MIRA INFORM REPORT

 

 

Report Date :

13.11.2013

 

IDENTIFICATION DETAILS

 

Name :

WINTER QUILTS (PVT) LTD

 

 

Registered Office :

# 111, Pallidora Road,  Dehiwala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.09.1982

 

 

Com. Reg. No.:

PV 1925

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacture & Exporter of Garments.

 

 

No. of Employees :

Approximately 1000

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

 

GENERAL - Basic information at a glance

     

 

a.

Name of Subject of Inquiry

:

 

WINTER QUILTS (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chairman

:

Wickram Mohanlal Amalean

d.

Primary Line of Business

:

Manufacture & Exporter of Garments.

e.

Place of Business

&

Factory

 

:

 

 # 111, Pallidora Road,

 Dehiwala,

Sri Lanka.

      

Tel : (00 94 11) 273 0516

Fax : (00 94 11) 271 8805 / 273 7579

 

E-mail: winlan@winterquilts.com

              vikrama@winterquilts.com

 

f.

No. of Employees

:

Approximately 1000

                       

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

 

Registration No

:

N (PVS) 39

Date of Registration

:

22nd September 1982

b.

Re-registration No

 

PV 1925

Date of Re-registration

 

14th January 2008

c.

Registered Office

:

# 137, Main Street, Colombo-11, Sri Lanka.

d.

Board of Directors

As At

12th October 2012

:

Wickram Mohanlal Amalean

Chairman

Rajen Mohanlal Amalean

Director

f.

Issued Share Capital

:

Rs.         6,000,000.00            

g.

Nominal Value of Share

:

Rs.                     10.00 (Total Number of Shares 600,000)

h.

 

Share Holders

As At

12th October 2012

:

Share Holders

No. of

Shares

Wickram Mohanlal Amalean

300,000

Rajen Mohanlal Amalean

300,000

i.

Auditors

:

S J M S Associates

j.

Company Secretaries

:

Accounting Systems Secretarial Services (Pvt) Ltd

k.

Bankers

:

Citibank, Bank of Ceylon, Commercial Bank, NDB

 

 

Directors Details

 

         01)

Name

Wickram Mohanlal Amalean

ID Number

551172384 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

26th April 1955

Age

58 Years

 

         02)

Name

Rajen Mohanlal Amalean

ID Number

641462853 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

25th  May 1964

Age

49 Years

 

 

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.

 

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.

 

 

·         Financial Data

 

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

Board of Investment

 

·         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.63.59

UK Pound

1

Rs.101.56

Euro

1

Rs.85.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.