MIRA INFORM REPORT

 

 

Report Date :           

28.04.2011

 

IDENTIFICATION DETAILS

 

Name :

Z. M. VERTIKO (PVT) LTD

 

 

 

 

Registered Office :

Angampitiya, Padukka

 

 

 

 

Country :

Sri lanka

 

 

 

 

Financials (as on) :

31.03.2011

 

 

 

 

Date of Incorporation :

18.08.2003

 

 

 

 

Com. Reg. No.:

PV 18152

 

 

 

 

Legal Form :

Private Limited Liability Company

 

 

 

 

Line of Business :

Manufacture and export of garments

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 90975

Status :

Moderate

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

a2

a2

 

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. Chandanam Balsurya

Designation     : Finance Manager

Date                 : 28.04.2011

 

 

GENERAL- Basic information at a glance

      

Name of Subject of Inquiry

 Z. M. VERTIKO (PVT) LTD

Legal Form  & Status         

 

Private Limited Liability Company (In operation)

Managing Director

Sanath Priyantha Wanniarachchi

Primary Line of Business   

Manufacture and export of garments

Place  of  Business

 

Angampitiya,

Padukka,

Sri Lanka.

 

Tel:    (00 94 11)  285 9711 -  4

Fax:    (00 94 11)  285 9715

 

E-mail: info@zmvertiko.com

Location : Owned

No of Employees

 Approximately 800

Bankers :

Habib Bank, Colombo

Trade Finance facility – Rs. 2.400 millions

 

HSBC Bank, Colombo

Trade Finance facility –  680 $

Sister Concern

·         Kasuals Pvt. Ltd

·         M. Vertiko Pvt. Ltd

·         Vision Pt. Ltd

           

 

COMPANY DETAILS-Registration and Shareholder Details

 

Registration No

:

N (PVS)  35112

Date of Registration

:

18th August 2003

Re-registration No

:

PV 18152

Date of Re-registration

:

22nd March 2010

Registered Office

:

Angampitiya, Padukka, Sri Lanka.

Board of Directors

As at

30th November 2010

:

Sanath Priyantha Wanniarachchi

Managing Director

Zareen Mohsin

Director

Mohsin Ayub Mirza

Director

Issued  Share Capital

:

Rs. 100,000,000.00          

Nominal Value of Share

:

Rs. 10.00

Shareholders

As at

30th November 2010

:

 Share Holders

No. of Shares

Mohsin Ayub Mirza

5,000,000

Zareen Mohsin

3,000,000

Wijedasa Konara

2,000,000

Auditors

:

Jayasinghe & Company

Ranwatte & Company, Colombo 

Secretaries

:

Ganlaths Secretarial Services (Pvt) Ltd.

 

 

CURRENT INVESTIGATION

 

Company Logo

 

·         History.

 

                  The Subject Company Z. M. VERTIKO (PVT) LTD is a Private    Limited   Liability Company incorporated on 18th August 2003 under registration number N (PVS) 35112 and then the company was re-registered on 22nd March 2010 under registration number PV 18152.

 

                  The subject company was earlier known as     Z. M. VETICO (PVT) LTD and it was changed to Z. M. VERTIKO (PVT) LTD on 24th September 2003.

 

·         Location.

 

The Subject Company is located at the client given address Angampitiya, Padukka, Sri Lanka.

 

·         Operational Details.

 

General

                  The primary line of business of Subject Company is Manufacture and export of garments.

 

                  Z. M. VERTIKO (PVT) LTD is a Board of Investment project (Agreement No. 2774/25/09/2003 dated 25th September, 2003), and had commenced its operations on the 15th of November 2003. This is an associate Company of Joe’s Fashion Group of Companies, Karachi Pakistan.

 

 

Products

                  Pants, trousers, shorts…etc

 

Export Products

Garments

 

Export Countries

Europe, USA, UK, India, Pakistan, Far East and Middle East

 

Import Products

Raw Materials


 

Import Countries

Pakistan, China 

 

No of Employees

         Approximately 800

 

 

·         Directors Information

 

  01)

Name

Mohsin Ayub Mirza

Nationality

Pakistan

Passport No

L A 093341

Address

44 – L, Block 06, Razi Road, Pechs, Karachchi 75400, Pakistan

 

  02)

Name

Zareen Mohsin

Nationality

Pakistan

Passport No

A 083862

Address

44 – L, Block 06, Razi Road, Pechs, Karachchi 75400, Pakistan

 

 

  03)

Name

Sanath Priyantha Wanniarachchi

Nationality

Sri Lankan

Passport No

N 1401105

Address

# 209/5/A, Saraboomi Mawatha, Athurugiriya, Malapolla, Kottawa, Sri Lanka

 

 

·Financial Data

                                                                                    (Amount in Srilankan Rs.)                   

       Particulars

 

31.03.2011

31.03.2010

31.03.2009

Sales Turnover

72,82,07,731

67,47,09,312

63,15,96,774

 

Expected Sales (2011-12) : Srilankan Rs. 80 Crore

 

·         Trade references

 

                  The subject company did not provide any trade references

 

·         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.44.40

UK Pound

1

Rs.73.26

Euro

1

Rs.65.17

 

 

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.