MIRA INFORM REPORT

 

 

Report Date :

12.05.2012

 

IDENTIFICATION DETAILS

 

Name :

Z. M. VERTIKO (PVT) LTD

 

 

Registered Office :

Angampitiya, Padukka

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

18.08.2003

 

 

Com. Reg. No.:

N (PVS)  35112

 

 

Legal Form :

Private Limited Liability Company (In operation)

 

 

Line of Business :

Manufacture and export of garments

 

 

No. of Employees :

Approximately 600

 

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 :

No Complaints

Litigation :

Clear

 

NOTE:

In the absence of financial details we cannot recommend credit limit.


 

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

 Z. M. VERTIKO (PVT) LTD

Legal Form  & Status         

 

Private Limited Liability Company (In operation)

Managing Director

Sanath Priyantha Wanniarachchi

Primary Line of Business   

Manufacture and export of garments

Place  of  Business

 

Angampitiya,

Padukka,

Sri Lanka.

 

Tel:    (00 94 11)  285 9711 -  4

Fax:    (00 94 11)  285 9715

 

E-mail: info@zmvertiko.com

No of Employees

 Approximately 600

           

 

                       

            


 

 COMPANY DETAILS

- Registration and Shareholder Details

 

Registration No

:

N (PVS)  35112

Date of Registration

:

18th August 2003

Re- Registration No

:

PV 18152

Date of Re-Registration

:

22nd ,March 2010

Registered Office

:

Angampitiya, Padukka, Sri Lanka.

Board of Directors

As at

30th November 2010

:

Sanath Priyantha Wanniarachchi

Managing Director

Zareen Mohsin

Director

Mohsin Ayub Mirza

Director

Issued  Share Capital

:

LKR.   100,000,000.00          

Nominal Value of Share

:

LKR.                   10.00

Shareholders

As at

30th November 2010

:

 Share Holders

No. of Shares

Mohsin Ayub Mirza

5,000,000

Zareen Mohsin

3,000,000

Wijedasa Konara

2,000,000

Auditors

:

Jayasinghe & Company

Secretaries

:

Ganlaths Secretarial Services (Pvt) Ltd.

 

 

FINANCIAL DETAILS

 - Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

 

CURRENT INVESTIGATION

 

Company Logo

 

·         History.

 

                  The Subject Company, Z M Vertiko (PVT) Ltd is a Private Limited Liability Company incorporated on 18th August 2003 under registration number N (PVS) 35112  and then the company was re-registered on 22nd March 2010 under registration number PV 18152

 

                  The subject company was earlier known as Z. M. VETICO (PVT) LTD and it was changed to Z. M. VERTIKO (PVT) LTD on 24th September 2003.

 

·           Location.

 

The Subject Company is located at the client given address Angampitiya, Padukka, Sri Lanka.

 

·         Operational Details.

 

General

 

                  The primary line of business of Subject Company is Manufacture and export of garments.

 

                  Z. M. VERTIKO (PVT) LTD is a Board of Investment project (Agreement No. 2774/25/09/2003 dated 25th September, 2003), and had commenced its operations on the 15th of November 2003. This is an associate Company of Joe’s Fashion Group of Companies, Karachi Pakistan.

 

Products

                  Pants, trousers, shorts…etc

                 

 

Export Countries

Europe, USA, UK, India, Pakistan, Far East and Middle East

 

No of Employees

         Approximately 6000

 

 

·         Financial Data

 

The company has declined to provide information on its finances

 

                 In Sri Lanka, Private Limited Liability Companies do not publish their

         Accounts for Public use, other than the shareholders.

 

·         Trade references

 

                  The subject company did not provide any trade references

 

·         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.53.64

UK Pound

1

Rs.86.42

Euro

1

Rs.69.28

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.