MIRA INFORM REPORT

 

 

Report Date :

21.02.2013

 

IDENTIFICATION DETAILS

 

Name :

EAM MALIBAN TEXTILES (PVT) LIMITED

 

 

Registered Office :

# 261, Sri Dhamma Mawatha, Colombo 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.12.1994

 

 

Com. Reg. No.:

N (PVS) 14145

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture & Export of Ready made Garments

 

 

No. of Employees :

Approximately 8000 (Group)

 

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

 

a.

Name of Subject of Inquiry

:

EAM MALIBAN TEXTILES (PVT) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman

:

Eliyas Abdul Kareem

d.

Primary Line of Business

:

Manufacture & Export of Ready made Garments

e.

 

Head office, Place of Business &  Colombo Factory #01

 

:

 

 

 

 

 

 

 

 

 

 

# 261, Sri Dhamma Mawatha,

Colombo 10.

Sri Lanka

 

Tel. No: (00 94 11) 268 6391 / 266 8000 – 4

Fax No: (00 94 11) 269 9513

 

E mail: general@maliban.com

 

f.

No of Employees

:

Approximately 8000 (Group)

 

 

COMPANY DETAILS   

Registration and Shareholder Details

 

a.

Registration No

 

:

 

N (PVS) 14145

Date of Registration

:

 

26th December 1994

b.

Re- Registration No

:

 

PV 5213

Date of Re-Registration

 

 

09th July, 2008

c.

Registered Office

:

# 261, Sri Dhamma Mawatha, Colombo 10

d.

Board of Directors

As At

14th Octomber 2012

:

 Eliyas Abdul Kareem

Chairman

 Mohamed Azeem Ismail

Managing Director

Mohamed Imran Eliyas

Director

Abdul Kareem Eliyas

Director

f.

Issued Share Capital

:

Rs.         94,383,300.00

g.

Nominal Value of Share

:

Rs.                       10.00

h.

 

Share Holders

As At

14th Octomber 2012

:

Share Holders

No. of

Shares

Abdul Rahuman

707,875

Eliyas Abdul Kareem

4,860,740

Mohamed Azeem Ismail

2,453,966

Mohamed Imran Eliyas

1,415,748

Z. Abdul Rahuman

               01

i.

Auditors

:

BDO Partners

j.

Company Secretaries

:

BDO Secretaries (pvt) Ltd

k.

Bankers

:

Not Disclosed

 

 

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, EAM MALIBAN TEXTILES (PVT) LIMITED was incorporated as  a private     

                   limited liability company on 26th December 1994 under registration number N (PVS)                         

                   14145 and re-registered on 09th July, 2008 under registration number PV 5213 in

                  Terms of Companies Act No.7 of 2007.  

    

EAM MALIBAN TEXTILES (PVT) LIMITED which is coming under the “EAM MALIBAN GROUP” is now a conglomerate with 12 factories and one washing plant scattered in various parts of Sri Lanka and a off- shore factory in JORDAN with a combined production of over 500,000 pieces per month.

The subject company client given name Eam Maliban Textile Jordan (Pvt) Ltd is Eam Maliban Group off shore company name.

·         Location.

 

The Subject Company and  Head Office  are located at the client # 261, Sri Dhamma Mawatha, Colombo 10, and the other two Colombo factories are also located in close proximity to the Head Office, which a residential cum business area. 

 

1.       Colombo Factory #2-  No. 211, Temple Road, Colombo 10

2.       Colombo Factory #3-  No. 184, Maligakanda, Colombo 10

 

 

There are 7 other factories located in various towns scattered in several Districts in Sri Lanka such as, Deraniyagala, Pelmadulla, Opanayake, Matale, Ginigathena, Dehiattakandiya and Mahiyanganaya.

 

The Wet Processing Plant` is located at Mabole, Wattala, a town situated on the Colombo- Airport Road, approx. 15 kilo meters from their head office.

 

                  Wet Processing Plant: No.809/4, Bangalawatte, Mabole, Wattala.

 

·         Operations Details.

 

General

                  The subject company’s primary line of business is Manufacture & Export of Ready made                            

                  Women Garments and complete garment wet processing solutions.

 

Products

Blouses, Shirts, Trousers / Pants, Skirts, Shorts

 

                 Brands

                      

 

             Export Country

                Europe Countries

 

 

             No of Employees

               Approximately 8000 (Group)

 

Directors’ Details

01)

Name

Eliyas Abdul Kareem

ID Number

492672297 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd  September 1949

Age

64 Years

 

 

02)

Name

Mohamed Azeem Ismail

ID Number

672441595 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

31st August 1967

Age

46 Years

 

 

03)

Name

Mohamed Imran Eliyas

ID Number

750071031 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

 07th January 1975

Age

38 Years

 

04)

Name

Abdul Kareem Eliyas

ID Number

812040774 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

22nd July 1981

Age

32 Years

 

 

·         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 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.54.05

UK Pound

1

Rs.83.44

Euro

1

Rs.72.53

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.