|
Report No. : |
302246 |
|
Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DESIGN TEXTILE CENTRE |
|
|
|
|
Registered Office : |
# 153, Keyzer
Street, Colombo 11 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
1976 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Trader, Importers , Dealers & Distributors of Textiles |
|
|
|
|
No. of Employee : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 |
|
a. |
Name of Subject
of Inquiry |
: |
DESIGN TEXTILE CENTRE |
|
b. |
Legal Form
& Status |
: |
Partnership |
|
c. |
Managing Partner |
: |
Manickavasagam |
|
d. |
Primary Line of
Business |
: |
Trader, Importers , Dealers & Distributors of Textiles |
|
e. |
Office
& Place of Business |
: |
# 153, Keyzer
Street, , Colombo 11. Sri Lanka Tel. No: (00 94 11) 232 3621, 232 5738 Fax No: (00 94 11) 243 0604 Email: designtextile@gmail.com Show Rooms: No. 87, Main Street, Colombo-11. Sri Lanka. Fax: +91 11 2430604. |
|
f. |
No.
of Employees |
: |
Approx 45 |
|
g |
Imports
Country |
: |
India China Indonesia South Korea Singapore Japan Thailand |
|
h |
Trading
Terms |
: |
Purchases: Cash and Credit Selling: Cash and Credit |
|
a. |
Registration No |
: |
Not disclosed |
|
b. |
Date of
Registration |
: |
The company
established in 1976 |
|
c. |
Registered
Office |
: |
# 153, Keyzer
Street, Colombo 11. Sri Lanka |
|
d. |
Partners |
: |
Mr. Arunachalam
Manickavasagam Mrs. Sharaddha
Manickavasagam Mr.
Arunachalampillai Thurugnana Sambandar
|
|
e. |
Auditors |
: |
L N & Associates, Colombo |
|
f. |
Company
Secretaries |
: |
Not applicable
for this type of companies |
|
g. |
Bankers |
: |
Commercial Bank Pettan Branch, Colombo II |
HISTORY:
The Subject
Company DESIGN TEXTILE CENTRE is
Partnership Company in operation.
The primary line of business is importing
& distribution of textiles as a wholesale and retail dealer and currently
he is having sufficient reliable importers.
However, he said that the company was
established in 1976 and having a good clientele.
Location:
The subject company office and the shop
(wholesale) are located at the client #
153, Keyzer Street, Colombo 11, which is the main business area in the city.
The “Design Centre” (Show room & retails shop) is located at No. 87, Main Street, Colombo-11. The premises are well located
and attractive to the customers.
OPERATIONAL
DETAILS:
General:
The subject company’ primary line
of business is Importers,
Dealers & Distributors of all kinds of Textiles such as Cottons,
Polyester, Rayon, Twill and furnishing, Cotton Fabrics etc.
Products
Textiles - Sarees, Shalwar and Readymade
Garments,
Fabrics – Polyester, Rayon, Twill &
Furnishing
Importing Countries
India China, Indonesia, South Korea,
Singapore and Japan.
Employees
Approx. 100
Financial Data:
The subject has two business premises with approx.45 employees which are
a medium size business said to be established in 1976 and having a fairly large
clientele.
It should be noted that the particular
industry segment the company involved has very good growth potential and as
such it can be expected for the company having a good income.
(Note: Based on the corporate laws of Sri Lanka, legal entities which
are Private Company with Limited
Liability/PROPRIETORSHIPS/PARTNERSHIPS is not required to make public
disclosure of their annual financials. Therefore no financials are available
for this entity)
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Sales Turnover (Approximately) |
|
350.000 |
500.000 |
|
|
|
Due to market
fluctuation |
|
Expected Sales (2014-2015) : Rs.350.000 Millions
The above information has been parted by Mr. Arunachalam Manickavasagam.
Credit Recommendations:
Since no in
detailed 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 promoters 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. Arunachalam Manickavasagam |
|
Designation : |
Partner |
|
Contact No.: |
0094112323621 |
|
Date : |
13.01.2015 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.