MIRA INFORM REPORT

 

 

Report Date :           

14.09.2011

 

IDENTIFICATION DETAILS

 

Name :

BRANDIX TEXTILE LTD

 

 

Registered Office :

# 409, 03rd Floor, Galle Road, Colombo 03

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

2009

 

 

Date of Incorporation :

26.03.1992

 

 

Com. Reg. No.:

PB 317

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing Woven Fabric

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Sri Lanka

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

GENERAL- Basic information at a glance

   

a.

Name of Subject of Inquiry

:

BRANDIX TEXTILE LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In operation)

c.

Managing Director

 :

Feroze Omar

d.

Primary Line of Business

:

 Manufacturing woven fabric.

e.

Head office

:

# 75 Arnold Ratnayake Mawatha

Colombo-10

 

Tel: (00 94 11) 472 6555 / 268 2236 / 267 7581 - 3

Fax: (00 94 11)  2682236           

 

E-Mail : info@brandix.com

 

f.

Factory

:

Wayamba Industrial Zone,

Makandura,

Gonawila

 

Tel. No: (00 94 31) 229 8266          

g.

No. of Employees

:

Approximately 2500

 

COMPANY DETAILS- Registration and Shareholder Details

a.

Registration No

:

N (PBS) 336

Date of Registration

:

26th March 1992

b.

Re-Registration No

:

PB 317

Date of Registration

:

13th May 2008

c.

Registered Office

:

# 409, 03rd Floor, Galle Road, Colombo 03, Sri Lanka

 

Share Holders

As At

14th October 2010

 

M. Ashroff Omar

Managing Director

M. Aslam Omar

Director

Feroz Omar

Director

M. Hajji Omar

Director

f.

Issued Share Capital

:

Rs.  450,000,060.00

g.

Nominal Value of Share

:

Rs. 10.00        

 

h.

Share Holders

As At

14th October 2010

:

  Share Holders

No. Of

Shares

M. Ashroff Omar

01

M. Aslam Omar

01

Feroz Omar

02

Kuruwita Textile Mills Ltd

32,400,000

Brandix Lanka Limited

12,600,000

Brandix Textile Holdings Ltd

01

Phoenix Ventures Limited

01

i.

Auditors

:

Price Water House Coopers

j.

Company Secretaries

:

Brandix Management Services (Pvt) Limited

k.

Bankers

:

 

Citi Bank

Hatton National Bank PLC

Bank of Ceylon

Commercial Bank PLC

 

 

 

 

FINANCIAL DETAILS - Most recent available Financial Information

        

 

2009

Rs.

2008

Rs.

A

Revenue

:

6,368,065

5,919,280

B

 Cost  of  Sales                                                                                                                                                                                        

:

(6,069,407)

(5,297,899)

C

 Gross Profit                                                                                                      

:

298,658

621,381

D

Administration Cost                                                                           

:

(477,657)

(415,789)

E

Distribution Cost

:

(38,652)

(30,673)

F

Operating (Loss / Profit)

:

(217,651)

(174,919)

G

Non Operating Income

:

27,656

23,632

H

Finance & Other Cost

 

(28,418)

(26,715)

I

Net Profit / (Loss) before Tax                                                  

:

(218,413)

(171,836)

J

Taxation

:

-

(1,319)

K

Net Profit / (Loss) After Tax:                                                       

:

(218,413)

(170,517)

 

 

 

                                                                                                                                  

 

2009

Rs.

2008

Rs.

a)

Non-current Assets

:

1,656,274

1,199,386

b)

Investment

:

-

-

c)

Current Assets

:

1,800,862

2,104,959

d)

Non Current Liabilities

:

45,798

204,457

e)

Current Liabilities

:

1,505,173

1,540,290

f)

Total  Liabilities

 

1,550,971

1,744,747

g)

Total  Assets

:

3,457,136

3,304,345

h)

 

Net Worth

 

:

1,906,165

1,559,598

 

CURRENT INVESTIGATION

 

Company Logo

 

·         History.

The Subject Company BRANDIX TEXTILE LTD is a Private    Limited   Liability Company incorporated on 26th March 1992 under registration number N (PVS) 31611 and then the company was re-registered on 31st December 2008 under registration number PB 317

 

                  The subject company was earlier known as Kuruwita Manchester Textiles Mills Ltd and it was changed to BRANDIX TEXTILE LTD on 13th December 2004.

 

·         Location.

The subject company is located at the client address Wayamba Industrial Zone, Makandura, Gonawila

·         Operational Details.

 

General

                  The subject company primary line of business is manufacturing woven fabric.

 

Product and services

Brandix Textiles is Sri Lanka's largest woven fabric manufacturer, specialsing in fabric reactive-, vat-, pigment-, sulphur- and pad-dyed cotton and cotton-lycra.

 

Export Countries

Middle East, Europe, India/South Asia

 

No of Employees

                  Approximately 2500

 

Companies of BRANDIX GROUP

o        Brandix Casualwear (Pvt) Ltd

o        Brandix Intimate Apparel (Pvt) Ltd

o        Brandix Lingerie (Pvt) Ltd

o        Brandix Hangers (Pvt) Ltd

o        Brandix Finishing (Pvt) Ltd

o        Brandix College of Clothing Technology (Pvt) Ltd

 

 

 

 

 

 

Directors Details

Name

M. Ashroff Omar

ID Number

551352110 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th May 1955

Age

55 Years

Address

No.119/4, Kynsey Road, Colombo – 08, Sri lanka.

 

Name

Feroz Omar

ID Number

641052566 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th April 1964

Age

46 Years

Address

No.161/3, Duwa Road, Baddegana, Pitakotte, Sri lanka.

 

Name

M. AslamOmar

Gender

Male

Nationality

Sri Lankan

National ID  No.

541192719 V

Date of Birth

20th April 1954

Age

56

Address

19 Greenlands Lane Colombo 05

 

Name

M. Hajji Omar

Gender

Male

Nationality

Sri Lankan

ID No

 320922470 V

Date of Birth

01st April 2011

Age

79

 

·         Financial Data

Received from other sources.

 

·         General Comments

When we contacted the Subject Company they refused to provide any information on the Subject Company

 

·         Trade references

                    The subject company did not provide any trade references

 

·         Credit Recommendations

                    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:

a) Business Scale        

Medium

b) Business Trend

Steady

c) Management Capability

Very Professional

d) Commercial Morality

Above Average

e) Reputation

Above Average

f) Market Situation

Garments Manufacture is a Very Competitive enterprise in Sri Lanka especially after the expiry of the Multy Fibre Agreement

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.10

UK Pound

1

Rs.74.64

Euro

1

Rs.64.42

 

 

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.