MIRA INFORM REPORT

 

 

Report No. :

326128

Report Date :

12.06.2015

 

IDENTIFICATION DETAILS

 

Name :

DEWHIRST GROUP OF COMPANY

 

 

Registered Office :

#514/3, Thimrigasyaya Road,  Colombo- 05.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

Not Available 

 

 

Legal Form :

Private Liability Company

 

 

Line of Business :

Subject is engaged in buying and sourcing of apparel

 

 

No. of Employee :

Approx. 10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Offshore company

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

:

DEWHIRST GROUP OF COMPANY

b.

Legal Form  & Status

:

The subject company is the Off shore BUYING & SOURCING OFFICE in Sri  Lanka of  DEWHIRST GROUP (Pvt) Ltd which is a Private Liability Company Registered in England (In Operation)

c.

Country Director

:

 William Cennyd

d.

Primary Line of Business

:

Buying &  sourcing of Apparel

e.

Places of Business

 

:

 

Sri Lanka Country Office

 

 #514/3, Thimrigasyaya Road,

 Colombo- 05.

 Sri Lanka      

Tel. No: (00 94 77) 320 7029

 

Principal’s Registered office:

3rd floor

106-110 Kentish Town Road

London NW1 9PX

United Kingdom

Email: Womenswear@dewhirst.com

Tel: +44 207 284 5007

 

Road 5

Winsford Industrial Estate. Winsford,

Cheshire CW7 3RW

United Kingdom

Tel: + 44 207 284 5180

Email: portswear@dewhirst.com

 

f.

No. of Employees

:

Approx. 10

                   

 

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

Country office of the Principal company.  Not Applicable to this category.

b.

Date of Registration

:

As Above

c.

Registered Address

:

514/3, Thimrigasyaya Road, Colombo- 05. Sri Lanka      

d.

Country Director Sri Lanka

:

William Cennyd

 

e.

Issued Share Capital

:

Not applicable as the subject is a Country office of a Off-shore Registered company    

f.

Nominal Value of Share

:

- as above-

g.

Share Holders

 

:

Share Holders

No. of

Shares

Not applicable as the subject is a Country office of a Off-shore company

-

h.

Auditors

:

Not applicable as the subject is a Country office

i.

Company Secretaries

:

Not applicable as the subject is a Country office

j.

Bankers

:

Not applicable as the subject is a Country office

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The company is an off-shore branch office. No Financials are available                                                                                                            

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                      

 

·         History.

 

                  The subject company is the Off shore BUYING & SOURCING OFFICE in Sri  Lanka of  DEWHIRST GROUP (Pvt) Ltd which is a Private Liability Company Registered in England. It is headed by a Country Director Mr. William Cennyd.

 

 

·         Location.

 

                  The Subject Company is located at the client # 400, Deans Road, Colombo

                  10, the headquarters of Hayleys Group of companies.

.

 

Operational Details.

 

General

 

                  The subject company primary line of business is functioning as the country buying and Sourcing Office for DEWHIRST GROUP (Pvt) Ltd, established in 1880 which is a renowned apparel designing and trading & logistics company having business offices in BANGLADESH, China, Indonesia, Cambodia, UK & Sri Lanka.

 

Subject states that with an apparel industry spanning three generations, pro-active infrastructure investment and advantageous transport links to Europe and USA, Sri Lanka provides a desirable location for quality garment production at optimised rates.

Dewhirst's central Colombo location equips us to source, produce and supply formalwear to aspirational standards.

Their Colombo based Sourcing office benefits clients with 10 accredited partner factories across Sri Lanka and India – each selected for their expertise, proximity to cost-efficient shipment links and commitment to social compliance.

 

Products/Services

                   Men’s wear, Women wear, Children wear, and Sports wear

 

                  Services:

 

                  Product Design

                  Fabric and Garment Development

                  Sales & Marketing

                  Merchandising

                  Garment Manufacturing

                  Social Compliance

                  Logistics

                    

Country

Sri Lanka, UK & worldwide

 

Employees

Approx. 10 (Country Office)

 

 

Trade references

 

Board of Investments,

Export Development Board

 

 

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.

 

 

INFORMATION DENIED

 

Management Non-cooperative (Tel. No. : 009477-3207029)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.89

UK Pound

1

Rs.98.90

Euro

1

Rs.72.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

 

 

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.