MIRA INFORM REPORT

 

 

Report Date :

23.05.2014

 

IDENTIFICATION DETAILS

 

Name :

TRISCHEL FABRIC (PVT) LTD

 

 

Registered Office :

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

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

09.12.2005

 

 

Com. Reg. No.:

PV 8296

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture, Importers, Exporters and Distributors of Elastic Fabrics

 

 

No of Employees :

Approximately 5000

 

 

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, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

:

TRISCHEL FABRIC (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Mahesh Dayalal Amalean

d.

Primary Line of Business

:

Manufacture, Importers, Exporters and Distributors of Elastic Fabrics

e.

Head office

&

Place of Business

:

 

Mas Fabric Park,

Kurunegala Road,

Thulhiriya,

Sri Lanka.

 

Tel. No: (00 94 37) 227 7064 / 277 080

               (00 94 11) 4768541

Fax No: (00 94 11) 476 8514 / 4768599

 

E-Mail:  info@masfabricpark.com

 

f.

No. of Employees

:

Approximately 5000

           

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 44242

Date of Registration

:

09th December 2005

b.

Re-Registration Number

:

PV 8296

Date of Re-Registration

 

17th October 2008

c.

Registered Office

:

 10th Floor, Aitken Spence Tower II,  #315, Vauxhall Street,

Colombo 02.

d.

Board of Directors

As At

01st July 2013

:

M. Dayalal Amalean

Managing Director

Sharad Dayalal Amalean

Director

T. Allen Brent Speldewinde

Director

f.

Issued Share Capital

:

Rs.  1,028,008,020.00

Number of Shares

:

102,800,802

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007            

h.

 

Share Holders

As At

01st July 2013

:

Share Holders

No. of

Shares

Mas Capital (Pvt) Ltd

102,800,802

i.

Auditors

:

PriceWaterHouseCoopers Charted Accountants

j.

Company Secretaries

:

Corporate Services (Pvt) Ltd

k.

Bankers

:

Bank of Ceylon

 

 

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 TRISCHEL FABRIC (PVT) LTD is a Private    Limited   liability Company has been originally incorporated as DOGI – E F A LANKA (PVT) LTD on 09th December 2005 under registration number N (PVS) 44242 and then the company changed its name to DOGIEFA (PVT) LTD on 28th February 2006. Again the name was changed to the present one, TRISCHEL FABRIC (PVT) LTD on 31st December 2010.

 

·         Location.

 

The Subject Company is located at client Mas Fabric Park, Kurunegala Road, Thulhiriya, Sri Lanka approx. 60 kilo meters from Colombo on the highway 6.

 

·         Operational Details.

 

General

 

The subject company primary line of business is Importers, Exporters and Distributors of Elastic Fabrics

 

 

Import Products

 

Raw materials

 

 

Import Country

 

Hong Kong, China, USA, India, UK and Europe

 

 

Export Products

 

Fabrics

 

 

Export Country

 

India, Bangladesh and Pakistan

 

 

No of Employees

 

Approximately 5000

 

 

·         Directors Details

 

01)

Name

Mahesh Dayalal Amalean

ID Number

550951762 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

4th April 1955

Age

59 Years

 

 

02)

Name

S. D. Amalean

ID Number

562632247 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

19th September 1956

Age

57 Years

 

 

03)

Name

T. A. B. Speldewinde

ID Number

612811962 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07th October 1961

Age

52 Years

 

 

·         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

 

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

 

 

Rating:

a) Business Scale        

Large

b) Business Trend

Growing

c) Management Capability

Above Average

d) Commercial Morality

Above Average

e) Reputation

Above Average

f) Market Situation

Very Competitive

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 58.57

UK Pound

1

Rs. 98.87

Euro

1

Rs. 80.05

 

 

INFORMATION DETAILS

 

Analysis Done by :

SMT

 

 

Report Prepared by :

DPT

 

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.