MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	MANSEL (CEYLON) (PVT) LTD

Registered Office :	2nd Floor, A.E.C. Building, # 140 Vauxhall Street,Colombo 02,

Country :	Sri Lanka

Date of Incorporation :	05.02.1964

Com. Reg. No.:	PV 2705

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Importer and Distributor of Drugs, Pharmaceutical Items and Hospital Equipments.

No. of Employees :	Approx. 140

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

1) GENERAL

- Basic information at a glance

a.	Name of Subject of Inquiry	:	MANSEL (CEYLON) (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	L. Winifred Bernadine De Silva
d.	Primary Line of Business	:	Importer and Distributor of Drugs, Pharmaceutical items and Hospital Equipments.
e.	Head office & Place of Business	:	2ND Floor, A.E.C. Building, # 140 Vauxhall Street, Colombo 02, Tel. No: (00 94 11) 243 2897 / 243 2902 / 243 0826 Fax No: (00 94 11) 244 5714 / 281 0359 Email: mansel@sri.lanka.net
f.	No. of Employees	:	Approx. 140

2) COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	PVS 2153
	Date of Registration	:	05^th February 1964
b.	Registration No	:	PV 2705
	Date of Registration	:	26^th February 2008
c.	Registered Office	:	2ND Floor, A.E.C. Building, # 140 Vauxhall Street, Colombo 02
d.	Board of Directors As At 23^rd May 2013	:	L. Winifred Bernadine De Silva	Managing Director
			Herman Cedric Leslie Gunasekera	Director
			Yamuna Vasundara Rathnavali	Director
e.	Issued Share Capital	:	Rs. 7,936,160.00
f.	Nominal Value of Share	:	Rs. 10.00 (Total Number of Shares 793,616)
g.	Share Holders As At 23^rd May 2013	:	Share Holders		No. of Shares
			W. Anthony Chakravarti		718,441
			Estate of Late Saravanamuthu Chinniah		11
			L. Winifred Bernadine De Silva		58,126
			Jehan Vasiharan Edwards		5,769
			Devinka Sylvanna Wanigasekera		5,769
			Indra Padmini Attygalla		500
			Y.V. Rathnavali Balasuriya		2,500
			Herman Cedric Leslie Gunasekera		2,500
h.	Auditors	:	Wickremasinghe Dayananda & Company
i.	Company Secretaries	:	P.R. Secretarial Services (Pvt) Ltd
j.	Bankers	:	Not Disclosed

· Directors Details

01)

Name	L. Winifred Bernadine De Silva
ID Number	485712550 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	11th March 1948
Age	65 Years

02)

Name	Herman Cedric Leslie Gunasekera
ID Number	490981454 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	07^th April 1949
Age	64 Years

03)

Name	Yamuna Vasundara Rathnavali
ID Number	547511930 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	07^th September 1954
Age	59 Years

3) 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

4) CURRENT INVESTIGATION

Company Logo

New Picture (1)

· History.

The Subject Company MANSEL (CEYLON) (PVT) LTD is a Private Limited liability Company incorporated on 05^th February 1964 under registration number PVS 2153 and then the company was re-registered on 26^th February 2008 under registration number PV 2705.

· Location.

The Subject Company is located at client 2ND Floor, A.E.C. Building, # 140

Vauxhall Street, Colombo 02

· Operational Details.

General

The subject company primary line of business is Importer and Distributor of Drugs, Pharmaceutical items and Hospital Equipments

The subject company distribution of pharmaceuticals the company operates with Fifteen (15) independent distributor companies which cover all regions of the country including the North and the East.

Products

Dental Products, Neurology Products, Ophthalmology Products, Otolaryngology Products,

Cardiovascular, Obstetry / Gynaecology, Abdominal, Allergology etc.

Country

Pakistan, India, USA

Employees

Approx. 140

· \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 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.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIT

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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