MIRA INFORM REPORT

 

 

Report No. :

300473

Report Date :

12.01.2015

 

IDENTIFICATION DETAILS

 

Name :

WORKWEAR LANKA (PVT) LIMITED

 

 

Registered Office :

# 78, Biyagama Export Processing Zone, Walgama, Malwana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

17.08.1995

 

 

Com. Reg. No.:

N (PVS) 15560

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export

 

 

No. of Employee :

1200

 

 

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 :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

:

WORKWEAR LANKA (PVT) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing  director

:

Abbas Mustafa Kassam

d.

Primary Line of Business

:

Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export

e.

Factory

:

 

# 78, Biyagama Export Processing Zone,

Walgama,

Malwana,

Sri Lanka.

 

Tel. No: (00 94 11) 546 5000

Fax No: (00 94 11) 246 5364

 

E mail: info@lankasafty.com

              workwear@lankasafety.com

 

f.

No. of Employees

:

Approximately 1200

     

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 15560

Date of Registration

:

17th August 1995

b.

Re-registration No

:

PV 3364

Date of Re-registration

:

17th  April 2008

c.

Registered Office

:

# 78, Biyagama Export Processing Zone, Walgama, Malwana,

d.

Board of Directors

As At

08th September 2014

:

A. Mustafa Kassam

Managing Director

Bashir Ali (Pakistan)

Director

Harj Sankarapillai Neelakandtupillai (Indian)

Director

f.

Issued Share Capital

:

Rs. 22,500,000.00    

Number of Shares

:

225,000

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007            

 

h.

 

Share Holders

As At

08th September 2014

:

 Share Holders

No. of Shares

Infosys Limited (Cayman Island)

112,500

Wipro (Cayman) Limited (Cayman Island)

112,500

i

Auditors

:

Price Water Coopers Chartered Accounts.

j.

Company Secretaries

:

Accountancy and Secretarial Services Bureau Limited

k.

Bankers

:

HSBC, Commercial Bank of Sri Lanka PLC, Hatton National Bank PLC

l

Export

:

Products: Interlining and Chief Weight Synthetic and Natural Rubber Coating Gloves

Country:      Middle East

                    North America

                    South America

                    South Asia

m

Trading Terms

 :

Purchasing Terms: Cash and Credit

Selling Terms: Cash and Credit

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                                   

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                     

 

New Picture

Company Logo

 

·         History.

 

                  The Subject Company WORKWEAR LANKA (PVT) LTD is a Private    Limited   liability Company incorporated on 17th August 1995 under registration number N (PVS) 15560 and then the company was re-registered on 17th April 2008 under registration number PV 3364

 

·         Location.

 

The Subject Company is located at the client # 78, BiyagamaExport Processing Zone, Walgama, Malwana.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacturing of interlining and chief weight synthetic and natural rubber coating gloves for export.

 

                 They came to have gained ISO 9001: 2000, SA 8000 certification

 

Products

Gloves, Handkerchiefs, Ties, Mow Ties and Cravats, Shawls, Carves, Mufflers, Mantillas

Working_Glove             Labour_Protective_Glove             Cut_resistant_gloves                  600G_COTTON_GLOVE_WITH_TWO_SIDED_PVC   

 

Export Country

North America, South America, South Asia, Middle East, Western Europe 

 

No of Employees

Approximately 1200

 

 

·         Director Details

 

01)

Name

Abbas Mustafa Kassam

PP Number

G 0017801

Nationality

Grenadian

 

 

02)

Name

Bashir Ali

PP Number

MT 1790972

Nationality

Pakistan

 

 

03)

Name

Harj Sankarapillai Neelakandtupillai

PP Number

Z 1756393

Nationality

Indian

 

 

·         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 computerized 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. Channakagath

Designation :

Finance Manager

Contact No.:

0 009411 5465000

Date :

10.01.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.40

UK Pound

1

Rs.94.17

Euro

1

Rs.73.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

 

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.