MIRA INFORM REPORT

 

 

 

 

Report No. :

349626.2

Report Date :

03.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SERVICES SHOES LANKA (PVT) LTD

 

 

Registered Office :

#33, Ring Road, Phase 2, Export Processing Zone, Katunayake

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.07.2015

 

 

Com. Reg. No.:

PV 107073

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture & export of footwear.

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New business 

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 government's 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, but low tax revenues remain a 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

:

SERVICES SHOES LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company 

c.

Joint Managing Directors

:

Asanga Weerasinghe

Managing Director

d.

Primary Line of Business

:

Manufacture & Export of Footwear

e.

Place of Business

 

:

#33, Ring Road, Phase 2,

Export Processing Zone,

Katunayake,

Sri Lanka.

         

Tel: (00 94 11) 225 3137

Mob. No: (00 94 77) 718 5645 ( Mr. Malik)

 

f.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

 

Registration No

:

PV 107073

b.

Registration Date

:

16th July 2015

d.

Registered Office

:

#143/17, Sri Wikrema Mawatha, Colombo 15.

f.

Board of Directors

As At

17th September 2015

:

Asanga Viswajith Weerasinghe

Managing Director

Amanda Lalindra Weerasinghe

Director

Amaya Suradha Weerasinghe

Director

g.

Issued Share Capital

:

Not Available

h.

No. of Shares

:

02

i.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

j.

 

Share Holders

As At

17th September 2015

:

Share Holders

No. of

Shares

Asanga Viswajith Weerasinghe

01

Amanda Lalindra Weerasinghe

01

k.

Auditors

:

Not Available.

l.

Company Secretaries

:

Sonali neoline desiree Fernando

(#4/3, Sri Sumangala Mawatha, Ratmalana)

m.

Bankers

:

Not Disclosed

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

                                                                                   

The Company Has Declined To Provide Information on Its Finances                                        

 

Note: 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 SERVICES SHOES LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 16th July 2015 under the registration number                  PV 107073.

 

·         Location.

                  The subject company is located at client #33, Ring Road, Export Processing  

                  Zone, Katunayake

 

·         Operational Details.

 

General

            The subject company primary line of business is Manufacture & Export of Footwear.

           

            Products

                  Footwear

 

Export Country

                  Europe

 

Employees

                  Not Disclosed

 

 

Directors Detail’s

 

01)

Name

Asanga Viswajith Weerasinghe

ID Number

572062279 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

24th July 1957

Age

58 Years

Address

#34/3A, Bullers Lane, Colombo 07.

 

02)

Name

Amanda Lalindra Weerasinghe

ID Number

631060420 V

Nationality

Sri Lankan 

Gender

Male

Date of Birth

15th April 1963

Age

52 Years

Address

#409/4, Thimbirigasyaya Road, Colombo 05

 

 

03)

Name

Amaya Suradha Weerasinghe

ID Number

897361353 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

23rd August 1989

Age

26 Years

Address

#218, Bullers Road, Colombo 07.

 

 

 

 

 

 

 

 

 

Trade references

Board of Investment

 

 

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 DENIED BY

 

Name :

Mr. Malik

Designation :

CEO

Contact No.:

(0009477) 7185645

Date :

27.11.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.62

UK Pound

1

Rs.100.34

Euro

1

Rs.70.67

LKR

1

Rs. 0.47

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

Analysis Done by :

KAR

 

 

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%)

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.