MIRA INFORM REPORT

 

 

Report Date :

22.08.2012

 

IDENTIFICATION DETAILS

 

Name :

TEXNIL (PVT) LTD

 

 

Registered Office :

# 400, Deans Road, Colombo 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

23.04.2001

 

 

Com. Reg. No.:

PB 495

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Manufacture & Export of Latex Gloves

 

 

No. of Employees :

26000 (Group employees)

 

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

:

TEXNIL (PVT) LTD

Legal Form  & Status

:

Public Limited Liability Company  (In Operation)

Not listed on the Colombo Stock Exchange

Chairman

:

A. Mohan Pandithage

Primary Line of Business

:

Manufacture & Export of Latex Gloves.

Head office

&

Place of Business

 

:

 

# 400,Deans Road,

Colombo 10,

Sri Lanka.

 

Tel. No: (00 94 11) 269 6331/ 9087 / 262 7517

Fax No: (00 94 11) 269 9299/ 1679 / 269 9018  

 

E-Mail: info@cau.heyleys.com

              kapilaj@dplgroup.com

Web: www.dplgroup.com

Location : Owned

 

No. of Employees

:

26000 (Group employees)

           

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

Registration No

:

N (PBS) 922

Date of Registration

:

23rd April 2001

Re-registration No

:

PB 495

Date of Re-registration

:

04th August 2008

Registered Office

:

# 400, Deans Road, Colombo 10, Sri Lanka.

Board of Directors

As At

14th January 2011

:

A. Mohan Pandithage

Chairman

G.A. Guyomer Anandarajah

Director

R. M. Tilokarj

Director

Sarath Clement Ganegoda

Director

K. Indrakeerthi Mahesha

Director

Issued Share Capital

:

Rs.   75,000,000.00

Nominal Value of Share

:

Rs.                 10.00

 

 

Share Holders

As At

14th January 2011

:

 Share Holders

No. of Shares

Dipped Products PLC

7,499,994

DPL Plantations (Pvt) Limited

1

Grossart Limited

1

Haycarb PLC

1

Hayleys PLC

1

Palma Limited

1

Venigross (Pvt) Limited

1

Auditors

:

Messrs Ernst & Young

Company Secretaries

:

Hayleys Group Services Limited

Bankers

:

Not Disclosed

 

 

CURRENT INVESTIGATION                      

 

·         History

                    The Subject Company TEXNIL (PVT) LTD is a Public Limited Liability Company but not listed on the Colombo Stock Exchange incorporated in 23rd April 2001 under registration number N (PBS) 922 and then the company was re-registered on 04th August 2008 under registration number PB 495.

                   

                  The subject company Texnil (Pvt) Ltd. with an investment of Rs. 60 million and employment projection of 76 people, has signed an agreement to manufacture and export special purpose supported latex gloves under the "Thrust Industry" category. The subject company is BOI Approved Company

 

·         Location

The Subject Company is located at the client given address # 400, Deans Road, Colombo 10.

 

·         Operational Details

 

General

                  The subject company primary line of business is Manufacturing & Exporting of Latex Gloves

 

Products

                    Gloves, handkerchiefs, Ties, bow ties and cravats, Shawls, scarves, mufflers, mantillas, veils

                       

 Countries

                    China, India

 

Employees

                    26000 (Group employees)

 

Export Countries

India

 

Directors Details

 

         01)

Name

A. Mohan Pandithage

ID Number

511291887 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

08th May 1951

Age

61 Years

 

 

         02)

Name

G.A. Guyomer Anandarajah

ID Number

491463481 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

25th May 1949

Age

63 Years

 

 

         03)

Name

R. M. Tilokarj

ID Number

603510844 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

16th December 1960

Age

51 Years

 

         04)

Name

Sarath Clement Ganegoda

ID Number

622330369 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

20th August 1962

Age

50 Years

 

 

         05)

Name

K. Indrakeerthi Mahesha

ID Number

643521245 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

17th December 1964

Age

47 Years

 

Trading Terms

Terms of Purchase       L/C, Cash, Credit (30-60 days)

Terms of Sale               L/C, Cash, Credit (30-60 days)

 

 

 

Information Parted By:

 

Name               : Mr. Ajit

Designation      : Accounts Executive

Mobile No.       : (009411) 2696331

Date                 : 20.08.2012

 

·         Financial Data

                   The company has declined to provide any financial information

 

                  Based on the corporate laws of Sri Lanka, legal entities which are Private Company with 

                  Limited Liability is not required to make public disclosure of their annual financials.

                  Therefore no financials are available for this entity

                 

·         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.55.54

UK Pound

1

Rs.87.39

Euro

1

Rs.68.72

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.