3decades

MIRA INFORM REPORT

Report No. :	509503
Report Date :	18.05.2018

IDENTIFICATION DETAILS

Name :	GP GARMENTS (PVT) LTD

Registered Office :	Block B 3 & B 4, Seethawaka Export Processing Zone, Avissawella

Country :	Sri Lanka

Date of Incorporation :	09.11.1990

Com. Reg. No.:	PV 7883

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Manufacturers & Importers of Work Ware Garments.

No. of Employees :	1600 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

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

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

a.	Name of Subject of Inquiry	GP GARMENTS (PVT) LTD
b.	Legal Form & Status	Private Limited Liability Company (In Operation)
c.	Chairman	Mr Geert Derere
d.	Primary Line of Business	Manufacturers & Importers of Work ware garments
e.	Principal Place of Business	Block B 3 & B 4,Seethawaka Export Processing Zone, Avissawella, Sri Lanka. Tel. No: (00 94 36) 2231 825 - Mr Serge Watte Fax. No: (00 94 36) 2231 685 E-Mail: infogp@gp-garments.com / serqe(5).qp qarments.com Web Site: http://www.gp-garments.com/
f.	Employees	1600 Approximately

Company Details

a.	Registration No	N(PVS) 6974
	Date of Registration	09^th November 1990
b.	Re-registration No	PV 7883
	Date of Re-registration	06^th October 2008
c.	Registered Office	Block B 3 & B 4, Seethawaka Export Processing Zone, Avissawella, Sri Lanka.
d.	Board of Directors As At 14^th October 2017	Stefan Van Ende	Director
		Amelie Derere	Director
e.	Issued Share Capital	LKR 15,000,000.00
f.	No. of Shares	1,500
g.	Preferential Shares	NA
h.	Nominal Value of Share	NA
i.	Auditors	K P M G # 32 A, Sir Mohamed Macan Markar Mawatha, P.O.Box 186
j.	Company Secretaries	Corporate Advisory Services (Pvt) Ltd # 47, Alexandra Place, Colombo 07, Sri Lanka.
k.	Main Bank/s	NA

Shareholders

NO.

NAME

NUMBER OF SHARES

Amelie Karen Adelaide Derere

G A N Soparfi S A

1499

FINANCIAL DETAILS

- Most recent available Financial

CURRENT INVESTIGATION

Company Logo

· HISTORY

The subject company was formed on 09^th November 1990 under N(PVS) 6974 under the Companies Act of Sri Lanka. The subject Company, GP Garments was subsequently Re-registered on 06^th October 2008 under PV 7883 under the Companies Act No 07, of 2007 as per the mandatory requirements.

GP Garments is specialized in manufacturing a wide range of high quality workwear garments for a global clientele while catering to customized design requests. We offer our customers an optimum service by taking advantage of our unmatched industry expertise, our advanced technology, our flexibility and our capability to consistently deliver quality products at an affordable price. Incorporated in 1990 as a Belgian owned limited liability company in Sri Lanka with the approval of the local Board of Investment, GP Garments has continuously delivered high quality garments ever since. Backed by the skill and knowhow of our 1600 strong workforce, GP Garments state-of-the-art manufacturing facility is located in Avissawella, a suburb of Sri Lanka’s commercial capital Colombo. The Company’s steady growth over the years has been proven by the strong and successful business partnerships with our valued customers and our suppliers. We have successfully invested and retained diverse and talented people in all job disciplines while consistently encouraging them to grow within the organization. Concerns and commitment towards the workforce since inception by the management of the Company, has paved the way to become a “Garments without Guilt” certified manufacturer from the year 2008. In the meantime, we have initiated the Business Social Compliance Initiative (BSCI) audit process.

· OPERATIONAL DETAILS

The Subject Company, GP Garments (Pvt) Ltd is a manufacturer and Exporter of Work Ware Garments to international destinations. The company is owned and managed by Pratogest (Societe Anonym 4 Rue Tony Neuman L 2241 Luxembourg) and is having its head office based there as well as its sourcing office based in China. The factory has a annual production capability of 3.5 million pieces.

Products

Coats, Body Warmers, Jackets, Overalls, Aprons, Brace Overalls, Shorts, Trousers, Sweaters (Work were)

Employees

1600 Approximately

Export Regions

Europe (Mainly).

Import Countries

China

Associate Companies

Factory Complex

Under the BOI industrial zone agreement with direct investment in Sri Lanka by foreign Countries

Personal Details of Key Persons

Director 1
ITEM	DETAIL
Name	Stefan Van Ende
ID Number	EM 118930
Nationality	NA
Gender	NA
Date of Birth	NA
Age	NA
Address	Dress Confect NV, Pathoekweg 15, 8000 Brugge, Belgium.
Director 2
ITEM	DETAIL
Name	Amelie Derere
ID Number	EM 233001
Nationality	NA
Gender	NA
Date of Birth	NA
Age	NA
Address	Dress Confect NV, Pathoekweg 15,8000 Brugge, Belgium.

Information Declined

MANAGEMENT NON CO-OPERATIVE

Contact No.: (00 94 36) 2231825

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.72
UK Pound	1	INR 91.65
Euro	1	INR 79.89
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 :	NIY

Report Prepared by :	NIT

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.