MIRA INFORM REPORT
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Report No. : |
340012 |
|
Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAS ACTIVE (PVT) LTD |
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Registered Office : |
10th Floor, Aitken Spence Tower II, No.315, Vauxhall Street,Colombo – 2 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
08.07.1999 |
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Com. Reg. No.: |
PV 2990 |
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Legal Form : |
Private Limited Liability Company (In Operation) |
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Line of Business : |
Manufactures and Exporters of all kinds of Knitted Body Ware. |
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No. of Employees : |
Approximately 300 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Sri Lanka |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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 ACTIVE (PVT)
LTD |
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
|
c. |
Managing
Director |
: |
C. Sirendra Lawrence |
|
d. |
Primary Line Of Business |
: |
Manufactures and
Exporters of all kinds of Knitted Body Ware. |
|
e. |
Group Head
Office |
: |
10th Floor, Aitken
Spence Tower II, No.315, Vauxhall
Street, Colombo
- 2 Tel. No:
(00 94 11) 479 6444 Fax No: (00 94 11) 479 6481 |
|
f. |
Operational Office & Place of
Business Of the Subject
company |
|
# 531, D. M. Colombage Mawatha, Nawala
Road, Nugegoda. Tel:
(00 94 11) 476 2200 Fax:
(00 94 11) 476 2222 E-mail: shirendraL@masholdings.com |
|
g. |
No. of Employees |
: |
Approximately 300 |
COMPANY
DETAILS - Registration and Shareholder
Details
|
Registration No |
: |
N (PVS) 24026 |
|||
|
Date of Registration |
: |
08th July 1999 |
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b. |
Re-registration No |
: |
PV 2990 |
||
|
Date of Re-registration |
: |
26th
March 2008 |
|||
|
c. |
Registered Office |
: |
10th Floor,
Aitken Spence Tower II, No.315, Vauxhall Street, Colombo – 2, Sri
Lanka |
||
|
d. |
Board of Directors As At 09th July 2014 |
: |
C. Sirendra Lawrence |
Managing Director |
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|
Mahesh Dayalal Amalean |
Director |
||||
|
Sharad Dayalal Amalean |
Director |
||||
|
Sudarshan
Ahangama |
Director |
||||
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K. Dinesh Senaka De Silva |
Director |
||||
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P. M. B.
Abaykone Jayasekara |
Director |
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e. |
Issued Share Capital |
: |
Rs.
1,090,431,300.00 |
||
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Number of Shares |
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141,725,630 |
|||
|
f. |
Nominal Value of Share |
|
Not applicable/declared vide Companies Act #7 of
2007 |
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g. |
Simplified Value
Added Tax No (SVAT) |
: |
SVAT000234 |
||
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h. |
Share Holders As At 09th July 2014 |
: |
Share Holders |
No. Of Shares |
|
|
MAS
Capital (Pvt) Ltd |
141,725,630 |
||||
|
i. |
Auditors |
: |
Pricewaterhousecoopers # 100, Braybrooke Place, Colombo 02 |
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j. |
Company Secretaries |
: |
Corporate Services (Pvt) Ltd # 216, De Saram Place, Colombo 10 |
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k. |
Bankers |
: |
HSBC Hatton National Bank PLC National Development Bank Standard Chartered Bank |
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Director’s
Details
01)
|
Name |
Mahesh Dayalal Amalean |
|
ID
Number |
562632247
V |
|
Nationality |
Sri
Lankan |
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Gender |
Male |
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Date
of Birth |
19th September 1956 |
|
Age |
59
Years |
|
Address |
#17,
Gower Street, Colombo 05. |
02)
|
Name |
Sharad Dayalal Amalean |
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ID
Number |
550951762
V |
|
Nationality |
Sri
Lankan |
|
Gender |
Male |
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Date
of Birth |
04th April 1955 |
|
Age |
60
Years |
|
Address |
#16/3,
De Fonseka Place, Colombo 05 |
03)
|
Name |
C. Shirendra Lawrence |
