3decades

MIRA INFORM REPORT

Report No. :	511976
Report Date :	01.06.2018

IDENTIFICATION DETAILS

Name :	NEW UNIVERSE CORPORATE CLOTHING (PVT) LTD

Registered Office :	# 21/4, Polhengoda Gardens, Colombo 05

Country :	Sri Lanka

Date of Incorporation :	24.12.2014

Com. Reg. No.:	PV 13287

Legal Form :	Private, Limited Liability Company (In Operation)

Line of Business :	Manufacturers and Exporters of Finished Garments

No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

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

(30.09.2017)

Current Rating

(31.12.2017)

Sri Lanka

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 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.

Source : CIA

Company profile

Name of Subject of Inquiry	NEW UNIVERSE CORPORATE CLOTHING (PVT) LTD
Legal Form & Status	Private, Limited Liability Company (In Operation)
Chairman	Mr Amindra George Wimalasena
Primary Line of Business	Manufacturers and Exporters of Finished Garments
Principal Place of Business	# 21/4, Polhengoda Gardens, Colombo 05, Sri Lanka. – Head Office Phone : (00 94 11)2823636 /0718823636 Fax : (00 94 11) 2823637 E-Mail: hr@newuniverselk.com/ info@newuniverselk.com Web Site: NA UK Office 448, Eascote Lane, Harrow, Middlesex, HA2 9 AN, United Kingdom. Email: info@newuniverselk.com
Employees	NA

COMPANY DETAILS

Registration No	N(PVS) 43331
Date of Registration	24^th December 2014
Re-registration No	PV 13287
Date of Re-registration	18^th May 2009
Registered Office	# 21/4, Polhengoda Gardens, Colombo 05, Sri Lanka.
Director Board / Ownership As At 19^th December 2017	Amindra George Wimalasena	Chairman
	Olu Nilika Wimalasena	Director
	Karaweniya Arachchige Daminda	Director
	H K M Vijira Kumarasinghe	Director
Stated Share Capital	LKR 100.00
No. of Shares	10
Preferential Shares	NA
Nominal Value of Share	LKR 10.00
Auditors	Kapila Rathanasinghe & Company # 83/1/2, Subadrarama Road, Gangodawila, Nugegoda, Sri Lanka.
Company Secretaries	Kalrupco Management Services (Pvt)Ltd # 06, Balahenamulla Lane, Kirulapone, Colombo 06, Sri Lanka.
Main Bank/s	NA

Shareholders

NO.

NAME

NUMBER OF SHARES

Amindra George Wimalasena

Olu Nilika Wimalasena

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

COMPANY LOGO

History

The subject company was initially formed on 24th December 2014 under N (PVS) 43331 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 18th May 2009 under PV 13287 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

OPERATIONAL DETAILS

General

The subject company a manufacturing arm for Universal Corporate Clothing UK is into manufacturing uniforms, corporate clothing etc..along with many other items which is mainly exported to Europe. The subject entity is a family concern with the main 2 shareholders of the company being in the same family.

Products & Services

Uniforms (Corporate-wear) - Ladies' Blouses, Men's Shirts, Trousers, T-shirts, Dresses, Jackets,

Aprons and others

Employees

Export Countries

UK and Europe

Import Countries

Associate / Subsidiary Companies

Factory / Warehouse and Sales Outlets

Nugawela Junction, Thuthiripitigama, Hettipola.

Sri Lanka.

Bibulawela, Karagoda, Uyangoda. Sri Lanka.

Hewagama,

Kauwela. Sri Lanka.

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Amindra George Wimalasena
ID Number	662611468V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17.09.1966
Age	51 Years
Address	# 98/1, Shanthi Place, Kothalawala, Kaduwela, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Olu Nilika Wimalasena
ID Number	698432012V
Nationality	Sri Lankan
Gender	Female
Date of Birth	08.12.1969
Age	48 Years
Address	# 98/1, Shanthi Place, Kothalawala, Kaduwela, Sri Lanka.

Director 3

ITEM	DETAIL
Name	Karaweniya Arachchige Daminda
ID Number	752932034V
Nationality	Sri Lankan
Gender	Male
Date of Birth	19.10.1975
Age	42 Years
Address	# 64/4, Goluwawila, Ratnapura, Sri Lanka.

Director 4

ITEM	DETAIL
Name	H K M Vijira Kumarasinghe
ID Number	767870370V
Nationality	Sri Lankan
Gender	Female
Date of Birth	13.10.1976
Age	41 Years
Address	# 20, Pahalawatte Road, Galnewa, Sri Lanka.

INFORMATION DENIED

Management non-co-operative [00-94-718823636]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.45
UK Pound	1	INR 89.79
Euro	1	INR 78.79
LKR	1	INR 0.42

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 :	TPT

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)

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.