MIRA INFORM REPORT

Report Date :

01.09.2012

IDENTIFICATION DETAILS

Name :	WITTACHI STAINLESS STEEL (PVT) LTD
Registered Office :	A 11, Abdul Hammed Street, Colombo-12
Country :	Sri Lanka
Date of Incorporation :	26.08.1988
Com. Reg. No.:	N(PVS) 21920
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Trader, Importers, Dealers & Fabricators of Stainless Steel pipes
No. of Employees :	34

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Sri Lanka	A2	a2

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

- 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

a.	Name of Subject of Inquiry	:	WITTACHI STAINLESS STEEL (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Albert Wittahachchi
d.	Primary Line of Business	:	Manufacture, Trader, Importers, Dealers & Fabricators of Stainless Steel pipes
e.	Head office & Place of Business	:	#.A 11, Abdul Hameed Street, Colombo-12 Sri Lanka. Tel. No: (00 94 11) 242 3348/ 245 2914 Fax No: (00 94 11) 286 4073/ 233 5842 Email: wittachi@dialogsl.net
f.	No. of Employees	:	34

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	N(PVS) 21920
	Date of Registration		26^th August 1998
b.	Re-registration No	:	PV 2974
	Date of Re-registration		26^th March 2008
c.	Registered Office	:	A 11, Abdul Hammed Street, Colombo-12
d.	Board of Directors As at 06^th January 2011	:	Albert Wittahachchi	Managing Director
			V.A. Indrani Perera	Director
			Amila Wittahachchi	Director
e.	Issued Share Capital	:	Rs. 500,000.00
f.	Nominal Value of Share	:	Rs. 10.00
g.	Share Holders As at 06^th January 2011	:	Share Holders		No. of Shares
			Albert Wittahachchi		21,000
			V.A. Indrani Perera		14,900
			Amila Wittahachchi		14,100
h.	Auditors	:	Sunil Piyawardena & Company
i.	Company Secretaries	:	Accountancy & Secretarial Services Bureau (Pvt) Ltd
k.	Bankers	:	Not Disclosed

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

Currect investigation

· History

The Subject Company WITTACHI STAINLESS STEEL (PVT) LTD is a Private Limited liability Company incorporated on 26^th August 1998 under registration number N (PVS) 21920 and then the company was re-registered on 26^th March 2008 under registration number PV 2974.

· Location.

The Subject Company is located at client given address A 11, Abdul Hammed Street, Colombo-12.

· Operational Details.

General

The subject company primary line of business is Importers, Dealers & Fabricators of Stainless Steel.

Products

Sheets, Checkered Plate, Round Bars, Pipes, Normal Wires, Welding Electrodes…etc

Country

China, India, Korea, Spain, Malaysia

Employees

34

Auditor

Sunil Piyawardend & Comp

Directors Details

01)

Name	Albert Wittahachchi
ID Number	440900925 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	30th March 1944
Age	68 Years

02)

Name	V.A. Indrani Perera
ID Number	528002307 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	26^th October 1952
Age	60 Years

03)

Name	Amila Wittahachchi
ID Number	77080389 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	28^th June 1977
Age	35 Years

Bank

People Bank

Colombo

o/d 25 Millions in Sri Lanka Currency

FINANCIAL INFORMATION

(In Sri Lanka Currency)

Year	2012-13	2011-12	2010-11
Turnover	350 million	300 million	250 million

· Trade references

Rajratna Metal – Supplier

Helyes Pvt Ltd – Customer

· 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.55.72
UK Pound	1	Rs.87.95
Euro	1	Rs.69.65

INFORMATION DETAILS

Report Prepared by :	PDT
Calling	SVA

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.