MIRA INFORM REPORT

Report No. :	493743
Report Date :	15.03.2018

IDENTIFICATION DETAILS

Name :	VOGUE TEX PVT LTD

Registered Office :	# 190 B, Dutugemunu Street, Kalubowila East, Kohuwala

Country :	Sri Lanka

Date of Incorporation :	27.07.1990

Com. Reg. No.:	PV 13167

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Manufacturer, Importer & Distributor of Apparel

No. of Employees :	7000+ Approximately

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	VOGUE TEX PVT LTD
Legal Form & Status	Private Limited Liability Company (In Operation)
Chairman	Mr. Premal Mendis
Primary Line of Business	Manufacturer, Importer & Distributor of Apparel
Principal Place of Business	190B, Dutugemunu Street, Kohuwala, Nugegoda Sri Lanka. Tel. No: (00 94 11) 2832100 / 2828580 Fax. No: (00 94 11) 2856623 E-Mail: info@voguetex.com / stephen@voguetex.com Web Site: www.voguetex.com
Employees	7000+ Approximately

Company details

Registration No	N(PVS) 6636
Date of Registration	27^th July 1990
Re-registration No	PV 13167
Date of Re-registration	07^th May 2009
Registered Office	# 190 B, Dutugemunu Street, Kalubowila East, Kohuwala, Sri Lanka.
Board of Directors As At 23^rd January 2018	Leslie Premal Mendis			Director
	Stephen Lourds Samraj			Director
	Nuwan Ferdinandes Wijewickrama			Director
	Hendrik Schulte			Director
	Dulip Sherman Aquinas Venturi			Director
	Savanth Laleen Sebastian			Director
Issued Share Capital	LKR 20,000,000.00	LKR 130,500,000.00	LKR 191,872,000.00
No. of Shares	200,000	435,000	56,759
Preferential Shares	NA
Nominal Value of Share	NA
Auditors	Jayasinghe & Company Chartered Accountants # 94/12, Kirulapone Avenue, Colombo 05, Sri Lanka.
Company Secretaries	A & A Associates (Pvt) Ltd # 94/12, Kirulapone Avenue, Colombo 05, Sri Lanka.
Main Bank/s	Deutsche Bank, HSBC

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Leslie Premal Mendis	352,797
2.	Manoj Sumedha Mendis	338,962

Financial details

Most recent available Financial Information

Current investigation

COMPANY LOGO

HISTORY

The subject company was formed on 27th July 1990 under N(PVS) 6636 under the Companies act of Sri Lanka. The company was Re-registered on 07thMay 2009 under PV 13167 as per the Mandatory companies registration act No 7 of 2007. The company started off its operations as a SME and now has grown to a household name in the Apparel Industry, being a member of the Apparel Association and the Export Development Board the company boats of its achievements from its inception with a small factory employing 100 workers to a 5000+ workforce and 8 factories in Sri Lanka and a Sales office in Germany. Vogue Tex (Pvt) Ltd & Broadsword Apparel (Pvt) Ltd having been amalgamated with Tarakie Garments (Pvt) Ltd Tarakie Garments (Pvt) Ltd name changed Vogue Tex (Pvt) Ltd 01st March 2013

OPERATIONAL DETAILS

General

Vogue Tex (Pvt) Ltd is a manufacturer of Apparel, mainly for Import purposes. The company produces Blouses, Dresses, Shirts, Waistcoats, Jackets, T-Shirts, Trousers, Shorts & Nightwear and exports mainly to the EU and USA.

Products

Our product portfolio is vast. It comprises an extensive range of Ladies, Men’s and Children’s wear. We design and manufacture Blouses, Jackets, Blazers, Trousers, Chinos, Dresses, Skirts, School uniforms and Shirts. Vogue Tex handles predominantly middle and light weight woven products along with a few knit products in order to meet our partners requirements. Our product mix covers both casual and formal wear in normal and plus-size fit ranges. Today, we produce over 10 million garments per year and constantly invest in hi-tech machinery to ensure consistent quality and on-time production of our apparel.

Brands, the Company produces for

NEXT (UNITED KINGDOM), DIEMENSIONS (UNITED KINGDOM), MAY DEP'T (UNITED STATES), JANTZEN (UNITED STATES), GERRYWEBER (GERMANY), VICTORIA SECRET (UNITED STATES), ESCADA GROUP (GERMANY), JONES (UNITED STATES)

Employees

7000+ Approximately

Export Countries

United States, Germany, Canada, United Kingdom, Netherlands

Import Countries

Taiwan, North Korea, Indonesia, Hong Kong, China, India

Associate Companies

Hendrik Schulte GmbH & Co. KG

Fresnostr. 18

48159 Münster/Westf.

Germany

Phone: +49 251 162 1922

Fax: +49 251 162 1924

Mobil: +49 177 4659467

Mail: h.schulte@odel.de

FACTORIES & OUTLETS

Personal Details of Key Persons

The following information was found through the registrar of companies records:

Director 1

ITEM	DETAIL
Name	Leslie Premal Mendis
ID Number	461622089V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10^th June 1946
Age	70
Address	#2/5,Gregorys Road, Colombo 07, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Arnold Joseph Werner Schirra
ID Number/Passport Number	D 3335010272
Nationality	German
Address	Athenee Residence Condominium 65/192, Wireless Road,Lumpini,Pathumwan,Bangkok,Thailand.

Director 3

ITEM	DETAIL
Name	Stephen Lourds Samraj
ID Number	640423285V
Nationality	Sri Lankan
Gender	Male
Date of Birth	11^th February 1964
Age	52
Address	#111/4A,Sri Somarathna Mawatha,Bellanthota,Boralesgamuwa,Sri Lanka.

Director 4

ITEM	DETAIL
Name	Nuwan Ferdinandes Wijewickrama
ID Number	632790228V
Nationality	Sri Lankan
Gender	Male
Date of Birth	05^th October 1963
Age	52
Address	#113 A, Woodward Mawatha, Galle, Sri Lanka.

Director 5

ITEM	DETAIL
Name	Hendrik Schulte
ID Number/Passport Number	539408166
Nationality	German
Address	Studstar 1515,48149, Muenster,Germany.

Director 6

ITEM	DETAIL
Name	Dulip Venturi
ID Number/Passport Number	NA
Nationality	NA
Address	Male

INFORMATION DENIED

Management non-co-operative [00-94-11-2832100 / 2828580 – Continuously Ringing]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.99
UK Pound	1	INR 90.83
Euro	1	INR 80.58
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 :	NIY

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)

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