MIRA INFORM REPORT

Report Date :

18.06.2011

IDENTIFICATION DETAILS

Name :	SAMSON RECLAIM RUBBERS LIMITED
Registered Office :	No.110, Kumaran Ratnam Road, Colombo
Country :	Sri Lanka
Financials (as on) :	2010
Date of Incorporation :	02.04.1981
Com. Reg. No.:	PB 1243
Legal Form :	Private Limited Liability Company
Line of Business :	Recycling of waste tyres for making rubber products such as reclaimed rubber ,safety clay for children’s’ play areas

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Sri Lanka	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

GENERAL- Basic information at a glance

Name of Subject of Inquiry	:	SAMSON RECLAIM RUBBERS LIMITED
Legal Form & Status	:	Private Limited Liability Company (In operation)
Managing Director	:	D. Ranathunga Rajapakse
Primary Line of Business	:	Recycling of waste tyres for making rubber products such as reclaimed rubber ,safety clay for children’s’ play areas
Head Office	:	Akuressa Road , Bogahagooda , Galle. Tel No: (00 94 91) 438 9812 / 4936061-2 Fax No : (00 94 91) 222 4322 / 2224322 E-mail: dsireclaim@dsireclaim.com
No of Employees		Approximately 250

COMPANY DETAILS- Registration and Shareholder Details

Registration No	:	PVS 7416
Date of Registration	:	02^nd April 1981
Re-registration No	:	PB 1243
Date of Re-registration	:	25^th November 2009
Registered Office	:	No.110, Kumaran Ratnam Road, Colombo - 02
Board of Directors As At 03^rd December 2010	:	D. Ranathunga Rajapakse		Managing Director
		D. Samson Rajapakse		Director
		D. Nandadasa Rajapakse		Director
		D. Ranatunga Rajapakse		Director
		C. Chien – Ching		Director
		D. K. Sandeepa Rajapakse		Director
Issued Share Capital	:	Rs. 38,303,340.00
Nominal Value of Share	:	Rs. 10.00
Share Holders As at 03^rd December 2010	:		Share Holders		No. of Shares
			D. Ranathunga Rajapakse		01
			D. Samson Rajapakse		01
			D. Nandadasa Rajapakse		01
			D. Ranatunga Rajapakse		01
			C. Chien – Ching		01
			D. K. Sandeepa Rajapakse		01
			DSI Samson Group (Pvt) Ltd		3,830,328
Auditors	:		Ernest & Young
Company Secretaries	:		Secretaries and Registrars (Pvt) Ltd
Bankers			National Development Bank DFCC Bank Sampath Bank HSBC Bank of Ceylon DFCC

FINANCIAL DETAILS - Most recent available Financial Information

			2010 Rs.	2009 Rs.
A	Revenue	:	254,002,663	305,632,216
B	Cost of Sales	:	(168,190,354)	(245,280,643)
C	Gross Profit	:	85,812,310	60,351,573
D	Other Income	:	12,608,199	9,772,739
E	Administration Cost	:	(28,980,930)	(25,629,431)
F	Distribution Cost	:	(13,061,916)	(15,814,451)
G	Finance & Other Cost	:	(2,806,938)	(4,262,741)
H	Finance Income		2,546,243	101,188
I	Net Profit / (Loss) before Tax	:	56,116,968	24,518,877
J	Taxation	:	19,258,766	5,576,791
K	Net Profit / (Loss) After Tax:	:	36,858,202	18,942,086

			2010 Rs.	2009 Rs.
a)	Non-current Assets	:	78,812,442	86,541,973
b)	Investment	:	-	-
c)	Current Assets	:	139,133,995	104,562,219
d)	Non-Current Liabilities	:	15,963,597	20,305,992
e)	Current Liabilities	:	50,876,001	36,154,699
f)	Total Liabilities	:	66,839,598	56,460,691
g)	Total Assets	:	217,946,437	191,104,192
h)	Net Worth	:	151,106,839	134,643,501

CURRENT INVESTIGATION

· History.

The Subject Company SAMSON RECLAIM RUBBERS LIMITED is a Private Limited liability Company incorporated on 02^nd April 1981 under registration number PVS 7416 and then the company was re-registered on 25^th November 2009 under registration number PV 1243.

· Location.

The Subject Company is located at client given address Akuressa Road, Bogahagooda , Galle.

· Operations Details.

General

The subject company primary line of business is Recycling of waste tyres for making rubber products such as reclaimed rubber, safety clay for children’s’ play areas

Products

o Reclaim Rubber

o Normal Play Tiles

o EPDM Play Tiles

o SBR Play Tiles

o TVP Play Tiles

o Cobblestone Design Tiles

o Brad Ford Brick Design Tiles

o Number Inserted Tiles

o Nylon Pellets

o Equine Pavers

Country

Turkey, Bulgaria, Canada, Australia, Ethiopia, Spain, Pakistan, Norway, India, Tanzania, Thailand, UAE, Taiwan, Vietnam, United Kingdom

Employees

Approximately 250

· Financial Data

The Subject Company declined to provide its financials

· General Comments

The subject company when contacted provided basic information to prepare this report, but they refused to provide its finance information.

· Trade references

The subject company did not provide any trade reference referrals

· 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 computerised 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.43
Euro	1	Rs.63.62

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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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.