MIRA INFORM REPORT

Report Date :

30.10.2014

IDENTIFICATION DETAILS

Name :	REGUS LANKA NUMBER ONE (PVT) LTD
Registered Office :	# Level 26 & 34, East Tower, World Trade Centre, Colombo 01
Country :	Sri Lanka
Date of Incorporation :	04.10.2012
Com. Reg. No.:	PV 88602
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Flexible Workplace Solutions
No of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

B

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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	:	REGUS LANKA NUMBER ONE (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In operation)
c.	Chairman	:	Henderson Douglas John
	Country Manager	:	Mr. Nirmal de Silva
	General Manager	:	Mr. Thakshila Hettiaratchi
d.	Primary Line of Business	:	Service Provider of Flexible Workplace Solutions
e.	Head Office & Places of Business	:	# Level 26 & 34, East Tower, World Trade Centre, Colombo 01 Sri Lanka. Tel. No: (00 94 11) 7 444555 Mobile: (00 94 77) 757 1580 (Sales) Email: julieanne.liyanage@regus.com
f.	No. of Employees	:	Approx. 100

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	PV 88602
b.	Date of Registration	:	04^th October, 2012
c.	Registered Office	:	# Level 26, East Tower, World Trade Centre, Colombo 01. Sri Lanka
d.	Board Of Directors As At 04^th October 2012	:	Douglas John Henderson (British)	Chairman
			David Koker (Netherlands)	Director
			Ormiston Micheal Scott (Australian)	Director

e.	Issued Share Capital		:	Rs. 100.00
	Total No. of Shares		:	10
f.	Nominal Value of Share		:	Rs. 10.00
g.	Share Holders As At 04^th October 2012		:	Share Holders	No of Shears
				Umbrella Holdings S.A.R.L., #26, Boulevard Royal Luxemburg L-2449.	10
h.	Secretaries	:		RNH Holdings (Pvt) Ltd
i.	Auditors	:		Nihal Hettiarachchi & Co.
j.	Bankers		:	HSBC Bank, Colombo, Sri Lanka
k.	Trading Terms		:	Purchasing Terms: Cash and Credit Sales Terms: Cash and Credit

· Directors’ Details

01)

Name	Douglas John Henderson
ID Number	761333123
Nationality	British
Gender	Male
Date of Birth	N/A
Address	Apartment B 23^rd Floor, South Tower 8 Residence, Bel-Air 38 Bel-Air, Island South, Hong Kong

02)

Name	David Koker
ID Number	BJk4hhj74
Nationality	Netherlands
Gender	Male
Date of Birth	N/A
Address	Flat A1/F, Block 1, Vill Martini 8, Stanley Beach Road, Stanley, Hong Kong

03)

Name	Ormiston Micheal Scott
ID Number	E3005371
Nationality	Australian
Gender	Male
Address	House 1&6, 2^nd Floor, Spanish Villa, 151, Nam Wai, Hong Kong

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.

Company logo

The Subject Company REGUS LANKA NUMBER ONE (PVT) LTD is a Private Limited Liability Company incorporated on 04^th October, 2012 under registration number PV 88602.

Subject Company is a SUBSIDIARY company of Umbrella Holdings S.A.R. l. Luxemburg and functioning as the Sri Lanka Country Office

It is stated that the Regus Group having 2000 locatio0ns in 750 cities in 100 countries such as USA, UK, Australia, Malaysia, Singapore, Philippines, Cambodia, Vietnam etc.

· Location.

The Head office of the Subject Company is located at Level 26 & 34 East Tower, World Trade Centre, and Colombo 01.

The client given address # 24, Sir Baron Jayathilaka Mawatha, Colombo 1 is an incorrect one which has no connection with the subject as told by the subject.

Subject is having business Centres in Colombo, Dehiwala & Kotte:

1. # Level 26 & 34 East Tower, World Trade Centre, Colombo 01.

2. #2nd Floor, Bernard’s Business Park, No 106, Dutugemunu Street, Dehiwala,

3. #2nd Floor, McLaren's Building, No 123, Bauddhaloka Mawatha, Colombo, 4

4. #2nd Floor, No 275, Nawala Road, Nawala, Kotte, 10250

· Operations Details.

General

The subject company primary line of business is providing of Flexible Workplace Solutions as follows:

Fully equipped and ready to go

No up- front capital investment

Customer Choice of terms, by the day, month or year

Best Price guaranteed

Total flexibility to grow, down size or relocate

Over 2000 locations to choose from

Choice of Services office options to suit any budget

Offices for 1-500 people

Product/Services

Supply of Office space, fully furnished, to meet the requirement of the customer.

Subject is said to be providing Rent office space, low-cost office space, Temporary Office space etc,

in Colombo and out stations which include day offices, Business Lounges, Thinkpods, Businessworld,

Meeting facilities, Workplace recoveries for starting business, homemade business, small & medium

business, International business and corporate Workplace Solutions.etc.

No of Employees

Approx.100

· 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 [GENERAL DETAILS]

Name :	Ms. Sewwanti
Designation :	Office Executive
Name :	Mr. Thakshila Hettiaratchy
Designation :	General Manager
Contact No.:	00 94 11 7 444555
Date :	28.10.2014

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.32
UK Pound	1	Rs.99.00
Euro	1	Rs.78.14

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
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%)

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