MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	GENERAL SALES COMPANY (PVT) LTD
Registered Office :	#Senanayake Building, 07, Station Road, Colombo-03.
Country :	Sri Lanka
Date of Incorporation :	21.09.1997
Com. Reg. No.:	PV 7657
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Distributor of Engineering items.

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 – 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

a.	Name of Subject of Inquiry	:	GENERAL SALES COMPANY (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In operation)
c.	Chairman	:	Charles Senanayake
d.	Primary Line of Business	:	Importer and Distributor of Engineering items.
e.	Head office & Place of Business	:	Senanayake Building, # 07, Station Road, Colombo-03. Tel. No: (00 94 11) 257 4511 – 5 Fax No: (00 94 11) 257 3673 / 257 6238 E-mail: gesco@sltnet.lk
f.	No. of Employees	:	Approximately 800

COMPANY DETAILS- Registration and Shareholder Details

a.	Registration No	:		PVS 4795
	Date of Registration	:		21^st September 1997
b.	Re-registration No	:		PV 7657
	Date of Re-registration	:		22^nd September 2008
c.	Registered Office	:		#Senanayake Building, 07, Station Road, Colombo-03.
d.	Board of Directors As At 14th October 2010	:		Charles Senayake	Chairman
				Dushmantha Senanayake	Managing Director
				D. Nandula Senanayake	Director
				Deepali Kesawan Senanayake	Director
				K. L. Srinath Mahesh Silva	Director
				L. K. Dilrukshan Cabral	Director
e.	Auditors	:		V. S. & Associates
f.	Company Secretaries	:		Consultants and Corporate Secretaries (Pvt) Ltd.
g.	Bankers	:		Hatton National Bank, India Overseas Bank
h.	Issued Share Capital		:	Rs. 88,816,130 .00
i.	Nominal Value of Share		:	Rs. 10.00
j.	Share Holders As At 14th October 2010		:	Share Holders	No. Of. Shares
				Charles Senanayake	6,061,672
				D. Collins Abeywardena	01
				Dushmantha Senanayake	209,945
				P. Raman Thilakaratrne	100
				N. Swineetha Abeywardena	9,895
				Swedish Trading Co Ltd. (Co. Incorp. In Sri Lanka)	500,000
				Clair Marsretta Henritta Senanayake	100,000
				Green Soil (Pvt) Ltd	2,000,000

CURRENT INVESTIGATION

· History.

The Subject Company GENERAL SALES COMPANY LIMITED (GESCO) is a private limited liability Company incorporated on 21^st September 1997 under registration number PVS 4795 and the company was re-registered on 22^nd September 2008 under re-registration number PV 7657.

GENERAL SALES COMPANY LIMITED is a subsidiary company of SENANAYAKE HOLDINGS.

· Location.

The Subject Company is located at Client given address Senanayake Building, # 07, Station Road, Colombo-03.

· Operational Details.

General

The subject company primary line of activity is essentially an engineering services based company, which is the Sri Lanka representative of many prestigious internationally well-known engineering products.

Products that the company represents are as follows;

Automobile Division, Electrical Division, Water Division, Medical division, Mechinery Division.

Import Countries

India, China, Taiwan

No of Employees

Approximately 800

· Directors Details

01)

Name	Charles Senananayake
Id Number	330351705 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	4^th February 1933
Age	78 Years
Address	#.11^th, St.Marry’s Road, Mount Lavinia.

02)

Name	Dushmantha Senananayake
Id Number	572551393 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	11^th September 1957
Age	53 Years
Address	#.18, Urban Side, Dehiwala.

03)

Name	Deepali Kesawan Senanayake
Id Number	602590186 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	15^th September 1960
Age	50 Years
Address	#.11^th, St.Marry’s Road, Mount Lavinia

04)

Name	K. L. Srinath Mahesh Silva
Id Number	612910197 X
Nationality	Sri Lankan
Gender	Male
Date of Birth	17^th October 1961
Age	49 Years
Address	#.181 C, Pore, Athurugiriya

05)

Name	L. Kapila Dilrukshan Cabral
Id Number	593573796 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	22^nd December 1959
Age	51 Years
Address	#.55, Melder Place, Nugegoda

06)

Name	D. Nandula Senanayake
Id Number	851091246 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	22^nd September 1964
Age	46 Years
Address	#.18, Urban Side, Dehiwala.

· Financial Data

The company has declined to provide information on its finances.

· General Comments

The subject company when contacted to provide basic information to prepare this report and declined to disclose any operational or financial information, However all information received is from non-formal sources but clearly originating from the company.

· Trade references

The subject company did not provide any trade reference.

· 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.47.10
UK Pound	1	Rs.74.64
Euro	1	Rs.64.42

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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