|
ID
Number |
611970366
V |
|
Nationality |
Sri
Lankan |
|
Gender |
Male |
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Date
of Birth |
15th
July 1961 |
|
Age |
54
Years |
|
Address |
#46A,
Skelton road, Colombo 05 |
04)
|
Name |
S. Ahangama |
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PP
Number |
N
1316833 |
|
Nationality |
Sri
Lankan |
05)
|
Name |
K. Dinesh Senaka De Silva |
|
ID
Number |
681420819
V |
|
Nationality |
Sri
Lankan |
|
Gender |
Male |
|
Date
of Birth |
21st
May 1968 |
|
Age |
47
Years |
|
Address |
#27,
Dharmapala Mawatha, Madiwela, Pitakotte |
06)
|
Name |
P. M. B. A. Jayasekara |
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ID
Number |
660373870
V |
|
Nationality |
Sri
Lankan |
|
Gender |
Male |
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Date
of Birth |
6th February 1966 |
|
Age |
49
Years |
|
Address |
#51/3,
Gregory’s Road, Colombo 07 |
FINANCIAL
DETAILS - Most recent available Financial Information
The
Company Has Declined To Provide Any Financial Information
The company has declined to provide information on its finances without knowing
the identity of the end user as they are
fearing that the details will go to wrong hands or the
Competitors
(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability/Partnerships/Proprietorship is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity)
CURRENT
INVESTIGATION
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·
History
The Subject Company MAS ACTIVE (PVT) LTD is a Private Limited
liability Company incorporated on
08th July 1999 under registration number N (PVS) 24026
and the company was re-registered on 26th March 2008 under registration
number PV 2990, in terms of Companies Act #7 of 2007.
The Subject Company, MAS ACTIVE (PVT) LTD, originally incorporated in Sri Lanka on 08th July 1999 as
LINEA INTIMO (PVT) LTD then changed its name to MAS ACTIVE (PVT) LTD on 15th July 2005.
The Subject
Company MAS ACTIVE (PVT) LTD is a
subsidiary of MAS GROUP OF COMPANIES. The
Group is now run by one Family and this family has been in the Textile Business
for over 60 Years in Sri Lanka, the Original Business name being “NAGINDAS”. These Directors from one
Family are Graduates from the Universities in India and are well known in the
Business Circle and well thought of Business persons of high Calibre. The
Companies belonging to the 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
·
Location
The Subject Company’s place
of business & operational Office is located at # 231, D. M.
Colombage Mawatha, Nawala
Road, Nugegoda. The client was company’s
Previous
place of business. The factory of the Subject company is
Located at #.89A,
BEPZ,
Walgama, Malwana.
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 venture investing RS.400 Mn,
with a work force of approx.100.
·
Operational
Details.
General
The subject company’s primary
line of business is Manufacture and
export of all type of sleepwear and swimwear.
The Subject Company MAS ACTIVE (PVT) LTD, and the other companies that makes up the
Group has a very high reputation within the Garment Manufacturing Sector as a well managed and
well run Company / group. Informal feedback from trade circle indicates high reputation
of the ability of the MAS GROUP OF
COMPANIES to honour its debts and commitments.
Mas
Active (Pvt) Ltd produce sports swimwear for the Olympic, wich are made in their
swimwear plant. They also provide national and international sports
personalities with performance enhancing attire. They also provide the world champion Sri Lankan’s Cricket team’s
sports wear.
Products
o
Sleepwear such as Top-poly / cotton fleece goodie
o
Bottom
o
Drawstring Short
o
Swimwear
o
Sportswear
Brands
“Nike, Columbia and Ralph Lauren”
Export Countries
Europe Market and
America
No of Employees
Approximately
300
The total
strength of employees in the group was stated as 20,000.
·
Trade references
Sri Lanka Apparel Exporters Association
Board of Investment, 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.
INFORMATION DENIED BY
|
Name : |
Mr. Danushka Rathnakaye |
|
Designation : |
Finance Managwer |
|
Contact No.: |
00094114762200 |
|
Date : |
07.09.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.74 |
|
UK Pound |
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.