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Report No. : |
336581 |
|
Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ORIT TRADING LANKA (PVT ) LTD |
|
|
|
|
Registered Office : |
7-2 East Tower, World Trade
Centre, Colombo 1 |
|
|
|
|
Country : |
Sri Lanka |
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|
|
|
Date of Incorporation : |
11.07.2008 |
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|
|
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Com. Reg. No.: |
PV 64804 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business : |
Subject is engaged in manufacture and exporter of readymade garments. |
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|
|
|
No. of Employee : |
2,500 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 government's 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, but low tax revenues remain a 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 |
|
a. |
Name of Subject
of Inquiry |
: |
ORIT TRADING LANKA (PVT ) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited Liability
Company (In Operation) |
|
c. |
Managing
Director |
: |
Channa Prabodha
Palansuriya |
|
d. |
Primary Line of
Business |
: |
Manufacture and
Exporter of Ready Made Garments. |
|
|
Head Office |
: |
# 7-2 East Tower , World Trade
Centre , Colombo 1 Tel. No: (00 94
11) 234 6370-5 Fax No: (00 94
11) 234 6376 Mobile :
00094771312276 (Mr. Sanjiv) |
|
Factory |
# D1,Seethawake
Industrial Park , Avissawella Tel. No: (00 94
36) 427 9700 Fax No: (00 94
36) 427 9728 E-mail: info@oritsl.com, sanjiv@oritsl.com Web. : http://www.oritsl.com |
||
|
g. |
No. of Employees |
: |
Approximately 2,500 |
Registration and Shareholder Details
|
a. |
Registration No |
: |
PV
64804 |
|
|
b. |
Date of Registration |
: |
11th
July 2008 |
|
|
c. |
Registered Office |
: |
#
7-2 East Tower , World Trade Centre , Colombo 1, Sri
Lanka |
|
|
d. |
Board of Directors As at 14th October 2014 |
: |
Channa
Prabodha Palansuriya |
Managing
Director |
|
H.
M. Shreyas Arunashantha Herath |
Director |
|||
|
e. |
Issued
Share Capital |
: |
Rs.
900,000,010.00 |
|
|
f. |
No of Shares |
: |
90,000,001 |
|
|
g. |
Nominal Value of Share |
: |
Not
applicable vide Companies Act #7 of 2007 |
|
|
h. |
Share Holders As at 14th October 2014 |
: |
Share Holders |
No. of
Shares |
|
Orit
Apparels Lanka (Pvt) Ltd |
90,000,001 |
|||
|
i. |
Auditors |
: |
Ernst and Young (#201, De Saram
Place, Colombo 10) |
|
|
j. |
Company Secretaries |
: |
S.S.P
Corporate Services (Pvt)Ltd (#101,
Inner Flower Road, Colombo 03) |
|
|
k. |
Bankers |
: |
Bank
of Ceylon (Mawatha
Branch, Colombo 01) |
|
01)
|
Name |
Channa Prabodha
Palansuriya |
|
Nationality |
Sri Lankan |
|
ID Number |
631950302 V |
|
Gender |
Male |
|
Date of Birth |
13th July 1969 |
|
Age |
56 Years |
|
Address |
#20/38, Fairfield Gardens, Colombo 08 |
02)
|
Name |
H. M. Shreyas
Arunashantha |
|
Nationality |
Sri Lankan |
|
ID Number |
562091904 V |
|
Gender |
Male |
|
Date of Birth |
27th July 1956 |
|
Age |
59 Years |
|
Address |
#221B, Jayagath Mawatha, Ihala Biyanwila,
Kadawatha. |
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
·
History.
·
Location.
The Subject
Company is located at the client #07-02,
East Tower, World Trade Centre, Colombo 01.
Premises – Owned
Locality – Commercial
|
|
·
Operational
Details.
General
The subject company primary line of
business is Manufacture and Exporter of
Ready Made Garments.
Products
Garments (Denim,
Jeans etc)
Export Countries
Product – Finished
Goods
European
Countries, African countries and Mexico
Import Countries
USA and Canada
No of Employees
Approximately
2500
Trading Terms (Selling and Purchase)
Cash, Advance Payment and Cheque
Type of Customers
Wholesalers, Retailers and End Users
Board of Investment of Sri Lanka (BOI)
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.
|
Name : |
Mr. Sanjiv Perera |
|
Designation : |
Finance Manager |
|
Contact No.: |
00094771312276 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.25 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.