MIRA INFORM REPORT

 

 

Report No. :

509149

Report Date :

18.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GREEN KEEPERS (PVT) LTD

 

 

Registered Office :

Zone A/Lotio Biyagama Export Processing Zone, Malwana, Biyagama

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

15.05.2008

 

 

Com. Reg. No.:

PV 64112

 

 

Legal Form :

Private, Limited Liability Company

 

 

Line of Business :

Diversified Business entity into recycling of Textile waste, stock fabric

 

 

No. of Employees :

Not Available

 

 

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

GREEN KEEPERS (PVT) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Managing Director

Mr Gregory Edward Fernando

d.

Primary Line of Business

Diversified Business entity into recycling of Textile waste, stock fabric

e.

Principal Place of Business

111/33B Independence Avenue, Koswatta Road, Rajagiriya Sri Lanka

Phone : (00 94 11) 4401451/ 2792101 / +94 77 7739438

Fax : (00 94 11) 7394870

E-Mail: edward@greenkeepers.lk

Web Site: www.greenkeepers.lk

f.

Employees

NA

 

 

Company Details

 

 

 

 

 

a.

Registration No

PV 64112

Date of Registration

15th May 2008

b.

Re-registration No

NA

Date of Re-registration

NA

c.

Registered Office

Zone A/Lotio Biyagama Export Processing Zone, Malwana, Biyagama, Sri Lanka.

d.

Director Board / Ownership As At 14th October 2015

Gregory Edward Fernando

Managing Director

Companige Anne Bernedeen Shamalee Fernando

Director

e.

Stated Share Capital

LKR 5,000,000.00

f.

No. of Shares

500,000

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

Shantha Adikari & Company Chartered Accountants # 197/1/1, Deans Road, Colombo 10, Sri Lanka.

j.

Company Secretaries

Bodiyabaduge Shevon Charles Perera Gooneratne # 39/4, Dias Building, Panadura, Sri Lanka.

k.

Main Bank/s

NA

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

1.

 

Companige Anne Bernedeen Shamalee Fernando

250,000

2.

 

Gregory Edward Fernando

250,000

 

 

FINANCIAL DETAILS     

 

Most recent available Financial

NA

 

 

CURRENT INVESTIGATION

 

 

Company Logo

 

 

·         History.

The subject company was initially formed on 15th May 2008 under PV 64112 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

Greenruth International (Pvt) Ltd name changed to Greenkeepers (Pvt) Ltd on 20th June 2008

 

·         Operational Details.

 

 General

GreenKeepers (Pvt) Ltd is a BOI Company , registered under section 17 of Sri Lanka, incorporated in the year 2008 recycled over 25 million Kilograms of textile waste to-date and currently engaged in setting-up a textile waste recycling mill in Sri Lanka.

 

The company also facilitate apparel industry, fabric mills & glove industries to globally distribute semi, finished goods. The team having internal capabilities in apparel design and production capabilities also acts as a buying house for foreign label buyers.

 

In keeping in line with its "sustainability" initiatives and years of experience, the company recently diversified to become consultants to the state and private sector on renewable energy initiatives and sustainable infrastructure projects. The unique business model of GreenKeepers and its' contribution to the environment attracted many accolades in a very short time frame.

 

The company is a family owned entity with no independent directors involved.

 

 

Products & Services

Recycling of Textile waste

Buying office of semi-finished garments

Consulting over renewable energy projects

 

Employees

NA

 

Export Countries

NA

 

Import Countries

NA

 

Associate / Subsidiary Companies

ESSA INTERNATIONAL (PVT) LTD

 

Factory / Warehouse and Sales Outlets

Owned under BOI agreements of lease

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Gregory Edward Fernando

ID Number

661891050V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07.07.1966

Age

52

Address

# 111/33 B, Independence Avenue, Koswatta Road, Kalapaluwawa, Rajagiriya, Sri Lanka.

 

Director 2

ITEM

DETAIL

Name

Companige Anne Bernedeen Shamalee Fernando

ID Number

685583631V

Nationality

Sri Lankan

Gender

Female

Date of Birth

27.02.1968

Age

50

Address

# 111/33 B, Independence Avenue, Koswatta Road, Kalapaluwawa, Rajagiriya, Sri Lanka.

 

Information denied

 

Management non-cooperative (00 94 11) 4401451/ 2792101)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.72

UK Pound

1

INR 91.65

Euro

1

INR 79.89

LKR

1

INR 0.43

 

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHI

 

 

Analysis Done by :

PRI

 

 

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.