MIRA INFORM REPORT

 

 

 

Report Date :

01.11.2014

 

IDENTIFICATION DETAILS

 

Name :

SOUTH ASIA TEXTILE INDUSTRIES LANKA (PVT) LTD

 

 

Registered Office :

# 70, Felix Dias Bandaranayake Mawatha, Pugoda,

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.02.2004

 

 

Com. Reg. No.:

PV 3574

 

 

Legal Form :

Private Limited Liability Company (in operation

 

 

Line of Business :

Design, manufacture and exporter of knitted fabric

 

 

No. of Employees :

Approximately 1000

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

        

a.

Name of Subject of Inquiry

:

SOUTH ASIA TEXTILE INDUSTRIES LANKA (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (in operation

c.

Managing Director

 :

P. Sivaji Dorai

d.

Primary Line of Business

:

Design, manufacture and exporter of knitted fabric

e.

Exporter of

:

Fabric – Bangladesh (they do every less export only 2%) They are more into deem export

f.

Importer of

:

Machinery & Raw Materiral – India, China, Taiwan, Far East

i.

Place of Business & Factory

:

 

# 70, Felix Dias Bandaranayake Mawatha,

Pugoda,

Sri Lanka.

 

Tel. No: (00 94 11) 522 3200

Fax No: (00 94 11) 522 3223

 

E-mail: hari@satextile.com

Website: www.satextile.com

 

j.

Area

:

74 Acers

k:

Location

:

Owned

L:

No. of  Employees

:

Approximately 1000

 

 

 

Terms :

 

Selling :

Cash, Credit

 

 

Purchasing :

Cash, Credit

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 36622

Date of Registration

:

13th February 2004

b.

Re-registration No

:

PV 3574

Date of Re-registration

:

5th  May 2008

c.

Registered Office

:

# 70, Felix Dias Bandaranayake Mawatha, Pugoda

d.

Board of Directors

As At

14th October 2013

:

P. Sivaji Dorai 

Managing Director

S. Sitendra Senaratne

Director

Eric Bird Wickramanayake

Director

 Ajith Lasantha Devasurendra

Director

Aratchige Gunaratne Weerasinghe

Director

Ruwan  Prasanna Sugathdasa

Director

Neville Chrysoston  Peiris

Director

e.

Issued Share Capital

:

Rs. 1,009,924,072.00

Number of Shares

:

743,148,610

f.

Nominal Value of Share

:

Not applicable/declared vide Companies Act #7 of 2007

 

 

Registration and Shareholder

 

Details Cont…

 

g.

Share Holders

As At

14th October 2013

 

 

                       Share Holders

No. of Shares

P. Sivaji Dorai – Sri lankan

50,000,000

K. Uei Yang – Singaporean

50,000,000

South Asia Textile Industries  (Pvt)  Ltd               ( Singapore)

200,000,000

Lanka Century Investments PLC

60,087,950

Ceylon Leather Products  PLC

383,060,660

h.

Auditors

:

Ernst and Young

i.

Company Secretaries

:

Managers and Secretaries (Pvt) Ltd

j.

Bankers

:
  • PABC Bank, Colombo
  • People's Bank, Colombo
  • NTD Bank, Colombo

k.

Customers

:
  • Brandix, Colombia

l.

Suppliers

:
  • Focus Textiles, Tamilnadu

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                       

(Note: 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)

FINANCIAL DATA

 

 

Particulars

 

 

31.03.2014

(In Millions US Dollar)

31.03.2013

(In Millions US Dollar)

Sales Turnover (Approximately)

 

40.000

35.000

 

 

 

 

 

 

CURRENT INVESTIGATION

 

History.

                  The Subject Company SOUTH ASIA TEXTILE INDUSTRIES LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 13th February 2004 under registration number N (PVS) 36622 and then the company was re-registered on 05th May 2008 under registration number PV 3574.

 

Location.

The Subject Company is located at the client # 70, Felix Dias Bandaranayake Mawatha, Pugoda.

 

Operations Details.

 

General

The subject company primary line of business is Design, manufacture and exporter of knitted fabric

 

Products

Knitted Fabric

 

Export Countries

Singapore, Malaysia, China, India, Jordan, Vietnam & Philippine.

 

Employees

Approximately 1000

 

 

Directors Details

 

01)

Name

P. Sivaji Dorai

ID Number

 623280195 V

Nationality

Sri Lankan

Gender

Male

Date of birth

23rd November 1962

Age

52 Years

Address

No 09 , Nimal Road , Colombo 04

 

02)

Name

S. Sitendra Senaratne

ID Number

540922101 V

Nationality

Sri Lankan

Gender

Male

Date of birth

01st April 1954

Age

60 Years

Address

No 272 D, Dickland  Gardens Hokandara Road, Thalawatugoda.

 

03)

Name

E. B. Wickramanayake

PP Number

N 2416573

Nationality

Sri Lankan

Address

No 7 / 5, King’s Court , No 15, Havelock Road, Colombo 05

 

04)

Name

Ajith Lasantha Devasurendra

ID Number

611230150 V

Nationality

Sri Lankan

Gender

Male

Date of birth

02nd May 1961

Age

53 Years

Address

No 17, Spathodea Avenue Colombo 05.

 

05)

Name

Aratchige Gunaratne Weerasinghe

ID Number

421412863 V

Nationality

Sri Lankan

Gender

Male

Date of birth

20th May 1942

Age

72 Years

Address

No 50 /1 , Pepiliyana Road, Nugegoda

 

06)

Name

Ruwan  Prasanna Sugathdasa

ID Number

731400628 V

Nationality

Sri Lankan

Gender

Male

Date of birth

19th May 1973

Age

41 Years

Address

No 39 /3 , Gregory’s Road , Colombo 07.

 

07)

Name

Neville Chrysoston  Peiris

ID Number

460270448 V

Nationality

Sri Lankan

Gender

Male

Date of birth

27th January  1946

Age

68 Years

Address

No 284 / 2, Thimbirigasyaya Road Colombo 05.)

 

 

Trade references

 

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. Hari Sivasitampara

Designation :

CEO

Contact No.:

0094115223270

Date :

10.10.2014

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.98.06

Euro

1

Rs.77.19

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SDA

               

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.