MIRA INFORM REPORT

 

 

Report Date :

21.04.2014

 

IDENTIFICATION DETAILS

 

Name :

PEARL TEX (PVT) LTD

 

 

Registered Office :

# 145, Keyzer Street, Colombo – 11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

21.10.1992

 

 

Com. Reg. No.:

PV 7211

 

 

Legal Form :

Private Limited Liability Company (in operation)

 

 

Line of Business :

Importers and Distributors of textiles.

 

 

No. of Employees :

Approximately 50

 

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, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

 

Source : CIA

 

 

 

 

GENERAL

 

Basic information at a glance

       

a.

Name of Subject of Inquiry

:

PEARL TEX (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (in operation)

c.

Managing Director

 :

Muthiah Pillai Ganeshan

d.

Primary Line of Business

:

Importers and Distributors of textiles.

e.

Place of Business & Factory

:

 

# 145, Keyzer Street,

Colombo 11.

Sri Lanka.

 

Tel. No: (00 94 11) 244 6836

Fax No: (00 94 11) 243 0295

 

E-Mail : pearltex@vnet.lk

                jubilee@yahoo.com

 

f.

No. of  Employees

:

Approximately 50

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 9970

Date of Registration

:

21st October 1992

b.

Re-registration No

:

PV 7211

Date of Re-registration

:

5th September 2008

c.

Registered Office

:

# 145, Keyzer Street, Colombo – 11. Sri Lanka

d.

Board of Directors

As At

01st September 2012

:

Muthiah Pillai Ganeshan

Managing Director

Aravindh Ganeshan

Director

Komathy Ganeshan

Director

Ganeshan Ravindrakumar

Director

Ganeshan Sriharan

Director

e.

Issued Share Capital

:

Rs.  10,000,000.00          (Total No. of shares: 1,000,000)   

f.

Nominal Value of Share

:

Not stated vide Companies Act #7 of 2007    

 

 

Registration and Shareholder Details Cont…

 

g.

Share Holders

As At

01st September 2012

 

 

                       Share Holders

No. of Shares

Muthiah Pillai Ganeshan

 40,000

Ganeshan Aravindh

250,000

Komathy Ganeshan

220,000

G. Ravindrakumar

250,000

G. Sriharan

240,000

h.

Auditors

:

Lawremuthu Krishana and Company

i.

Company Secretaries

:

I M S Corporate services (Pvt) Ltd

j.

Bankers

:

Hatton National bank PLC

 

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 PEARL TEX (PVT) LTD is a Private    Limited   liability Company incorporated on 21st October 1992 under registration number N (PVS) 9970 and  the company has been re-registered on 5th September 2008 under registration number PV 7211, in terms of Companies Act #7 of 2007.

 

Location.

 

The Subject Company is located at the client # 145, Keyzer Street, Colombo – 11, one of the main business areas in the city.

 

Operations Details.

 

General

 The subject company primary line of business is Importers and Distributors of textiles

 

Products

All kinds of textile and garments

 

Import Countries

India, China, Taiwan, Indonesia, Vietnam, Malaysia

 

No of Employees

Approximately 50

 

Information of Directors

01)

Name

Muthiah Pillai Ganeshan

Gender

Male

Nationality

Sri Lankan

National ID No.

391231486 V

Date of Birth

2nd May 1939

Age

75 Years

 

02)

Name

Ganeshan Aravindh

Gender

Male

Nationality

Sri Lankan

National ID No.

750941494 V

Date of Birth

3rd April 1975

Age

39 Years

 

03)

Name

Komathy Ganeshan

Gender

Female

Nationality

Sri Lankan

National ID No.

548380740V

Date of Birth

3rd December 1954

Age

60 Years

 

04)

Name

G. Ravindrakumar

Gender

Male

Nationality

Sri Lankan

National ID No.

762290154 V

Date of Birth

16th August 1976

Age

37 Years

 

05)

Na  me

G. Sriharan

Gender

Male

Nationality

Sri Lankan

National ID No.

791920060 V

Date of Birth

10th July 1979

Age

34 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

 

General Comments

When we contacted the Subject Company provided operational information but declined financials without knowing details of the end-user.

 

Trade references

The subject company did not provide any trade reference referrals

 

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.

 

ANALYSIS - Appraisal of Subject Company

 

a) Business Scale         

NA

b) Business Trend

NA

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Very Competitive

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.38

UK Pound

1

Rs.101.63

Euro

1

Rs.83.57

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NNA

 

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.