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MIRA INFORM REPORT
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Report No. : |
502551 |
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Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
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Name : |
GARMEX INTERNATIONAL LTD |
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Registered Office : |
1st Floor, # 514, Thimbirigasyaya Road, Colombo 05 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
05.12.1995 |
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Com. Reg. No.: |
PV3880 |
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Legal Form : |
Limited Liability Company (In Operation) |
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Line of Business : |
Manufacturers
and Exporters of Finished Garments |
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No. of Employees : |
250
Approximately |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SRI LANKA - ECONOMIC
OVERVIEW
Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.
In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.
Tourism has experienced strong growth during recent years following the resolution 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.
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Source
: CIA |
Company
Profile
BASIC INFORMATION
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a. |
Name of Subject of Inquiry |
GARMEX INTERNATIONAL LTD |
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b. |
Legal Form & Status |
Limited Liability Company
(In Operation) |
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c. |
Chairman |
Mr Pillay Angelo Marlon
Kumar |
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d. |
Primary Line of Business |
Manufacturers and
Exporters of Finished Garments |
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e. |
Principal Place of
Business |
514, Thimbirigasyaya Road, 1st Floor, Colombo 05
Sri Lanka Phone : (00 94 11) (94) 11-2507487/(94) 11-2507488 Fax : (00 94 11) (94)
11-2597047 E-Mail:
garmex@sltnet.lk Web Site:
www.garmexinternational.com |
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f. |
Employees |
250 Approximately |
Company
Details
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a. |
Registration No |
N(PVS)16355 |
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Date of Registration |
05th December
1995 |
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b. |
Re-registration No |
PV3880 |
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Date of Re-registration |
21st May 2008 |
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c. |
Registered Office |
1st Floor, # 514,
Thimbirigasyaya Road, Colombo 05, Sri Lanka. |
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d. |
Director Board / Ownership
As At 29th December 2017 |
Fernando Gunawitage Ajith
Prasanna |
Director |
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Pillay Angelo Marlon Kumar |
Director |
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Weerasinghe Ajith Chandana |
Director |
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e. |
Stated Share Capital |
LKR 3,000,000.00 |
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f. |
No. of Shares |
Ordinary 300,000 |
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g. |
Preferential Shares |
NA |
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h. |
Nominal Value of Share |
LKR 10.00 |
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i. |
Auditors |
M/S Henaka Arachchi & Company
Chartered Accountants # 57, Mahalloluwa, Kirindiwela, Sri Lanka. |
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j. |
Company Secretaries |
Accounting Systems
Secretarial Services (Pvt) Ltd Level 3, # 11, Castle Lane, Colombo 04, Sri
Lanka. |
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k. |
Main Bank/s |
Seylan Bank PLC, Bank of Ceylon |
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NO. |
NAME |
NUMBER
OF SHARES |
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1. |
Pillay Angela Marlon Kumar |
157,500 |
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2. |
Fernando Gunawitage Ajith Prasanna |
55,500 |
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3. |
Weerasinghe Ajith Chandana |
87,000 |
FINANCIAL
DETAILS
- Most recent available Financial Information
NA
CURRENT
INVESTIGATION
Company Logo
·
HISTORY
The
subject company was initially formed on 05th
December 1995 under N (PVS) 16355 under
the Companies Act of Sri Lanka. The subject company was subsequently
Re-registered on 21st May
2008 under PV3880 under
the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.
·
OPERATIONAL DETAILS
General
The
subject company is a manufacturer and Exporter of finished garments from Sri
Lanka. The subject company has been in operation for a while and has been
exporting to Europe and USA mainly.
Products & Services
Manufacturers and Exporters
of Ladies Wear, Menswear, Corporate Wear & School Uniforms.
Employees
250 Approximately with
factory workers
Export Countries
United States, France,
Netherlands, Portugal
Import Countries
Vietnam, Singapore, North
Korea, Taiwan, Hong Kong
Associate / Subsidiary Companies
NA
Factory / Warehouse and Sales Outlets
Owned
Personal
Details of Key Persons
Director 1
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ITEM |
DETAIL |
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Name |
Fernando Gunawitage Ajith
Prasanna |
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ID Number |
631793649V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
27.06.1963 |
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Age |
54 |
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Address |
# 11/3, Karishrue Gardens,
Colombo 08, Sri Lanka. |
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Director 2 |
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ITEM |
DETAIL |
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Name |
Pillay Angelo Marlon Kumar |
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ID Number |
632450192X |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
01.09.1963 |
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Age |
54 |
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Address |
# 11/3, Karishrue Gardens,
Colombo 08, Sri Lanka. |
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Director 3 |
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ITEM |
DETAIL |
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Name |
Weerasinghe Ajith Chandana |
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ID Number |
683630810V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
28.12.1968 |
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Age |
49 |
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Address |
# 130/5, B1 ,
Pahalakaragahamuna, Kadawatha, Sri Lanka. |
Information
Declined
MANAGEMENT NON
CO-OPERATIVE
Contact No:
(00 94 11) - 2507487
(00 94 11) - 2507488
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.35 |
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1 |
INR 92.70 |
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Euro |
1 |
INR 80.80 |
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LKR |
1 |
INR 0.42 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
Gathered by : |
PRT |
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Analysis Done by
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PRI |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.