N (PVS) 8078 and then
re-registered under the registration number PV 2831 on 13th
March 2008, in terms of Registrar of companies Act. # 7 of 2007.
·
Location.
The Subject Company head
office is located at # 3, Milagiriya
Avenue, Colombo -
04.
Operational Details.
General
The subject
company primary line of business is
Manufacture & Exporters of Garments.
The subject
company has earned certified by ISO
9001:2000 Certified
Products
Jackets,
Jogging Suit, Bottom, T-Shirts, Shorts, Pants, Trousers
Export Country
USA,
UK, Europe
No of Employees
Approximately 1500
·
Trade references
The Ceylon National Chamber of Industries.
American Chamber of Commerce
of Sri Lanka
National Apparel Exporters
Association
·
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.
Name: Mr. Yakuh
Tel No: 00094773104712 / 00094114513111
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
Calling By : |
HTL |
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
|
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<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.