MIRA INFORM REPORT

Report Date :

17.05.2014

IDENTIFICATION DETAILS

Name :	W.D.R. SAMARAKOON & SONS (PVT) LTD

Registered Office :	#.233, Colombo Street, Kandy

Country :	Sri Lanka

Date of Incorporation :	02.04.1997

Com. Reg. No.:	PV 3219

Legal Form :	Private Limited Liability Company

Line of Business :	Importer & Distributor of Food Items such as Sugar, Dhal, Flour, and Grocery items

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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	:	W.D.R. SAMARAKOON & SONS (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In Operation)
Managing Director	:	W.D.R. Yasaratna Banda
Primary Line of Business	:	Importer & Distributor of Food Items such as Sugar, Dhal, Flour, and Grocery items
Head office & Place of Business	:	#.233, Colombo Street, Kandy, Sri Lanka. Tel. No: (00 94 81) 570 9701 -2 Fax No: (00 94 81) 222 4736 E-mail: wdrkandy@sltnet.lk
No. of Employees	:	Not Disclosed

COMPANY DETAILS

Registration and Shareholder Details

Registration No	:	N(PVS) 18811
Date of Registration		2^nd April 1997
Re-registration No	:	PV 3219
Date of Re-registration		8^th April 2008
Registered Office	:	#.233, Colombo Street, Kandy, Sri Lanka.
Board of Directors As at 15th June 2012	:	W.D.R. Yasarathna Banda		Managing Director
		W.D.R. Jayaratna Banda		Director
		W.D.R. Asela Bandara Wasala		Director
		W.D.R. Damitha Bandara Wasala		Director
		W.D.R. Sameera Sampath Bandara Wasala		Director
		W.D.R. Thisara Madushan Bandara Wasala		Director
Total Value of Shares	:	Rs. 10,000,000	Rs. 90,000,000
Total No. of Issued Shares	:	1,000,000	9,000,000
Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007
Share Holders As at 15th June 2012	:	Share Holders			No. of Shares
		W.D.R. Asela Bandara Wasala			200,000
		W.D.R. Damitha Bandara Wasala			200,000
		W.D.R. Sameera Sampath Bandara Wasala			400,000
		W.D.R. Thisara Madushan Bandara Wasala			200,000
Auditors	:	Ernst & Young
Company Secretaries	:	Janaka Chandima Wijetunge
Bankers	:	Commercial Bank, Sampath Bank

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 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 W.D.R. SAMARAKOON & SONS (PVT) LTD is a Private Limited liability Company incorporated on 2^nd April 1997 under registration number N (PVS) 18811 and then the company was re-registered on 08^th April 2008 under registration number PV 3219.

The subject company is a member company of the W.D.R. Samarakoon Group.

Group Consist of the following companies.

· W.D.R Samarakoon & Sons (Pvt) Ltd

W.D.R. Samarakoon Logistics (Pvt) Ltd

W.D.R. Samarakoon Engineering (Pvt) Ltd

W.D.R. Samarakoon Agencies (Pvt) Ltd

W.D.R Samarakoon Impex (Pvt) Ltd

Location.

The Subject Company is Located at Client #.233, Colombo Street, Kandy, Sri Lanka.

Operational Details.

General

The subject company primary line of business is Import & Distributor of Food Items.

Products

Sugar, Dhal, Flour, and Grocery items

Import Country

India

Employees

Not Disclosed

Directors Details

01)

Name	W.D.R. Yasarathna Banda
ID Number	501970328V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	15^th July 1950
Age	63 Years

02)

Name	W.D.R. Jayaratna Banda
ID Number	471040215V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	13^th April 1947
Age	67 Years

03)

Name	W.D.R. Asela Bandara Wasala
ID Number	861761568V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	24^th June 1986
Age	27 Years

04)

Name	W.D.R. Damitha Bandara Wasala
ID Number	850813647V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	21^st March 1985
Age	28 Years

05)

Name	W.D.R. Sameera Sampath Bandara Wasala
ID Number	831322640V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	11^th May 1983
Age	30 Years

06)

Name	W.D.R. Thisara Madushan Bandara Wasala
ID Number	900764529V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	16^th March 1990
Age	24 Years

Financial Data

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 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.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.72

INFORMATION DETAILS

Analysis Done by :	DIV

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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