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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
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Name : |
WINTER QUILTS (PVT) LTD
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Registered Office : |
# 137, Main Street, Colombo-11, Sri Lanka. |
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Country : |
Sri Lanka |
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Date of Incorporation : |
22.09.1982 |
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Com. Reg. No.: |
N (PVS) 39 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture &
Exporter of readymade Garment. |
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No. of Employees : |
1000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
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Name of Subject of Inquiry |
: |
WINTER QUILTS (PVT) LTD
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Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
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Chairman |
: |
Wickram Mohanlal Amalean |
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Primary Line of Business |
: |
Manufacture
& Exporter of Garments. |
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Place of Business & Factory |
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# 111, Pallidora Road, Dehiwala, Sri Lanka. Tel : (00 94 11) 273 0515 / 273 0516 Fax : (00 94 11) 271 8805 / 273 7579 E-mail: winlan@winterquilts.com |
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No. of Employees |
: |
Approximately
1000 |
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Registration No |
: |
N (PVS) 39 |
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Date of Registration |
: |
22nd September 1982 |
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Re-registration No |
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PV 1925 |
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Date of Re-registration |
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14th January 2008 |
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Registered Office |
: |
#
137, Main Street, Colombo-11, Sri Lanka. |
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Board of Directors As At 12th October 2012 |
: |
Wickram Mohanlal Amalean |
Chairman |
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Rajen Mohanlal Amalean |
Director |
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Issued Share Capital |
: |
Rs.
6,000,000.00 |
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Nominal Value of Share |
: |
Rs. 10.00 |
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Share Holders As At 12th October 2012 |
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Share Holders |
No. of Shares |
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Wickram Mohanlal Amalean |
300,000 |
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Rajen Mohanlal Amalean |
300,000 |
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Auditors |
: |
M/S Jayasinghe
& Company |
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Company Secretaries |
: |
Accounting Systems Secretarial Services (Pvt) Ltd |
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Bankers |
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Citibank, Bank of Ceylon, Commercial Bank, NDB |
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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
History.
The Subject Company
WINTER QUILTS (PVT) LTD is a Private
Limited Liability Company
incorporated on 22nd September 1982 under registration number N
(PVS) 39 and then the company was re-registered on 14th January 2008
under registration number PV 1925
The Subject Company
WINTER QUILTS (PVT) LTD is one of the four companies that make up the Winter
Quilts group of companies but each company is a separate entity.
Lankapura Apparels (Pvt) Ltd
Texwin Clothing
(Pvt) Ltd
Winter Fashion (Pvt)
Ltd
Location.
The Subject Company
is located at the client # 111, Pallidora Road, Dehiwala, Sri Lanka, approx. 8
kilo meters from Colombo south city limits
Operational Details.
General
The subject company
primary line of business is Manufacture & Exporter of readymade Garment.
The subject company
major clients are,
MONDIAL
M & S
C & A
NIKE
Import
Products
Fabric, Buttons,
Int-Lining
Import
Countries
Hong Kong, India,
China
Export Products
Shorts/Pant,
Blouse, T-Shirt, Shirts, Trousers
Export Countries
USA, Germany and UK.
No Employees
Approximately 1,000.
|
Name |
Wickram Mohanlal Amalean |
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ID Number |
551172384 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date Of Birth |
26th April 1955 |
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Age |
57 Years |
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Name |
Rajen Mohanlal Amalean |
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ID Number |
641462853 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date Of Birth |
25th May
1964 |
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Age |
48 Years |
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
Sri Lanka Apparel
Exporters Association
American Chamber of
Commerce in Sri Lanka.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.05 |
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|
1 |
Rs.83.44 |
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Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.