MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	N- ABLE (PVT) LTD

Registered Office :	“Hemas House” # 75, Braybrooke Place, Colombo 02

Country :	Sri Lanka

Date of Incorporation :	09.06.2008

Com. Reg. No.:	PV 64381

Legal Form :	Private Limited Liability Company

Line of Business :	Enabling information and communication technology solutions

No. of Employees :	40

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 :	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 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

Name of Subject of Inquiry	:	N- ABLE (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Managing Director	:	D’ Almedia Joseph Philip Peter
Primary Line of Business	:	Enabling information and communication technology solutions
Head office & Place of Business	:	# 36, Bristol Street, Colombo 01, Sri Lanka. Tel. No: (00 94 11) 462 5000 Fax No: (00 94 11) 462 5099 / 474 0010 Mobile No: (00 94 77) 778 9910 E-Mail: info@n-able.biz peter@n-able.biz
No. of Employees	:	Approximately 40

Phone: 0094114625000
Fax: 0094114625099

COMPANY DETAILS

Registration and Shareholder Details

Registration No	:	PV 64381
Date of Registration	:	09^th June 2008
Registered Office	:	“Hemas House” # 75, Braybrooke Place, Colombo 02
Board of Directors As At 20^th September 2012	:	D’ Almedia Joseph Philip Peter	Managing Director
		E. I. Abidhusein Hassanally	Director
		Husein Nuruddin Esufally	Director
		W. Malinga De Fonseka Arsakularatne	Director
		M. Chandima Janaka Cooray	Director
Issued Share Capital	:	Rs. 300,000,020.00
Nominal Value of Share	:	Rs. 1.00
Share Holders As At 20^th September 2012	:	Share Holders		No. of Shares
		Vishwa B P O (Pvt) Ltd		30,000,000
		E. H. Nuruddin		01
		E. I. Abidhusein Hassanally		01
Auditors	:	Ernst & Young
Company Secretaries	:	Hemas Corporate Services (Pvt) Ltd
Bankers	:	Bank of Ceylon Commercial Bank of Ceylon HSBC Peoples Bank Hatton National Bank PLC

Director Details

01)

Name	J D’ Almedia Joseph Philip Peter
ID Number	580733590 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	13^th March 1958
Age	55 Years

02)

Name	E. I. Abidhusein Hassanally
ID Number	592090074 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	27^th July 1959
Age	53 Years

03)

Name	Husein Nuruddin Esufally
ID Number	603050134 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	31^st October 1960
Age	52 Years

04)

Name	W. Malinga De Fonseka Arsakularatne
ID Number	710142599 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	14^th January 1971
Age	42 Years

05)

Name	M. Chandima Janaka Cooray
ID Number	695073194 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	7^th January 1969
Age	4 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 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 N- ABLE (PVT) LTD is a Private Limited liability Company incorporated on 09^th June 2008 under registration number PV 64381.

The subject company is a subsidiary of Hemas Holding PLC.

· Location.

The Subject Company is located at the client # 36, Bristol Street, Colombo 01

· Operational Details.

General

The subject company primary line of business is enabling information and communication technology solutions.

Services

Network Solutions

Intelligent Information Infrastructure Solutions
Information Security Consultancy

             Carrier Class Networ Support Services
             Network Outsourcing Services
             Trainning & Developement

No of Employees

Approximately 40

· 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

· 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.59.69
UK Pound	1	Rs.91.66
Euro	1	Rs.78.69

INFORMATION DETAILS

Report Prepared by :

MNL

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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