MIRA INFORM REPORT

 

 

Report Date :

30.01.2013

 

IDENTIFICATION DETAILS

 

Name :

CLIFTEX INDUSTRIES (PVT) LTD

 

 

Registered Office :

# 18, Weliamuna Road, Hekitta, Wattala.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.03.1963

 

 

Com. Reg. No.:

PVS 2073

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacture, Distribution & Export of Textiles and Importers of Yarn and fabrics

 

 

No. of Employees :

Approximately 750

 

 

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

(31.03.2011)

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

:

CLIFTEX INDUSTRIES (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman

:

M. Mukthar Haji Anver

d.

Primary Line of Business

:

Manufacture, Distribution & Export of Textiles and Importers of Yarn and fabrics

e.

Head Office,

Place of Business & Factory

:

 

# 18, Weliamuna Road,

Hekitta,

Wattala,

Sri Lanka.

 

Tel. No: (00 94 11) 293 2295/ 293 2256/ 293 0223

Fax No: (00 94 11) 293 1502

 

E Mail: cliftex@eureka.lk

              

 

g.

Employees

:

Approximately 750



COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

PVS 2073

Date of Registration

:

20th March 1963

b.

Re-registration No

:

PV 291

Date of Re-Registration

 

:

 

02nd August 2007

c.

Registered Office

:

# 18, Weliamuna Road, Hekitta, Wattala.

d.

Board of Directors

As at

30th  September 2012

:

Mohamed Mukthar Haji Anver

Chairman

Feroze Haji Anver

Managing Director

Shahid Mukthar

 

Director

Huda Mohamed Abobakr

 

Director

Hamida Mukthar

Director

e.

Issued Share Capital

:

Rs.      70,000,000.00  

f.

Nominal Value of Share

:

Rs.                    10.00

 

 

 

g.

 

Share Holders

As At

          30th  September 2012

:

 Share Holders

No. of Shares

Mohamed Mukthar Haji Anver

3,498,800

Feroze Haji Anver

3,498,800

Shahid Mukthar

       1,200

Huda Mohamed Abobakr

       1,200

h

Auditors

:

Saleem And Company

i.

Company Secretaries

:

Ariyawathie Nepatarachchi

j.

Bankers

:

 

People’s Bank

Bank of Ceylon

Standard Chartered Bank

Hatton National Bank PLC

Indian Overseas Bank

Habib Bank

Muslim Commercial Bank

Middle-East Bank

 

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                      

 

·         History.

                                                              Company Logo

                                                                                           

 

The Subject Company, CLIFTEX INDUSTRIES LTD, is a private limited liability company incorporated in 20th March 1963 under registration number PVS 2073 and then the was re-registered under registration number PV 291 dated 02 August, 2007.

 

The subject company is having an associate company named “JANATHA GARMENTS MANUFACTURES LTD”.

 

·         Location.

 

The Subject Company’s Head Office and the Factory are located at client # 18, Weliamuna Road, Hekitta, Wattala, approx. a town 15 kilo meters north of Colombo city, along the sea cost road.

 

 

·         Operational Details.

 

General

The subject company primary line of business is Manufacturers and Distributors of Woven Textiles and ready-made garments and importers of Yarn

 

They also operate a washing plant at # 18, Weliamuna Road, Hekitta, Wattala, Sri Lanka.  

 

 

Products

Shirts, Pants, Trousers, Blouses, Skirts, Woven garments

 

Export Country

U.S.A., U.K., Australia, South Africa and Middle-East, Europe

 

Import Country- Yarn& Fabric

China, Pakistan, India, Malaysia, U.A.E, Taiwan,

 

Employees

                  Approximately 750

 

·         Directors’ details

 

Name

Mohamed Mukthar Haji Anver

ID Number

663420615 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

7th December 1966

Age

47 Years

 

 

02)

Name

Feroze Haji Anver

ID Number

770332788 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd February 1977

Age

37 Years

 

 

03)

Name

Shahid  Mukthar

ID Number

900674368 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

7th March 1990

Age

24 Years

 

 

04)

Name

Hamida Mukthar (Mrs)

PP Number

H 8570474

Nationality

Indian

 

 

05)

Name

Huda Mohamed Abobakr (Mrs)

PP Number

04196169

Nationality

Yemeni

 

 

·         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

 

Member of the National Chamber of Exporters of 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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.70

UK Pound

1

Rs.84.35

Euro

1

Rs.72.21

 

 

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%)

 

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.