MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	ASSOCIATED LABORATORIES (PVT) LTD
Registered Office :	02^nd Floor, A.E.C. Building 140, Vauxhall Street, colombo 02.
Country :	Sri Lanka
Date of Incorporation :	29.04.1967
Com. Reg. No.:	PV 1128
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Distributors Pharmaceuticals
No. of Employees :	150

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 :	Unknown
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	a2	a2

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	:	ASSOCIATED LABORATORIES (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Chairman	:	A.C. Wijenathen
Primary Line of Business	:	Importers & Distributors Pharmaceuticals.
Head Office & Place of Business	:	2^nd, A.E.C. Building , 140 Vauxhall Street, Colombo 02. Tel. No: (00 94 11) 243 2897, 243 2902, Fax No: (00 94 11) 244 5714 E-mail: www.@manselceylinltd.com
Number of Employees	:	Approximately 150

COMPANY DETAILS- Registration and Shareholder Details

Registration No	:	PVS 2509
Date of Registration	:	29^th April 1967
Re-registration No	:	PV 1128
Date of Re-registration	:	16^th May 2008
Registered Office	:	02^nd Floor, A.E.C. Building 140, Vauxhall Street, colombo 02.
Board of Directors As At 14^th October 2011	:	A.C. Wijenathen	Chairman
		L.W. B. De Silva	Director
		H. C. L. Gunesekera	Director
		Y. V. R. Balasuriuya	Director
Issued Share Capital	:	Rs. 6,917,150
Nominal Value of Share	:	Rs. 10.00
Share Holders As At 14^th October 2011	:	A.C. Wijenathen	626,808
		Y. V. R. balasuriuya	2,500
		L.W. B. De Silva	4,200
		Mansel (Ceylon) Ltd	10,194
		H. C. L. Gunesekera	2,500
		D.S Anne Wanigasekera	513
		N.G. Upali Panditharatna	15,000
		J. Sahul Humeed	30,000
		J. Amara Panditharatna	30,000
Auditors	:	Wickramasinghe Dayananda & Company
Company Secretaries	:	P.R Secretarial Services ( Pvt ) Ltd
Bankers	:	Not Disclosed

CURRENT INVESTIGATION

· History.

The Subject Company ASSOCIATED LABORATORIES (PVT) LTD is a Private Limited liability Company incorporated on 29^th April 1967 under registration number PVS 2509 and then the company was re-registered on 16^th May 2008 under registration number PV 1128

The subject company ASSOCIATED LABORATORIES (PVT) LTD is a subsidiary of MANSEL (CEYLON) (PVT) LTD.

· Location.

The Subject Company is located at the client given address 02^nd Floor, A.E.C. Building 140, Vauxhall Street, colombo 02.

· Operational Details.

The subject company primary line of business is Importer & Distributors of Pharmaceuticals

Export Products

All kinds of Pharmaceuticals

Countries

India

Employees

Approximately 130

Director’s Details

01)

Name	A.C. Wijenathen
ID Number	240842319 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	24^th March 1924
Age	88 Years

02)

Name	L.W. B. De Silva
ID Number	4857126550 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	11^th March 1948
Age	64 Years

03)

Name	H. C. L. Gunesekera
ID Number	490981454 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	07^th April 1949
Age	63 Years

04)

Name	Y. V. R. balasuriuya
ID Number	547511930 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	07^th September 1954
Age	58 Years

· Financial Data

The company has declined to provide information on its finances

In Sri Lanka, Private limited liability/proprietorship/partnership Companies do not Publish Their Company Accounts for public use, other than their shareholders

· General Comments

The subject company when contacted refuse to provide any 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 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.50.29
UK Pound	1	Rs.77.60
Euro	1	Rs.64.67

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%)

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.