MIRA INFORM REPORT

 

 

Report No. :

346367

Report Date :

27.10.2015

 

IDENTIFICATION DETAILS

 

Name :

KOGGALA GARMENTS (PVT) LIMITED

 

 

Registered Office :

3rd Floor M&M Centre, #341/5 Kotte Road, Rajagiriya

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.09.1991

 

 

Com. Reg. No.:

PV14452

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture & Exporting of Garments     

 

 

No. of Employees :

Approximately 1300

 

 

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

 

 

Payment Behaviour :

No Complaints

 

 

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

:

KOGGALA GARMENTS (PVT) LIMITED

 

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Managing Director

 :

Malik Devapriya Samarawickrama

d.

Primary Line of Business

:

Manufacturer  & Exporter of Garments

e.

Head office & Place of Business

 

 

:

3rd Floor M&M Centre,

#341/5 Kotte Road,

Rajagiriya

Sri Lanka

 

Tel No: (00 94 11) 528 9355, 528 9358

Fax No:(00 94 11) 540 4447

 Email: koggeafly@kog.hoodvian

              nil@hoodvian.com

 

Factory

 

Export Processing Zone,

Koggala,

Habaraduwa,

Sri Lanka


Tel: (00 94 91) 228 3469, 228 3471, 228 3472, 545 3479
Fax: (00 94 91) 228 3341

f

No. of Employees

:

Approximately 1300

 

                       

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 8154

b.

Date of Registration

:

29th September 1991

c.

Re-registration No

:

PV14452

Date of Re-registration

:

07th  July 2009

Registration Issuing Authority

:

Registrar of Companies, Colombo 10.

d.

Registered Office

:

3rd Floor M&M Centere No.341/5 Kotte Road Rajagiriya

e.

Board of Directors

As At

14th  July 2013

:

Malik  Devapriya Samarawickrama               

Managing Director

Mordechi Kafry (German)

Director

So Tat Ming (Chinese)

Director

Johnico Wuchi Kai (British)

Director

                                                                          Nilantha Lakshitha Kithsiri Ratnayake ( he is also the alternate director to Mr. M.D. Samarawickrema)

Director

f.

Issued Share Capital

:

Rs.     97,298,400.00  (Total  No. of Shares: 972,984)

(Value of Pref. Rs.5,600,000/- and Ord. Rs.91,698,400/-)

.g

Nominal Value of Share

:

Rs.                 100.00 

h.

Share Holders

As At

14th  July 2013

:

 Share Holders

No Shares

Preference

Ordinary

Malik Devapriya Samarawickrama                        

28,000

01

Hoodvian Ltd, Hong Kong

-

916,983

The Bridge Holding Ltd, Hong Kong

28,000

-

i.

Auditors

:

Ernst & Young

.j.

Company Secretaries

:

D. L & F. De Saram

k.

Bankers

:

Bank of Ceylon, National Development Bank

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

Subject Company declined to provide financial details

 

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

 

 

CURRENT INVESTIGATION

 

·         History.

 

The subject company KOGGALA GARMENTS (PVT) LIMITED is a Private Limited                                       

Liability Company incorporated in 29th September 1991 under registration number N (PVS) 

8154 and the company was re-registered on 07th July 2009 under registration number PV 14452

in terms of Companies Act # 7 of 2007.

 

KOGGALA GARMENTS (PVT) LIMITED is a member of HOODVIAN GROUP and  

Subsidiary of Hoodvian Ltd, Hong Kong and Bridge Holding Ltd, Hong Kong.

 

There are other garments factories named Continental Apparels (Kaduwela) and Osprey Clothing (Pvt) Ltd also running under HOODVIAN GROUP.

 

 

·         Location

 

The Subject Company’s Head office is located at # 03rd Floor, M & M Centre, # 341/5, Kotte Road, Rajagiriya, a city adjoining south of Colombo city. This is a multi-storied building with all facilities, stated as owned by Mr. Malik Samarawickrama, MD

 

The Subject Company’s factory is located at Export Processing Zone, Koggala, Habaraduwa, Sri Lanka, an EPZ in the Southern Province and down south of Sri Lanka, approx. 130 kilo meters from Colombo,  (closer to city of Galle) on the Colombo-Matara High way.

 

 

·         Operational Details.

 

General

 

The subject company’s primary line of business is Manufacture & Exporting of Garments                       

 

 

Products

             

Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, trousers, bib and brace overalls, breeches and shorts, Women's or girls' undergarment, stockings, hosiery, nightdresses, pyjamas, bathrobes, dressing gowns and similar articles, T-shirts, singlets and vests

 

 

https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcR8nyCom8-U2zOphYm-JIsXjjuP3AlLcJFx6I7cR4pWWcloQoaVCCqkzw https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcQArM6SqFXdo45em-CH6TdN18YdOYP8zI6frnNrCGpCd-2lVJNrDw http://d2pr82nrhocf8q.cloudfront.net/spp/supplier_profile_images/78107/thumb_138_1119_BL.jpg

 

 

Export Country

 

Europe, USA, UK

 

 

No of Employees

 

Approximately 1300

 

 

Directors Details

 

01)

Name

Malik  Devapriya Samarawickrama              

ID Number

490792198V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

19th  March 1949

Age

65 Years

 

    

02)

Name

Mordechi Kafry

ID Number

3341096574

Nationality

German

 

03)

Name

Johnico Wu chi Kai (British)

ID Number

790111489

Nationality

British

 

 

04)

Name

Nilantha Lakshitha Kithsiri Ratnayake

ID Number

683271020V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

22th  October 1968

Age

47 Years

 

 

05)

Name

 

So Tat Ming (Chinese)

ID Number

KJ0032103

Nationality

China

 

 

·         Trade references

 

Board of Investment of Sri Lanka (BOI)

Export Development Board of Sri Lanka (EDB)

Sri Lanka Apparel Exporters Association

 

 

·         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 denied BY

 

Name :

Mr. Nilantha Ratnayake

Designation :

Director

Contact No.:

0009477-77 10681

Date :

24.10.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.96

UK Pound

1

Rs.99.55

Euro

1

Rs.71.64

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

               

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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