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Report No. : |
302585 |
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Report Date : |
22.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SEIBOLD SOCKS (PVT) LTD |
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Registered Office : |
“Kamelwatta”, Aluthpola, Dunagaha |
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Country : |
Sri Lanka |
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Date of Incorporation : |
31.03.2005 |
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Com. Reg. No.: |
PV 13839 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of readymade
Socks & Tights |
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No of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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) |
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Sri Lanka |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source : CIA |
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Name of Subject of Inquiry |
: |
SEIBOLD SOCKS
(PVT) LTD |
|
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
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Managing
Director |
: |
Kollman Nikolaus David (Germany) |
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Primary Line of Business |
: |
Manufacture and
Exporter of ready made Socks. |
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Head office & Place of
Business |
: |
Kamelwatta, Aluthepola, Dunagaha. Tel.
No: (00 94 31) 224 3851 Fax
No: (00 94 31) 224 3000 E-mail:
seibold@sltnet.lk Web:
www.sltnet.lk |
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No. of Employees |
: |
200 |
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Registration No |
: |
N (PVS) 41100 |
||
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Date of Registration |
: |
31st March 2005 |
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Re-registration No |
: |
PV 13839 |
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Date of Re-registration |
: |
10th June 2009 |
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Registered Office |
: |
“Kamelwatta”,
Aluthpola, Dunagaha |
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Board of Directors As At 25th March 2014 |
: |
Kollman Nikolaus David (German) |
Managing Director |
|
|
Hofer Jean Hans Fritz (German) |
Director |
|||
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W.M. Roshan Clarence De Mel Jayaweera |
Director |
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Issued Share Capital |
: |
Rs.
147,606,360.00 |
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Number of Shares |
: |
14,760,636 |
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Nominal Value of Share |
: |
Rs 10.00 |
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Share Holders As At 25th March 2014 |
: |
Share Holders |
No. of Shares |
|
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Seibold Textilvertriebs Gmbh. |
14,760,636 |
|||
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Auditors |
: |
Ernst &
Young |
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Company Secretaries |
: |
Corporate Services (Pvt) Ltd. |
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Bankers |
: |
Deutsche Bank |
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01)
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Name |
Kollman Nikolaus David |
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PP Number |
186914351 |
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Nationality |
German |
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Name |
Hofer Jean Hans Fritz |
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PP Number |
6564071957 |
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Nationality |
German |
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Name |
W.M. Roshan Clarence De Mel Jayaweera |
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ID Number |
531611977 V |
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Nationality |
Sri Lanka |
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Gender |
Male |
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Date of Birth |
09th June 1953 |
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Age |
61 Years |
Most recent available Financial Information
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
Sales : Rs. 25 Crores (2012-2013)
Rs. 23 Crores (2013-2014)
·
History.
The Subject Company SEIBOLD SOCKS (PVT) LTD is a Private Limited
liability Company incorporated in
31st March 2005 under the registration number N (PVS) 41100 and then company has
been re-registered on 10th
June 2009 under the registration number
PV 13839
·
Location.
The Subject Company is
located at the client Kamelwatta,
Aluthepola,
Dunagaha.
·
Operational
Details.
General
The subject company primary
line of business is Manufacture and
Exporter of ready made Socks.
Products
Readymade Socks
& Tights
Country
Middle East
Employees
200
Export
Product
: Readymade
Socks & Tights
Country : Europe & Germany
Import
Product : Cotton Yarn, Nylon Yarn
Country : Pakistan, India
Trading Terms
Purchasing Terms: Cash, Advance
Sales Terms: Cash, Advance
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.
Name : Mr. W.M. Roshan Clarence De Mel Jayaweera
Designation : director
Contact No.: 94312243851
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Rating: |
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1) Commercial
Morality |
Average |
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2) Reputation |
Average |
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3) Market Situation |
Competitive |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
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UK Pound |
1 |
Rs.93.49 |
|
Euro |
1 |
Rs.71.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.