MIRA INFORM REPORT

 

 

Report Date :

31.08.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

POLYTEX GARMENTS LTD

 

 

Registered Office :

# 108, 4th Floor, W A D Ramanayake Mawatha, Colombo – 02.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.03.1977

 

 

Com. Reg. No.:

PB 432

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers, Exporters and Distributors of Garments

 

 

No. of Employees :

Approximately 5000 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

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

 

Source : CIA

 

GENERAL

Basic information at a glance

 

Name of Subject of Inquiry

:

POLYTEX GARMENTS LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Sohrabi Edulji Captain

Primary Line of Business

:

Manufacturers, Exporters and Distributors of Garments

Head office

&

Main Factory

:

 

Minuwangoda Road,

Ekala,

Ja-Ela

 

Tel. No: (00 94 11) 223 6552 / 3

Fax No: (00 94 11) 483 8658 / 223 6965

 

E-mail: polytexadmin@esquel.com

 

No. of Employees

:

Approximately 5000

 

           

COMPANY DETAILS 

Registration and Shareholder Details

 

a.

 

Registration No

:

PVS 4675/ PBS

Date of Registration

:

29th March 1977

b.

Re-registration No

 

PB 432

Date of Re-registration

 

21st July 2008

c.

Registered Office

:

# 108, 4th Floor, W A D Ramanayake Mawatha, Colombo – 02.

d.

Board of Directors

As At

14th January 2012

:

Sohrabi Edulji Captain

Managing Director

Rusi Sohli Captain

Director

Teresa Yang Ming Yen

Director

Leesha Anne Captain

Director

Koon Lam Lee

Director

Crossbow Ltd (Incorp in Liberia)

Director

f.

Issued Share Capital

:

Rs.     318,465,410.00            

g.

Nominal Value of Share

:

Rs.                     10.00

h.

Major Share Holders

As At

14th January 2012

:

Major Share Holders

No. of

Shares

Sohrabi Edulji Captain

12,407,810

Rusi Sohli Captain

3,507,790

Leesha Anne Captain  

3,507,789

Perin

01

Diana

01

M/ S Detex Ltd       (Co Incorp in Hong Kong)

3,000

Crossbow Ltd          (Co Incorp in Liberia)

12,420,150

i.

Auditors

:

Ford Rhodes Thornton & Company

j.

Company Secretaries

:

Halugalle Associates (Pvt) Ltd

k.

Bankers

:

Bank of Ceylon, Grindlays Bank

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                                   

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

 

CURRENT INVESTIGATION                      

 

·         History.

                  The Subject Company POLYTEX GARMENTS LTD is a Private Limited Liability Company incorporated on 29th March 1977 under registration number PVS 4675/PBS and then the company was re-registered on 21st July 2008 under registration number PB 432.

 

The subject company POLYTEX GARMENTS LTD is a member company of world famous Esquel Group and Subject Company approved by BOI.

 

·         Location.

The subject company is located at client given address Minuwangoda Road, Ekala, Ja-Ela. As well as, there are three other factories of Subject Company located at Kegalle, Yakkala and Koggala.

                

·         Operational Details.

 

General

                    The subject company primary line of business is Manufacturers, Exporters and Distributors of  Garments.

 

Products

Men's or boys' shirts, Ladies, Gents and Kids Garments.

 

Export Countries

Canada, USA, Europe and Asian Countries, etc.

 

No of Employees

                    Approximately 5,000

 

Directors Details

 

            01)

Name

Sohrabi Edulji Captain

ID Number

332491296 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

05th September 1933

Age

78 Years

 

       


 02)

Name

Rusi Sohli Captain

ID Number

650933010 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

02nd April 1965

Age

47 Years

 

         03)

Name

Teresa Yang Ming Yen

PP Number

0938492

Nationality

Singaporean

 

         04)

Name

Leesha Anne Captain

ID Number

685424100 V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

11th February 1968

Age

44 Years

 

         05)

Name

Koon Lam Lee

PP Number

H 00078480

Nationality

Singaporean

 

·         Financial Data

The company has declined to provide information on its finance.

 

                  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

Sri Lanka Apparel Exporters Association

 

·         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.55.65

UK Pound

1

Rs.88.10

Euro

1

Rs.69.84

 

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.