MIRA INFORM REPORT

Report Date :

24.12.2013

IDENTIFICATION DETAILS

Name :	KANDY TRADE CENTER (PVT) LTD

Registered Office :	# 39, Old Morr Street, Colombo 12

Country :	Sri Lanka

Date of Incorporation :	27.04.2010

Com. Reg. No.:	PV 72066

Legal Form :	Private Limited Liability Company (In operation)

Line of Business :	Importers and Suppliers of Hardware Items.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – March, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

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 following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. 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 with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.

Source : CIA

GENERAL - Basic information at a glance

a.	Name of Subject of Inquiry	:	KANDY TRADE CENTER (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In operation)
c.	Managing Director	:	Sameen Sanner Mohammed
d.	Primary Line of Business	:	Importers and Suppliers of Hardware Items.
e.	Place of Business	:	# 39, Old Morr Street, Colombo 12, Sri Lanka. Tel No: (00 94 11) 234 5265
g.	No. of Employees	:	Not Disclosed

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No		:	PV 72066
b.	Year of Registration			27^th April 2010
c.	Registered Office		:	# 39, Old Moor Street , Colombo 12
d.	Board Of Directors As at 30^th September 2013		:	Sameen Sanner Mohammed	Managing Director
				Kandegedara Abdul Majeed kamila Siththi	Director
				Saneer Muhammed Zulkaranain	Director
e.	Issued Share Capital		:	Rs. 30.00
f.	Nominal Value of Share		:	Rs. 10.00
g.	Share Holders As At 30^th September 2013		:	Share Holders	No Shares
				Sameen Sanner Mohammed	01
				Kandegedara Abdul Majeed kamila Siththi	01
				Saneer Muhammed Zulkaranain	01
h.	Secretaries	:		Saneer Muhammad Zulkaranian
j.	Auditors	:		B L P Associates

Directors Details

01)

Name	Sameen Sanner Mohammed
ID Number	620415430 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10^th May 1968
Age	54 Years

02)

Name	Kandegedara Abdul Majeed kamila Siththi
ID Number	6875882671 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	14^th September 1968
Age	45 Years

03)

Name	Saneer Muhammed Zulkaranain
ID Number	903439741 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	08^th December 1990
Age	23 Years

FINANCIAL DETAILS - Most recent available 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

CURRENT INVESTIGATION

History.

The Subject Company KANDY TRADE CENTER (PVT) LTD Private Limited liability Company incorporated on 27^th April 2010 under registration number PV 72066.

Location.

The Subject Company is located at the client # 39, Old Moor Street, Colombo 12.

OPERATIONAL DETAILS

General

The subject company primary line of business is Importers and Suppliers of Hardware Items.

Products

Hardware Items

Country

India , China

No of Employees

Not Disclosed

FINANCIAL DATA

General Comments

When we contacted the company and they spite and refused to provide details to prepared this report

Trade references

Not Available

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.61.99
UK Pound	1	Rs.101.37
Euro	1	Rs.84.82

INFORMATION DETAILS

Report Prepared by :

SDA

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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