MIRA INFORM REPORT

 

 

Report No. :

328152

Report Date :

27.06.2015

           

IDENTIFICATION DETAILS

 

Name :

SUMITHRA HASALAKA (PVT) LTD

 

 

Registered Office :

# 33, Thelangapatha Road, Wattala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

24.10.2007

 

 

Com. Reg. No.:

PV 909

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturing and export of all kind of Readymade Garments.

 

 

No. of Employee :

Approximately 1,500

           

 

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 :

Moderate

 

 

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 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

:

 

SUMITHRA HASALAKA (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

 :

 Jafar Abdul Sattar

d.

Primary Line of Business

:

Manufacturing and export of all kind of Readymade Garments 

e.

Head Office & Factory

:

 

# 33, Thelangapatha Road,

Wattala,

Sri Lanka

 

Tel. No: (00 94 11) 482 4900

Fax No: (00 94 11) 293 9204

E-mail: info@sumithra.lk

 

 

 

f.

No. of  Employees

:

Approximately 1,500

                       

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 48036

Date of Registration

:

03rd October 2006

b.

Re-Registration No

 

PV 909

Date of Re-registration

 

24th October 2007

c.

Registered Office

:

# 33, Thelangapatha Road, Wattala, Sri Lanka

d.

Board of Directors

As At

14th October 2014

:

 Jafar Abdul Sattar

Managing Director

Mohamed Haroon Ahmed

Director

f.

Issued Share Capital

:

Rs.       30,000,000.00

g.

No. of Shares

:

3,000,000

h.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

h.

Share Holders

As At

14th October 2014

:

Share Holders

No. of Shares

 J. Abdul Sattar

1,500,000

Mohamed Haroon Ahmed

750,000

i.

Auditors

:

G & B Associates

(# 101, Sea Street, Colombo 11)

j.

Company Secretaries

:

G. R. S. Management & Secretarial Services (Pvt) Ltd

(# 103, Sea Street, Colombo 11)

k.

Bankers

:

Muslim Commercial Bank, National Development Bank

 

 

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 is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION

 

 

Sumithra Logo2

 

Logo

 

  • History.

The Subject Company SUMITHRA HASALAKA (PVT) LTD is a Private    Limited   Liability Company incorporated 03rd October 2006 under registration No N (PVS) 48036 and the Company was re-registered on 24th October 2007 under registration No PV 909.

 

Subject is having an associate company named “SUMITRA GARMENTS (PVT) LTD”.

 

  • Location.

The subject company is located at client # 33, Thelangapatha Road, Wattala,

approx. 15 kilo meters north-west of Colombo city.

 

  • Operations Details.

 

General

The subject company primary line of business Manufacturing and Export of all kind of Readymade Garments

 

 

Products

Trousers and All kind of readymade garments.

 

Export Country

USA, Russia, UK

 

Import Country

Hong Kong, China, Pakistan, India, Taiwan.

 

 

No of Employees

Approximately 1,500

 

 

  • Directors’ Details

 

01)

Name

Jafar Abdul Sattar

ID Number

611051212 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th April 1961

Age

54 Years

Address

# 47, Rudra Mawatha, Colombo 06

 

 

02)

Name

Mohamed Haroon Ahmed

ID Number

553302640 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

25th  November 1955

Age

59 Years

Address

# 562/6, Lower Bagathale Road, Colombo 06

      

  • Trade references

 

Sri Lanka Apparel Sourcing Association

Sri Lanka Apparel Garments without Guilt

 

  • 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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.60

UK Pound

1

Rs.100.09

Euro

1

Rs.71.23

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.