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Report No. : |
349629 |
|
Report Date : |
19.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
NORTH MANUFACTURING (PVT) LTD |
|
|
|
|
Registered Office : |
Lot 74, Biyagama Export Processing Zone, Walgama, Malwana |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
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Date of Incorporation : |
23.02.1995 |
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|
|
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Com. Reg. No.: |
PV 4150 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business : |
Manufacture and exporting of textiles sports products |
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|
|
|
No. of Employee : |
1000 |
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 |
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|
|
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Payment Behaviour : |
Slow but correct |
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|
|
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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 |
|
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 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 |
: |
NORTH MANUFACTURING
(PVT) LTD |
|
b. |
Legal Form
& Status |
: |
Private
Limited Liability Company (In Operation) |
|
c. |
Managing Director |
: |
J.
Hassen (Canadian) |
|
d. |
Primary Line of
Business |
: |
Manufacture
and Exporting of Textiles Sports Products. |
|
e. |
Head
Office & Factory |
: |
Lot 74, Biyagama Export Processing Zone,
Walgama, Malwana. Tel: (00 94 11) 246 5088 Fax: (00 94 11) 246 5091 Email: nilani@lk.northsails.com |
|
f. |
No.
of Employees |
: |
Approximately
1000 |
Registration
and Shareholder Details
|
a. |
Registration No |
: |
N
(PVS) 14449 |
|
|
b. |
Date of Registration |
: |
23rd
February 1995 |
|
|
c. |
Re- registration No |
|
PV
4150 |
|
|
d. |
Date of Re- registration |
|
6th June 2008 |
|
|
e. |
Registered Office |
: |
Lot
74, Biyagama Export Processing Zone, Walgama, Malwana. |
|
|
f. |
Board of Directors As at
15th October 2014 |
: |
Lawrence Andrew McDonald (Canada) |
Managing
Director |
|
Trevor
Arthur Jenkins (UK) |
Director |
|||
|
g. |
Issued
Share Capital |
: |
Rs.
28,504,000.00 |
|
|
Number of Shares |
: |
28,504 |
||
|
h. |
Nominal Value of Share |
: |
Not
applicable/declared vide Companies Act #7 of 2007 |
|
|
i. |
Share Holders As at 15th October 2014 |
: |
Share Holders |
No. of
Shares |
|
North
Sails Group LLC (Incorporated in U.S.A) |
28,504 |
|||
|
j. |
SVAT No |
: |
27th
April 2011 |
|
|
Reg. Date |
: |
SVAT001540 |
||
|
TIN No |
: |
114144495 |
||
|
k. |
Auditors |
: |
PriceWaterhouseCoopers (6A, 6C, Daisy
Villa Mawatha, Colombo 04) |
|
|
l. |
Company Secretaries |
: |
Mansec
Services (Pvt) Ltd (P.O.
Box 918, 100, Braybrooke Place, Colombo 02) |
|
|
m. |
Bankers |
: |
Commercial
Bank |
|
Subject Company declined to provide
financials.
(Note: Based on the corporate laws of Sri Lanka, legal entities which
are Private Company with Limited
Liability are not required to make public disclosure of their annual
financials. Therefore no financials are available for this entity)
History.
The Subject Company NORTH MANUFACTURING (PVT) LTD is a Private Limited Liability Company incorporated on 23rd February 1995 under the registration number N (PVS) 14449 and the company has been re-registered on 06th June 2008 under the registration number PV 4150, in terms of Companies Act #7 of 2007.
North Manufacturing is a wholly owned subsidiary of the North Sails Group LLC, USA
AMALGAMATION
In 01st Day of April 2014 North Sails 3 D L Lanka (Private) Limited & North Cloth Lanka (Private) Limited was Amalgamated with North Manufacturing (Private) Limited.
Location.
The Subject Company is located at the client Lot 74, Biyagama Exporting Processing Zone, Walgama, Malwana, approx. 25 kilo meters from Colombo.
Operational Details.
General
The subject company’s primary line of business is Manufactures Sports Products from Textiles. They are Subsidiary of the Sails LLC USA, the Largest Boat Sails Maker in the World
Products
Boat Sails, Boat Covers and Accessories
Export Countries
America, Europe
No of Employees
Approximately 1000
01)
|
Name |
L. Andrew Macdonald |
|
Passport Number |
BA 703746 |
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Nationality |
Canadian |
02)
|
Name |
Trevor Arthur Jenkins |
|
Passport Number |
800225978 |
|
Nationality |
Drovers White Lane , Guildford Gu48ps , UK |
Board of Investment, Sri Lanka
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.
Management Non-cooperative (009411-2465088)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.100.51 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.