MIRA INFORM REPORT

 

 

Report No. :

336558

Report Date :

21.08.2015

 

IDENTIFICATION DETAILS

 

Name :

TREND SETTERS (PVT) LTD

 

 

Registered Office :

# 106, Dutugemunu Street, Dehiwala.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.07.1986

 

 

Com. Reg. No.:

PV 1914

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufactures, Exports and Dealers in Ready Made Garments of all kinds.

 

 

No. of Employees :

2800 (Approximately)

 

 

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, 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

 

Basic information at a glance

     

a.

Name of Subject of Inquiry

:

TREND SETTERS (PVT) LTD

 b.

Legal Form  & Status

:

Private Limited Liability Company (in operation)

c.

Managing Director

:

Joys Chokatte - Indian

d.

Primary Line of Business

:

Manufactures, Exports and Dealers in Ready Made Garments of     all kinds.

f.

Head Office

&

Factory

 

# 43/3,Industrial Estate,

Modarawila,

Panadura,

Sri Lanka.

 

Tel. No: (00 94 38) 429 9500

Fax No: (00 94 38) 429 9550

 

E-mail: joys.c@diamantaire-online.com

g.

Branch

:

# 532/3F, Sri Kotha Lane Colombo- 03, Sri Lanka.

h.

No. of Employees

:

Approximately 2,800

 

 

COMPANY DETAILS

 

a.

Registration No

:

N (PVS) 2718

Date of Registration

:

01st July 1986

b.

Re-registration No

:

PV 1914

Date of Re-registration

:

09th January 2008

c.

Registered Address

:

# 106, Dutugemunu Street, Dehiwala.

d.

       Board Of Directors

                as at

       10th October 2014

 

:

Joys Chokatte - Indian

Managing Director

Francis Chokatte - Indian

Director

Sherly Chokatte - Indian

Director

Joson Chokatte – Indian

Director

Josiena Chokatte

Director

e.

Issued Share Capital

:

Rs.  571,329,880.00

f.

No of Shares

:

57,132,988

g.

Nominal Value of Share

 

Not applicable vide Companies Act #7 of 2007

h.

Share Holders

as at

10th October 2014

:

Share Holders

No of Shears

Francis Chokatte

11,567,210

Sherly Chokatte

2,041,274

Joys Chokatte - Indian

8,698,501

Joson Chokatte – Indian

6,985,001

Diamantaire Holdings (Pvt) Ltd

27,841,002

h.

Secretaries

:

Aruni Sanders

(#94/8, Vijayakumarathunga Mawatha, Colombo – 05)

i.

Auditors

:

BDO Partners

(#65/2, Sir Chittampalam A. Gardiner Mawatha Colombo 02)

j.

Bankers

:

Bank of Ceylon, National Development Bank, Sampath Bank

Directors’ Details

 

01)

Name

Francis Chokatte

PP Number

Z 2018788

Nationality

Indian

 

02)

Name

Sherly Chokatte

PP Number

Z 1749659

Nationality

Indian

 

03)

Name

Joys Chokatte

PP Number

J 3176528

Nationality

Indian

 

04)

Name

Joson Chokatte

PP Number

K 0601960

Nationality

Indian

 

05)

Name

Josiena Chokatte

PP Number

K 0601960

Nationality

Indian

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The Company Has Declined To Provide Information on Its Finances.

 

The company has declined to provide information on its finances without the identity of the end user of the enquiry.

 

However, it should be noted that the particular industry/trading segment the company is involved has very good   growth potential and as such it can be expected for the company to expect a steady growth in the income

 

(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)

        

              

CURRENT INVESTIGATION

 

·         History.

The Subject Company TREND SETTERS (PVT) LTD is a Private    Limited   liability Company incorporated on 01st July 1986 under registration number N (PVS) 2718 and then the company was re-registered on 09th January, 2008 under registration number PV 1914.

 

Subject is a subsidiary of Diamantaire Holdings (Pvt) Ltd.

 

Certificate of Amalgamation- Following entry has been made in the company file at  ROC.

“Casual Trends (Pvt) Ltd having been amalgamated with Trend Settlers (Pvt) Ltd in   

 accordance with the provision of the part VIII of the companies act shall from this day 

 continue as Trend Settlers (Pvt) Ltd on 04th October 2010.”

 

·         Location.

 

The Subject Company is located at # 43/3, Industrial Estate, Modarawila, Panadura, Sri Lanka, approx. 35 kilo meters from Colombo. And the client #532/3F, Sri Kotha Lane, Colombo 03 is also their another office address.

 

Subject is having two other factories in Beliatta and Koggala in the Southern Province.

  

·         Operations Details.

 

General

The subject company primary line of business is Manufactures, Exports and Dealers in Ready Made Garments of all kinds.

 

Products

             Men’s & Boy’s Jackets, Pants, Shirts, Shorts, Vests, Ladies Blouses, Jackets, Pants, Shorts, Skirts

             And Outdoor Wear

 

Countries

USA, UK. Europe Countries

 

Employees

             Approximately 2800

 

·         Trade references

Sri Lanka Apparel Exporters Association

 

 

Information Denied

 

Managmetn Non Co-operative (0094384299500)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.24

UK Pound

1

Rs.102.21

Euro

1

Rs.72.57

 

INFORMATION DETAILS

 

Information Gathered by :

GYA

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TRU

 

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%)

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