MIRA INFORM REPORT

 

 

Report No. :

345510

Report Date :

24.10.2015

 

IDENTIFICATION DETAILS

 

Name :

MAS INTIMATES (PVT) LIMITED

 

 

Registered Office :

10th Floor, Aitken Spence Tower II, # 315, Vauxhall Street, Colombo 02.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

12.05.1993

 

 

Com. Reg. No.:

PV 3827

 

 

Legal Form :

Private Limited Liability Company  

 

 

Line of Business :

Subject is engaged in manufacturers and exporters of lingerie.

 

 

No. of Employee :

3000

 

 

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

 

 

Payment Behaviour :

Slow but correct

 

 

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

:

MAS INTIMATES (PVT) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company   (In Operation)

c.

Managing Director

:

Mahesh Dayalal Amalean

d.

Primary Line of Business

:

Manufacturers and Exporters of Lingerie.

e.

Places of Business

:

 Subject office & factory:

07th Lane, Off Borupana Road,

Kadawalawatte
Ratmalana,

Sri Lanka.

 

Tel. No: (00 94 11) 420 7300 / 420 6207

Fax No: (00 94 11) 420 7366

 

E-mail: harshanah@masholdings.com

              shanaazp@masholdings.com

 

Corporate Head office:

10th Floor, Aitken Spence Tower II,

# 315, Vauxhall Street,

Colombo 02,

Sri Lanka.

 

Tel. No: (00 94 11) 479 6444

Fax No: (00 94 11) 479 6481 / 230 0494

 

f.

No. of  Employees

:

Approx. 3000

 

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 10985

Date of Registration

:

12th May 1993

b.

Re-registration No

:

PV 3827

Date of Re-registration

:

21st May 2008

c.

Registered Office

:

10th Floor, Aitken Spence Tower II, # 315, Vauxhall Street, Colombo 02.

d.

Board of Directors

As At

29th May 2015

:

Mahesh Dayalal Amalean

Managing Director

J. Dian Gomes

Director

Piranavam Sivagananathan

Director

S.  Dayalal Amalean

Director

Sudarshan Ahangama

Director

D. V. Renuka Suren Fernando

Director

K. Rajiv Dharmendra

Director

K. Dinesh Senaka De Silva

Director

f.

Issued Share Capital

:

Rs.  677,859,520.00

Total Issued Shares

:

 67,785,952         

g.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007

 

 

Registration and Shareholder Details

 

 

 

 

Share Holders

As At

29th May2015

:

Share Holders

No of Shares

MAS Capital (Pvt) Ltd

67,785,952

i

Tin/Vat No

:

1141098517000

J

Auditors

:

PriceWaterhouse Coopers , #100, Braybrooke Place, Col. 02

k.

Company Secretaries

:

Corporate Services (Pvt) Ltd, 216, De Saram Place, Col. 10

l.

Bankers

:

Commercial Bank PLC, HSBC, Bank of Ceylon

 

Directors Details

 

01)

Name

Mahesh Dayalal Amalean

ID Number

550951762 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04th April 1955

Age

60 Years

 

02)

Name

Sharad Dayalal Amalean

ID Number

562632247 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19th September 1956

Age

59 Years

 

03)

Name

J. Dian Gomez

ID Number

572650600 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

21st September 1957

Age

58Years

 

04)

Name

Piranavan Sivagananathan

ID Number

631440428 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd May 1963

Age

52 Years

 

05)

Name

Sudarshan Ahangama

PP Number

 N 1316833

Nationality

Sri Lankan

 

 

 

06)

Name

D. V. Renuka Suren Fernando

ID Number

732872787 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13th October 1973

Age

42 Years

 

07)

Name

K. Rajiv Dharmendra

ID Number

742082040 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th July 1974

Age

41 Years

 

08)

Name

K. Dinesh Senaka De Silva

ID Number

681420819 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

21st May 1968

Age

47 Years

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

 The company has declined to provide information on its finances without the identity of the end user of the enquiry.

                                                                                   

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

 

                                                           Company Logo

                                                             New Picture

History

 

The Subject Company MAS INTIMATES (PVT) LTD is a Private    Limited   liability Company incorporated on 12th May 1993 under registration number N (PVS) 10985 and company was re-registered on 21st May 2008 under registration number PV 3827, in term of Companies Act. #7 of 2007.

 

The Subject Company, MAS INTIMATES (PVT) LTD, originally incorporated in Sri Lanka in 1993 as WESSEX LANKA (PVT) LTD then changed its name to LINEA MAS (PVT) LTD on 28th August 1997 and at lastly changed to MAS INTIMATES (PVT) LTD on 30th September 2005.

 

Subject is an associate of MAS GROUP of companies and a subsidiary of MAS Capital (Pvt) Ltd.

The latest addition to the subject company is their new factory opened in Ariviyal Nagar, Kilinochchi District in Northern Province of Sri Lanka, as a Board of Investment approved venture, investing USD.6Mn, with a work force of approx.100.

 

 

Location

 

The Subject Company is located at the client given address 7th Lane, Off Borupana Road, Kandawala Estate, Kandawala, Ratmalana, which is a residential and industrial area, approx. 10 kilo meters south of Colombo city.

 

Operational Details.

 

General

 

The subject company’s primary line of business is a Manufacturers and exporters of Ladies lingerie.

 

The subject company is one of the subsidiary company of MAS GROUP OF COMPANIES.

 

The MAS GROUP of COMPANIES consists of the following companies.

·         Linea Intimo (Pvt) Ltd

·         Bodyline (Pvt) Ltd

·         Leisureline (Pvt) Ltd

·         Slimline (Pvt) Ltd

·         Linea Clothing (Pvt) Ltd

·         Unichela (Pvt) ltd

·         Stretchline (Pvt)Ltd

·         Shadowline (Pvt) Ltd

·         Linea Aqua (Pvt) Ltd

·         Prym Newey Lanka (Pvt) Ltd

·         Intimate Fashion India (Pvt) Ltd

·         Columbia Clothing (Pvt) Ltd

·         Cottonline (Pvt) Ltd

o    MAS Active (Pvt) Ltd

o    MAS Holdings (Pvt) Ltd

 

Export Products

Hosiery, nightdresses, pyjamas, bathrobes, Panties and Brassieres.

 

Brands

Victoria’s Secret, Marks & Spencer, La Senza, GAP, Soma, DBA, H&M, Lululemon, Oysho, and Athleta

 

Export Country

USA, UK, Europe Countries

 

Employees

Approx. 3000 (Group approx.20, 000)

 

 

Trade references

 

The Ceylon Chamber of Commerce

Sri Lanka Apparel Exporters Association

Board of Investment of Sri Lanka

 

 

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

 

Management non co-operative (Tel. No. 009411 – 4207300)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.88

UK Pound

1

Rs.99.89

Euro

1

Rs.72.06

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

TRI

 

 

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.