MIRA INFORM REPORT

 

 

Report Date :

24.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TEXPRO INDUSTRIES LTD

 

 

Registered Office :

01st Floor, Lakshman’s Building, # 321, Galle Road, Colombo - 03

 

 

Country :

Sri Lanka.

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.06.1993

 

 

Com. Reg. No.:

N(PBS) 423                               

 

 

Legal Form :

Public Limited Liability Company  (In Operation)

 

 

Line of Business :

Importers, Supplier of Grey Fabrics for the Perpetration dyeing, bleaching, Chemical Processing Printing, Colouring of any said Substances.

 

 

No. of Employees :

450 Approximately

 

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 :

Slow

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Sri Lanka

A2

A2

 

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

:

 

TEXPRO INDUSTRIES LTD

 

Legal Form  & Status

:

Public Limited Liability Company  (In Operation)

Chairman

:

D.H. Stassen Jayawardena

Primary Line of Business

:

Importers, Supplier of Grey Fabrics for the Perpetration dyeing, bleaching, Chemical Processing Printing, Colouring of any said Substances.

Place of Business

 

 

 

01st Floor, Lakshman’s Building,

# 321, Galle Road,

Colombo - 03,

Sri Lanka.

 

Tel. No: (00 94 11) 256 5951

Fax No: (00 94 11) 473 4248

 

Email: dinithi@texprofabrics.com

 

Location: Owned

 

Factory

:

Avissawella Road,

Embulgama,

Ranala.

 

Tel. No: (00 94 11) 242 4808

 

No. of Employees

:

450 Approximately

        

        

COMPANY DETAILS 

- Registration and Shareholder Details

 

Registration No

:

N(PBS) 423                               

Date of Registration

 

17th June 1993

Re-registration No

:

 PB 748

Date of Re-registration

 

11th December 2008

Registered Office

:

01st Floor, Lakshman’s Building, # 321, Galle Road, Colombo - 03

Board of Directors

As at

14th October 2010

:

D.H. Stassen Jayawardena

Chairman

J. Dinal Peiris

Director

H.C. Indrajith Munasinha

Director

Cedric Royle Jansz

Director

L.U. Damien Fernando

Director

Issued Share Capital

:

LKR   57,256,826

Nominal Value of Share

:

LKR            10.00                    

 

Share Holders

As at

14th October 2010

:

Share Holders

Ordinary

 Shares

Preference

      Shares

Timpex (Pvt) Ltd

  46,836,524

 

J. Dinal Peiris

8,170,297

 

D.H. Stassen Jayawardena

01

 

Cedric Royle Jansz

01

 

G.E.S. Vivian Perera

01

 

L.U. Damien Fernando

01

 

H.C. Indrajith Munasinha

01

 

Sri Lanka Insurance Corporation Ltd

2,250,000

 

Sampath bank Ltd

 

1,260,365

Auditors

:

KPMG Ford Rhodes Thornton & Co.,

Company Secretaries

:

S S P Corporate Services (Pvt) Ltd

Bankers

:

Peoples bank, Colombo

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

Income Statement As at 31st March 2011

 

 

2011

LKR

2010

LKR

A

Revenue

:

966,412,581

841,161,721

B

 Cost of Sales

:

(926,059,329)

(794,862,740)

C

 Gross Profit

:

40,353,252

46,298,981

D

Other Income

:

15,701,201

3,943,770

E

Administration Cost

:

(41,261,903)

(40,154,840)

F

Distribution Cost

:

(6,127,610)

(7,546,620)

G

Profit from Operations

 

8,664,940

2,541,291

G

Finance Expenses

:

(37,144,957)

(35,869,120)

H

Net Profit / (Loss) before Tax

:

(28,480,017)

(33,327,829)

I

Income Tax

:

(309,851)

(637,288)

J

Net Profit / (Loss) After Tax:

:

(28,789,868)

(33,965,117)

 

 

 

                                                  Balance Sheet As at 31st March 2011

 

 

2011

LKR.

 

2010

LKR.

a)

Non-current Assets

:

608,774,273

653,122,860

b)

Current Assets

:

522,434,060

464,368,979

c)

Current Liability

:

536,755,868

477,259,424

d)

Non-current liability

:

148,591,954

165,582,036

e)

Total Liabilities

:

685,347,822

642,841,460

f)

Total Assets

:

1,131,208,333

1,117,491,839

g)

 

Net Worth

 

:

445,860,511

474,650,379

 

 

Information parted by

(General Details)

 

Name                           :           Ms. Hemali

Designation                 :           Export Import Executive

Date                             :           24.11.2011

 

 

Current investigation

 

 

                                             

                                                 Company Logo

 

·         History

 

                  The Subject Company TEXPRO INDUSTRIES LTD is a Public Limited  liability Company incorporated on 17th June 1993 under registration number N (PBS) 423 and then the company was re-registered on 11th December 2008 under registration number PB 748.

 

                The subject company TEXPRO INDUSTRIES LTD is a member of the DCSL Group.

 

·         Location.

 

The subject company is located at client given address 01st Floor, Lakshman’s Building, # 321, Galle Road, Colombo – 03.

 

·         Operational Details.

 

General

 

            The subject company primary line of business is Importers and Supplier of Grey Fabrics for the Perpetration dyeing, bleaching, Chemical Processing Printing, Colouring of any said Substances.

                

                The subject company supplier of the woven fabric to Sri Lankan Army, Air force, Civil              

                 Defence Force, Police and the Department of Education

 

            Products

Woven fabric and other garment accessories

 

Import Country

India, China

 

 

Employees

                  450 Approximately

 

·         Directors Details

 

         01)

Name

D.H. Stassen Jayawardena

ID Number

422303944 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

17th August 1942

Age

69 Years

 

 

         02)

Name

J. Dinal Peiris

ID Number

612390010 V  

Nationality

Sri Lankan

Gender

Male

Date Of Birth

  26th August 1961  

Age

50 Years

 

 

         03)

Name

H.C. Indrajith Munasinha

ID Number

541581200 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

6th June 1954

Age

57 Years

 

 

         04)

Name

Cedric Royle Jansz

ID Number

522983403 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

24th October 1952

Age

59 Years

 

 

         05)

Name

L.U. Damien Fernando

ID Number

622170230 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

4th August 1962

Age

49 Years

 

 

 

·         Financial Data

The financial information has been obtained from Subject Company’s Annual Report .for 2010/2011

 

 

·         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.

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.10

UK Pound

1

Rs.81.30

Euro

1

Rs.70.07

 

 

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.