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Report No. : |
301691 |
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Report Date : |
19.01.2015 |
IDENTIFICATION DETAILS
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Name : |
WINTER QUILTS (PVT) LTD
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Registered Office : |
# 111, Pallidora Road, Dehiwala |
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Country : |
Sri Lanka |
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Date of Incorporation : |
22.09.1982 |
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Com. Reg. No.: |
N (PVS) 39 |
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Legal Form : |
Private Limited Liability Company [In Operation] |
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Line of Business : |
Manufacture & Exporter of Garments. |
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No. of Employee : |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
|
a. |
Name of Subject of Inquiry |
: |
WINTER QUILTS (PVT) LTD
|
|
b. |
Legal Form & Status |
: |
Private Limited
Liability Company (In Operation) |
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c. |
Chairman |
: |
Wickram Mohanlal
Amalean |
|
d. |
Primary Line of Business |
: |
Manufacture & Exporter of Garments. |
|
e. |
Head Office & Place of
Business |
: |
# 111, Pallidora Road, Dehiwala, Sri Lanka. Tel : (00 94 11) 273 0516 Fax : (00 94 11) 271 8805 / 273 7579 E-mail: winlan@winterquilts.com vikrama@winterquilts.com
asokaD@winterquilts.com |
|
f. |
No. of Employees |
: |
Approximately 1,000 |
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a. |
Registration No |
: |
N (PVS) 39 |
||
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Date of Registration |
: |
22nd
September 1982 |
|||
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b. |
Re-registration No |
|
PV 1925 |
||
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Date of Re-registration |
|
14th
January 2008 |
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c. |
Registered Office |
: |
# 111, Pallidora Road, Dehiwela, Sri
Lanka. |
||
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d. |
Board of Directors As At 14th October 2014 |
: |
Wickram Mohanlal
Amalean |
Chairman |
|
|
Rajen Mohanlal
Amalean |
Director |
||||
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f. |
Issued Share Capital |
: |
Rs. 25,000,000.00 |
||
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Number of Shares |
: |
2,500,000 |
|||
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g. |
Nominal Value of Share |
: |
Not applicable
vide Companies Act #7 of 2007 |
||
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h. |
Share Holders As At 14th October 2014 |
: |
Share Holders |
No. of Shares |
|
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Wickram Mohanlal
Amalean |
1,250,000 |
||||
|
Rajen Mohanlal
Amalean |
1,250,000 |
||||
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i. |
Auditors |
: |
Jayasinghe & Company (# 94/12, Kirulapone Avenue, Colombo 05) |
||
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j. |
Company Secretaries |
: |
Accounting
Systems Secretarial Services (Pvt) Ltd (Level 4, # 2,
Castle Lane, Colombo 04 |
||
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k. |
Bankers |
: |
Citibank, Bank
of Ceylon, Commercial Bank, NDB Bank, Sampath Bank |
||
·
Directors Details
01)
|
Name |
Wickram Mohanlal Amalean |
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ID Number |
551172384 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date Of Birth |
26th April 1955 |
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Age |
58 Years |
02)
|
Name |
Rajen Mohanlal Amalean |
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ID Number |
641462853 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date Of Birth |
25th May
1964 |
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Age |
50 Years |
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
o
History.
The Subject Company WINTER QUILTS (PVT) LTD is a Private Limited
Liability Company incorporated on
22nd September 1982 under registration number N (PVS) 39 and
then the company was re-registered on 14th January 2008 under registration number
PV 1925
The Subject Company WINTER QUILTS (PVT) LTD is one of the
four companies that make up the Winter Quilts group of companies but each
company is a separate entity.
·
Lankapura Apparels
(Pvt) Ltd
·
Texwin Clothing (Pvt) Ltd
·
Winter Fashion (Pvt) Ltd
o
Location.
The Subject Company is
located at the client # 111, Pallidora Road, Dehiwala, Sri Lanka, approx. 8
kilo meters from Colombo south city limits
o
Operational
Details.
General
The subject company primary line
of business is Manufacture &
Exporter of readymade Garment.
The subject
company major clients are,
MONDIAL
M & S
C & A
NIKE
Import Products
Fabric, Buttons,
Int-Lining
Import Countries
Hong Kong, India,
China
Export Products
Shorts/Pant, Blouse,
T-Shirt, Shirts, Trousers
Export Countries
USA, Germany and
UK.
No Employees
Approximately 1,000.
o
Trade references
Sri Lanka Apparel Exporters Association
American Chamber of Commerce in Sri Lanka
Board of Investment
Sri Lanka Export Development Board (EDB)
o 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.
|
Name : |
Mr. Asoka Devapragasam |
|
Designation : |
Accounts Head |
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Contact No.: |
00 94112730516 |
|
Date : |
14.01.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.00 |
INFORMATION DETAILS
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Information
Gathered by : |
HNA |
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|
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Analysis Done by
: |
RAS |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.