MIRA INFORM REPORT

 

 

Report No. :

506875

Report Date :

09.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PERKS CLOTHINGS (PVT) LTD

 

 

Registered Office :

# 09, Dharmashrama Mawatha, Borupana Road, Rathmalana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

19.06.1995

 

 

Com. Reg. No.:

PV 1314

 

 

Legal Form :

Private, Limited Liability Company (In Operation)

 

 

Line of Business :

Exporters, Importers, Manufacturers of Garments and Accessories

 

 

No. of Employees :

1000+

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

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 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  

 

Basic Information

 

Name of Subject of Inquiry

PERKS CLOTHINGS (PVT) LTD

Legal Form & Status

Private, Limited Liability Company (In Operation)

Chairman

Mr Mohamed Raffeedeen Marikar Mohamed Faiz Alavi

Primary Line of Business

Exporters, Importers, Manufacturers of Garments and Accessories

Principal Place of Business

# 09, Dharmashrama Mawatha, Borupana Road, Rathmalana,

Sri Lanka.

Phone : (00 94 11) 5343434 / +94 77 72393332

Fax : (00 94 11) 2623411

E-Mail: ecommerce@hameedia.lk

Web Site: https://hameedia.com/

Employees

1000+ Approximately

 

 

Company Details

 

Registration No

N(PVS) 15184

Date of Registration

19th June 1995

Re-registration No

PV 1314

Date of Re-registration

05th December 2007

Registered Office

# 09, Dharmashrama Mawatha, Borupana Road, Rathmalana, Sri Lanka.

Director Board / Ownership As At 11th December 2017

Mohamed Raffeedeen Marikar Mohamed Faiz Alavi

Director

 

 

Mohamed Raffeedeen Marikar Mohamed Fouzul Hameed

Director

 

 

Mohamed Raffeedeen Marikar Mohamed Hussain Sadique

Director

 

Sithy Jowhara Raffeedeen

Director

Stated Share Capital

4,000,000.00

No. of Shares

400,000

Preferential Shares

NA

Nominal Value of Share

LKR 10.00

Auditors

Wickramasinghe Dayananda Company

# 111-1/1, Maya Avenue, Colombo 06, Sri Lanka.

Company Secretaries

M & A Consultants (Pvt) Ltd

# 111-1/1, Maya Avenue, Colombo 06, Sri Lanka.

Main Bank/s

HSBC, Amana Bank

 

 

Shareholders

 

 

NO

. NAME

NUMBER OF SHARES

1.

Mohamed Raffeedeen Marikar Mohamed Faiz Alavi

120,000

2.

 

Mohamed Raffeedeen Marikar Mohamed Fouzul Hameed

120,000

3.

Mohamed Raffeedeen Marikar Mohamed Hussain Sadique

120,000

4.

 

Sithy Jowhara Raffeedeen

40,000

 

 

FINANCIAL DETAILS

Most recent available Financial Information

NA

 

 

CURRENT INVESTIGATION

 

 

Company Logo

 

 

• History.

 

The subject company was initially formed on 19th June 1995 under N(PVS) 15184 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 05th December 2007 under PV 1314 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

 

•   Operational Details.

 

General

The subject company is a major producer and a supplier of garments (Finished) and accessories which is sold retail in there outlets as well as Exported to US and UK markets... The main lines being "Signature" "Le Bond" etc.. has created a unique style and the company is well known for its wedding suites and tailoring with unique materials imported from Europe etc.. The company is doing quite well in the Men's fashion segment and is a well reputed entity in the Island.

 

Products & Services

Mens Jeans, Shirts, Shorts, Shoes, Socks, Wedding suites, Indian Clothing, Accessories etc..

 

Employees

1000+ Approximately

 

Export Countries

USA and Europe

 

Import Countries

Italy, Hong Kong, India

 

Associate / Subsidiary Companies

NA

 

Factory / Warehouse and Sales Outlets

Owned

 

https://hameedia.com/store-locator

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Mohamed Raffeedeen Marikar Mohamed Faiz Alavi

ID Number

671950588V

Nationality

Sri Lankan

Gender

Male

Date of Birth

13.07.1967

Age

50

Address

# 152, Anderson Road, Dehiwala, Sri Lanka.

Director 2

ITEM

DETAIL

Name

Mohamed Raffeedeen Marikar Mohamed Fouzul Hameed

ID Number

610860699X

Nationality

Sri Lankan

Gender

Male

Date of Birth

26.03.1961

Age

57

Address

# 93, Anderson Road, Dehiwala, Sri Lanka.

Director 3

ITEM

DETAIL

Name

Mohamed Raffeedeen Marikar Mohamed Hussain Sadique

ID Number

671111109X

Nationality

Sri Lankan

Gender

Male

Date of Birth

20.04.1967

Age

50

Address

# 43, Kawdana Road, Dehiwala, Sri Lanka.

 

Director 4

 

ITEM

DETAIL

Name

Sithy Jowhara Raffeedeen

ID Number

377521013V

Nationality

Sri Lankan

Gender

Female

Date of Birth

08.09.1937

Age

80

Address

# 70/3, Wadiya Avenue, Off Wadiya Road, Dehiwala, Sri Lanka.

 

 

INFORMATION DENIED

 

Management non co-operative [(00 94 11) 5343434 / +094 77 72393332]

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.08

UK Pound

1

INR 91.14

Euro

1

INR 80.01

LKR

1

INR 0.43 

 

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

SYL

                                                


 

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.