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Report Date : |
22.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTEXMODE (PVT) LIMITED |
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|
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Registered Office : |
# 8/1 B, Gregory’s Road, Colombo 07 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
09.09.2010 |
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Com. Reg. No.: |
PV 74242 |
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Legal Form : |
Private Limited Liability Company (In operation) |
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Line of Business : |
Manufacturers & Exporters of Garments |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
Source
: CIA
|
a. |
Name of Subject of Inquiry |
: |
INTEXMODE (PVT) LIMITED
|
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company (In operation) |
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c. |
Managing
Director |
: |
Leslie Premal Mendis |
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d. |
Primary Line of
Business |
: |
Manufacturers
& Exporters of Garments |
|
e. |
Head Office |
: |
#
190 B, Dutugemunu Street, Kalubowila, Kohuwala, Sri Lanka. Tel. No: (00 94 11) 282 8580 / 283 2100 Fax No: (00 94 11) 285 6623 E Mail: info@voguetex.com |
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f. |
No. of Employees |
: |
Not
Disclosed |
|
Registration No |
: |
PV 74242 |
|||
|
Date of Registration |
: |
09th September
2010 |
|||
|
b. |
Registered Office |
: |
# 8/1 B,
Gregory’s Road, Colombo 07 |
||
|
c. |
Board of Directors As At 05th April 2011 |
: |
L. Premal Mendis
|
Managing
Director |
|
|
A. J. Werner
Schirra |
Director |
||||
|
S. Lords Samraj |
Director |
||||
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d. |
Auditors |
: |
Jayasinghe and Company |
||
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e. |
Company Secretaries |
: |
A & A Associates (Pvt) Ltd |
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f. |
Bankers |
: |
Peoples Bank |
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g |
Issued Share Capital |
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Rs.
115,000,200.00 |
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h. |
Nominal Value of Share |
: |
Rs.
10.00 |
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i. |
Share Holders As At 05th April 2011 |
: |
Share Holders |
No. Of Shares |
|
|
L. Premal
Mendis |
8,625,010 |
||||
|
A. Joseph Werner
Schirra |
2,875,010 |
||||
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 INTEXMODE (PVT) LTD is a Private
Limited liability
Company incorporated on 09th September 2010 under
registration number PV 74242
The subject company INTEXMODE (PVT) LTD is a subsidiary company of VOGUE
TEX
(PVT) LTD
·
Location.
The Subject Company is
located at the client # 190 B,
Dutugemunu Street,
Kalubowila, Kohuwala, Sri
Lanka
·
Operational
Details.
General
The subject company primary
line of business is Manufacturers and exporters
of Garments
Products
Trousers, Bib and
Brace Overalls, Breeches and Shorts, Jackets and Blazers, Ladies Dress Mens /
Boys Shirt of other Textile Mate.
Export Countries
USA, Germany,
Middle East, and European Union
No of Employees
Not Disclosed
·
Directors’ Details
01)
|
Name |
L. Premal Mendis |
|
ID Number |
461622089 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
10th June 1946 |
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Age |
67 Years |
02)
|
Name |
A. J. Werner Schirra |
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PP Number |
CSLH2KR6X |
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Nationality |
Deutsch |
03)
|
Name |
S. Lords Samraj |
|
ID Number |
640423285 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
11th February 1964 |
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Age |
49 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 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.53.87 |
|
|
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.71.77 |
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 |
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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 |
|
<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.