MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506785

Report Date :

10.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

H Y VITAL EXPORTS (PRIVATE) LIMITED

 

 

Registered Office :

# 306/14, Hospital Road, Biyagama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.11.2008

 

 

Com. Reg. No.:

PV 66269

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Exporters of Textile Waste

 

 

No. of Employees :

25-30

 

 

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

 

NOTE

 

In absence of financials, no credit limit could be recommended.

 

 

Company Profile

 

Basic Information

 

a.

Name of Subject of Inquiry

H Y VITAL EXPORTS (PRIVATE) LIMITED

b.

Legal Form & Status

Private Limited Liability Company (In Operation)

c.

Managing Director

Mr Kadupitige Chandana Silva

d.

Primary Line of Business

Exporters of Textile Waste

e.

Principal Place of Business

# 306/14, Hospital Road, Biyagama

Sri Lanka.

Tel. No: (00 94 11) 4378 740 / 4738 741 / + 94 77 7303149 Fax. No: (00 94 11) 4734 083 E-Mail: kcsmb@gmail.com

Web Site: NA

f.

Employees

25-30 Approximately

 

 

Company Details

 

a.

Registration No

PV 66269

 

Date of Registration

2008.11.20

b.

Re-registration No

NA

 

Date of Re-registration

NA

c.

Registered Office

# 306/14, Hospital Road, Biyagama, Sri Lanka

d.

Board of Directors As At 08th November 2016

Kadupitige Chandana Silva

Director

 

 

Nilani Dias Wijenayake

Director

 

 

 

 

e.

Sated Share Capital

30,000,000.00

f.

No. of Shares

300,000

g.

Preferential Shares

NA

h.

Nominal Value of Share

NA

i.

Auditors

N & R Associates

# 105, T B Jaya Mawatha, Colombo 10, Sri Lanka

j.

Company Secretaries

S S Consultants & Corporate Secretaries (Pvt) Ltd

# 61/1, Balapokuna Road, Kirulapone, Colombo 06, Sri Lanka

k.

Main Bank/s

Commercial Bank of Ceylon PLC

 

 

 

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

1.

K Chandana Silva

300,000

2.

 

 

FINANCIAL DETAILS     

 

- Most recent available Financial Information

 NA

 

 

CURRENT INVESTIGATION

 

History.

The subject company was initially formed on 20th November 2008 under PV 66269 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

Caption

In 2008, H Y Vital Export (Private) Limited signed an agreement to manufacture pallets out of fabric off cuts for export. The joint venture between Malaysian and Sri Lankan investors is an investment of US $ 600,000. The manufacturing plant located at Pannala will generate 50 employment opportunities. The venture will collect fabric off cuts from various garment factories. The pallets manufactured out of fabric off cuts are exported to China. The manufactured pallets are used to produce yarn. Commercial operations of this unique venture is no longer in operation but the company currently exports pallets to China.

 

Operational Details.

 

General

The subject company is an exporter of fabric waste mainly, however the company is now into the import market as well by way of importing materials from India. The company ROC details have no updates at present, we will update the report if we get any further updates from ROC in the near future.

 

Products

Pallets Manufactured from Cotton Waste, Denim Waste, Nylon Waste, Spandex Waste & Polyester waste Hand Wipers

 

Employees

25 - 30 Approximately

 

Export Countries

China, India, Malaysia

 

Import Countries

Import Silk materials from India

 

Associate / Subsidiary Companies

NA

 

Factory Complex

# 306/14, Hospital Road, Biyagama, Sri Lanka

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Kadupitige Chandana Silva

ID Number

732001158V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th July 1973

Age

43 Years

Address

# 77, Hekitta, Wattala, Sri Lanka

Director 2

ITEM

DETAIL

Name

Nilani Dias Wijenayake

ID Number

766092586V

Nationality

Sri Lankan

Gender

Female

Date of Birth

18th April 1976

Age                                                                               40 Years

Address

# 187/6, George Jayasinghe Mawatha, Polhena, Kelaniya, Sri Lanka

 

 

INFORMATION DENIED

 

Management Non Co-Operative [Tel No.: (00 94 11) 4378 740 /47, + 94 77 7303149]

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.38

UK Pound

1

INR 91.09

Euro

1

INR 79.75

LKR

1

INR 0.43

 

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

AKS 

 

 

Analysis Done by :

PRI

 

 

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)

 

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.