MIRA INFORM REPORT

 

 

Report No. :

318195

Report Date :

20.04.2015

 

IDENTIFICATION DETAILS

 

Name :

DIVINE WORDWIDE (PVT) LTD

 

 

Registered Office :

Level 4, No 88, Justice Akbar Mawatha Colombo 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

24.07.2013

 

 

Com. Reg. No.:

PV 93653.

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Exporter of Tencel (Natural Fibre of Viscose)

 

 

No. of Employee :

Approx.10

 

 

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 :

Relatively new business

Payment Behaviour :

No complaints

Litigation :

--

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

:

 DIVINE WORDWIDE (PVT) LTD

b.

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

c.

Chairman/MD

:

M.Uvaiz Jumar Samsudeen

d.

Primary Line of Business

:

Trading Company Importing of Tencel (Natural Fibre of Viscose) from UK and Austria and Re-export to the Asian Region for making fabric/rayon

e.

 

 

 

 

Head Office

&

Place of Business

 

 

 

:

 

 

 

 

 

Level 4,

No 88 Justice Akbar Mawatha,

Colombo 02

Sri Lanka

 

Tel./Fax No: (00 94 11) 246 5735

 Email: sam@divineworldwide.lk

 

Contact Persons:

 

Mr. Samsudeen, MD –       (00 94 77) 774 8153

Mr. Asela, Opr. Manager- (00 94 77) 277 2122

Mr. Saman, Accts. Dept –  (00 94 77) 977 7759

Mr. Kapila Wijesekera, Consultant- (00 94 77) 772 7227

 

g.

No. of Employees

:

Approx.10

 

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

 

Registration No

:

PV 93653

Date of Registration

:

24th July 2013

  b.      

Registered Office

:

Level 4, No 88, Justice Akbar Mawatha Colombo 02.

c.

Board of Directors

As At

           06th December, 2014

:

M.Uvaiz Jumar Samsudeen

 Chairman/MD

Manish Gupta  ( Indian)

  Director

Liyanage Sunil Chandasiri Perera

  Director

d.

Issued Share Capital

:

Rs.    100,000.00

Issued Shares

:

 10,000

e.

Nominal Value of Share

:

Not declared/disclosed vide Companies Act #7 of 2007

f.

Share Holders

As at

06th December, 2014

:

 Share Holders

Number  

Of

Shares

M.Uvaiz Jumar Samsudeen

3,000

Manish Gupita  ( India)

         4,000

Liyanage Sunil Chandasiri Perera

         3,000

g.

Auditors

:

G.H. Management Services, #982/8, Goonawatte Rd., Malabe.

h.

Company Secretaries

 

L. Nirmala Prasadini Perera, #23/3, Old Kesbewa Road, Gangodawila, Nugegoda.

i.

Bankers

 

Salyan Bank PLC, Colombo

j.

Trading Terms : 

 

Purchasing Terms: Cash Cheque, and Credit

Sales Terms: Cash Cheque, and Credit

 

 

Director’s Details

 

01)

Name

M. Uvaiz Jumar Samsudeen

ID Number

612600627  V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th September 1961

Age

53 Years

Address

#05, Balcombe Place, Off Cotta Road, Colombo 08

 

02)

Name

Manish Gupta 

ID Number

Z 2534662

Nationality

 Indian

Address

#05, Balcombe Place, Off Cotta Road, Colombo 08

 

03)

Name

Liyanage Sunil Chandrasiri Perera

ID Number

583660704 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st December 1958

Age

56 Years

Address

#112/1, Manila Gardens, Weliamuna Rd., Hekitta, Hendala, Wattala

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

Mr. Samsudeen, MD was contacted and he politely declined to provide financials without the identity of the end user.

 

However, it should be noted that the particular /trade segment the company is involved has a good growth potential and as such it can be expected for the company to expect  good incom prospects.

 

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

 

  • History.

 

The Subject Company DIVINE WORDWIDE (PVT) LTD is a Private    Limited   Liability Company incorporated on 24th July 2013 under registration number PV 93653.

 

  • Location.

 

Subject Company is located at the client, Level 4, No 88, Justice Akbar  Mawatha Colombo 02. 

                                         

  • Operational Details.

 

The primary line of business of the subject company is importing of Tencel (Artificial Fibre of Viscose) from UK and Austria and Re-export to the Asian Region as an off shore Trading Company

 

Products

 

Tencel (Natural Fibre yarn of Viscose) from UK and Austria and Re-export to the

Asian Region countries for making fabrics/rayon

 

 Importing Countries

 

Natural Fibre yarn from UK and Austria

 

Exporting Countries

 

Countries in the Asian region, Indonesia, Bangladesh

 

No of Employees

 

Approx.10. Subject says that they hire additional labour for export & import work as when  required.

 

Trade References

 

National Chamber of Exporters of Sri Lanka

 

 

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 computerized 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 by

 

Name :

Mr. Asela

Designation :

Operation Manager

Contact No.:

00094772465735

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.35

UK Pound

1

Rs.93.10

Euro

1

Rs.67.13

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

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.