MIRA INFORM REPORT

Report Date :

23.04.2011

IDENTIFICATION DETAILS

Name :	TARAKIE GARMENTS (PVT) LIMITED

Registered Office :	# 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala,

Country :	Sri Lanka

Financials (as on) :	31.03.2011 (Group)

Date of Incorporation :	27.07.1990

Com. Reg. No.:	PV 13167

Legal Form :	Private Limited Liability Company

Line of Business :	Manufactures and Exporters of Garments

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Sri Lanka

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

information parted by

Name : Mr. S L Samraj

Designation : Director

Date : 23.04.2011

GENERAL- Basic information at a glance

Name of Subject of Inquiry	:	TARAKIE GARMENTS (PVT) LIMITED
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Chairman	:	L. Premalal Mendis
Primary Line of Business	:	Manufactures and Exporters of Garments
Head Office	:	# 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala, Sri Lanka. Mobile No: (00 94 77) 774 1748 - Stephen Lords Samraj (Director) Tel No: (00 94 11) 283 2100 Fax No: (00 94 11) 285 6623 E-mail: stephen@voguetex.com Area: 10,000 sq.fts (Approximately) Location: Owned
Factory	:	# Hegalla, Piyagama, Kosgoda. Tel No: (00 94 91) 226 4098 Fax No: (00 94 91) 226 4110
Factory	:	# Bulnewa, Galanewa. Tel No: (00 94 25) 226 9696 Fax No: (00 94 25) 226 9695
No. of Employees	:	Approximately 9,000

COMPANY DETAILS-Registration and Shareholder Details

Registration No		:	N (PVS) 6636
Date of Registration		:	27^th July 1990
Re-Registration No		:	PV 13167
Date of Re-registration		:	07th May 2009
Registered Office		:	# 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala.
Board Of Directors As at 31st December 2009		:	L. Premalal Mendis	Chairman
			A. J. Werner Schirra (German)	Director
			S. Lourds Samraj	Director
			N. Ferdinandes Wijewickrama	Director
Issued Share Capital		:	Rs. 63,500,000.00
Nominal Value of Share		:	Rs. 10.00
Share Holders as at 26^th August 2009		:	Share Holders	No. of Shares
			L. P. Mendis	317,500
			A. J. W. Schirra	317,500
Secretaries	:		A & A Associates (Pvt) Ltd
Auditors	:		Jayasinghe & Company, Colombo - 3
Bankers	:		HSBC, Fort Branch, Colombo -1 Facility : Cash Credit – 3 Million USD Nations Trust Bank City Bank N/A, Colombo 3 Facility : Cash Credit – 3 Million USD

CURRENT INVESTIGATION

· History.

The Subject Company TARAKIE GARMENTS (PVT) LIMITED is a Private Limited Liability Company incorporated on 27^th July 1990 under registration number N (PVS) 6636 and then the company was re-registered on 07th June 2009 under registration number PV 13167

The subject company is a Board of investment (BOI) approved company.

· Directors & Shareholders Details

01)

Name	L. P. Mendis
ID Number	461622089 V
Nationality	Sri Lankan
Sex	Male
Date of Birth	10^th June 1946
Age	63 Years

02)

Name	S.L. Samraj
ID Number	640423285 V
Nationality	Sri Lankan
Sex	Male
Date of Birth	11^th February 1964
Age	45 Years

03)

Name	N. Ferdinandes Wijewickrama
ID Number	632790228 V
Nationality	Sri Lankan
Sex	Male
Date of Birth	05^th October 1963
Age	46 Years

04)

Name	A. J. W. Schirra
Nationality	German
PP Number	D333501272

· Location.

The Subject Company is located at the client given address # 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala, Sri Lanka.

· Operational Details.

General

The subject company primary line of business is Manufactures and Exporters of Ladies Garments.

Products

Pants, Blouse, Skirts

Export Products

Garments

Export Countries

Germany, Sweden, UK and Europe

No of Employees

Approximately 9000

Trading Terms:

Purchasing Terms : Cash, Credit (30-120 days)

Selling Terms : Cash, Credit (30-120 days)

· Financial Data

(Amount in USD Millions)

Particulars

31.03.2011

31.03.2010

31.03.2009

Sales Turnover (Group)

48.000

(Due to less order )

54.000

52.000

Financial details of Private Limited/Proprietorship/Partnership companies are not made available for the public to view.

· Trade references

Esprit US Distributors Ltd.

1370, Broadway, 16^th Floor, New York

Voguetex Private Limited

Activity: International Fashion Suppliers

· Credit Recommendations

Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.69

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.

information parted by

GENERAL- Basic information at a glance

COMPANY DETAILS-Registration and Shareholder Details

:

CURRENT INVESTIGATION

Unit