MIRA INFORM REPORT

 

 

Report No. :

493862

Report Date :

09.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ANSELL TEXTILES LANKA PRIVATE LIMITED

 

 

Registered Office :

#32, Kammalawatta, Seeduwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.04.1988

 

 

Com. Reg. No.:

PV 352

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Manufacturing & Exporting of hand and arm protection solutions for industrial and medical purposes.

 

 

No. of Employees :

1400

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

Tourism has experienced strong growth during recent years following the resolution 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.

 

Source : CIA

 

Company Profile

 

Basic Information

 

a.

Name of Subject of Inquiry

ANSELL TEXTILES LANKA PRIVATE LIMITED

b.

Legal Form & Status

Private Limited Liability Company (In Operation)

c.

Managing Director

Magnus Nicolin - Managing Director Global

d.

Primary Line of Business

Manufacturing & Exporting of hand and arm protection solutions for industrial and medical purposes.

e.

Principal Place of Business

#32, Kammalawatta, Seeduwa Sri Lanka.

Tel. No: (00 94 11) 2256 732 / 2256 733 / +94 77 771064/4676676 Fax. No: (00 94 11) 2259465

E-Mail : ihamthoon@ap.ansell.com / jinadasa.rodrigo@ansell.com / duleesha p@handsgroup.com

Web Site: www.ansell.com

f.

Employees

Approximately 1400

 

 

Company Details

 

 

 

 

 

 

 

 

 

a.

Registration No

N (PVS) 4458

Date of Registration

22nd April 1988

b.

Re-registration No

PV 352

Date of Re-registration

11th October 2007

c.

Registered Office

#32, Kammalawatte, Seeduwa, Sri Lanka.

d.

Board of Directors As At 22nd December 2017

Udalamatta Gamage Deepthi Neranjith

Director

Samaranayake Weerasinghe Kankanamge Thanuja Indrajith Samaranayake

Director

Rajat Chhabra

Director

e.

Issued Share Capital

Ordinary Shares

Preferential Shares

LKR 194,613,750.00

LKR 55,000,000.00

f.

Ordinary Shares

19,461,375

g.

Preferential Shares

5,500,000

h.

Nominal Value of Share

NA

i.

Auditors

K P M G Chartered Accountants

# 32, Sir Mohamed Macan Marker Mawatha,Colombo 03.

j.

Company Secretaries

Jacey & Company Corporate Services (Pvt) Ltd # 9/5, Thambiah Avenue, Colombo 07

k.

Main Bank/s

Sampath Bank PLC, Commercial Bank of Ceylon

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

1.

P.D Holdings Pty Limited - Australia

01

2.

P.D International Pty Limited - Australia

19,461,374

3.

P.D International Pty Limited (Preferential Shares)

5,500,000

 

 

CURRENT INVESTIGATION

 

Company Logo

 

• History.

 

Hands International (Pvt) Ltd name changed Ansell Textiles Lanka (Pvt) Ltd on 28th November 2014

 

The Subject Company was initially formed on 22nd April 1988 under N (PVS) 4458 the companies Act of Sri Lanka. The subject company was subsequently Re-registered on 11th October 2007 under PV 352 under the companies Act No 07, 2007 as per the mandatory regulations of Sri Lanka.

 

Caption

Ansell Textiles Lanka (Pvt) Ltd is a direct Australian investment to Sri Lanka incorporated under the BOI (Board of investment) and is a leading company in the garment manufacturing industry which operates its factories for production (in Sri Lanka) of Gloves for industrial and surgical purposes which is exported to Ansell warehouses/clients globally. The company is part of the Global brand and operates under the Ansell Global arm whereas financial data and other important data is stored in Australia and presented under the Ansell Group as a consolidated annual report and income statement. The operation in Sri Lanka is not a stock exchange listed company and is a direct operation under the Ansell group Australia

 

Operational Details.

 

General

The subject company was initially known as "HANDS INTERNATIONAL (PVT) LTD" which was subsequently bought over by "Ansell" Group and name changed to "ANSELL TEXTILES LANKA (PVT) LTD" on 2014, November 28th. The company is a BOI direct investment in Sri Lanka and it operates its factory in Sri Lanka under the registration mentioned above at Kammalawatte, Seeduwa and many other Ansell Lanka Branded factories located island wide. The factory manufactures Gloves for industrial/commercial/surgical purposes.

 

Products & Services

Finished Gloves and related products imported under the Ansell Global umbrella. Export Countries

Australia, Canada, USA, Europe, Middle East

 

Employees

1400+ Approximately

 

Associate Companies

·         Ansell Group Australia has its brand/factories established globally

 

Personal Details of Key Persons

 

The following information was found through the registrar of companies records:

 

Director 1

 

ITEM

DETAIL

Name

Udalamatta Gamage Deepthi Neranjith

Passport Number

740170970V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th January 1974

Age

43 Years

Address

#700/2, Greenfield Gardens, Kulasevana Mawatha, Kottawa, Pannipitiya, Sri Lanka.

Director 2

 

ITEM

DETAIL

Name

Samaranayake Weerasinghe Kankanamge Thanuja Indrajith Samaranayake

ID Number

74723090V

Nationality

Sri Lankan

Gender

 

Female

Date of Birth

10.08.1974

Age

43 Years

Address

# 486/13, Koholwila Road, Gonawala, Kelaniya, Sri Lanka.

Director 3

ITEM

DETAIL

Name

Rajat Chhabra

ID Number

Z3369608

Nationality

Indian

Gender

Male

Date of Birth

NA

Age

NA

Address

# A 4/1, Menara Bangsar, Jalan Maroof Bangsar, Kuala Lumpur, Malaysia

INFORMATION DENIED

 

Management Non Co-Operative (Tel No.:  009411-2256732)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.92

UK Pound

1

INR 90.23

Euro

1

INR 80.54

LKR

1

INR 0.42

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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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.