MIRA INFORM REPORT

 

 

Report Date :

08.09.2012

 

IDENTIFICATION DETAILS

 

Name :

G C LANKA CLOTHING (PVT) LTD

 

 

Registered Office :

# 06, Aramaya Road, Demetagoda, Colombo 09

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.11.2000

 

 

Com. Reg. No.:

PV 13051

 

 

Legal Form :

Private Limited Liability Company (BOI)

 

 

Line of Business :

Manufacture and Exporter of garments

 

 

No. of Employees :

1000 approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

:

G C LANKA CLOTHING (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company (BOI)

 

Chairman

 

 :

Channa Prabodha Palansuriya

Primary Line of Business

:

Manufacture and Exporter of garments.

Place of Business

:

 

# 06, Aramaya Road,

Demetagoda,

Colombo 09,

S

 

Tel. No: (00 94 11) 461 8861

Fax No: (00 94 11) 461 5959

 

E Mail: gclc@gclanka.com 

              berty@gclanka.com 

              nalin@gclanka.com

 

Web: www.gclanka.com

Factory

:

 

Lot A4,

Seethawaka Industrial Park,

Avissawella.

 

Tel. No: (00 94 36) 427 8100

Fax No: (00 94 36) 427 8178

 

E-mail: rienzie@gclanka.com

 

No. of  Employees

 

Approximately 1000

           

 

 

 

        

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N(PVS) 27378

Date of Registration

:

20th November 2000

Re-registration No

 

PV 13051

Date of Re-registration

 

28th April 2009

Registered Office

:

# 06, Aramaya Road, Demetagoda, Colombo 09, Sri Lanka.

 

  Board of Directors

          As at

    31st March 2010

 

:

Channa Prabodha Palansuriya

Chairman

Sunethra Priyadarshani Kondagama

Directors

Issued Share Capital

:

Rs.          128,469,080.00

 

Nominal Value of Share

:

Rs.                          10.00

 

 

     Share Holders

           As at

    31st March 2010

 

 

                       Share Holders

No. of Shares

 

Sunethra Priyadarshani Kondagama

6,089,358

 

Channa Prabodha Palansuriya

6,089,358

 

Pan Investment (Pvt) Ltd

668,192

 

Auditors

:

Price water house Coopers

 

Company Secretaries

:

S. N. Menik Gunawardana

 

Bankers

:

HSBC, Sampath

 

 

FINANCIAL DETAILS

                                                                                                          (Amt. In Millions Dollar )

Particulars

 

 

31.03.2012

Sales Turnover

 

18.000

                                                                                           

Expected Sales (2012-13):- 17 Millions Dollar

 

Information Parted By:

 

Name               : Mr. Nelin

Designation     : Finance Manager

Date                 : 05.09.2012

 

CURRENT INVESTIGATION

                                               

                                                           

                                                            Company Logo

 

·         History.

                  The Subject Company G C Lanka Clothing (Pvt) Ltd is a Private    Limited   liability Company incorporated on 23rd November 2002 under registration number N (PVS) 27378 and then the company was re-registered on 28th April 2009 under registration number PV 13051.

                  

                 Subject Company chairman Mr. Channa Prabodha Palansuriya is a also appointed to the                      

                 Deputy Chairman of Sampath Bank Plc and Mr. Palansuriya is the Chairman /                              

                 Managing Director of Orit Group (Orit Apparels Lanka (Pvt) / Orit Trading Lanka (Pvt) 

                 Ltd, which is a leading garment manufacturing and exporting company. Mr. Palansuriya has won 

                 Many prestigious awards, the most recent being the Sri Lankan Entrepreneur for the year  

                 2002 - Silver Award and the Silver Award of the National Chamber of Exporters of Sri

                 Lanka for the Garment extra large Category for the year 2004.Mr. Palansuriya has been a Board 

                 Member of Board of Investment of Sri Lanka (BOI) since 2005– May 2010, Executive Member  

                 Of Joint Apparel Association Forum (JAAF), Board Member of Sri Lanka Institute of Textile  

                 & Apparel (SLITA), Executive Member of the Sri Lanka Apparel Sourcing Association   

                 (SLASA), Member of the Apparel Exporters Association 200 Gfp Further, he held the position 

                 Of Chairman of the Apparels Exporters Association 200 Gfp (AEA 200gfp) during 2006-        

                  2008.

 

·         Location.

The Subject Company is located at client given address # 06, Aramaya Road, Demetagoda, and Colombo 09.

 

The subject company have three factories are located at Dematagoda, Ratmalana, and Seethawaka

 

·         Operations Details.

 

General

 The subject company primary line of business is Manufacture of all type of garments for direct exports. The subject company has earned certified by Wall mart, Jones N/Y, COSCO

 

Products

                    Garments (Jackets, Pants, Shorts, Skirts), Fabric & Accessories

 

Countries

Pakistan, China, Hong Kong

 

Export Products

Garments

 

Export Countries

USA

 

Imports products

Raw materials

 

Import Countries

China, Pakistan

 

No of Employees

                   Approximately 1000

 

      Trading Terms

     Terms of Purchase              L/C, Cash, Credit

     Terms of Sale                     L/C, Cash, Credit

 

 

·         Directors Information

 

             01)

Name

Channa Prabodha Palansuriya

Gender

Male

Nationality

Sri Lankan

National ID No.

631950302 V

Date of Birth

13th July 1963

Age

49 Years

 

 

             02)

Name

Sunethra Priyadarshani Kondagama

Gender

Female

Nationality

Sri Lankan

National ID No.

625210739 V

Date of Birth

21st January 1962

Age

50 Years

 

                

              Trade references

·         Jones Apparel Group, USA

Liberty Mills Limited

 

 

·         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.55.52

UK Pound

1

Rs.88.49

Euro

1

Rs.70.20

 

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.