MIRA INFORM REPORT

 

 

Report Date :

22.12.2014

 

IDENTIFICATION DETAILS

 

Name :

VOGUE TEX (PVT) LTD

 

 

Registered Office :

# 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

27.07.1990

 

 

Com. Reg. No.:

PV 13167

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufactures and Exporters of Garments

 

 

No. of Employees :

7,000

 

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 :

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 – 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

 

Company name and address

 

a.

Name of Subject of Inquiry

:

 

VOGUE TEX (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Leslie Premal Mendis

d.

Primary Line of Business

:

Manufactures and Exporters of Garments

e.

Head Office

:

 

# 190/ B, Dutugemunu Street,

Kalubowila East,

Kohuwala,

Sri Lanka.

 

Tel No:  (00 94 11) 283 2100

Fax No:  (00 94 11) 285 6623

E-mail: mendis@voguetex.com / stephen@voguetex.com

  

f.

Factory

:

# Hegalla, Piyagama, Kosgoda.

 
 Tel No: (00 94 91) 226 4098
Fax No: (00 94 91) 226 4110

g.

Factory

:

# Bulnewa, Galanewa.


 Tel No: (00 94 25) 226 9696
Fax No: (00 94 25) 226 9695

h.

No. of Employees

:

Approximately 7,000

                       

 

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 6636

Date of Registration

:

27th July 1990

b.

Re-Registration No

:

PV 13167

Date of Re-registration

:

07th May 2009

c

 

Date of name change of “Tarakie Garments (Pvt) Ltd to Vogue Tex (Pvt) Ltd.

And using the same registration number

 

:

 

01st March, 2013

 

PV 13167

 

 

d.

Registered Office

:

# 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala.

e.

Board Of Directors

As at

31st December 2013

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

:

Leslie Premal Mendis

Chairman

A. J. Werner Schirra (German)

Director

S. Lourds Samraj 

Director

N. Ferdinandes Wijewickrama

Director

K. Kanattege Mahinda

Director

Hendric Schulte (German)

Director

f.

Total No. of Issued Shares

:

 200,000

435,000

Total Value of Shares

:

      Rs. 20,000,000

       Rs.

130,500,000

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

 

 

 

 

 

Registration and Shareholder Details

 

g.

Share Holders

 as at

31st December 2013

:

Share Holders

No. of Shears

Leslie Premal Mendis

476,250

A. J. Werner Schirra

158,750

h.

Secretaries

:

A & A Associates (Pvt) Ltd

i.

Auditors

:

Jayasinghe & Company

j.

Bankers

:

HSBC Bank

 

 

Directors Details

 

                    01)

Name

L. P. Mendis

ID Number

461622089 V

Nationality

Sri Lankan

Sex

Male

Date of Birth

10th June 1946

Age

67 Years

 

 

                      02)

Name

S.L. Samraj 

ID Number

640423285 V

Nationality

Sri Lankan

Sex

Male

Date of Birth

11th February 1964

Age

49 Years

                       

                       03)

Name

N. Ferdinandes Wijewickrama

ID Number

632790228 V

Nationality

Sri Lankan

Sex

Male

Date of Birth

05th October 1963

Age

50 Years

 

                         04)

Name

Kariyawasam Kanattege Mahinda

ID Number

610361170 V

Nationality

Sri Lankan

Sex

Male

Date of Birth

05th February 1961

Age

52 Years

 

 

                      05)

Name

A. J. W. Schirra

Nationality

German

PP Number

D 3335010272

Local Address

App B 20 -02 Royal Park , Condominium, Rajagiriya

 

 

                      06)

Name

Hendrik  Schulte

Nationality

German

PP Number

539408166

Local Address

#147/4, Weda Mawatha, Thumbowila, Piliyandala

 

 

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

                       

History.

 

 The Subject Company VOGUE TEX (PVT) LTD is a Private    Limited   Liability Company initially incorporated on 26th August 1992 under registration number N (PVS) 9680 and then the company was re-registered on 20th August 2008 under registration number PV 6747. On 28th June, 2012 the subject’s registration/name has been struck off and ceased its operation.               

 

Subsequently, the associate company of the subject company named “Tarakie Garments (Pvt) Ltd” on 1st March 2013 has changed its name to read as “VOGUE TEX (PVT) LTD” under the registration number PV 13167 (under which it has been in operation) and continue to operate under the name-“VOGUE TEX (PVT) LTD”, in terms of Section 8 of the Companies Act #7 of 2007. Now, it is the original “Tarakie Garments (PVT) LTD” that continues operations under the name -“VOGUE TEX (PVT) LTD”.

 

(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 the client # 190/ B, Dutugemunu Street, Kalubowila East, Kohuwala, a city adjoining south of Colombo City.

 

 

Operational Details

 

General

The subject company primary line of business is Manufacture and Export of Ladies Garments.

 

Products

Women's or girls' blouses, shirts and shirt-blouses, Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, trousers, bib and brace overalls, breeches and shorts

 

Exporter of

Garments

 

Export Countries

Germany, Sweden, UK and Europe

 

No of Employees

Approximately 7,000

 

 

Trade references

 

Sri Lanka Apparel Exporters Association

Board of Investment of Sri Lanka (BOI)

 

 

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.

 

 

 

Information parted by

 

NAME

Mr. Niraj

DESIGNATION

Accounts Managaer

CONTACT NO.

009411-2832100

 

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

 

Information Gathered by :

NYA

 

 

Analysis Done by :

SUB

 

 

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%)

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.