MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	REMED (PVT) LTD

Registered Office :	# 7B/ 156, Jayawadanagama , Battaramulla

Country :	Sri Lanka

Financials (as on) :	31.03.2014

Date of Incorporation :	22.01.2009

Com. Reg. No.:	PV 66847

Legal Form :	Private Limited Liability Company

Line of Business :	Trader, Import & Distributors of Pharmaceuticals.

No of Employees :	15

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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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

a.	Name of Subject of Inquiry	:	REMED (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	B G. Achira Panchala Jayasekera
d.	Primary Line of Business	:	Trader, Import & Distributors of Pharmaceuticals.
f.	Head Office		# 7B/ 156, Jayawadanagama , Battaramulla, Sri Lanka. Tel. No: (00 94 11) 277 6264 Fax. No: (00 94 11) 282 3919
g.	Employees	:	15 [Approximately]

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	PV 66847
	Date of Registration	:	22^nd January 2009
b.	Registered Office	:	# 7B / 156, Jayawadanagama Battaramulla.
c.	Board of Directors As At 14^th October 2013	:	B. G. Achira Panchala Jayasekera	Managing Director
			Pituwala Gnanasiri Liyanage	Director
d.	Issued Share Capital	:	Rs. 30.00
	Share	:	03
e.	Value of Share	:	Rs. 10.00
f.	Share Holders As At 14^th October 2013	:	Share Holders	No. Of Shares
			B. G. Achira Panchala Jayasekera	01
			R.W.A.B.M.R. Charles Welington Poddalgoda	01
			Pituwala Gnanasiri Liyanage	01
g.	Auditors	:	F & R Associate
h.	Company Secretaries	:	Legal & Corporate Consultants (Pvt) Ltd
i.	Bankers	:	DFCC Vardhara Bank, Nawala Branch
k.	Suppliers	:	Troge Medical GmbH, Germany

Directors Details

01)

Name	Brandi Gampolage Achira Panchala Jayasekera
ID Number	760720364 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12^th March 1976
Age	38 Years

02)

Name	Pituwala Gnanasiri Liyanage
ID Number	600661191 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	06^th March 1960
Age	54 Years

FINANCIAL DETAILS - Most recent available Financial Information

(Note: 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 detailed financials are available for this entity)

Particulars

31.03.2014

31.03.2013

In Millions

Sales Turnover [Approximately]

280.000

220.000

Current investigation

· History.

The Subject Company REMED (PVT) LTD is a Private Limited liability Company incorporated in Sri Lanka on 22^ndJanuary 2009 under registration number PV 66847.

· Location.

The Subject Company is located at the client # 7 B / 156, Jayawadanagama Battaramulla.

· Operational Details.

General

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

Pharmaceuticals.

Products

Pharmaceutical, healthcare and biotechnology products

Country

Germen, United Kingdom

Employees

· Trade references

Not Disclosed

· 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 computerized 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 BY

Name :	Mr. B. G. Achira Panchala Jayasekera
Designation :	Director
Contact No.:	00 94 11 282 3919
Date :	06.10.2014

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	SUB

Report Prepared by :	TPT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.