MIRA INFORM REPORT

Report Date :

22.08.2014

IDENTIFICATION DETAILS

Name :	KAY R INTERNATIONAL

Registered Office :	# 74, Pickerings Road, Colombo 13, Sri Lanka

Country :	Sri Lanka

Date of Incorporation :	02.03.2002

Com. Reg. No.:	W/A 44186

Legal Form :	Proprietorship Company

Line of Business :	Trader Exporter and importer of Waste paper

No. of Employees :	10

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Sri Lanka

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets

Source : CIA

GENERAL - Basic information at a glance

Name of Subject of Inquiry	:	KAY R INTERNATIONAL
Legal Form & Status	:	Proprietorship Company (In Operation)
Proprietor	:	Kingsley Yesaiah
Primary Line of Business	:	Trader Exporter and importer of Waste paper
Head Office & Place of Business	:	# 74, Pickerings Road, Colombo 13, Sri Lanka Tel No/Fax: (00 94 11) 233 7411 Email: kinginchrist@gmail.com
No. of Employees	:	Approx. 10

COMPANY DETAILS - Registration and Shareholder Details

Registration No	:	W/A 44186
Date of Registration	:	02nd March, 2002
Registered Address	:	# 74, Pickerings Road, Colombo 13, Sri Lanka
Auditors	:	J.S.A. Associates
Company Secretaries	:	Not Applicable
Bankers	:	Bank of Ceylon, Seylan Bank PLC

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.

Sales (2012-2013) (2013-2014)

(Amount Million) 20.000 16.000

Current investigation

History:

The Subject Company KAY R INTERNATIONAL is Proprietorship Company, in Incorporated on 02^nd March, 2002 under registration number W/A 44186.

The Proprietorship/Partnership Companies are registered at the Provincial Registrar of Companies.

· Location.

The Subject Company is located at the client, # 74, Pickerings Road,

Colombo 13, Sri Lanka, a very prominent business area in the city where hardware

Businesses are operating.

· Operational Details.

General

The subject company’s primary line of business is Import & distribution of Beedi Tobacco

& tobacco wrapping leaves and exporting Waste Paper,

Products:

Export – Waste Paper

Import – Tobacco leaves and tobacco for “Beedi” (type of cigar)

Equipment to Gove

Import/Export Countries

India.

No of Employees

Approx 10 employees.

· Financial Data

The company has declined to provide information on its finances. However, they said the investment is around 10 million rupees

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with

Limited Liability/ Partnership or Proprietorship 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.

Information parted

Name: Mr. Yesaian

Designation: CEO

Tel No: (00094112337411)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.76
UK Pound	1	Rs.100.72
Euro	1	Rs.80.55

INFORMATION DETAILS

Analysis Done by :	SUM
Calling by :	GYT
Report Prepared by :	PDT

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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