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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516761

Report Date :

28.06.2018

 

IDENTIFICATION DETAILS

 

Name :

WACOAL TIMEX (PVT) LTD

 

 

Formerly Known As :

EVEDEN TIMEX (PVT) LTD

 

 

Registered Office :

# 455/ 1, Bauddhaloka Mawatha, Colombo 08

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

31.08.2005

 

 

Com. Reg. No.:

PV 6055

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturing and Exporting Ladies Under Wares and Swim Wares.

 

 

No. of Employees :

Approximately 1000

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd 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

(31.12.2017)

Current Rating

(01.04.2018)

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 the IMF program it began in 2016. The government's high debt payments and bloated civil service, which have contributed to historically high budget deficits, remain a concern. Government debt is about 79% of GDP and remains among the highest of the emerging markets. In the coming years, Sri Lanka will need to balance its elevated debt repayment schedule with its need to maintain adequate foreign exchange reserves.

 

In May 2016, Sri Lanka regained its preferential trade status under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including its top export garments, tax free to the EU. In 2017, Parliament passed a new Inland Revenue Act in an effort to increase tax collection and broaden the tax base in response to recommendations made under its IMF program. In November 2017, the Financial Action Task Force on money laundering and terrorist financing listed Sri Lanka as non-compliant, but reported subsequently that Sri Lanka had made good progress in implementing an action plan to address deficiencies.

 

Tourism has experienced strong growth in the years since the resolution of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. In 2017, the government promulgated plans to transform the country into a knowledge-based, export-oriented Indian Ocean hub by 2025.

 

Source : CIA

 

 

note

 

In absence of company financials, no credit limit could be recommended.

 

 

General

 

Name of Subject of Inquiry

:

WACOAL TIMEX (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Abdul Sattar Ashraf

Primary Line of Business

:

 Manufacturing and Exporting Ladies Under Wares and Swim Wares.

Head office

 

 

# 455/1, Bauddhaloka Mawatha,

 Colombo 08,

 SriLanka.

Tel. No: (00 94 11) 472 8200

Fax No: (00 94 11) 472 8258

E-Mail: indunil.weerasinghe@timexsl.com

Factory

&

Place of Business

 

 

:

Lot. C, Block A, Wathupitiwala EPZ,

Nittambuwa,

Sri Lanka.

Tel. No: (00 94 33) 467 1166

Fax No: (00 94 33) 467 1313

No. of Employees

:

Approximately 1000

 

 

Company details

 

Registration No:

:

N(PVS) 42995

Date of Registration

:

31st August, 2005

Re-registration No:

:

PV 6055

Date of Re-registration

:

04th August, 2008

Registered Office

:

# 455/ 1, Bauddhaloka Mawatha, Colombo 08, Sri Lanka.

Board of Directors

As At

14th October 2017

:

Abdul Sattar Ashraf

Managing Director

 

Abdul Sattar Anis

Director

Abdul Sattar Arshad

Director

Vaughan Peter Waylett (British)

Director

Geoffrey Micheal Embley (British)

Director

Andrew Micheal Yeomans (British)

Director

Issued Share Capital

:

Rs. 100,000,060.00

Number of Shares

:

10,000,006

Authorised Share Capital

:

Not applicable/declared vide Companies Act #7 of 2007

Share Holders

As At

14th October 2017

:

Share Holders

No. of

Shares

Timex Garments Ltd

5,000,003

Wacoal Ventures Limited

5,000,003

Auditors

:

PricewaterhouseCoopers

(#100, Braybrooke Place, Colombo0-02)

Company Secretaries 

:

Corporate Advisory Services (Pvt) Ltd

(# 47, Alexandra Place, Colombo 07)

Bankers

:

People’s Bank

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The Company Has Declined To Provide Information on Its Finances                                             

 

It should be noted that the particular industry segment the company is involved has very good 

Growth potential and as such it can be expected for the company to expect a good growth

Prospects

 

(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 WACOAL TIMEX (PVT) LTD is a Private Limited Liability Company incorporated on 31st August 2005 under registration number N (PVS) 42995 and re-registered on 4th August 2008 under registration number PV 6055 in terms of Companies Act #7 of 2007.

