MIRA INFORM REPORT

Report Date :

07.10.2013

IDENTIFICATION DETAILS

Name :	TEXLAN CENTER (PVT) LTD
Registered Office :	# 9 / 5, Thambiah Avenue, Colombo - 7
Country :	Sri Lanka
Date of Incorporation :	09.03.2006
Com. Reg. No.:	PV 5388
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Export Socks.
No. of Employees :	Not Available

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 – March 31^st, 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

Company summary

a.	Name of Subject of Inquiry	:	TEXLAN CENTER (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Chairman	:	C. Lalith Kumara Jayasuriya Perera
d.	Primary Line of Business	:	Manufacture and Export Socks.
e.	Head office & Place of business	:	Weniwalgodella Estate, Dagonna Road, Minuwangoda, Sri Lanka. Tel. No: (00 94 11) 229 5652-4 Fax No: (00 94 11) 229 5847 Email: info@texlan.lk
g.	Number of Employees	:	Not Disclosed

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	N(PVS) 45358
b.	Date of Registration	:	9^th March 2006
c.	Registration No		PV 5388
d.	Date of Registration		16^th July 2008
e.	Registered Office	:	# 9 / 5, Thambiah Avenue, Colombo - 7
f.	Board of Directors As At 12^th October 2012	:	C. Lalith Kumara Jayasuriya Perera	Chirman
			P. Angelo Bertarelli (Italy)	Director
			J. Mootatamby Swaminathan	Director
			C. Matteo Bertarelli (Italy)	Director
			L. Franscesco Bertarelli (Italy)	Director
			M. Paolo Bertarelli (Italy)	Director
			J. Dinal Martin Peiris	Director
			M. Farook Mohamed Silmy	Director
g.	Authorised Share Capital	:	Rs. 175,000,000.00
h.	Nominal Value of Share	:	Rs. 10.00

COMPANY DETAILS

i.	Share Holders As At 12^th October 2012	:	Share Holders	No. Of Shares
			S. Theagarajah Nagendra	01
			J. Mootatamby Swaminathan	01
			P. Angelo Bertarelli (Italy)	100,000
			Viscotex AG (Switzerland)	17,399,998
j.	Auditors	:	KPMG Ford Rhodes Thornton & Co.
k.	Company Secretaries	:	Jacey & Company
l.	Bankers	:	Not Disclosed

Directors’ Details

01)

Name	C. Lalith Kumara Jayasuriya Perera
ID Number	537411953 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	28^th August 1953
Age	60 Years

02)

Name	P. Angelo Bertarelli
ID Number	Y 232010
Nationality	Italy

03)

Name	J. Mootatamby Swaminathan
ID Number	410091356 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	9^th January 1941
Age	72 Years

04)

Name	C. Matteo Bertarelli
ID Number	Y 232181
Nationality	Italy

05)

Name	L. Franscesco Bertarelli
ID Number	Y 233872
Nationality	Italy

06)

Name	M. Paolo Bertarelli
ID Number	AA 0421931
Nationality	(Italy)

07)

Name	J. Dinal Martin Peiris
ID Number	612390010 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	26^th August 1961
Age	52 Years

08)

Name	M. Farook Mohamed Silmy
ID Number	692021223 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20^th July 1969
Age	44 Years

FINANCIAL DETAILS - Most recent available Financial Information

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 TEXLAN CENTER (PVT) LTD is a Private Limited liability Company incorporated on 9^th March 2006 under registration number N (PVS) 45358 and then company was re-registered on 16^th July 2008 under registration number PV 5388 in terms of Companies Act # 7 of 2007.

LOCATION

The Subject Company is located at the client Weniwalgodella Estate, Dagonna Road, Minuwangoda, Sri Lanka.

Operational Details

General

The subject company’s primary line of business is Manufacture and Export Socks.

Products

Baby’s Socks, Children’s Socks, Ladies Socks and Men’s Socks.

Export countries

United Kingdom, USA, German

No of Employees

Not Disclosed

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

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.61.41
UK Pound	1	Rs.99.29
Euro	1	Rs.83.68

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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