MIRA INFORM REPORT

 

 

Report Date :

06.09.2013

 

IDENTIFICATION DETAILS

 

Name :

TEXPRO INDUSTRIES LTD

 

 

Registered Office :

01st Floor, Lakshman’s Building, # 321, Galle Road, Colombo - 03

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

17.06.1993

 

 

Com. Reg. No.:

PB 748

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Importers, Supplier of Grey Fabrics for the Perpetration dyeing, bleaching, Chemical Processing Printing, Colouring of any said Substances.

 

 

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 :

Slow but correct

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

:

 

TEXPRO INDUSTRIES LTD

 

b.

Legal Form  & Status

:

Public Limited Liability Company (in operation) but not listed with Colombo Stock Exchange

c.

Chairman

:

D.H. Stassen Jayawardena

d.

Primary Line of Business

:

Importers, Supplier of Grey Fabrics for the Perpetration dyeing, bleaching, Chemical Processing Printing, Colouring of any said Substances.

e.

Place of Business

 

 

 

01st Floor, Lakshman’s Building,

# 321, Galle Road,

Colombo - 03,

Sri Lanka.

 

Tel. No: (00 94 11) 256 5951

Fax No: (00 94 11) 473 4248

 

Email: dinithi@texprofabrics.com

 

 

Factory

:

Avissawella Road,

Embulgama,

Ranala.

 

Tel. No: (00 94 11) 242 4808

 

f.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS 

Registration and Shareholder Details

 

a.

Registration No

:

N(PBS) 423                               

Date of Registration

 

17th June 1993

b.

Re-registration No

:

 PB 748

Date of Re-registration

 

11th December 2008

c.

Registered Office

:

01st Floor, Lakshman’s Building, # 321, Galle Road, Colombo - 03

d.

Board of Directors

As at

12th October 2012

:

D.H. Stassen Jayawardena

Chairman

J. Dinal Peiris

Managing Director/CEO

H.C. Indrajith Munasinha

Director

Cedric Royle Jansz

Director

L.U. Damien Fernando

Director

e.

Issued Share Capital

:

Rs.   585,171,910.00

f.

Nominal Value of Share

:

Rs.                    10.00                    

 

 

Registration and Shareholder Details

 

g.

 

Share Holders

As at

12th October 2012

:

Share Holders

Ordinary

 Shares

Preference

      Shares

Timpex (Pvt) Ltd

  46,836,524

 

J. Dinal Peiris

8,170,297

 

D.H. Stassen Jayawardena

01

 

Cedric Royle Jansz

01

 

G.E.S. Vivian Perera

01

 

L.U. Damien Fernando

01

 

H.C. Indrajith Munasinha

01

 

Sri Lanka Insurance Corporation Ltd

2,250,000

 

Sampath bank Ltd

 

1,260,365

h.

Auditors

:

KPMG Ford Rhodes Thornton & Co.,

i.

Company Secretaries

:

S S P Corporate Services (Pvt) Ltd

k.

Bankers

:

Hatton National Bank, Peoples bank

 

 

Directors Details

 

         01)

Name

D.H. Stassen Jayawardena

ID Number

422303944 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

17th August 1942

Age

70 Years

 

 

         02)

Name

J. Dinal Peiris

ID Number

612390010 V  

Nationality

Sri Lankan

Gender

Male

Date Of Birth

  26th August 1961  

Age

51 Years

 

 

03)

Name

H.C. Indrajith Munasinha

ID Number

541581200 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

6th June 1954

Age

58 Years

 

 

         04)

Name

Cedric Royle Jansz

ID Number

522983403 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

24th October 1952

Age

60 Years

 

05)

Name

L.U. Damien Fernando

ID Number

622170230 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

4th August 1962

Age

50 Years

 

FINANCIAL DETAILS

Most recent available Financial Information

 

                                  Income Statement for the Year Ended 31st March 2012

 

 

2012

Rs.

2011

Rs.

A

Revenue

:

1,013,339,087

966,412,581

B

 Cost of Sales

:

(967,769,959)

(926,059,329)

C

 Gross Profit

:

45,569,128

40,353,252

D

Other Income

:

3,733,909

15,701,201

E

Administration Cost

:

(45,660,666)

(41,261,903)

F

Distribution Cost

:

(4,210,670)

(6,127,610)

G

Profit from Operations

 

(568,299)

8,664,940

G

Finance Expenses

:

(101,636,503)

(37,144,957)

H

Net Profit / (Loss) before Tax

:

(102,204,802)

(28,480,017)

I

Income Tax

:

(272,504)

(309,851)

J

Net Profit / (Loss) After Tax:

:

(102,477,306)

(28,789,868)

 

 

 

 

 

 

                                                  Balance Sheet As at 31st March 2012

 

 

2012

Rs.

 

2011

Rs.

a)

Non-current Assets

:

567,349,230

608,774,273

b)

Current Assets

:

406,554,098

522,434,060

c)

Current Liability

:

464,182,891

536,755,868

d)

Non-current liability

:

166,337,232

148,591,954

e)

Total Liabilities

:

630,520,123

685,347,822

f)

Total Assets

:

973,903,328

1,131,208,333

g)

 

Net Worth

 

:

343,383,205

445,860,511

 

           

CURRENT INVESTIGATION

 

                                              business_texpro

                                                 Company Logo

 

·         History

 

                  The Subject Company TEXPRO INDUSTRIES LTD is a Public Limited liability Company incorporated on 17th June 1993 under registration number N (PBS) 423 and then the company was re-registered on 11th December 2008 under registration number PB 748.

 

The subject company TEXPRO INDUSTRIES LTD is a member of the DCSL Group. The        subject company is a BOI approved Company.

 

·         Location.

 

The subject company is located at client 01st Floor, Lakshman’s Building, # 321, Galle Road, Colombo – 03.

 

·         Operational Details.

 

General

 

            The subject company primary line of business is Importers and Supplier of Grey Fabrics for the Perpetration dyeing, bleaching, Chemical Processing Printing, Colouring of any said Substances.

                 The subject company supplier of the woven fabric to Sri Lankan Army, Air force, Civil              

                 Defence Force, Police and the Department of Education

 

                  Texpro has won several awards as well as certifications such as “Global Organic Textile  

                  Standard"(GOTS) and EU 100 certifications and has been granted with supplier status for

                  Several prestigious brands. In 2008 the Company obtained Oeko-Tex Standard 100

 

     Products

Woven fabric and other garment accessories

 

Country

India, China

 

Employees

                  Not Disclosed

 

 

·         Financial Data

The financial information has been obtained from Subject Company’s Annual Report .for 2011/2012

 

 

·         Trade references

Not Available

 

 

·         Credit Recommendations

.

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.66.04

UK Pound

1

Rs.103.10

Euro

1

Rs.86.99

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.