MIRA INFORM REPORT

Report No. :	492062
Report Date :	13.02.2018

IDENTIFICATION DETAILS

Name :	TEXLAN CENTER (PVT) LTD
Registered Office :	Weniwalgodelle Estate, Dagonna Raod, Minuwangod
Country :	Sri Lanka
Date of Incorporation :	09.03.2006
Com. Reg. No.:	PV 5388
Legal Form :	Private Limited Liability Company (In Operation)
Line of Business :	Manufacturers and Exporters of Readymade Garments.
No. of Employees :	500+ Approximately

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Sri Lanka	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under an IMF program. 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 almost 80% of GDP and remains among the highest of the emerging markets.

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.

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.

Source : CIA

Company Profile

BASIC INFORMATION

a.	Name of Subject of Inquiry	TEXLAN CENTER (PVT) LTD
b.	Legal Form & Status	Private Limited Liability Company (In Operation)
c.	Managing Director	Mr Piero Angelo Bertavelli
d.	Primary Line of Business	Manufacturers and Exporters of Readymade Garments
e.	Principal Place of Business	# Weniwalgodelle Estate, Dagonna Raod, Minuwangoda Sri Lanka. Tel. No: (00 94 11) 2295 652 - 4 Fax. No: (00 94 11) 2295 847 E-Mail: info@texlan.lk/ nirosh@texlan.lk Web Site: http://www.texlan.lk/
f.	Employees	500+ Approximately

Company Details

a.	Registration No	N(PVS)45358
	Date of Registration	09.03.2006
b.	Re-registration No	PV 5388
	Date of Re-registration	16.07.2008
c.	Registered Office	Weniwalgodelle Estate, Dagonna Raod, Minuwangod, Sri Lanka
d.	Director Board / Ownership As At 09^th February 2017	Mohamed Farook Mohamed Silmy	Director
		Musadaq Zulqarnain	Director
		Piero Angelo Bertarelli	Director
		Aqeel Ahamed	Director
		Maqsood Muhammed	Director
		Navid Fazil	Director
		Luca Franscesco Bertarelli	Director
e.	Sated Share Capital	LKR 175,000,000
f.	No. of Shares	17,500,00
g.	Preferential Shares	NA
h.	Nominal Value of Share	LKR 10.00
i.	Auditors	KPMG Chartered Accountants # 32A, Sir Mohamed Macan marker Mawatha, Colombo 03
j.	Company Secretaries	BDO Sectaries (Pvt) Ltd # 65/2, Sir Chittampalam A Gardiner Mawatha, Colombo 02
k.	Main Bank/s	NA

Shareholders as at 09th February 2017

NO.	NAME	NUMBER OF SHARES
1.	Nagendra Sri Theagarajah	01
2.	Swami Nathan Jayantha Mootatamby	01
3.	Piero Angelo Bertarelli	100,000
4.	Viscotex AG	17,399,998

FINANCIAL DETAILS

Most recent available Financial Information

NA

CURRENT INVESTIGATION

Company Logo

· HISTORY

The subject company was initially formed on 09^th March 2006 under N (PVS) 45358 under the Companies Act of Sri Lanka. The subject company was subsequently re-registered on 16^th July 2008 under PV 5388 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Caption

Texlan is an Italian owned group of companies backed by over 40 years of experience in the hosiery industry.

The first plant in Sri Lanka was established over 30 years ago and the group has been constantly growing ever since. The group has expanded not only in hosiery manufacturing but has also backward integrated into the manufacturing of raw materials.

The group's annual exports from Sri Lanka, alone, exceed 18 million pairs per year and further expansion is in the pipeline.

Our product range includes socks for baby, children, ladies and men as well as tights for baby, children, and ladies. Our diverse product range is further complemented by our equally diverse production capabilities. We cater to a very wide segment of the market - from complex computer designed baby tights with designed gussets and anti-slip soles to the simpler standard pair of ribbed socks.

We at Texlan understand the dynamics of the ever-changing market environment. That is why we have a dedicated in-house product design and development team, continuously exploring new market trends and creating products that are not only unique to individual customer requirements, but are also considered groundbreaking in the hosiery market.

We offer our customers a fully integrated service starting from concept and design to manufacture and delivery of the final product. This is the key to our success that allows us to have that crucial edge over our competitors!

· OPERATIONAL DETAILS

General

Texlan was established in 1990 as a foreign owned limited liability company to produce and export knitwear for international markets. Since then, the company has expanded its product range to include knitted caps, scarves, gloves/mittens, sewn accessories & hosiery.

The company's production facilities are technically advanced and comprise circular, raschel & flat knitting, sewing, machine & hand embroidery, finishing & packing, dyeing of yarn and piece goods.

Products

Socks (Men's, ladies and Babies)

Tights, Leggings, Sneakers (Ladies and Babies)

Employees

500+ Approximately

Export Countries

Italy, UK

Import Countries

Italy

Associate / Subsidiary Companies

NA

Factory / Warehouse and Sales Outlets

Owned

Personal Details of Key Persons

Director 1
ITEM		DETAIL
Name		Mohamed Farook Mohamed Silmy
ID Number		NA
Nationality		NA
Gender		Male
Date of Birth		NA
Age		NA
Address		# 5, Rodrigo Avenue, Galpotta Road, Nawala, Rajagiriya, Sri Lanka
Director 2
ITEM		DETAIL
Name		Musadaq Zulqarnain
ID Number		NA
Nationality		Pakistani
Gender		Male
Date of Birth		NA
Age		NA
Address		15A, Peoples Colony, Pakistan
Director 3
ITEM		DETAIL
Name		Piero Angelo Bertavelli
ID Number		NA
Nationality		Italian
Gender		Male
Date of Birth		NA
Age		NA
Address		NA
Director 4
ITEM		DETAIL
Name		Aqeel Ahamed
ID Number		NA
Nationality		Pakistani
Gender		Male
Date of Birth		NA
Age		NA
Address		NA
Director 5
ITEM		DETAIL
Name		Maqsood Muhammed
ID Number		NA
Nationality		Pakistani
Gender		Male
Date of Birth		NA
Age		NA
Address		NA
Director 6
ITEM		DETAIL
Name		Navid Fazil
ID Number		NA
Nationality		Pakistani
Gender		Male
Date of Birth		NA
Age		NA
Address		NA
Director 7
ITEM	DETAIL
Name	Luca Franscesco Bertarelli
ID Number	Y 233872
Nationality	Italy
Gender	Male
Date of Birth	NA
Age	NA
Address	NA

Information declined

MANAGEMENT NON CO-OPERATIVE

(009411) 2295654

(009411) 2295652 - (Number is Continuously Ringing)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.89
LKR	1	INR 0.41

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	SPA
Analysis Done by :	PRI
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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)

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