MIRA INFORM REPORT

Report Date :

01.03.2014

IDENTIFICATION DETAILS

Name :	THARUKA ENTERPRISES (PVT) LTD

Registered Office :	# 9/16, Nalandarama Road, Nugegoda

Country :	Sri Lanka

Date of Incorporation :	10.06.2011

Com. Reg. No.:	PV 79364

Legal Form :	Private Limited Liability Company

Line of Business :	Import & Distributors of Chemicals

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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. 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 2012-13. 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

Company name and address

a.	Name of Subject of Inquiry	:	THARUKA ENTERPRISES (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	E.G. Tharaka De Silva
d.	Primary Line of Business	:	Import & Distributors of Chemicals
e.	Head office & Place of Business	:	# 9/16, Nalandarama Road, Nugegoda, Sri Lanka. Tel.No: (00 94 11) 282 4601 Fax. No:(00 94 11) 282 9743 Mob. No: (00 94 77) 254 9192 (Tharaka De Silva – Managing Director) Email: desilva.tharaka@gmail.com
f.	No. of Employees	:	-Not Disclosed-

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	PV 79364
	Date of Registration	:	10^th June 2011
c.	Registered Office	:	# 9/16, Nalandarama Road, Nugegoda.
d.	Board of Directors As At 10^th June 2011	:	E.G. Tharaka De Silva	Managing Director
			Suba Mayuri Munasinghe	Director
e.	Issued Share Capital	:	Rs. 20.00
f.	Nominal Value of Share	:	Rs. 10.00
g.	Share Holders As At 10^th June 2011	:	Share Holders		No. of Shares
			E.G. Tharaka De Silva		01
			Suba Mayuri Munasinghe		01
h.	Auditors	:	Not Applicable
i.	Company Secretaries	:	Suba Mayuri Munasinghe
j.	Bankers	:	Not Disclosed

Directors Details

01)

Name	E.G. Tharaka De Silva
ID Number	640860928 V
Nationality	Sri Lankan
Gender	Male
Date of birth	26th March 1964
Age	49 Years

02)

Name	Suba Mayuri Munasinghe
ID Number	705812080 V
Nationality	Sri Lankan
Gender	Male
Date of birth	21^st March 1970
Age	43 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

4) CURRENT INVESTIGATION

History.

The Subject Company THARUKA ENTERPRISES (PVT) LTD is a Private

Limited Liability Company incorporated on 10^th June 2011 under the registration

Number PV 79364.

Location.

The Subject Company is located at the # 9/16, Nalandarama Road, Nugegoda. And client

Given address is in corrected address

Operational Details.

General

The subject company primary line of business is Import & Distributors of Chemicals.

Products

Chemicals, Dyes

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

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.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Report Prepared by :

NIS

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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