MIRA INFORM REPORT

 

Report Date :

21.02.2011

 

IDENTIFICATION DETAILS

 

Name :

ESKIMO FASHION KNITWEAR (PVT) LTD 

 

 

Registered Office :

# 44/16, Baseline Road, Kadirana North, Negombo

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

2009

 

 

Date of Incorporation :

25.07.1980

 

 

Com. Reg. No.:

PV 7225

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturer and Exporters of ready made 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

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Sri Lanka

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GENERAL- Basic information at a glance

     

Name of Subject of Inquiry

:

ESKIMO FASHION KNITWEAR (PVT) LTD

Legal Form  & Status

 

:

 

Private Limited Liability Company  (In Operation)

Managing Director

 :

Hermann Michael – Lohs Karl Egbert

Primary Line of Business

:

Manufacturer and Exporters of ready made garments.

Head office

&

Factory

:

 

# 44/16, Baseline Road,

Kadirana North,

Negombo

             

Tel No:  (00 94 031) 223 3234 – 6 / 555 5517

Fax No: (00 94 031) 223 8216 / 223 8216

 

E mail :  eskimofash@eskimo.lk

 

No. of Employees

:

Approximately 2500

Bankers

:

National Development Bank

Commercial Bank PLC

HSBC

           

COMPANY DETAILS - Registration and Shareholder Details

 

Registration No

:

PVS 6707

Date of Registration

:

25th July 1980

Re-registration No

:

PV 7225

Date of Re-registration

:

15th October 2008

Registered Office

:

# 44/16, Baseline Road, Kadirana North, Negombo.

Board of Directors

As At

31st December 2010

:

Hermann Michael – Lohs Karl Egbert

Managing Director

U. Sabine Rosemarie Chalotte

Director

Manik Joseph Cecil Santiapillai

Director

Issued Share Capital

:

Rs.      175,000,000.00

Nominal Value of Share

:

Rs.                 1,000.00 

Share Holders

As  At

31st December 2010

:

 

 Share Holders

No. of

Shares

Eskimo Strickwaren

174,988

Michael – Lohs Hermann Karl Egbert

01

Manik Joseph Cecil Santiapillai

01

U. Sabine Rosemarie Chalotte

10

Secretaries

:

Subramaniam Thurairajah

Auditors

:

Ernst & Young

 

 

 

 

FINANCIAL DETAILS - Most recent available Financial Information

     

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

 

 

2009 (Rs)

 

2008(Rs)

A

Revenue

:

2,151,696,432

2,050,734,913

B

 Cost of Sales

:

(1,548,209,968)

(1,563,796,977)

C

Gross Profit

:

603,486,464

486,937,936

D

Other Operating Income

 

1,279,939

2,803,981

 

Foreign Currency (losses) gains

 

(1,410,888)

(77,819,990)

E

Administration Expenses

:

(187,736,189)

(185,273,917)

F

Selling and Distribution Expenses

:

(300,472,756)

(196,546,347)

G

Financing (cost)/Income

:

(20,666,412)

(10,108,153)

H

Net Profit / (Loss) before Tax

:

94,485,628

20,204,061

I

Income Tax (expenses)/  

Release                                                                                                                   

:

-

-

J

Net Profit / (Loss) After Tax:

:

94,485,628

20,204,061

 

 

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                 

 

 

2009 (Rs)

 

2008(Rs)

a)

Non-current Assets

:

1,031,996,142

1,099,106,484

b)

Investment

:

-

-

c)

Current Assets

:

1,133,845,825

1,156,547,481

d)

Current Liability

:

331,602,041

329,863,361

e)

Non-current liability

:

73,675,232

92,090,792

f)

Total Liabilities

:

405,277,273

421,954,153

g)

Total Assets

:

2,165,841,967

2,255,653,965

h)

 

Net Worth

 

:

1,760,564,694

1,833,609,812

                                            

 

CURRENT INVESTIGATION                      

 

Company Logo

 

·         History.

                  The Subject Company ESKIMO FASHION KNITWEAR (PVT) LIMITED is a Private    Limited   liability Company incorporated in 25th September 1980 under registration number PVS 6707. Then the company was re-registered on 15th October 2008 under registration number PV 7225

Initially the subject company known as ESKIMO FASHION KNITWEAR (PVT) LIMITED then company name was changed to ESKIMO FASHION KNITWEAR (LANKA) LIMITED on 15th October 2008.

 

·         Location.

                  The Subject Company is located at # 44/16 Baseline Road, Kadirana           North, Negombo which is situated approximately 35 km from the Colombo city. And also above address and client given address P. O. Box 30, Negombo, Sri Lanka are same.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacturer and Exporter of ready made garments.

The company's production facilities are technically advanced and comprise circular, raschel & flat knitting, sewing, machine & hand embroidery, finishing & packing, dyeing of yarn and piece goods.

Thus Eskimo Fashion Knitwear (Private) Ltd. came into being and now comprises a modern and integrated production plant built on 90,000 square meters of lush coconut land located near the international airport and the touristic town of Negombo. The Company started with an initial staffing of 200 people but has grown over the years and now employs over 2,500 people at 2 factories located in Negombo and Pallekele

 

Products

Knitwear, Pullovers, Cardigans, Mufflers Caps, Ladies & Children Thighs and Gloves of all types.

 

Country

German, UK, UAS & Canada, etc.

 

Employees

                  The employee strength of the subject company is approximately 2,500 employees.

 

·         Financial Data

Received from non formal source 

 

·         Trade references

                    The subject company did not provide any trade reference

 

 

·         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.

 

 

ANALYSIS & RATING - Appraisal and Rating of Subject Company

 

Rating:

Management Capability

Above Average

Commercial Morality

Above Average

Reputation

Above Average

Market Situation

Very Competitive

Credit Rating

NR

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.73.04

Euro

1

Rs.61.43

 

 

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

 

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.