MIRA INFORM REPORT

 

 

Report Date :

17.04.2013

 

IDENTIFICATION DETAILS

 

Name :

TARAKIE GARMENTS (PVT) LIMITED

 

 

Registered Office :

# 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

27.07.1990

 

 

Com. Reg. No.:

PV 13167

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufactures and Exporters of Garments

 

 

No. of Employees :

Approximately 6,500

 

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 – 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

:

 

TARAKIE GARMENTS (PVT) LIMITED

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Leslie Premalal Mendis

Primary Line of Business

:

Manufactures and Exporters of Garments

Head Office

:

 

# 190/ B, Dutugemunu Street,

Kalubowila East,

Kohuwala,

Sri Lanka.

 

Tel No:  (00 94 11) 283 2100

Fax No:  (00 94 11) 285 6623

E-mail: mendis@voguetex.com / stephen@voguetex.com

  

Factory

:

# Hegalla, Piyagama, Kosgoda.

 
 Tel No: (00 94 91) 226 4098
Fax No: (00 94 91) 226 4110

Factory

:

# Bulnewa, Galanewa.


 Tel No: (00 94 25) 226 9696
Fax No: (00 94 25) 226 9695

No. of Employees

:

Approximately 6,500

 

 

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 6636

Date of Registration

:

27th July 1990

Re-Registration No

:

PV 13167

Date of Re-registration

:

07th  May 2009

Registered Office

:

# 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala.

Board Of Directors

As at

31st December 2011

:

Leslie Premalal Mendis

Chairman

A. J. Werner Schirra

Director

S. Lourds Samraj 

Director

N. Ferdinandes Wijewickrama

Director

K. Kanattege Mahinda

 

Issued Share Capital

:

Rs      6,350,000.00

Nominal Value of Share

:

Rs.                 10.00

Share Holders

 as at

31st December 2011

:

Share Holders

No. of Shears

Leslie Premalal Mendis

476,250.00

A. J. Werner Schirra

158,750.00

Secretaries

:

A & A Associates (Pvt) Ltd

Auditors

:

Jayasinghe & Company

Bankers

:

HSBC, Nations Trust Bank, City Bank

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

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

 

 

CURRENT INVESTIGATION                      

 

·         History.

                   The Subject Company TARAKIE GARMENTS (PVT) LIMITED is a Private    Limited   Liability Company incorporated on 27th July 1990 under registration number N (PVS) 6636 and then the company was re-registered on 07th June 2009 under registration number PV 13167

 

The subject company is a Board of investment (BOI) approved company.

 

·         Location.

The Subject Company is located at the client # 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala, Sri Lanka.

 

 

·         Operational Details.

 

General

                   The subject company primary line of business is Manufactures and Exporters of Ladies Garments.

 

Products

Women's or girls' blouses, shirts and shirt-blouses, Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, trousers, bib and brace overalls, breeches and shorts

 

Export Countries

Germany, Sweden, UK and Europe

 

No of Employees

                   Approximately 6500

 

·         Directors Details

 

                   01)

Name

L. P. Mendis

ID Number

461622089 V

Nationality

Sri Lankan

Sex

Male

Date of Birth

10th June 1946

Age

67 Years

 

                      02)

Name

S.L. Samraj 

ID Number

640423285 V

Nationality

Sri Lankan

Sex

Male

Date of Birth

11th February 1964

Age

49 Years

                    

                      03)

Name

N. Ferdinandes Wijewickrama

ID Number

632790228 V

Nationality

Sri Lankan

Sex

Male

Date of Birth

05th October 1963

Age

50 Years

 

                      04)

Name

Kariyawasam Kanattege Mahinda

ID Number

610361170 V

Nationality

Sri Lankan

Sex

Male

Date of Birth

05th February 1961

Age

52 Years

 

                      05)

Name

A. J. W. Schirra

Nationality

German

PP Number

CSLHZK R6X

 

·         Financial Data

                   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

                            

·         Trade references

 Esprit US Distributors Ltd. 1370, Broadway, 16th Floor, New York

 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.54.33

UK Pound

1

Rs.83.17

Euro

1

Rs.71.05

 

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.