MIRA INFORM REPORT

Report No. :	342721
Report Date :	05.10.2015

IDENTIFICATION DETAILS

Name :	TAJIMA COLOMBO (PVT) LTD
Registered Office :	# 28, Galle Road, Melford Crescent, Dehiwala
Country :	Sri Lanka
Date of Incorporation :	14.03.1991
Com. Reg. No.:	PV 18531
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Computerised Embroidery technology Services for Manufacturing Garments.
No. of Employees :	Approx.50

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 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

GENERAL

- Basic information at a glance

a.	Name of Subject of Inquiry	:	TAJIMA COLOMBO (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Chairman	:	MUZAFAR.M.M Hassan
d.	Primary Line of Business	:	Providing Computerised Embroidery technology Services for manufacturing garments.
e.	Head office & Place of Business	:	# 28, Galle Road, Melford Crescent, Dehiwala. Sri Lanka Tel. No: (00 94 11) 271 9902 Fax No: (00 94 11) 276 1701, 271 9904 Email: accounts@tajimacolombo.com tajimacb@tajimacolombo.com
f.	No. of Employees	:	Approx.50

COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	N(PVS) 7399
	Date of Registration	:	14^th March 1991
b.	Re-Registration No.	:	PV 18531
	Date of Re- Registration	:	31^st March 2010
c.	Registered Office	:	# 28, Galle Road, Dehiwala. Sri Lanka
d.	Board of Directors As At 31^st December 2014	:	Muzaffer M.M.Hassan	Chairman
			M.A. Hijaz Hassan	Managing Director
e.	Issued Share Capital	:	Rs. 2,000,000.00
f.	Issued Shares	:	200,000
g.	Nominal Value of Share	:	Not stated vide Companies Act #7 of 2007
h.	Share Holders As At 31^st December 2014	:	Share Holders		No. of Shares
			Muzaffer M.M.Hassan		200,000
i.	Auditors	:	Ratnayake T.A & Co, #11, Rodney Street, Colombo 08
j.	Company Secretaries	:	Sivapalan Ganeshan, #16A-2/1, Pereira Lane, Colombo 06
k.	Bankers	:	Peoples Bank, Sri Lanka
l.	Imports	:	Products : Raw Materials Country : Japan, Italy, China
m.	Terms	:	Purchasing : L/C Selling : L/C
n.	Customers	:	Intimate Fashion Private Limited
o.	Suppliers	:	Bodyline Private Limited

Directors’ Details

01)

Name	Muzaffer Mohamed Muzammil Hassan
ID Number	590763144V
Nationality	Sri Lankan
Gender	Male
Date of Birth	16^th March 1959
Age	56 Years
Address	#18/2, Evergreen Park, E.D. Dabare Mawatha, Colombo 05

02)

Name	Mohamed Ashraff Hijaz Hassan
ID Number	830463909V
Nationality	Sri Lankan
Gender	Male
Date of Birth	15^th February 1983
Age	32 Years
Address	#28, Galle Road, Dehiwala

FINANCIAL DETAILS

- Most recent available Financial Information

The company has declined to provide information on its finances

The company has declined to provide information on its finances without the identity of the end user of the enquiry.

(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability/partnerships/proprietorships are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity).

Current Investigation

· History.

The Subject Company TAJIMA COLOMBO (PVT) LTD is a Private Limited liability Company incorporated in 14^th March, 1991 under Registration No. N (PVS) 7399 and re-registered on 31^st May, 2010 under No. PV 18531, in term of Companies Act #7 of 2007.

· Location.

The Subject Company is located at the client # 28, Galle Road, Melford

Crescent, Dehiwala, a city adjoining south of Colombo city.

Head Office Building

· Operational Details.

General

The subject company primary line of business is providing computerised Embroidery Technology Services for manufacturing garments.

Subject having an associate company named TAJIMA EMBROIDERY SOLUTIONS LANKA (PVT) LTD the same premise.

Products/Services

Tajima Computerised Embroidery machines

Types: Flat, Cylinder, Single head, Lock stitch, Chenille’s-stitch types and relative equipments

Countries

For Sri Lankan garments industries.

Subject states that they are also having network associates in Asia, North & South Americas, Europe and Middle East

Employees

Approx. 50

· General Comments

When the Subject Company was contacted they were very cooperative and polite in providing the information given in this report, however they were reluctant to provide financial and any other background information that would have been useful to enhance this report.

· Trade references

The subject company did not provide any trade reference referrals

· 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 (General Details)

Name :	Mr. Naeem Jebbar
Designation :	Technical Manager
Contact No.:	(009411) 2719902

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.08

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAS
Report Prepared by :	NIT

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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