|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
TREND SETTERS (PVT) LIMITED |
|
|
|
|
Registered Office : |
# 532/3F, Sri
Kotha Lane Colombo- 03 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
01.07.1986 |
|
|
|
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Com. Reg. No.: |
N (PVS) 2718 |
|
|
|
|
Legal Form : |
Private Limited Liability Company (in operation) |
|
|
|
|
Line of Business : |
Manufactures, Exports and Dealers in Ready Made Garments of all kinds. |
|
|
|
|
No. of Employees : |
Approximately 2500 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
|
a. |
Name of Subject of Inquiry |
: |
TREND SETTERS
(PVT) LIMITED |
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company (in operation) |
|
c. |
Managing
Director |
: |
Francis Chokatte |
|
d. |
Primary Line of Business |
: |
Manufactures, Exports and Dealers in Ready Made Garments of all kinds. |
|
f. |
Head Office & Factory |
|
# 43/3,Industrial Estate, Modarawila, Panadura, Sri Lanka. Tel.
No: (00 94 38) 429 9500 Fax No: (00 94 38) 429 9500 E-mail: sibi@excelgrouponline.com |
|
g |
No. of Employees |
: |
Approximately
2500 |
|
a. |
Registration No |
: |
N (PVS) 2718 |
|||
|
Date of Registration |
: |
1st July 1986 |
||||
|
b. |
Re-registration
No |
: |
PV 1914 |
|||
|
Date of
Re-registration |
: |
31st August 2008 |
||||
|
c. |
Registered
Office |
: |
# 532/3F, Sri Kotha Lane Colombo- 03, Sri
Lanka. |
|||
|
d. |
Board Of
Directors as at 01st August 2012 |
: |
Francis Chokatte
- Indian |
Managing
Director |
||
|
Sherly Chokatte
- Indian |
Director |
|||||
|
Joys Chokatte -
Indian |
Director |
|||||
|
Joson Chokatte –
Indian |
Director |
|||||
|
e. |
Issued Share
Capital |
: |
Rs. 571,329,880.00 |
|||
|
f. |
Nominal Value of
Share |
: |
Rs. 10.00 |
|||
|
g. |
Share Holders as at 01st August 2012 |
: |
Share Holders |
No of Shears |
||
|
Francis Chokatte |
11,567,210 |
|||||
|
Sherly Chokatte |
2,041,274 |
|||||
|
Joys Chokatte -
Indian |
8,698,501 |
|||||
|
Joson Chokatte –
Indian |
6,985,001 |
|||||
|
F S C Company
(Pvt) Ltd |
27,841,002 |
|||||
h.
|
Secretaries
|
:
|
Aruni Sanders |
|||
|
i. |
Auditors |
: |
BDO Burah Hathy |
|||
|
j. |
Bankers |
: |
Bank of Ceylon, National Development Bank |
|||
·
Directors Details
01)
|
Name |
Francis Chokatte |
|
PP Number |
Z 2018788 |
|
Nationality |
Indian |
02)
|
Name |
Sherly Chokatte |
|
PP Number |
Z 1749659 |
|
Nationality |
Indian |
03)
|
Name |
Joys Chokatte |
|
PP Number |
J 3176528 |
|
Nationality |
Indian |
04)
|
Name |
Joson Chokatte |
|
PP Number |
K 0601960 |
|
Nationality |
Indian |
- Most recent available 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.
·
History.
The Subject Company TREND SETTERS (PVT) LIMITED is
a Private Limited liability Company incorporated on 01st July 1986 under registration
number N (PVS) 2718 and then the
company was re-registered on 31st August 2008 under registration number PV 1914
·
Location.
The Subject
Company is located at client # 43/3, Industrial Estate, Modarawila, Panadura, Sri Lanka.
·
Operations
Details.
General
The subject
company primary line of business is Manufactures, Exports and Dealers in
Ready Made Garments of all kinds.
Products
All kind of
Ready-Made garments
Countries
USA, UK. Europe
Countries
Employees
Approximately 2500
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.