MIRA INFORM REPORT

 

 

Report Date :           

21.04.2012

 

IDENTIFICATION DETAILS

 

Name :

WORKWEAR LANKA (PVT) LIMITED

 

 

Registered Office :

# 78, Biyagama Export Processing Zone, Walgama, Malwana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

17.08.1995

 

 

Com. Reg. No.:

N (PVS) 15560

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export

 

 

No. of Employees :

Approximately 1000

 

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 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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

:

WORKWEAR LANKA (PVT) LIMITED

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing  director

:

Abbas Mustafa Kassam

Primary Line of Business

:

Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export

Factory

:

 

# 78, Biyagama Export Processing Zone,

Walgama,

Malwana

 

Tel. No: (00 94 11) 246 5362 – 6 / 246 5862

Fax No: (00 94 11) 246 5364

 

E mail: info@lankasafty.com

 

No. of Employees

:

Approximately 1000

     

 


COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PVS) 15560

Date of Registration

:

17th August 1995

Re-registration No

:

PV 3364

Date of Re-registration

:

17th April 2008

Registered Office

:

# 78, Biyagama Export Processing Zone, Walgama, Malwana,

Board of Directors

As At

01st November 2011

:

A. Mustafa Kassam

Managing Director

Zakir Abdi

Director

Sohail Ebrahim

Director

Issued Share Capital

:

Rs.            750,000.00

Nominal Value of Share

:

Rs.                     10.00

Share Holders

As At

01st November 2011

:

 Share Holders

No. of Shares

Infosys Limited

 

37,500

Wipro (Ceyman) Limited

 

37,500

Auditors

:

Price Water Coopers Chartered Accounts.

Company Secretaries

:

Accountancy and Secretarial Services Bureau Limited

Bankers

:

HSBC

Commercial Bank of Sri Lanka PLC

Hatton National Bank PLC

 

CURRENT INVESTIGATION                      

 

Company Logo

 

·             History.

                     The Subject Company WORKWEAR LANKA (PVT) LTD.is a Private    Limited   liability Company incorporated on 17th August 1995 under registration number N (PVS) 15560 and then the company was re-registered on 17th April 2008 under registration number PV 3364

 

·     Location.

The Subject Company is located at the client given address # 78, BiyagamaExport Processing Zone, Walgama, Malwana.

 

·Operational Details.

 

General

                    The subject company primary line of business is Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export.

 

They came to have gained ISO 9001: 2000, SA 8000 certification.

 

Products

NFPA Certified Medical Gloves, Complex Design Chemical Resistant Gloves

                                               

 

 

 

Export Country

North America, South America, South Asia, Middle East, Western Europe 

 

No of Employees

Approximately 1000

Director Details

 

           01)

Name

Abbas Mustafa Kassam.

PP Number

G 0017801

Nationality

Grenadian

 

 

            02)

Name

Zakir Abdi

PP Number

KG - 921847

Nationality

Pakistani

 

 

 

            03)

Name

Sohail Ebrahim

PP Number

AA - 327076

Nationality

Pakistani

 

·     Financial Data

The company has declined to provide information on its finances

 

                    Financial details of Private Limited/Proprietorship/Partnership companies are not

                    Made available for the public to view

               

 

·     General Comments

The subject company is situated approximately 30 Km away from the Capital Colombo and the company is the one of leading gloves manufacture company in Sri Lanka.

 

 

·            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.51.99

UK Pound

1

Rs.83.54

Euro

1

Rs.63.40

 

 

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.