MIRA INFORM REPORT

 

 

Report No. :

316777

Report Date :

23.04.2015

 

IDENTIFICATION DETAILS

 

Name :

SENSEL HOLDINGS (PVT) LTD

 

 

Registered Office :

#55, Jubilee Road, Katubedda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

12.05.2011

 

 

Com. Reg. No.:

PV 78804             

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is Trader of Garments

 

 

No. of Employee :

1

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Vet to commence its commercial operations

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 – 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

:

 

SENSEL HOLDINGS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (Not in Operation as told by the Director)

c.

Managing Director/CEO

:

Shan Deshapriya Paranavitane

d.

Primary Line of Business

:

Trader of Garments.

e.

Head office

&

Place of Business

 

:

 

#55, Jubilee Road,

Katubedda,

Sri Lanka.

 

Tel. No: (00 94 11) Not Disclosed/ Not available

Fax No: (00 94 11) Not Disclosed/Not available

 

Mobile: (00 94 77) 036 7343- Ms. Lakshani Seedevi Paranavitane

                                                  Director

 

Email: lakshmiseedevi@hotmail.com

 

f.

No. of Employees

:

About 1 Approximately

           

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

PV 78804             

Date of Registration

:

12th May 2011

c.

Registered Office

:

No. 55, Jubelee Road, Katubedda.

d.

Board of Directors

As at

31st July 2013

:

Shan Deshapriya Paranavitane

Managing Director

Lakshani Seedevi Paranavitane Ms)

Director

e.

Issued Share Capital

:

Rs.   20.00              

f.

No. of Share

:

         02    

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

h.

 

Share Holders

As at

31st July 2013

:

Share Holders

No. of

Shares

Shan Deshapriya Paranavitane

01

Lakshani Seedevi Paranavitane

01

i.

Auditors

:

S and A Associates

(# 26 1/11, First Floor, Metro Central, Malabe)

j.

Company Secretaries

:

 

S and A Consults (Pvt) Ltd

(# 49 G, Gemunu Mawatha, Oruwala, Athurugiriya)

 

 

k.

Bankers

:

Bank of Ceylon, Sri Lanka

 

 

FINANCIAL DETAILS

 

Subject has yet to start its operation, will be expected from May 2015.

Most recent available Financial Information

 

The Director of the company, Ms. L. Seedevi Paranavitane stated that the company is still not in operation and as such no financials available.

                                                                                   

(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)

 

 

CURRENT INVESTIGATION

 

·         History

 

                  The Subject Company SENSEL HOLDINGS (PVT) LTD is a Private    Limited   liability Company incorporated on 12th May 2011 under registration number PV78804.

 

                  The Director of the subject company, Ms. L. Seedevi Paranavitane was contacted and she stated that although the subject company has been incorporated as above it is still not in operation as yet and the primary line of business has not been decided yet.

 

·         Location.

                  The subject company is located at # No. 55, Jubelee Road, Katubedda, approx 10 kilo

                   meters from Colombo south.

 

·         Operational Details.

 

General

 

              The subject company primary line of business is not defined. Please see above

 

                   Products

                   Garments

                 

Importing and Exporting Country

                 Bangladesh

 

Employees

                  About 1 Approximately

 

 

Directors’ Details

 

         01)

Name

Shan Deshapriya Paranavitane

ID Number

652782310 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

04th October 1965

Age

50 Years

Address

S D Paranavitane, No. 55, Jubelee Road, Katubedda

 

         02)

Name

Lakshani Seedevi Paranavitane

ID Number

735412477 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

10th February 1973

Age

42 Years

Address

S D Paranavitane, No. 55, Jubelee Road, Katubedda

 

 

 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 Company not in operation

b) Business Trend

NA Company not in operation

c) Management Capability

NA Company not in operation

d) Commercial Morality

NA Company not in operation

e) Reputation

NA Company not in operation

f) Market Situation

NA Company not in operation

                       

 

INFORMATION PARTED BY

 

Name :

Mr. Lakshmi Seedevi

Designation :

Director

Contact No.:

0094770367343

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.82

UK Pound

1

Rs.93.85

Euro

1

Rs.67.59

 

INFORMATION DETAILS

 

Information Gathered by :

JML

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ASH

 

 

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%)

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