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Report No. : |
345658 |
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Report Date : |
02.11.2015 |
IDENTIFICATION DETAILS
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Name : |
COURTAULDS CLOTHING LANKA (PVT) LTD |
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Registered Office : |
Palugahawela, Katuwellegama |
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Country : |
Sri Lanka
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Date of Incorporation : |
29.11.1996 |
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Com. Reg. No.: |
N (PVS) 18222 |
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Legal Form : |
Private Limited Liability Company (In Operation) |
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Line of Business : |
Manufacturer and Exporter of Leisurewear and Under Wears. |
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No. of Employees : |
Approximately 2000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 : |
Slow but correct |
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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 – 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 |
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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 government's 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, but low tax revenues remain
a 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 |
: |
COURTAULDS CLOTHING LANKA
(PVT) LTD
|
|
b. |
Legal Form & Status |
: |
Private Limited
Liability Company (In Operation) |
|
c. |
Managing
Director |
: |
Charles Jackson (British) |
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d. |
Primary Line of Business |
: |
Manufacturer and
Exporter of Leisurewear and Under Wears. |
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e. |
Head Office, Place of
Business & Factory |
: |
Palugahawela, Katuwellegama, Sri Lanka. Tel. No: (00 94 11) 229 7777 / 483
7837 Fax No: (00 94 11) 229 8888 E Mail: enquiries@ccl.lk |
|
Subsidiary
Factory |
: |
Courtaulds Clothing Veyangoda (Pvt) Ltd Dambuwa Estate, Badamuwa, Veyangoda Tel No: (00 94 33) 492 9500 – 6 |
|
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f |
No. of Employees |
: |
Approximately 2000 |
|
Registration No |
: |
N (PVS) 18222 |
|||
|
b. |
Date of Registration |
: |
29th November 1996 |
||
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c. |
Registered Office |
: |
# 487, Palugahawela, Katuwellegama |
||
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d. |
Board of Directors As At 14th January 2015 |
: |
Charles Jackson
(British) |
Managing Director |
|
|
Michael James Wilton
(British) |
Director |
||||
|
e. |
Issued Share Capital |
: |
Rs
167,771,830.00 |
||
|
f. |
No. of Shares |
: |
16,777,183 |
||
|
g. |
Nominal Value of Share |
: |
Not applicable
vide Companies Act #7 of 2007. |
||
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h. |
Share Holders As At 14th January 2015 |
: |
Share Holders |
No Of Shares Held |
|
|
Courtaulds Textiles (Investment) Ltd (Incorporated in UK) |
16,777,182 |
||||
|
Courtaulds Textiles Nominees Ltd (Incorporated in UK) |
01 |
||||
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i. |
Auditors |
: |
KMPG (CHARTERED
ACCOUNTANTS, #32A, Sir Mohamed Macan Markar Mawatha, Colombo 03) |
||
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j. |
Company Secretaries |
|
ESJAY Corporate
Services (Private) Limited (Level 4, #2,
Castle Lane, Colombo 04) |
||
The
Company Has Declined To Provide Information on Its Finances
Note: 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 detailed financials
are available for this entity.
·
History.
The Subject Company COURTAULDS
CLOTHING LANKA (PVT) LTD is
a Private Limited Liability Company incorporated on 29th
November 1996.
Originally incorporated as COURTAULDS
UNDERWEAR LANKA (PVT) LIMITED on 29th
November 1996 and changed its name to COURTAULDS CLOTHING
LANKA (PVT) LIMITED on 30th June 1997.
Courtaulds Clothing Lanka was
established in Sri Lanka as a fully owned off-shored manufacturing arm of
Courtaulds Textiles Plc (UK) in 1997.
·
Location.
The Subject Company is
located at the client Palugahawela,
Katuwellegama, Sri Lanka.
·
Operational
Details.
General
The subject company primary
line of business is Manufacture and Export of Leisurewear and
Underwear.
Products
Leisurewear and
Underwear.
Export Country
UK, USA.
No of Employees
Approximately
2000
·
Financial Data
The company has declined to
provide any financial information
·
Trade references
The subject
company did not provide any trade references
·
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.
Management non
co-operative [009411-2297777/4837837]
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPA |
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|
|
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Analysis Done by
: |
HEE |
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|
|
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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 |
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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 |
|
|
-- |
NB |
New Business |
-- |
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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.