MIRA INFORM REPORT

 

 

Report Date :

21.11.2012

 

IDENTIFICATION DETAILS

 

Name :

SOUTH ASIA TEXTILE INDUSTRIES LANKA (PVT) LTD

 

 

Registered Office :

# 70, Felix Dias Bandaranayake Mawatha, Pugoda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

13.02.2004

 

 

Com. Reg. No.:

PV 3574

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Design, manufacture and exporter of knitted fabric           

 

 

No. of Employees :

Approximately 500 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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

:

SOUTH ASIA TEXTILE INDUSTRIES LANKA (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company (in operation

Managing Director

 :

P. Sivaji Dorai

Primary Line of Business

:

Design, manufacture and exporter of knitted fabric

Place of Business & Factory

:

 

# 70, Felix Dias Bandaranayake Mawatha,

Pugoda,

Sri Lanka.

 

Tel. No: (00 94 11) 522 3200

Fax No: (00 94 11) 522 3223

 

E-mail: samantha@satextile.net

 

No. of  Employees

:

Approximately 500

           

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 36622

Date of Registration

:

13th February 2004

Re-registration No

:

PV 3574

Date of Re-registration

:

5th May 2008

Registered Office

:

# 70, Felix Dias Bandaranayake Mawatha, Pugoda

Board of Directors

As At

14th July 2011

:

P. Sivaji Dorai – Sri lankan

Managing Director

K. Uei Yang – Singaporean

Director

K. Uei Chang– Singaporean

Director

G. Scott Newsom - American

Director

S. Sitendra Senaratne – Sri Lankan

Director

E. B. Wickramanayake – Sri lankan

Director

Issued Share Capital

:

Rs.   7,431,486,100.00             

 

Nominal Value of Share

:

Rs.                     10.00                         

 

Share Holders

As At

14th July 2011

 

 

                       Share Holders

No. of Shares

 

P. Sivaji Dorai – Sri lankan

5,000,000

 

K. Uei Yang – Singaporean

5,000,000

 

South Asia Textile Industries Pte Ltd

20,000,000

 

Environmental Resources Investments PLC

6,008,795

 

Ceylon Leather Products PLC

38,306,066

 

Auditors

:

Ernest and Young

 

Company Secretaries

:

Managers and secretaries (Pvt) Ltd

 

Bankers

:

HSBC

 

 

 

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 SOUTH ASIA TEXTILE INDUSTRIES LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 13th February 2004 under registration number N (PVS) 36622 and then the company was re-registered on 05th May 2008 under registration number PV 3574.

 

·         Location.

The Subject Company is located at the client given address # 70, Felix Dias Bandaranayake Mawatha, Pugoda.

 

·         Operations Details.

 

General

The subject company primary line of business is Design, manufacture and exporter of knitted fabric

 

Products

Knitted Fabric

 

Export Countries

Singapore, Malaysia, China, India, Jordan, Vietnam & Philippine.

 

Employees

                  Approximately 500

 

 

·         Directors Details

 

01)

Name

P. Sivaji Dorai

ID Number

 623280195 V

Nationality

Sri Lankan

Gender

Male

Date of birth

23rd November 1962

Age

50 Years

 

 

02)

Name

K. Uei Yang

PP Number

57113960 C

Nationality

Sigapore

 

 

03)

Name

K. Uei Chang

PP Number

S 7340316B

Nationality

Singapore

 

04)

Name

G. Scott Newsom

PP Number

NO 461764019

Nationality

American

 

 

05)

Name

S. Sitendra Senaratne

ID Number

540922101 V

Nationality

Sri Lankan

Gender

Male

Date of birth

01st April 1954

Age

58 Years

 

 

06)

Name

E. B. Wickramanayake

PP Number

N 2416573

Nationality

Sri Lankan

 

·         Financial Data

Declined to provide its 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.54.91

UK Pound

1

Rs.87.38

Euro

1

Rs.70.24

 

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.