MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	ABANS (PVT) LTD
Registered Office :	# 498, Galle Road, Colombo -03,
Country :	Sri Lanka
Date of Incorporation :	07.06.1981
Com. Reg. No.:	PVS 8006
Legal Form :	Private Limited Liability Company
Line of Business :	Importers and Suppliers of Home Appliance and electric and electronic equipments.
No. of Employees :	4000

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Sri Lanka	A2	A2

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

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

Source : CIA

GENERAL - Basic information at a glance

Name of Subject of Inquiry	:	ABANS (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Chairman	:	Aban Pestonjee
Primary Line of Business	:	Importers and Suppliers of Home Appliance and electrical equipments.
Head Office & Place of Business	:	# 498, Galle Road, Colombo -03, Sri Lanka. Tel. No: (00 94 11) 256 5276 / 451 9960 / 256 5265 Fax. No: (00 94 11) 451 2501 E-Mail: milinsa@abansgroup.com info@abans.lk
No. of Employees	:	Approx. 4000 in the Group

company details

Registration No		:		PVS 8006
Registration Date		:		7^th July 1981
Re Registration No		:		PV 5301
Re Registration Date		:		10^th July 2008
Registered Office		:		# 498, Galle Road, Colombo 03
Board of Directors As At 14^th October 2011		:		Aban Pestonjee	Chairman/MD
				Dubash Saroshi	Director
				Pestonjee Rusi	Director
				Pestonjee Peston Nadirshah	Director
				Pestonjee Behman	Director
				Raffel Allan	Director
				Clive Augustine Fernando	Director
Issued Share Capital	:		Rs. 21,850,000.00
Nominal Value of Share	:		Rs. 10.00

COMPANY DETAILS - Registration and Shareholder Details

Registration No		:		PVS 8006
Registration Date		:		7^th July 1981
Re Registration No		:		PV 5301
Re Registration Date		:		10^th July 2008
Registered Office		:		# 498, Galle Road, Colombo 03
Board of Directors As At 14^th October 2011		:		Aban Pestonjee	Chairman/MD
				Dubash Saroshi	Director
				Pestonjee Rusi	Director
				Pestonjee Peston Nadirshah	Director
				Pestonjee Behman	Director
				Raffel Allan	Director
				Clive Augustine Fernando	Director
Issued Share Capital	:		Rs. 21,850,000.00
Nominal Value of Share	:		Rs. 10.00

FINANCIAL DETAILS

Most recent available Financial Information

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

CURRENT INVESTIGATION

Company Logo

· History.

The Subject Company ABANS (PVT) LTD is a Private Limited liability Company incorporated in 17^th December 1981 under registration No.PVS 8006 and re-registered in terms of Companies Act #7 of 2007 on 10^th July, 2008 under registration no. PV 5301.

The subject company, ABANS (PVT) LTD is an associate company of the ABANS GROUP which is having several companies such as, Abans Auto Mobile, Abans Restaurants (Pvt) ltd, Abans Tours (Pvt) ltd, Abans Financial Services, Abans Electricals etc.

· Location.

The Subject Company is located at the client # 498, Galle Road, Colombo – 03.

The subject company Abans Private Limited have a network of over 230 showrooms in Sri

Lanka with 14 more elite showrooms in Liberty Plaza, Rajagiriya, Mt Lavinia, Welisara,

Dehiwala, Katunayaka, Anuradhapura, Peliyagoda, Malabe, Maharagama, Kalutara, Kandy etc.

Abans also have more than 400 authorized dealers

· Operations Details.

General

The subject company primary line of business is an Importers and Suppliers of Home Appliance and electric and electronic equipments.

The company sells world famous brands such as LG, Mitsubishi, JVC, Hoover, Electrolux either as an authorized agent or exclusive distributor in Sri Lanka. The distribution is handled through a network of branches and distributors spread island-wide.

The Duty Free shop at the Katunayake International Airport is one of the largest sales outlets for internationally renowned brands of electronic and electric home appliances

Products

All kinds of Electronic/ Electric House hold items and also Pipeline Valves, Control Systems, Pipes & Fittings also Boiler Tubes.

New products Electric Motorized Bicycle

Brands Name

Hoover, hp, IBM, JBL, LG, JVC, Mitsubishi, Nokia, Philips, Sony Ericsson

Import Country

Korea, China, Japan, Taiwan, India, Malaysia,

Employees

Approx. 4000 in the Group.

Directors Detail’s

Name	Pestonjee Aban
ID Number	366141170 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	23^rd April 1936
Age	75 Years
Address	No.206, Lake Drive, Colombo-08

Name	Dubash Saroshi
ID Number	575902456 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	30^th March 1957
Age	54 Years
Address	No.180, Lake Drive, Colombo-08

Name	Hemani Kusumike Weerasuriya
ID Number	603223020 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17^th November 1960
Age	51 Years
Address	No.206/8, Lake Drive, Colombo-08

Name	Pestonjee Peston Nadirshah
ID Number	312861577-X
Nationality	Sri Lankan
Gender	Male
Date of Birth	12^th October 1931
Age	80 Years
Address	No.206, Lake Drive, Colombo-08

Name	Pestonjee Behman
ID Number	590203661 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20^th January 1959
Age	52 Years
Address	No.40C, Lake Gardens, Off Lake Drive, Rajagiriya

Name	Raffel Allan
ID Number	530131475 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	13^th January 1953
Age	58 Years
Address	No.33, 1^st Lane, Shalawa Road, Mirihana, Nugegoda

Name	Fernando Clive Augustine
ID Number	550533278 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	22^nd February 1955
Age	56 Years
Address	No.883/31, Ethul Kotte Road, Kotte

Bank

Standard Chartered Bank, Sri Lanka

Auditor

Ernest & yong

Financial

(Estimated)

(Sri Lanka Currency)

2012-13 2011-12 2010-11

24 Billion 21 Billion 10.5 Billion

(Expected) (Due to more orders)

· Financial Data

The subject company did not provide detail financial information.

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with

Limited Liability is not required to make public disclosure of their annual financials.

Therefore no financials are available for this entity

· Trade references

The subject company claim to be the sole agents for LG, Sanyo, JVC, Phillips Toshiba, Lenovo,

Toto, Panasonic, Canon, Dell products.

· 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.

Information parting

Name	Mr. Prasanth
Designation	Account Assistant
Tel No	94-11-2565276

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.97
UK Pound	1	Rs.85.45
Euro	1	Rs.69.45

INFORMATION DETAILS

Report Prepared by :	PDT
Calling	PJA

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.