MIRA INFORM REPORT

 

 

Report No. :

499187

Report Date :

27.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FINE LINE CREATIONS (PVT) LTD

 

 

Registered Office :

# 98/1, Colombo Road, Peradeniya,

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.10.1998

 

 

Com. Reg. No.:

PV 6848

 

 

Legal Form :

Private, Limited Liability Company

 

 

Line of Business :

Importers of Fabric and Retailers and Wholesalers of Finished Garments

 

 

No. of Employees :

10 Approximately

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

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

 

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

 

Basic Information

 

a.

Name of Subject of Inquiry

FINE LINE CREATIONS (PVT) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Chairman

Mr Upali Mudalinayake Karunasena

d.

Primary Line of Business

Importers of Fabric and Retailers and Wholesalers of Finished Garments

e.

Principal Place of Business

# 106 B Colombo Road, Paradeniya - Factory Address Sri Lanka

Phone : (00 94 81) 2385610/ 2386388 Fax : (00 94 11) NA E-Mail: NA

Web Site: NA

f.

Employees

10 Approximately

 

 

Company Details

 

 

 

 

 

 

 

 

 

a.

Registration No

N(PVS)22358

Date of Registration

26th October 1998

b.

Re-registration No

PV 6848

Date of Re-registration

25th August 2008

c.

Registered Office

# 98/1, Colombo Road, Peradeniya, Sri Lanka.

d.

Director Board / Ownership As At 30th June 2015

Upali Mudalinayake Karunasena

Chairman

Pereigamage Hansika Chandrapani

Director

Hiriyalagammana Kande Hommaragedara

Director

Maharamba Liyanage Morris Minikantha

Director

e.

Stated Share Capital

LKR 3,000,000.00

f.

No. of Shares

300,000

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

M/S Pristin Associates Chartered Accountants

# 16, Galborella Cross Road, Waragoda, Kelaniya, Sri Lanka.

j.

Company Secretaries

I M S Corporate Services (Pvt) Ltd

# 291/2, Havelock Road, Colombo 06, Sri Lanka.

k.

Main Bank/s

 

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

1.

Hiriyalagammana Kande Hommaragedara

60,000

2.

 

Maharamba Liyanage Morris Minikantha

60,000

3.

Pereigamage Hansika Chandrapani

90,000

4.

 

Upali Mudalinayake Karunasena

90,000

 

 

FINANCIAL DETAILS     

 

Most recent available Financial Information

 

NA

 

 

CURRENT INVESTIGATION

 

NA

Company Logo

 

 

·         History.

 

The subject company was initially formed on 26th October 1998 under N(PVS) 22358 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 25th August 2008 under PV 6848 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

 

·         Operational Details.

 

General

The subject company imports Fabric and does finished garments in there factory which is then sold to the local market. The company owners have refused to provide any details on their operations and any details with regards to staff and bankers etc...

 

Products & Services

Finished Garments

 

Employees

NA

 

Export Countries

NA

 

Import Countries

India, China

 

Associate / Subsidiary Companies

NA

 

Factory / Warehouse and Sales Outlets

Owned

 

Personal Details of Key Persons

 

Director 1

ITEM

DETAIL

Name

Upali Mudalinayake Karunasena

ID Number

613120467V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07.11.1961

Age

56 Years

Address

# 14, Hedges Court, Colombo 10

 

Director 2

ITEM

DETAIL

Name

Pereigamage Hansika Chandrapani

ID Number

606050810V

Nationality

Sri Lankan

Gender

Female

Date of Birth

14.04.1960

Age

57 Years

Address

# 420, Subodarama Road, Peradeniya, Sri Lanka

 

Director 3

ITEM

DETAIL

Name

Hiriyalagammana Kande Hommaragedara

ID Number

635653230V

Nationality

Sri Lankan

Gender

Female

Date of Birth

05.03.1963

Age

55 Years

Address

# 10/1B, Tennekumbura, Kandy, Sri Lanka

 

Director 4

ITEM

DETAIL

Name

Maharamba Liyanage Morris Minikantha

ID Number

620780154V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18.03.1962

Age

56 Years

Address

# 422A, Subodarama Road, Peradeniya, Sri Lanka

 

 

INFORMATION DENIED

 

Management non-co-operative (00 94 81) 2385610/2386388

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.91

UK Pound

1

INR 91.87

Euro

1

INR 80.26

LKR

1

INR 0.42

 

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHW

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

TRU

                                                


 

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)

 

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.