MIRA INFORM REPORT

Report Date :

06.09.2013

IDENTIFICATION DETAILS

Name :	PREMIER SYNTHETIC LEATHER MANUFACTURERS (PVT) LTD
Registered Office :	# 2, Deal Place, Colombo 02
Country :	Sri Lanka
Date of Incorporation :	24.12.2012
Com. Reg. No.:	PV 90160
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supply of Leather Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New Business
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	A2	A2

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	:	PREMIER SYNTHETIC LEATHER MANUFACTURERS (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company
Managing Director	:	Manjula Mathews
Primary Line of Business	:	Manufacturer and Supply of Leather Products
Place of Business	:	# 26B, Alwis Place, Colombo 03, Sri Lanka. Tel. No: (00 94 11) 535 5255 / 573 3674 Email: info@dunamis.lk
Number of Employees	:	Not Disclosed

COMPANY DETAILS

Registration and Shareholder Details

Registration No		:	PV 90160
Date of Registration		:	24^th December 2012
Registered Office		:	# 2, Deal Place, Colombo 02
Board Of Directors As At 21^st December 2012		:	Manjula Mathews	Managing Director
			Dinesh Schaffter	Director
			Nihara Edward Rodrigo	Director
			A.D. Eardly Ignatius Perera	Director
			Chandana Lal De Silva	Director
			J.R. Anthony Jude Fernando	Director
Issued Share Capital		:	Rs. 200,000,010 .00
Nominal Value of Share		:	Rs. 10.00
Share Holders As At 21^st December 2012	:		Share Holders	No. of Shares
			Dunamis Capital Plc	20000,001
Auditors	:		Not Available
Company Secretaries	:		K.H.L Corporate Services (Pvt) Ltd

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 PREMIER SYNTHETIC LEATHER MANUFACTURERS (PVT) LTD is a Private Limited liability Company incorporated on 24^th December 2012 under registration number PV 90160.

The subject company is a subsidiary company of Dunamis Capital Plc

· Location.

The Subject Company’s head office is located at # 26B, Alwis Place, Colombo 03

· Operational Details.

General

The subject company primary line of business is Manufacturer and Supply of Leather Products

Products

Leather Products

Employees

Not Disclosed

Director’s Details

01)

Name	Manjula Mathews
ID Number	687083415 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	26^th July 1968
Age	45 Years

02)

Name	Dinesh Schaffter
ID Number	711224599 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	01^st May 1971
Age	42 Years

03)

Name	Nihara Edward Rodrigo
ID Number	530230740 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	23^rd January 1953
Age	60 Years

04)

Name	A.D. Eardly Ignatius Perera
ID Number	452452073 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	01^st September 1945
Age	68 Years

05)

Name	Chandana Lal De Silva
ID Number	590503886 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	19^th February 1959
Age	54 Years

06)

Name	J.R. Anthony Jude Fernando
ID Number	651640733 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12^th June 1965
Age	48 Years

· 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

· General Comments

We have contact the company, but they spit and refused to provide any details to prepared this report.

· 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.66.04
UK Pound	1	Rs.103.11
Euro	1	Rs.86.99

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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