MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	CUPID EXPORTS (PVT) LTD

Registered Office :	# 493, Galle Road, Ratmalana,

Country :	Sri Lanka.

Date of Incorporation :	28.06.1961

Com. Reg. No.:	PVS 1937

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Manufacture of Export of Garments

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	:	CUPID EXPORTS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Dileepa Weerasinghe
d.	Primary Line of Business	:	Manufacture of Export of Garments
e.	Head office & Place of Business Factory 1	:	# 493, Galle Road, Ratmalana, Sri Lanka. Tel. No: (00 94 11) 566 6373 E-mail: cupid@cupid.lk
e.	Factory 2		Hegalla, Kosgala. Tel. No: (00 94 91) 226 4936
g.	No. of Employees	:	Not Disclosed

COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	PVS 1937
	Date of Registration	:	28^th June 1961
b.	Re-registration No	:	PV 6197
	Date of Re-registration	:	06^th August 2008
c.	Registered Office	:	# 493, Galle Road, Ratmalana
d.	Board of Directors As At 14^th October 2012	:	Dileepa Weerasinghe	Managing Director
			Chaminda Prabath Weerasinghe	Director
e.	Issued Share Capital	:	Rs. 19,873,820.00
f.	Nominal Value of Share	:	Rs. 10.00
g.	Share Holders As At 14^th October 2012	:	Share Holders		No. of Shares
			Dileepa Weerasinghe		1,937,382
			Julian Augustine David		25,000
			P.C. Desmond Rezel		25,000
h.	Auditors	:	Ernst & Young
i.	Company Secretaries	:	IMS Corporate Services (Pvt) Ltd
j.	Bankers	:	Not Disclosed

· Directors Details

01)

Name	Dileepa Weerasinghe
Nationality	Sri Lankan
ID Number	662033421 V
Gender	Male
Date of Birth	21^st July 1966
Age	47 Years

02)

Name	Chaminda Prabath Weerasinghe
Nationality	Sri Lankan
ID Number	743310136 V
Gender	Male
Date of Birth	26^th November 1974
Age	38 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 CUPID EXPORTS (PVT) LTD is a Private Limited liability Company incorporated on 28^th June 1961 under registration number PVS 1937, and the company was re-registered on 06^th August 2008 under re-registration number PV 6197 in terms of Companies Act #7 of 2007.

· Location.

The Subject Company is located at client # 493, Galle Road, Ratmalana,

· Operational Details.

General

The subject company primary line of business is Manufacture of Export of Garments

Products

Ladies Dresses, Blouses, Skirts, Pull-on Pants & Shorts

Countries

United Kingdom, United States

Employees

Not Disclosed

· 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

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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Report Prepared by :

PRL

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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