MIRA INFORM REPORT

Report Date :

16.07.2011

IDENTIFICATION DETAILS

Name :	ALPHA APPARELS (PVT) LTD
Registered Office :	No.9/5, Thambiah Avenue, Colombo – 7
Country :	Sri lanka
Date of Incorporation :	31.10.2006
Com. Reg. No.:	PB 1051
Legal Form :	Public Limited Liability Company
Line of Business :	Design, manufacture and export of readymade garments and apparels

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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	:	ALPHA APPARELS (PVT) LTD
Legal Form & Status	:	Public Limited Liability Company (In Operation)
Chairman	:	Sri Theagarajah Nagendra
Primary Line of Business	:	Design, manufacture and export of readymade garments and apparels
Head Office	:	1st Floor, Lakshman’s Building, 321, Galle Road, Colombo - 03 Tel. No: (00 94 11) 256 5951 - 3 Fax No: (00 94 11) 257 6944 E-Mail: lankaal@eureka.lk
Factory And Office	:	Export Promotion Zone, Polgahawela, Sri Lanka Tel. No: (00 94 37) 469 9600 Fax No: (00 94 37) 469 9634 E-mail: felixfernando@omegaline.org
No. of Employees	:	Approximately 600

COMPANY DETAILS- Registration and Shareholder Details

Registration No	:	N (PBS) 1361
Date of Registration	:	31st October 2006
Re-registration No		PB 1051
Date of Re-registration		07^th July 2009
Registered Office	:	No.9/5, Thambiah Avenue, Colombo - 7
Board of Directors As At 21st June 2011	:	S. Theagarajah Nagendra	Chairman
		Vincenzo Joppolo	Managing Director
		J. Dinal Peiris	Director
		J. Mootatamby Swaminathan	Director
		W.F. Anthony Fernando	Director
		Ranjeevan Seevaratnam	Director
Issued Share Capital	:	Rs. 70,000,000.00
Nominal Value of Share	:	Rs. 10.00
Share Holders As At 21st June 2011	:	Share Holders		No. of Shares
		S. Theagarajah Nagendra		01
		Vincenzo Joppolo		01
		J. Dinal Peiris		01
		J. Mootatamby Swaminathan		01
		S. Abdul Carder		01
		M. D. L. Karunaratne		01
		A. M. Fernando		01
		Calzedonia Finanziaria S. A		6,999,993
Auditors	:	Ernst & Young
Company Secretaries	:	Jacey and Company
Bankers	:	· DFCC Vardhana Bank · National Development Bank · Hatton National Bank · Standard Chartered Bank · Nations Trust Bank

CURRENT INVESTIGATION

· History.

The Subject Company ALPHA APPARELS (PVT) LTD is a Public Limited liability Company incorporated on 3rd October 2006 under registration number N (PBS) 1361 and then the company was re-registered on 7^th July 2009 under registration number PB 1051.

· Location.

The Subject Company’s Head office is located at the client given address 1st Floor, Lakshman’s Building, 321, Galle Road, Colombo – 03. And the office and factory of the Subject Company located at Export Promotion Zone, Polgahawela.

Operational Details

General

The subject company primary line of business is Design, manufacture and export of readymade garments and apparels

Products

Readymade Garments specially lingerie

Export Countries

USA, UK, Europe

No of Employees

Approximately 600

Directors Details

01)

Name	S. Theagarajah Nagendra
ID Number	372721405 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28th September 1937
Age	73 Years
Address	No.103/2, Rosemead Place, Colombo - 07

02)

Name	J. Dinal Peiris
ID Number	612390010 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	26th August 1961
Age	49 Years
Address	No.114, Lake Drive, Colombo - 08

03)

Name	J. Mootatamby Swaminathan
ID Number	410091356 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	9th January 1941
Age	69 Years
Address	No.119, Rosemead Place, Colombo - 07

04)

Name	Vincenzo Joppolo
PP Number	Y 044645
Nationality	Italian

05)

Name	W.F. Anthony Fernando
ID Number	64290454V
Nationality	Sri Lankan
Gender	Male
Date of Birth	25th October 1964
Age	46 Years

06)

Name	Ranjeevan Seevaratnam
ID Number	432681750 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	24th September 1943
Age	67 Years

Financial Data

The company has declined to provide information on its finances

General Comments

When we contacted the Subject Company they respond us well and gave all the basic details to prepare this report

Trade references

The subject company did not provide any trade reference referrals

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.

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.53
UK Pound	1	Rs.71.91
Euro	1	Rs.62.98

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%)

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