 

The subject company initially registered as EVEDEN TIMEX (PVT) LTD it changed on 03rd December 2014

 

EVEDEN TIMEX (PVT) LTD incorporated as a Joint Venture of Timex (Garments) Limited, one of the pioneering clothing manufacturers in Sri Lanka and    Eveden Ventures Limited of the United Kingdom. The subject company is a Board of Investment (BOI) approved company

 

LOCATION

 

The Subject Company’s office is located at client given address # 455/ 1, Bauddhaloka Mawatha, Colombo 08, Sri Lanka.

The factory is located at Lot C, Block A, Wathupitiwala, EPZ, Nittambuwa, Sri Lanka, approx. 40 kilo meters from Colombo, on the Colombo- Kandy highway 1.

       

OPERATIONAL DETAILS

 

General

The subject company’s primary line of business is Manufacture and Exporters of Under Wares and Swim wares.

 

Products

Under Wares and Swim Wares.

 

Export Country

UK, USA

 

Employees

Approximately 1000

 

 

Directors’ Details

 

1)

Name

Abdul Sattar Ashraf

ID Number

571810344 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

29th June 1957

Address

# 11/1, Mahanuga Gardens, Colombo 03

 

 

2)

Name

Abdul Sattar Anis

ID Number

650900138 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th March 1965

Address

# 523, Bulllers Road, Colombo 08

 

3)

Name

Abdul Sattar Arshad

ID Number

722971361 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd October 1972

Address

# 11, Mahanuga Gardens, Colombo 03

 

 

4)

Name

Vaughan Peter Waylett

PP Number

535864547

Nationality

United Kingdom

Address

#11, Fellclose, Fleckney, Leicestershire LE8 8DG UK

 

 

5)

Name

Geoffrey Micheal Embley

PP Number

529694453

Nationality

United Kingdom

Address

Falcons Keep, Towneester Rd, Greensnorton, Towneester,Notherhampshire NN12 8BN UK

 

6)

Name

Andrew Micheal Yeomans

PP Number

099251311

Nationality

United Kingdom

 

Address

#18, Darricott Close, Rainworth, Mansfield, Nottinghamshire NG21 0FP UK

 

TRADE REFERENCES

 

Sri Lanka Export Development Board (EDB)

 

 

ADVERSE DATA MONITORING

 

SUBJECT COMPANY

 

 

Dishonoured Checks

 

No Record Found

 

Debt

 

Please see details of Mortgages below

 

Litigation

 

No Record Found

 

Performance Defaults

 

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

LITIGATION

 

No computerized 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.

 

 

Mortgaged Bonds of the subject

 

Date and Description of Instrument Creating or Evidencing the Charge

Amount Secured

Short Particulars of Property Charged

Name, Address and Description of the Persons Entitled to the Charge

Trust Receipt 7985202120002933 Dated 03rd October 2012

USD 158,439.25

Fabric and Accessories

Peoples Bank off Shore Banking Unit, #75, Sir Chittampalam A Gardiner Mawatha, Colombo-02.

Trust Receipt 7985202120003139 Dated 12th November 2012

USD 220,327.06

Fabric and Accessories

Peoples Bank off Shore Banking Unit, #75, Sir Chittampalam A Gardiner Mawatha, Colombo-02.

Trust Receipt 7985202130001032 Dated 28th June 2013

USD 184,215.41

Fabric and Accessories

Peoples Bank off Shore Banking Unit, #75, Sir Chittampalam A Gardiner Mawatha, Colombo-02.

 

02.01.2017 Mortgage over property & machinery

USD.450,000

 

 

property & machinery

 

 

 

 

Peoples Bank, Off shore Banking Unit,#75, Chittampalam A. Gardinar Mw, Col.02

 

 

02.01.2017 Letters & Deed of Hypothecation over stocks

USD.550,000

 

Letters & Deed of Hypothecation over stocks

 

 

Peoples Bank, Off shore Banking Unit,#75, Chittampalam A. Gardinar Mw, Col.02

 

 

 

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 computerized 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

 

Management non-co-operative [0094-11-4728200 / 0094-33-4671166]

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.52

UK Pound

1

INR 90.60

Euro

1

INR 79.87

LKR

1

INR 0.43

 

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPA

 

 

Analysis Done by :

VAR

 

 

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.