MIRA INFORM REPORT

Report Date :

30.11.2013

IDENTIFICATION DETAILS

Name :	RAGU INTERNATIONAL (PVT) LTD

Registered Office :	# 38 B, Shrubery Gardens, Colombo 04

Country :	Sri Lanka

Date of Incorporation :	19.06.1996

Com. Reg. No.:	PV 12516

Legal Form :	Private Limited Liability Company

Line of Business :	Import and Distributors of Beedi Leaves

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	:	RAGU INTERNATIONAL (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company
c.	Manager Director	:	Subramaniam Arumugam Manickam
d.	Primary Line of Business	:	Import and Distributors of Beedi Leaves
e.	Office & Place of Business	:	101, Sri Kathiresan Street , Colombo 13. Tel. No: (00 94 11) 243 8630 Fax. No: (00 94 11) 245 9532
f.	Employees	:	Not disclosed.

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	N (PVS) 17337
	Date of Registration		19^th June 1996
b.	Re-registration No	:	PV 12516
	Date of Re-Registration	:	24^th March 2009
c.	Registered Office	:	# 38 B, Shrubery Gardens, Colombo 04.
d.	Board of Directors As at 14^th October 2013	:	Subramaniam Arumugam Manickam		Managing Director
			Subramaniam Malathy		Director
			Subramaniam Ragulan		Director
f.	Issued Share Capital	:	Rs. 30.00
g.	Nominal Value of Share	:	Rs. 10.00 (Total Number of Shares 03)
h.	Share Holders As at 14^th October 2013	:		Share Holders		No. of Shares
				Subramaniam Arumugam Manickam		01
				Subramaniam Malathy		01
				Subramaniam Suganthini		01
i	Auditors	:		K .S Associates
j.	Company Secretaries	:		Update (Pvt) Ltd
k.	Bankers			Not Disclosed

Information of Directors

01)

Name	Subramaniam Arumugam Manickam
ID Number	400981211 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	07^th April 1940
Age	73 Years

02)

Name	Subramaniam Malathy
ID Number	515730338 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	13^th March 1951
Age	62 Years

03)

Name	Subramaniam Ragulan
ID Number	841310187 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	10^th May 1984
Age	29 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 RAGU INTERNATIONAL (PVT) LTD, is a private limited liability company incorporated on 19^th June 1996 under registration number. N (PVS) 17337 and then the company were re-registered on 24^th March 2009 under registration number PV 12516.

· Location.

The subject company is located at the client. # 101, Sri Kathiresan Street, Colombo 13.

· Operational Details.

General

The subject company’s primary line of business is Import and Distributors of Beedi Leaves

· Importing Products

Beedi leaves

· Importing Country

India

· 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

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.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

NNA

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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