MIRA INFORM REPORT

Report Date :

18.11.2011

IDENTIFICATION DETAILS

Name :	LAPP TRADING (CEYLON) (PVT) LTD
Formerly Known As :	LAPP TRADING (CEYLON) LTD
Registered Office :	#. 88c, Galle Road, Dehiwala
Country :	Sri Lanka
Date of Incorporation :	31.12.1981
Com. Reg. No.:	PV 11037
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Importer & Supplier of Industrial Sewing Machines and Accessories

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Usually 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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Sri Lanka	b1	b1

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

GENERAL- Basic information at a glance

Name of Subject of Inquiry	:	LAPP TRADING (CEYLON) (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Chairman	:	P. Neil Nandasena Fernando
Primary Line of Business	:	Manufacture, Importer & Supplier of Industrial Sewing Machines and Accessories.
Office & Place of Business	:	#. 88c, Galle Road, Dehiwala, Sri Lanka. Tel. No: (00 94 11) 574 0585 – 7 / 257 0622 Fax No: (00 94 11) 273 4506 / 420 8460 Email: lapp@slt.lk Location : Owned
No. of Employees	:	25

COMPANY DETAILS- Registration and Shareholder Details

Registration No	:	PVS 8116
Date of Registration		31^st December 1981
Re-registration No	:	PV 11037
Date of Re-registration		19^th January 2009
Registered Office	:	#.11, Alexandra Road, Colombo – 06
Board of Directors As at 14th December 2010	:	P. Neil Nandasena Fernando	Chairman
		Sujatha Jean Manel Fernando	Director
		Nilmini Kumari Fernando	Director
		T.L. Primla	Director
		W.M. Sunil Bandara	Director
		Kamalika Ravindri Weerasinghe	Director
Issued Share Capital	:	Rs. 400,000.00
Nominal Value of Share	:	Rs. 10.00
Share Holders As at 14th December 2010	:	Share Holders		No. of Shares
		P. Neil Nandasena Fernando		30,000
		Sujatha Jean Manel Fernando		10,000
Auditors	:	Edirisinghe & Company
Company Secretaries	:	Turnkey Services (Pvt) Ltd
Bankers	:	Bank of Ceylon, Colombo Branch
Importers	:	Country: Japan, Singapore, Hong Kong , Taiwan, Germany, Italy Products : Industrial Sewing Machines and Accessories
Trading Terms	:	Purchasing Terms: L/C, Cash, Credit (30-60 days) Selling Terms: Cash, Credit (30-60 days)
Types of customers	:	Industries, Manufacturer

Information Parted By

Name : Mr. W.M. Sunil Bandara

Designation : director

Cell No.: +94 777695873

Date : 17.11.2011

CURRENT INVESTIGATION

· History

The Subject Company LAPP TRADING (CEYLON) (PVT) LTD is a Private Limited liability Company incorporated on 31^st December 1981 under registration number PVS 8116 and re-registered in terms of Companies Act #7 of 2007 on 19^th January 2009 under registration number PV 11037.

The subject company LAPP TRADING (CEYLON) (PVT) LTD is a member of Penthouse Group.

The subject company client given name LAPP TRADING (CEYLON) LTD is a subject Company earlier known name, Now Company known as a LAPP TRADING (CEYLON) (PVT) LTD.

· Location.

The subject company is located at #. 88c, Galle Road, Dehiwala, client given address #.11, Alexandra Road, Colombo – 06 is situated subject company group head office.

· Operational Details.

General

The subject company primary line of business is Manufacture, Importer & Supplier of Industrial Sewing Machines and Accessories.

Products

Sewing machines and Accessories

Country

China, India

Employees

25

· Directors Details

01)

Name	P. Neil Nandasena Fernando
ID Number	370851530 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	25th March 1937
Age	74 Years

02)

Name	Sujatha Jean Manel Fernando
ID Number	438011129 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	27^th October 1943
Age	68 Years

03)

Name	Nilmini Kumari Fernando
ID Number	798191373 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	14th November 1979
Age	32 Years

04)

Name	T.L. Primla
ID Number	541230955 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	02^nd May 1954
Age	57 Years

05)

Name	W.M. Sunil Bandara
ID Number	511911940 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	09th July 1951
Age	60 Years

06)

Name	Kamalika Ravindri Weerasinghe
ID Number	585410616 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	10^th February 1958
Age	53 Years

· Financial Data

The company has declined to provide information on its finances

· General Comments

The subject company when contacted and they provided some details to prepare this report.

· 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.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.64

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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