MIRA INFORM REPORT

Report Date :

26.12.2013

IDENTIFICATION DETAILS

Name :	A.S.P. SIVAN PILLAI

Registered Office :	# 214, Keyzer Street, Colombo 11,

Country :	Sri Lanka

Date of Incorporation :	08.11.1985

Com. Reg. No.:	WA 7449

Legal Form :	Partnership Company

Line of Business :	Importers and wholesalers of food items

No. of Employees :	15

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 :	Slow but 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, 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

Company name and address

a.	Name of Subject of Inquiry	:	A.S.P. SIVAN PILLAI
b.	Legal Form & Status	:	Partnership Company (In Operation)
c.	Managing Partner	:	S. Ramasamy
d.	Primary Line of Business	:	Importers and wholesalers of food items
e.	Office & Place of Business	:	# 214, Keyzer Street, Colombo 11. Sri Lanka Tel. No: (00 94 11) 239 0006; 242 1693 Tel/Fax No: (00 94 11) 232 3461 E-mail: aspsn@sltnet.lk
f.	No. of Employees	:	Approximately 15

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No		:	WA 7449
	Date of Registration		:	08^th November 1985
b.	Re-Registration No		:	W 58712
	Date of Re-Registration		:	02^nd July, 2008
c.	Registered Office		:	# 214, Keyzer Street, Colombo 11, Sri Lanka
d.	Partners		:	Mr. Subrayan Ramasamy	Managing Partner
				Mr. M. H. Sarath	Partner
				Mrs. Shamalee Sarath	Partner
				Mrs. Pooranam Ramasamy	Partner
e.		Auditors	:	Aiyar & Company
f.		Company Secretaries	:	-Not Applicable-
g.		Bankers	:	Commercial Bank PLC

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 are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

CURRENT INVESTIGATION

History:

The Subject Company A.S.P. SIVAN PILLAI is a Partnership Company, initially

Incorporated on 08^th November 1985 under Registration No. WA 7449 as an Indent Agent

and Re-Registered under Registration No. W 58712 on 02^nd July, 2008 with the company

Entering into importing business.

The Proprietorship/Partnership companies are being registered at the Provincial Registrar

Of Companies.

The subject is having an associate company named “SHREE RAM IMPEX”.

Location.

The Subject Company is located at the client # 214, Keyzer Street, Colombo 11, Sri Lanka, one of the most important business areas.

Operations Details.

General

The subject company primary line of business is importers and wholesalers of food items

Products

Rice, Potatoes, Onions, Chillies, Edible fats & Oils, Lentils, Green Gram, Sugar etc…

Import Countries

Australia, China, Turkey, Bulgaria, Canada, Chile, Yangon, India

No of Employees

Approx. 15 Employees

Financial Data

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.

Associate Company

SHREE RAM IMPEX,

Address: # 72, 04^th Cross Street, Colombo 11, Sri Lanka

Tel No: (00 94 11) 242 2640

Fax No: (00 94 11) 243 6243

Trade references

National Chamber of Commerce of Sri Lanka

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.61.87
UK Pound	1	Rs.101.10
Euro	1	Rs.84.65

INFORMATION DETAILS

Report Prepared by :

NIS

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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