MIRA INFORM REPORT

 

 

Report No. :

327731

Report Date :

24.06.2015

 

IDENTIFICATION DETAILS

 

Name :

CALICO (PVT) LTD

 

 

Registered Office :

#.95, Wanawasala Road, Kelaniya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

26.05.2005

 

 

Com. Reg. No.:

PV 15803

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Manufacturing of garment accessories such as shock codes, hanger tape, elastic tape, draw cord, twill tape, yarn dying, elastic loop, webbing

 

 

No. of Employee :

Approx 130

 

 

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 :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

 

:

CALICO (PVT) LTD

b.

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

c.

Managing Director

 :

P. Chandima Gunasekara

 

d.

Primary Line of Business

:

Manufacturing of garment accessories such as shock codes, hanger tape, elastic tape, draw cord, twill tape, yarn dying, elastic loop, webbing

 

e.

Head Office

:

 

# 95, Wanawasala Road,

Kelaniya,

Sri Lanka 

 

Tel: (00 94 11) 551 9361-3 /293 4733

Fax: (00 94 11) 481 0683

 

Email: prabath@calicocord.com

             info@calicocord.com

 

g.

No. of Employees

:

Approx 130

h.

Trading Terms

:

Purchasing Terms : Cheque and Credit

Sales Terms :  Cheque and Credit

i.

Type of Customers

:

Retailers and End Users

 

 

 

 

 

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 41770

Date of Registration

:

26th May 2005

b.

Re-registration No

:

PV 15803

Date of Re-registration

:

09th September 2009

c.

Registered Office

:

#.95, Wanawasala Road, Kelaniya

d.

Board of Directors

As at

31st December 2014

:

Tuan Hadjireen Rasiff

Director

Thamina Dilhara  Rasiff

Director

Athula  Prabath  Chandima Gunasekara

Managing Director

e.

Issued  Share Capital

:

Rs.        30.00

No. of Issued  Shares

:

03

f.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

g.

TIN No

:

114417700

h.

SVAT No

:

SVAT000127

Reg. Date

:

31st March 2011

i.

Share Holders

As at

31st December 2014

:

Share Holders

No. of    Shares

Tuan Hadjireen Rasiff

01

Thamina  Dilhara  Rasiff

01

Athula  Prabath  Chandima Gunasekara

01

j.

Auditors

:

A. J. S. Associates,(#100/20, Sir Chittampalam A Gardiner Mawatha, Colombo-02)

k.

Company Secretaries

:

Thamina  Dilhara  Rasiff (#40,Park Road, Bangalawatte, Mabola, Wattala)

l.

Bankers

:

HNB, NDB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

The company has declined to provide information on its finances without knowing the    End of user of enquiry

                                                                       

Note: ased 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 CALICO (PVT) LTD is a Private Limited liability Company incorporated on 26th May 2005 under the registration number N (PVS) 41770 and the company was re-registered in terms of Companies Act #7 of 2007 on 09th September 2009 under the registration number PV 15803.  

 

  • Location.

 

The Subject Company is located at the client #.95, Wanawasala Road, Kelaniya, approx 10 kilometres from Colombo City.

 

  • Operational Details.

 

General

The subject company’s primary line of business is manufacturing of garment accessories such as shock codes, hanger tape, elastic tape, draw cord, twill tape, yarn dying, elastic loop, and webbing.

 

 

Products

Draw Cords, Shock Cords, Hanger Tape, Elastic Coop, Webbing, Twill Tape

 

Brands

MARKS & SPENCERS

LUCKY BRAND

BANANA REPUBLIC

NEW PORT BLUE

BODY GLOVE

TOMMY HILFIGURE

VICTORIA SECRET

 

Export Country

Europe, Pakistan, China

Import Country

China Vietnam, India

 

Employees

Approx. 130

 

 

  • Director’s Details

 

01)

Name

Tuan Hadjireen Rasiff

ID Number

670740811V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th March 1967

Age

48 Years

Address

#40, Park Road, Bangalawatta, Mabola, Wattala

 

 

02)

Name

Thamina  Dilhara  Rasiff

ID Number

 748480099 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

13th December 1974

Age

40  Years

Address

#40, Park Road, Bangalawatta, Mabola, Wattala

 

03)

Name

Athula  Prabath  Chandima Gunasekara

ID Number

661920840V

Nationality

Sri Lankan

Gender

Female

Date of Birth

10th July 1966

Age

48 Years

Address

#66/10, Heritage City, Maguruwila Road, Gonawala, Kelaniya

 

 

  • Trade references

 

Sri Lanka – Pakistan Business Council

 

  • 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 PARTED BY

 

Name :

Ms. Jayamini

Designation :

Key Executive

Contact No.:

0009411-2934733

Date :

23.06.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.100.41

Euro

1

Rs.71.63

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.