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Report No. : |
308869 |
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Report Date : |
27.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
BODYLINE (PVT) LTD |
|
|
|
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Registered Office : |
10th Floor, Aitken Spence Tower II, #.315,
Vauxhall Street, Colombo – 2 |
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|
|
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Country : |
Sri Lanka |
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Date of Incorporation : |
31.03.1992 |
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|
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Com. Reg. No.: |
PV 11184 |
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|
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Legal Form : |
Private Limited Liability Company |
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|
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Line of Business : |
Subject is manufacture
and exporters of garments. |
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|
|
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No. of Employee : |
1,500 |
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 |
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Payment Behaviour : |
No complaints |
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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 – 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 |
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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 |
SHRI 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 |
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Company Name |
: |
BODYLINE (PVT) LTD |
|
Legal Form
& Status |
: |
Private Limited
Liability Company (In operation) |
|
Managing Director |
: |
Sharad Dayalal Amalean |
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Primary Line of Business |
: |
Manufacture’s & Exporters of Garments |
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Group Head Office |
: |
10th Floor, Aitken Spence Tower II, #.315, Vauxhall Street, Colombo – 2, Sri Lanka. Tel. No: (00 94 11) 479 6444 Fax. No: (00 94 11) 479 6481 |
|
Factory and Office |
: |
Ratnapura
Road, Gurugoda, Horana, Sri Lanka.
Email: JeromeU@mastsl.com |
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No.
of Employees |
|
Approximately 1,500 |
|
: |
N (PVS) 9033 |
||||
|
Date of
Registration |
: |
31st
March 1992 |
|||
|
Registration No. |
: |
PV 11184 |
|||
|
Date of
Registration |
: |
23rd January 2009 |
|||
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Registered
Office |
: |
10th Floor, Aitken Spence Tower
II, No.315, Vauxhall Street, Colombo – 2 |
|||
|
Board of
Directors As At 14th
April 2014 |
: |
Sharad Dayalal Amalean |
Managing Director |
||
|
Mahesh Dayalal Amalean |
Director |
||||
|
M. William Koempel (American) |
Director |
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Margret Susan Wright (American) |
Director |
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Michael Gerald England (Australian) |
Director |
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Tako De Haan (Switzerland) |
Director |
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Total No. of
Issued Shares |
: |
Ordinary Shares 3,300,000 |
Preference Share 2,500 |
||
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Total Value of
Shares |
|
Rs. 330,000,000.00 |
Rs. 250,000.00 |
||
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Nominal Value of
Share |
: |
Not applicable/declared vide Companies Act #7 of
2007 |
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TIN/VAT Number |
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114090336 |
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Auditors |
: |
PricewaterhouseCoopers # 100, Braybrooke Place, Colombo 02 |
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Company
Secretaries |
: |
Corporate Services
(PVT) Ltd # 216, De Saram Place,
Colombo 10 |
|||
|
Share Holders As At 14th
April 2014 |
: |
Share Holders |
No. of. Shares |
|
|
Preference Shares |
Ordinary Shares |
|||
|
Mast Industries Far East Ltd (Company incorporate in Hong Kong) |
|
1,100,000 |
||
|
Triumph International Overseas Ltd. (Company incorporate in France) |
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1,100,000 |
||
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Mas Capital (Pvt) Ltd. (Company incorporate in Sri Lanka) |
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1,100,000 |
||
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S. Dayalal Amalean |
2,500 |
- |
||
|
Bankers |
: |
HSBC, Commercial Bank,
Standard Chartered Bank Hatton National Bank,
Peoples Bank, Bank of Ceylon |
||
1)
|
Name |
Sharad Dayalal
Amalean |
|
Nationality |
Sri Lankan |
|
PP Number |
N 1731201 |
|
Address |
# 16/3, De Fonseka Place, Colombo 05, Sri Lanka |
2)
|
Name |
Mahesh Dayalal Amalean |
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ID Number |
550951762 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
4th April 1955 |
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Age |
59 Years |
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Address |
# 17, Gower Street, Colombo 05 |
3)
|
Name |
M. William Koempel |
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Nationality |
American |
|
PP Number |
435271273 |
4)
|
Name |
Wright Margret Susan |
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Nationality |
American |
|
PP Number |
483844195 |
5)
|
Name |
England
Michael Gerald |
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Nationality |
Australia |
|
PP Number |
E 4031905 |
6)
|
Name |
De Haan Tako |
|
Nationality |
Switzerland |
|
PP Number |
NY 8075 L59 |
Based on the corporate laws of Sri Lanka,
legal entities which are Private Company with
Limited m
Liability is not required
to make public disclosure of their annual financials. Therefore no
financials
Are available for this
entity
·
History.
The Subject Company BODYLINE
(PVT) LTD is a Private
Limited liability Company
incorporated on 31st March
1992 under registration number N
(PVS) 9033. And then the company was re-registered on 23rd January 2009 under registration number PV 11184. Act #7 of 2007.
·
Location.
The Subject Company group head office is
located at # 10th Floor, Aitken Spence,
Tower
II, No.315, Vauxhall Street, Colombo 2 and factory located at client
Ratnapura Road, Gurugoda, Horana.
·
Operational
Details.
General
The subject company primary
line of business is Manufacture’s &
Exporters of Garments.
Industry sources reveal that the subject company, BODY LINE (PVT) LTD
comes within the purview of the MAS GROUP of COMPANIES. BODY LINE
(PVT) LTD is a joint venture between MAS Holdings, Mast Industries
Inc and Triumph International. The production plant was established in 1992 to
manufacture foundation garments for the American and European markets. The
plant is one of the largest in South Asia and has earned the distinction of
being the group's best production unit worldwide.
MAS
GROUP OF COMPANIES are as follows;
o
Bodyline (PVT) Ltd
o
Leisureline (Pvt) Ltd
o
Slimline (Pvt) Ltd
o
Linea Clothing (Pvt) Ltd
o Unichela (Pvt) Ltd
o
Stretchline (Pvt) Ltd
o
Shadowline (Pvt) Ltd
o
Linea Aqua (Pvt) Ltd
o
Prym Newey Lanka (Pvt) Ltd
o
Intimate Fashion India (Pvt) Ltd
o
Columbia Clothing (Pvt) Ltd
o
Cottonline (Pvt) Ltd
Products
Ladies Lingerie, Pants, Jeans, Briefs,
Underpants, Nightwear, Women's or girls' undergarment, stockings, hosiery,
nightdresses, pyjamas, bathrobes,
Brands
Nike, Marks &
Spencer, Ann Taylor, Adidas, banana republic, Lane Bryant, Speedo, Gap
Export Country
U.S.A, UK,
European Countries, South Asian Countries
Employees
Approximately 1,500
·
Trade references
Sri Lanka Apparel Exporters Association
The National Chamber of Exporters of Sri Lanka
Sri Lanka Export Development Board (EDB)
·
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.
|
Rating: |
|
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a) Business Scale |
Large |
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b) Business Trend |
Steady Growing |
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c) Management Capability |
Above Average |
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d) Commercial Morality |
Above Average |
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e) Reputation |
Above Average |
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f) Market Situation |
Very Competitive |
|
Name : |
Mr. Naheel |
|
Designation : |
Finance Manager |
|
Contact No.: |
(009434) 4285500 |
|
Date : |
27.02.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.96.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.