MIRA INFORM REPORT

Report Date :

02.03.2011

IDENTIFICATION DETAILS

Name :	INTERFASHION (PRIVATE) LIMITED
Registered Office :	# 84, Udapusellawa Road, Hawa Eliya, Nuwara Eliya.
Country :	Sri Lanka
Date of Incorporation :	29.04.2009
Com. Reg. No.:	PV 67677
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture Ready Made Garments

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor
Payment Behaviour :	Unknown
Litigation :	----

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	b1	b1

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

information declined by

Name : Mr. Desh

Designation : Finance Manger

Contact No ; (00 94 77 774 930)

Date : 02.03.2011

GENERAL- Basic information at a glance

Name of Subject of Inquiry	:	INTERFASHION (PRIVATE) LIMITED
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Managing Director	:	Stephan John Hall
Primary Line of Business	:	Manufacture Ready Made Garments
Head office & Place of Business	:	# 84, Udapusellawa Road Hawa Eliya, Nuwara Eliya. Tel. No: (00 94 11) 052222920/21 Fax No: (00 94 11) 05222386 E-Mail: info@interfashion.lk
No. of Employees	:	Approximately 1000

COMPANY DETAILS- Registration and Shareholder Details

Registration No	:	PV 67677
Date of Registration	:	29^th April 2009
Registered Office	:	#84, Udapusellawa Road, Hawa Eliya, Nuwara Eliya
Board of Directors As At 25^th Feb 2010		Stephan John Hall	Managing Director
		R.Mauri Andersons	Director
		Mi Soo Han	Director
		G.A.Piyawansa Deshapriya	Director
Issued Share Capital	:	Rs. 34,200,000.00
Nominal Value of Share	:	Rs. 10.00
Share Holders As At 25^th Feb 2010	:	Share Holders		No. of Shares
		Blanke Textile Asia Limited		3,420,000.00
Auditors	:	Not yet Appointed
Company Secretaries	:	Jacey And Company
Bankers	:	HSBC

CURRENT INVESTIGATION

· History.

The Subject Company INTERFASHION (PRIVATE) LIMITED is a Private Limited Liability Company incorporated on 29^th April 2009 under registration number PV 67677.

· Location.

The Subject Company is located at the client given address #84, Udapusellawa Road, Hawa Eliya, Nuwara-Eliya. It is the registered office of the subject company.

· Operational Details.

General

The primary line of business of the subject company INTERFASHION (PRIVATE) LIMITED is Ready Made Garments. .

Products

Ready Mades Items (Shirt, Trouser, Blouses)

Country

UK

No of Employees

Approximately 1000

Director Details

Name	R.Maurile Andersons
ID Number	E 7599915
Nationality	Australian
Gender	Male

Name	Stephan John Hall
ID Number	093171400
Nationality	United Kingdom
Gender	Male

Name	G.A.Piyawansa Deshapriya
ID Number	653353073 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	30^th November 1965
Age	45
Address	N/A

Name	R.Maurile Andersons
ID Number	E 7599915
Nationality	Australian
Gender	Male

· Financial Data

The Company has declined to provide any financials

· General Comments

The company is situated in Nuwara Eliya which is approximately 180 km from Colombo city ; it is nestled in a very picturesque location amidst predominantly tea growing area. The distance from Colombo has precluded us from visiting the location

· Trade references

The subject company did not provide any trade reference referrals

· Credit Recommendations

Please note that this company is operating from the same premises as that of a company by the name and style of Bairdwear Interfashion (Pvt) Ltd and that this company was incorporated in 1981. Its current issued capital is approx. Rs. 90,000,000.00. TCM SRI LANKA’s Recoveries Division has, since mid 2009 , been in contact with its Finance Manager and Director, Mr G A P Deshapriya for the recovery of substantially high debts owed to suppliers based in the UK and Germany and while the company has not denied liability, it has been a frustrating experience in that the company has not been receptive to coming into any settlement plan for the debt. The company has not responded to the Legal Letters of Demand that has been issued by our lawyers requesting settlement. We have now no option but to inform our clients that all our efforts at pre-legal recovery has not been fruitful and as such we have to recommend that the only option available for the recovery of these debts is to initiate action in court.

Since the Subject of Inquiry company also has Mr G A P Deshapriya as a Director , we have to indicate to this client to be extremely cautious in dealing with this SOI company as well and that it would be prudent to insist on up-front payment for any services or goods to be supplied to this company.

ANALYSIS - Appraisal and Rating of Subject Company

Rating:
Commercial Morality	Not to be recommended
Reputation	Not to be recommended
Market Situation	Extremely competitive

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.12
UK Pound	1	Rs.73.43
Euro	1	Rs.62.32

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%)

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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.