|
Report Date : |
03.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
NORTH MANUFACTURING (PVT) LTD |
|
|
|
|
Registered Office : |
Lot 74, BEPZ, Walgama, Malwana |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
23.02.1995 |
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|
|
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Com. Reg. No.: |
PV 4150 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business : |
Manufacture and Exporting of Textiles Sports Products. |
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|
|
|
No. of Employees : |
Approximately 1000 |
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 |
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|
|
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Payment Behaviour : |
Unknown |
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|
|
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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 |
- Basic
information at a glance
|
a. |
Name of Subject of
Inquiry |
: |
NORTH MANUFACTURING (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
|
c. |
Managing Director |
: |
J. Hassen (Canadian) |
|
d. |
Primary Line of
Business |
: |
Manufacture and Exporting
of Textiles Sports Products |
|
e. |
Head Office & Factory |
: |
Lot 74, BEPZ, Walgama, Malwana Tel: (00 94 11) 246 5088 Fax: (00 94 11) 246 5091 Email: nilani@lk.northsails.com |
|
f. |
No. of Employees |
: |
Approximately 1000 |
-
Registration and Shareholder Details
|
a. |
Registration No |
: |
N
(PVS) 14449 |
|
|
b. |
Date of Registration |
: |
23rd
February 1995 |
|
|
c. |
Re- registration No |
|
PV
4150 |
|
|
d. |
Date of Re- registration |
|
6th June 2008 |
|
|
e. |
Registered Office |
: |
Lot
37, Phase 01, Biyagama, EPZ, Walgama, Malwana |
|
|
f. |
Board of Directors As at
15th October 2014 |
: |
Lawrence Andrew Macdonald (CANADA) |
Managing
Director |
|
Trevor
Arthur Jenkins (UK) |
Director |
|||
|
g. |
Issued
Share Capital |
: |
Rs.
28,504,000.00 |
|
|
Number of Shares |
: |
28,504 |
||
|
h. |
Nominal Value of Share |
: |
Not
applicable/declared vide Companies Act #7 of 2007 |
|
|
i. |
Share Holders As at 15th October 2014 |
: |
Share Holders |
No. of
Shares |
|
North
Sails Group LLC (Incorporated in U.S.A) |
28,503 |
|||
|
Tom
Whidden (American) |
01 |
|||
|
j. |
SVAT No |
: |
27th
April 2011 |
|
|
Reg. Date |
: |
SVAT001540 |
||
|
TIN No |
: |
114144495 |
||
|
k. |
Auditors |
: |
PriceWaterhouseCoopers |
|
|
l. |
Company Secretaries |
: |
Mansec
Services (Pvt) Ltd |
|
|
m. |
Bankers |
: |
Commercial
Bank |
|
- Most recent
available Financial Information
Subject Company declined to provide financial details without knowing
the enquiring party.
(Note: Based on the corporate laws of Sri Lanka, legal entities which
are Private Company with Limited
Liability are not required to make public disclosure of their annual
financials. Therefore no financials are available for this entity)
·
History.
The Subject Company NORTH MANUFACTURING (PVT) LTD is a
Private Limited Liability Company incorporated on 23rd February 1995 under the registration number N (PVS) 14449 and the company has been
re-registered on 06th June
2008 under the registration number PV
4150, in terms of Companies Act #7 of 2007.
North Manufacturing is a wholly owned subsidiary of the North Sails Group LLC, USA
· Location.
The Subject
Company is located at the client Lot 74,
BEPZ, Walgama, Malwana, approx. 25 kilo meters from Colombo.
· Operational Details.
General
The subject company’s primary
line of business is manufactures sports
products from textiles. They are Subsidiary of the Sails LLC USA, the Largest
Boat Sails Maker in the World
Products
Boat Sails, Boat
Covers and Accessories
Export Countries
America, Europe
No of Employees
Approximately
1000
·
Director’s details
01)
|
Name |
L. Andrew Macdonald |
|
Passport Number |
BA 703746 |
|
Nationality |
Canadian |
02)
|
Name |
Trevor Arthur Jenkins |
|
Passport Number |
800225978 |
|
Nationality |
Drovers White Lane , Guildford Gu48ps , UK |
·
Trade references
Board of Investment, Sri Lanka
·
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.
Management Non Co-operative.
Contact No.: (009411) 2465088
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.