MIRA INFORM REPORT

Report Date :

28.06.2011

IDENTIFICATION DETAILS

Name :	TRANSMEC ENGINEERING (PVT) LIMITED
Registered Office :	# 241/ A, Negombo Road, Peliyagoda
Country :	Sri Lanka
Date of Incorporation :	08.06.1995
Com. Reg. No.:	PV 19672
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Manufacture of Heavy Commercial Vehicles.

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Undetermined
Payment Behaviour :	----
Litigation :	----

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	b1	b1

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	:	TRANSMEC ENGINEERING (PVT) LIMITED
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Chairman	:	M.A.L Nicholas Jayalath Perera
Primary Line of Business	:	Importer and Manufacture of Heavy Commercial Vehicles.
Place of Business		# 241 / A, Negombo Raod, Peliyagoda Sri Lanka. Tel. No: (00 94 11) 293 5840/ 298 1565-7 Fax No: (00 94 11) 293 5839 E Mail: info@trans-mec.com
Employees	:	Not Disclosed

COMPANY DETAILS- Registration and Shareholder Details

Registration No	:	N (PVS) 15116
Date of Registration	:	08^th June 1995.
Re-registration No		PV 19672
Date of Re-registration		28^th October 2010
Registered Office	:	# 241/ A, Negombo Road, Peliyagoda.
Board of Directors As at 14^th October 2010	:	M.A.L. Nicholas Jayalath Perera		Chairman
		G.M. Sabri Wahid		Director
		P. Cumarasamy Guhashanka		Director
		G.A. Chrishantha Namal Perera		Director
Issued Share Capital	:	Rs. 7,000,000.00
Nominal Value of Share	:	Rs. 10.00
Share Holders As at 14^th October 2010	:		Share Holders		No. of Shares
			Transmec Holdings (Pvt) Limited		595,000
			Ajantha Kumara De Abrew & Mrs. Kamalini Indira De Abrew		105,000
Auditors	:		Wijeyeratne & Company
Company Secretaries	:		Professional Assignements & Secretarial Services (Pvt) Limited
Bankers	:		· Bank of Ceylon · Seylan Merchant Bank Limited · Commercial Bank

CURRENT INVESTIGATION

Company Logo

· History.

The Subject Company, TRANSMEC ENGINEERING (PVT) LIMITED Company incorporated on 08^th June 1995 under registration number N (PVS) 15116 and then the company was re-registered on 28^th October 2010 under registration number PV 19672.

· Location.

The Subject Company is located at the client given address # 241/ A, Negombo Road, Peliyagoda.

· Operational Details.

General

The subject company primary line of business is Importer and Manufacture of Heavy Commercial Vehicles. Brand name “RENAULT” the leading European trucks.

The subject company is also sole agent for following world – renowned products and diversified business activities.

· MASERATI: The Italian luxury car franchiser

· Franchise Holders for Power & Welding Generators

· SDMO: French made with super silenced generators which are sold over 150 numbers

· MOSA: Italian Product, which have been sold over 150 numbers

The major clientele are Contractors for Design & Construction of infrastructural development.

· Irrigation & Water Supply Authorities

· Cement Transporters

· Suppliers of Engineering related products

· Road Development Authority

· Construction Companies

Products

Heavy Commercial Vehicles.

Country

France, Italy

Employees

Not Disclosed.

· Directors Details

01)

Name	M.A.L. Nicholas Jayalath Perera
ID Number	552691792 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	25th September 1955
Age	55 Years
Address	#.91, Ramasinghe Mawatha, Dalugama, Kelaniya

02)

Name	G.M. Sabri Wahid
ID Number	561471320 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	25^th May 1956
Age	55 Years
Address	#.410/43, Bauddhaloka Mawatha, Colombo-07

03)

Name	P. Cumarasamy Guhashanka
ID Number	712720050 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	28^th September 1971
Age	39 Years
Address	#.6, Block ‘K’, Bambalapitiya Flats, Colombo-04

04)

Name	G.A. Chrishantha Namal Perera
ID Number	625930731 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	02^nd April 1962
Age	49 Years
Address	#.91, Ramasinghe Mawatha, Dalugama, Kelaniya

· Financial Data

The company has declined to provide information on its finances

· 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.45.10
UK Pound	1	Rs.71.88
Euro	1	Rs.63.75

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.