MIRA INFORM REPORT

 

 

Report No. :

298577

Report Date :

16.01.2015

 

IDENTIFICATION DETAILS

 

Name :

WACOAL TIMEX (PVT) LTD

 

 

Formerly Known As :

EVEDEN TIMEX (PVT) LTD

 

 

Registered Office :

# 455/1, Bauddhaloka Mawatha, Colombo 08.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

31.08.2005

 

 

Com. Reg. No.:

N(PVS) 42995

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturing and exporting ladies under wares and swim wares

 

 

No. of Employee :

Approximately 800

 

 

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

:

WACOAL TIMEX (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

Abdul Sattar Ashraf

d.

Primary Line of Business

:

 Manufacturing and exporting ladies under wares and swim wares

e.

Head office

 

 

 

 # 455/1, Bauddhaloka Mawatha,

 Colombo 08.

 SriLanka.

 

Tel. No: (00 94 11) 472 8200

Fax No: (00 94 11) 472 8258

 

E-Mail: info@timexsl.com

 

 

Factory

&

Place of Business

 

 

:

 

Lot. C, Block A, Wathupitiwala EPZ,

Nittambuwa,

Sri Lanka.

 

Tel. No: (00 94 33) 467 1166

Fax No: (00 94 33) 467 1313

 

f.

No. of Employees

:

Approximately 800

        

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No:

:

N(PVS) 42995

Date of Registration

:

31st August, 2005

b.

Re-registration No:

:

PV 6055

Date of Re-registration

:

04th August, 2008

c.

Registered Office

:

# 455/ 1, Bauddhaloka Mawatha, Colombo 08, Sri Lanka.

d.

Board of Directors

As At

14th October 2014

:

Abdul Sattar Ashraf

Managing Director

 

Abdul Sattar Anis

Director

Abdul Sattar Arshad

Director

Tracy Lewis (British)

Director

Derek Laing (British)

Director

e.

Issued Share Capital

:

Rs. 100,000,060.00            

Total No. of  Shares

:

10,000,006

f.

Nominal Value of Share

:

Nominal value of a share not given, in terms of Companies Act. #7 of 2007.

 

 

Registration and Shareholder Details

 

g.

 

Share Holders

As At

14th October 2014

:

Share Holders

No. of

Shares

Timex Garments Ltd

5,000,003

Eveden Ventures Ltd, (Incorporated in England)

5,000,003

h

SVAT No (Simplified Value Added Tax )

:

SVAT000490

Registration Date

:

07th April 2011

i.

Auditors

:

Pricewaterhouse Coopers

(# 100, Braybrooke Place, Colombo 02)

j.

Company Secretaries 

:

Corporate Advisory Services (Pvt) Ltd

(# 47, Alexandra Place, Colombo 07)

k.

Bankers

:

Not Disclosed

 

 

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 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 WACOAL TIMEX (PVT) LTD is a Private    Limited   liability Company incorporated on 31st August 2005 under registration number N (PVS) 42995 and re-registered on 4th August 2008 under registration number PV 6055 in terms of Companies Act #7 of 2007.

 

The subject company initially registered as EVEDEN TIMEX (PVT) LTD it changed on 03rd December 2014

 

EVEDEN TIMEX (PVT) LTD incorporated as a Joint Venture of Timex (Garments) Limited, one of the pioneering clothing manufacturers in Sri Lanka and    Eveden Ventures Limited of the United Kingdom.

 

The subject company is a Board of Investment (BOI) approved company

 

·         Location.

 

The Subject Company’s office is located at client # 455/ 1, Bauddhaloka Mawatha, Colombo 08, Sri Lanka.

 

The factory is located at Lot C, Block A, Wathupitiwala, EPZ, Nittambuwa, Sri Lanka, approx. 40 kilo meters from Colombo, on the Colombo- Kandy highway 1.

                 

 

 

 

 

·         Operational Details.

 

General

 

The subject company’s primary line of business is Manufacture and Exporters of under wares and Swim

wares.

 

Products

 

Under wares and Swim wares.

 

Export Country

 

UK, USA

 

Employees

 

Approximately 800

 

·         Directors Details

1)

Name

Abdul Sattar Ashraf

ID Number

571810344 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29th June 1957

Age

56 Years

Address

# 11/1, Mahanuga Gardens, Colombo 03

 

2)

Name

Abdul Sattar Anis

ID Number

650900138 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th March 1965

Age

48 Years

Address

# 523, Bulllers Road, Colombo 08

 

3)

Name

Abdul Sattar Arshad

ID Number

722971361 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd October 1972

Age

41 Years

Address

# 11/1, Mahanuga Gardens, Colombo 03

 

4)

Name

Tracy Lewis

ID Number

540029146

Nationality

British/United Kingdom

 

5)

Name

Derek Laing

PP Number

099168641

Nationality

British/United Kingdom

 

·           Trade references

 

Sri Lanka Export Development Board (EDB)

 

 

 

·         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.

 

 

ANALYSIS - Appraisal of Subject Company

 

 

Rating:

a) Business Scale         

NR Insufficient Information on finances  -

b) Business Trend

Growing

c) Management Capability

Above Average

d) Commercial Morality

Above Average

e) Reputation

Above Average

f) Market Situation

Very Competitive

                                   

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.94.01

Euro

1

Rs.72.63

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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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