MIRA INFORM REPORT

 

 

Report No. :

509152

Report Date :

19.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ESSA INTERNATIONAL (PVT) LTD

 

 

Registered Office :

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

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.07.2009

 

 

Com. Reg. No.:

N(PVS) 41133

 

 

Legal Form :

Private, Limited Liability Company

 

 

Line of Business :

Subject is trading Company

 

 

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

 

Company Profile

 

Basic Information

 

a.

Name of Subject of Inquiry

ESSA INTERNATIONAL (PVT) LTD

b.

Legal Form & Status

Private, Limited Liability Company (In Operation)

c.

Chairman

Mr Gregory Edward Fernando

d.

Primary Line of Business

Trading Company

 

 

# 111/33 B, Independence Avenue, Koswatta Road, Kalapaluwawa,

Rajagiriya,

 

 

# 063, Barnes Place, Colombo 07

e.

Principal Place of Business

Sri lanka

Phone : (00 94 11) 4401 451 / +94 77 739438

Fax : (00 94 11) 2792 101

E-Mail: info@greenkeepers.lk

Web Site: http://www.greenkeepers.lk

f.

Employees

NA

 

 

Company Details

 

 

 

 

 

a.

Registration No

N(PVS) 41133

Date of Registration

01st April 2005

b.

Re-registration No

PV 1488

Date of Re-registration

01st July 2009

c.

Registered Office

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

d.

Director Board / Ownership As At 14th October 2015

Companige Anne Bernedeen Shamalee Fernando

Director

Gregory Edward Fernando

Director

e.

Stated Share Capital

LKR 20.00

f.

No. of Shares

02

g.

Preferential Shares

NA

h.

Nominal Value of Share

LKR 10.00

i.

Auditors

Shantha Adikari & Company

# 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

Not Available

 

 

Shareholders

 

NO

NAME

NUMBER OF SHARES

 

1.

Companige Anne Bernedeen Shamalee Fernando

 

01

2.

Gregory Edward Fernando

 

01

FINANCIAL DETAILS     

 

Most recent available Financial Information  NA

 

 

CURRENT INVESTIGATION

 

Company Logo

 

 

• History.

 

The subject company was initially formed on 24th June 1999 under N (PVS) 32935 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 19th December 2008 under PV 10347 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

 

•   Operational Details.

 

General

The subject company is into trading of all type of items, they are into mainly the garment industry where they trade with textile waste and also has diversified interests in many other industry segments and deals with many company's a indenting agent and a trader of items. The company is a family owned business.

 

Products & Services

Coir Fibre,Apparel,Garments,Coco Peat,Tea, Organic Tea, Flavoured Tea,, Cotton Fabric Clips, Branded Tea,Grow Bags, Stock lot panties, Jerseys And Sweaters, Acrylic Tow Waste, Poly Cotton Waste, Rugs, Coco Peat, Coco Disk

 

Employees

NA

 

Export Countries

India, China, Europe

 

Import Countries

NA

 

Associate / Subsidiary Companies

Green Keepers (Pvt) Ltd

 

Factory / Warehouse and Sales Outlets

NA

 

 

 

 

Personal Details of Key Persons

 

Director 1

 

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.

 

Director 2

 

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.

 

 

INFORMATION DENIED

 

Management Non Co-Operative (Tel No.: 000 94 77 739438)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.96

UK Pound

1

INR 91.88

Euro

1

INR 80.26

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 :

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.