MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TREND SETTERS (PVT) LTD 

 

 

Registered Office :

# 532/3F, Sri Kotha Lane Colombo- 03

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.07.1986

 

 

Com. Reg. No.:

PV 1914

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Dealers in Ready Made Garments of all kinds.

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

 

 

No of Employees :

2500 (Approximately)

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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

     

Name of Subject of Inquiry

:

TREND SETTERS (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company (in operation)

Managing Director

:

Francis Chokatte - Indian

Primary Line of Business

:

Manufactures, Exports and Dealers in Ready Made Garments of all kinds.

Head Office

&

Factory

 

 

# 43/3,Industrial Estate,

Modarawila,

Panadura,

Sri Lanka.

 

Tel. No: (00 94 38) 429 9500

Fax No: (00 94 38) 429 9500

 

E-mail: sibi@excelgrouponline.com

 

 

No. of Employees

:

Approximately 2500

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 2718

Date of Registration

:

1st July 1986

Re-registration No

:

PV 1914

Date of Re-registration

:

31st August 2008

Registered Office

:

# 532/3F, Sri Kotha Lane Colombo- 03, Sri Lanka.

Board Of Directors

as at

01st August 2012

( Updated details of other directors not available due to relevant file not found at the ROC)

:

Francis Chokatte - Indian

Managing Director

Sherly Chokatte - Indian

Director

Joys Chokatte - Indian

Director

Joson Chokatte – Indian

Director

Issued Share Capital

:

Rs.          571,329,880.00

Nominal Value of Share

:

Rs.                          10.00

Share Holders

as at

01st August 2012

:

Share Holders

No of Shears

Francis Chokatte

11,567,210

Sherly Chokatte

2,041,274

Joys Chokatte - Indian

8,698,501

Joson Chokatte – Indian

6,985,001

F S C Company (Pvt) Ltd

27,841,002

Secretaries

:

Aruni Sanders

Auditors

:

BDO Burah Hathy

Bankers

:

Bank of Ceylon, National Development Bank


Director’s Details

 

Not Available as the relevant file of the subject is not found at the Office of the Registrar of Companies. Still searching for the file

                               


CURRENT INVESTIGATION

 

·         History.

The Subject Company TREND SETTERS (PVT) LTD is a Private    Limited   liability Company incorporated on 01st July 1986 under registration number N (PVS) 2718 and then the company was re-registered on 31st August 2008 under registration number PV 1914.

 

(Note: At present a re-organization process in the office of the Registrar of Companies with regard to the data base in underway and company files are removed daily in batches for that purpose. As such the relevant file of this subject too has been removed and it is not available for reference. Authorities do not inform us when the file will be made available to us for scrutiny but daily we keep on checking until it is found.)

 

·         Location.

 

The Subject Company is located at client # 43/3, Industrial Estate, Modarawila, Panadura, Sri Lanka.

 

·         Operations Details.

 

General

The subject company primary line of business is Manufactures, Exports and Dealers in Ready Made Garments of all kinds.

 

Products

All kind of Ready-Made garments

 

Countries

USA, UK. Europe Countries

 

Employees

                 Approximately 2500

 

 

ANALYSIS & RATING

Appraisal and Rating of Subject Company

 

Rating:

a) Market Situation

Very Competitive

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

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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