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Report No. : |
344166 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
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Name : |
INTEXMODE (PVT) LTD |
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|
|
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Registered Office : |
190 B, Dutugemunu Street, Kohuwala, Nugegoda |
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Country : |
Sri Lanka |
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Date of
Incorporation : |
09.09.2010 |
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Com. Reg. No.: |
PV 74242 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is manufacturers & exporters of garments. |
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No. of Employee : |
7,000 (Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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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 |
: |
INTEXMODE
(PVT) LTD
|
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company (In operation) |
|
c. |
Managing
Director |
: |
Leslie Premal Mendis |
|
d. |
Primary Line of
Business |
: |
Manufacturers & Exporters of Garments |
|
e. |
Group Head Office |
: |
# 190 B, Dutugemunu Street, Kohuwala, Nugegoda, Sri Lanka. Tel. No: (00 94
11) 282 8580 / 283 2100 Fax No: (00 94 11)
285 6623 E Mail: info@voguetex.com |
|
Office &
Factory Address |
: |
Pitigala Road, Niyagama, Talgaswalla, Sri Lanka. Tel. No: (00 94 91) 229 6733 -5 E-mail: intexmode@voguetex.com |
|
|
Shipping
Department |
: |
# 122/1, Boralesgamuwa Road, Divulapitiya, Boralesgamuwa. Tel. No: (00 94 11) 254 5833 -4 |
|
|
f. |
No. of Employees |
: |
Approximately 7,000 (Group) |
|
Registration No |
: |
PV 74242 |
|||||
|
Date of Registration |
: |
09th
September 2010 |
|||||
|
b. |
Registered Address |
: |
#
190B, Dutugemunu Street, Kohuwala |
||||
|
c. |
Board of Directors As At 28th March 2015 |
: |
L. Premal Mendis
|
Managing
Director |
|||
|
Lourds Samaraj
Stephen |
Director |
||||||
|
d. |
Number of Shares |
: |
11,500,000 |
20 |
418,682 |
||
|
Issued Share Capital |
: |
Rs.
115,000,000.00 |
Rs. 2,000.00 |
Rs.
29,400,000.00 |
|||
|
e. |
Nominal Value of Share |
: |
Not
applicable/declared vide Companies Act #7 of 2007 |
||||
|
f. |
Share Holders As At 28th March 2015 |
: |
Share Holders |
No. Of Shares |
|||
|
L. Premal
Mendis |
8,939,021 |
||||||
|
A. Joseph Werner
Schirra |
2,979,681 |
||||||
|
h. |
Auditors |
: |
Jayasinghe and Company # 94/12, Kirulapone Avenue, Colombo 05 |
||||
|
i. |
Company
Secretaries |
: |
A & A Associates (Pvt) Ltd # 94/12, Kirulapone Avenue, Colombo 05 |
||||
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j. |
Bankers |
: |
HSBC Bank, Baron Jayatilaka, Mawatha Branch,
Colombo 01 |
||||
We have contacted the accounts division of the company
to obtain financial information and
they declined to give us any financial information as they insist to
know the details of the end user.
(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 financials are
available for this entity)
HISTORY
The Subject Company INTEXMODE (PVT) LTD is a Private
Limited liability.
Company incorporated on 09th September 2010 under registration number PV
74242
The Subject Company INTEXMODE (PVT) LTD is one of the three companies that make Up the Vogue Tex group of companies but each company is a separate entity.
-Western Fashion
(Pvt) Ltd
- Vogue Tex (Pvt) Ltd
LOCATION
The Subject company head office is located at the client # 190 B, Dutugemunu Street, Kohuwala, Nugegoda a city adjoining south of Colombo City and company place of
Business and factory located at Pitigala Road, Niyagama, Talgaswala
OPERATIONAL DETAILS.
General
The subject
company primary line of business is Manufacturers
and exporters of Garments
Products
Trousers,
Bib and Brace Overalls, Breeches and Shorts, Jackets and Blazers, Ladies Dress
Mens / Boys Shirt of other Textile Mate.
Exporter of
Finished goods
Export Countries
USA, Germany,
Middle East, and European Union
Importer of
Raw Material
Import Countries
India, China
No of Employees
Approximately
7,000 (Group)
Trading Term (Purchasing and selling)
L/C And Cheque
Types
of Customers
Wholesalers, Retailers, End Users
01)
|
Name |
L. Premal Mendis |
|
ID Number |
461622089 V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
10th June 1946 |
|
Age |
68 Years |
|
Address |
# 8/1B, Gregory’s Road, Colombo 07 |
02)
|
Name |
Lourds Samaraj Stephen |
|
ID Number |
640423285 V |
|
Nationality |
Sri Lankan |
|
Gender |
Male |
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Date of Birth |
11th February 1964 |
|
Age |
51 Years |
|
Address |
# 11/4A, Sri Somarathna Mawatha, Bellanthota,
Boralesgamuwa |
Board of Investment
Sri Lanka Apparel Exporters Association
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.
|
Name : |
Mr. Rasanga |
|
Designation : |
Finance Department |
|
Contact No.: |
009411-2832100 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
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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.