MIRA INFORM REPORT

 

 

Report Date :

23.04.2013

 

IDENTIFICATION DETAILS

 

Name :

Z. M. VERTIKO (PVT) LTD

 

 

Formerly Known as:

Z. M. VETICO (PVT) LTD

 

 

Registered Office :

Angampitiya, Padukka

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

18.08.2003

 

 

Com. Reg. No.:

PV 18152

 

 

Legal Form :

Private Limited Liability Company

 

 

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 :

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 following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. 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 with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.

 

Source : CIA

 

 

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

:

Rs.   100,000,000.00          

Nominal Value of Share

:

Rs.                   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                                                                                                                                                          

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

 

 

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

 

·         Director’s Details

01)    

Name

Sanath Priyantha Wanniarachchi

PP Number

N 1401105

Nationality

Sri Lankan

 

 

02)

Name

Zareen Mohsin

PP Number

A083862

Nationality

Pakistani

 

 

03)

Name

Mohsin Ayub Mirza

PP Number

LA 093341

Nationality

Pakistani

 

·         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

                   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.54.17

UK Pound

1

Rs.82.45

Euro

1

Rs.70.70

 

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.