MIRA INFORM REPORT

 

 

Report Date :

14.06.2014

 

IDENTIFICATION DETAILS

 

Name :

PRYM  INTIMATES  LANKA (PVT) LTD

 

 

Registered Office :

# 10th Floor, Aitken Spence Tower II, # 315, Vauxhall Street, Colombo-02.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.08.2001

 

 

Com. Reg. No.:

PV 9076

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturers and Exporters of Garment Accessories

 

 

No. of Employees :

Approx. 20,000 (Group)

 

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

:

PRYM  INTIMATES  LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Mahesh Dayalal Amalean

d.

Primary Line of Business

:

Manufacturers and Exporters of Garment Accessories

e.

Corporate Head Office

:

 

# 10th Floor, Aitken Spence Tower II,

# 315, Vauxhall Street,

Colombo-02,

Sri Lanka.         

 

Tel. No: (00 94 11) 479 6444

Fax No: (00 94 11) 479 6481 / 230 0494

 

E-mail: prymintimates@masholdings.com

              sales@Prym-Intimates.com.lk

 

f.

Factory

:

 

# Biyagama EPZ, Lot 16-17,

Walgama,

Malwana.

 

Tel. No: (00 94 11) 476 1400/ 1431

Fax No: (00 94 11) 476 1404

 

g.

No. of Employees

:

Approx. 20,000 (Group)

                       

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 29058

Date of Registration

:

20th August 2001

b.

Re-registration No

:

PV 9076

Date of Re-registration

:

06th November 2008

c.

Registered Office

:

# 10th Floor, Aitken Spence Tower II, # 315, Vauxhall Street, Colombo-02.

d.

Board of Directors

As At

25th November 2013

 

Mahesh Dayalal Amalean             

Chairman

T. A. Brent Speldewinde    

Director

Rohitha Wijegoonewardena

Director

Sharad Dayalal Amalean             

Director

B. Klavs Hilgert  (German)      

Director

Jens Roland Waldau (German)

Director

f.

Issued Share Capital

:

Rs.  309,484,620.00      

Number of Shares

:

30,948,462

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007            

h

SVAT No

:

SVAT000171

i.

 

Share Holders

As At

25th November 2013

:

Share Holders

No. of

Shares

Stretchline Holding Ltd (Incorp. In Hong Kong)

10,315,377

Prym Intimates Group Ltd – (Incorp. In Hong Kong)

20,633,085

j.

Auditors

:

BDO Burah Hathy

j.

Company Secretaries

:

Corporate Services (Pvt) Ltd

k.

Bankers

:

HSBC, Commercial Bank

 

 

 

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 PRYM INTIMATES LANKA (PVT) LTD is a Private    Limited   Liability Company incorporated on 20th August 2001 under registration number N (PVS) 29058 and then the company was re-registered on 06th November 2008 under re-registration number PV 9076.

 

The Subject Company, PRYM INTIMATES LANKA (PVT) LTD, originally incorporated in Sri Lanka on 20th August 2001 as PRYM NEWEY LANKA (PVT) LTD and then changed its name to PRYM INTIMATES LANKA (PVT) LTD on 18th October 2004.

    Note: Correct word is “PRYM” not “PRIME

 

The subject company is one of the subsidiary companies of MAS GROUP OF COMPANIES.

 

The MAS GROUP of COMPANIES consists of the following companies.

·         Linea Intimo (Pvt) Ltd

·         Bodyline (Pvt) Ltd

·         Leisureline (Pvt) Ltd

·         Slimline (Pvt) Ltd

·         Linea Clothing (Pvt) Ltd

·         Unichela (Pvt) ltd

·         Stretchline (Pvt)Ltd

·         Shadowline (Pvt) Ltd

·         Linea Aqua (Pvt) Ltd

·         Prym Intimates Lanka (Pvt) Ltd

·         Intimate Fashion India (Pvt) Ltd

·         Columbia Clothing (Pvt) Ltd

·         Cottonline (Pvt) Ltd

·         MAS Active (Pvt) Ltd

·         MAS Holdings (Pvt) Ltd

 

Location.

 

The Subject Company’s Corporate Head Office is located at # 10th Floor, Aitken Spence Tower II, # 315, Vauxhall Street, Colombo-02.

     

The Subject Company’s Factory is located at Biyagama EPZ, Lot 16-17, Walgama, Malwana, approx. 25 kilo meters from Colombo. 

Operational Details.

 

General

The subject company’s primary line of activity is Manufacture and Exporting of Garment Accessories.

 

 The subject company has earned certified by ISO 9001:2000

 

Products

All types of garment accessories such as hooks, eye taps, straps, under wires, etc…

 

Export Countries

USA, UK, Hong Kong, China, Malaysia.

 

No of Employees

 

Approx. 20,000 (Group).

 

 

Directors Details

 

1)

Name

M. D. Amalean 

Nationality

Sri Lankan

ID Number

550951762 V

Gender

Male

Date of Birth

4th April 1955

Age

59 Years

 

2)

Name

T. A. Brent Speldewinde 

Nationality

Sri Lankan

ID Number

612811962 V

Gender

Male

Date of Birth

7th October 1961

Age

52 Years

 

3)

Name

Rohitha Wijegoonewardena

Nationality

Sri Lankan

ID Number

582441669 V

Gender

Male

Date of Birth

31st August 1958

Age

55 Years

 

4)

Name

S. D. Amalean   

Nationality

Sri Lankan

ID Number

562632247 V

Gender

Male

Date of Birth

19th September 1956

Age

57 Years

 

5)

Name

B. Klaus Hilgert

Nationality

German

Passport Number

526329382

 

6)

Name

Jens Roland Waldau

Nationality

German

Passport Number

C1Z50VXOR

 

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

 

FABRIC AND ACCESSORY MANUFACTURERS’ ASSOCIATION

 

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.59.48

UK Pound

1

Rs.100.93

Euro

1

Rs.80.71

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.