MIRA INFORM REPORT

Report No. :	319349
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	A T G LANKA (PVT) LTD

Registered Office :	Spur Road 7, Phase 02, I.P.Z, Katunayake

Country :	Sri Lanka

Date of Incorporation :	03.12.2008

Com. Reg. No.:	PV 66397

Legal Form :	Private Limited Liability Company [In Operation]

Line of Business :	Manufacture, Importers and Exporters of Gloves

No. of Employees :	1600

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Sri Lanka

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	:	A T G LANKA (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Mohamed Fazal Abdeen
d.	Primary Line of Business	:	Manufacture, Importers and Exporters of Gloves
e.	Place of Business & Factory	:	Spur Road 7, Phase 02, I.P.Z, Katunayake, Sri Lanka Tel. No: (00 94 11) 483 8900 / 225 3856 / 225 3885 Fax No: (00 94 11) 225 3887 E mail: info@atg-glovesolutions.com
f.	No. of Employees	:	Approximately 1600

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	PV 66397
b.	Date of Registration	:	03rd December 2008
c.	Registered Office	:	Spur Road 7, Phase 02, I.P.Z, Katunayake, Sri Lanka
d.	Board of Directors As At 14th October 2014	:	John Arthur Taylor	Managing Director
			Howard William Thomas Goth	Director
			Mohamed Fazal Abdeen	Director
e.	Issued Share Capital	:	Rs. 30.00
f.	No of Values	:	03
	Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007
g.	Share Holders As At 14th October 2014	:	Share Holders		No. of Shares
			A T G Ceylon (Pvt) Ltd		03
h.	Auditors	:	Ernst & Young (# 201, De Saram Place, Colombo 10)
i.	Company Secretaries	:	Managers and Secretaries (Pvt) Ltd (# 08, Tickel road, Colombo - 10)
j.	Bankers	:	Citibank HSBC

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 detailed financials are available for this entity)

CURRENT INVESTIGATION

· History.

The Subject Company A T G LANKA (PVT) LTD is a Private Limited Liability Company incorporated on 03^rd December 2008 under registration number PV 66397.

Initially company was registered as JOHN WARD CEYLON (PVT) LTD and on January 1st of 2009 name of the company changed to A T G LANKA (PVT) LTD.

· Location.

The Subject Company is located at Spur Road 7, Phase 02, I. P. Z. Katunayake, Sri Lanka.

· Operational Details.

General

The subject company primary line of business is Manufacture, Importers and Exporters of Gloves

Products

Advanced Technology Gloves

Export countries

France, Turkey, Germany, Italy, Spain, Latin America, UK, North America, Poland and Eastern Europe.

No of Employees

Approximately 1600

· Directors Information

01)

Name	John Arthur Taylor
Nationality	British
PP No.	040519512

02)

Name	Howard William Thomas Goth
Nationality	British
PP No.	761066925

03)

Name	Mohamed Fazal Abdeen
Sex	Male
Nationality	Sri lanka
National ID No.	670230430 V
Date of Birth	23rd January 1967
Age	48 Years
Resident Address	No.175/6, Nawala Road, Narahenpita, Colombo - 5

· Trade references

The subject company did not provide any trade references

· 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 DECLINED

Management non cooperative. [009411 4838900]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	RAS

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%)

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