MIRA INFORM REPORT

Report No. :	311620
Report Date :	04.04.2014

IDENTIFICATION DETAILS

Name :	UNION ALLOYS LTD

Registered Office :	#18A, Kelankaduwa Place, Colombo 6

Country :	Sri Lanka

Date of Incorporation :	02.08.2013

Com. Reg. No.:	PB 5129

Legal Form :	Public Limited Liability Company not listed at the Colombo Stock Exchange (In Operation)

Line of Business :	We tried to confirm / obtain the detailed activity but the same is not available from any sources

No. of Employee :	Not Disclosed.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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	:	UNION ALLOYS LTD
b.	Legal Form & Status	:	Public Limited Liability Company not listed at the Colombo Stock Exchange (In Operation)
c.	Managing Director	:	N.Priyadarsheni Suraweer
d.	Primary Line of Business	:	Refused to Disclosed details
e.	Head Office & Place of Business	:	#18A, Kelankaduwa Place, Colombo 6 Sri Lanka Tel. No: (00 94 11) 244 5877 (00 94 77) 781 2701 Fax No: (00 94 11) Not Disclosed E-Mail :Not Disclosed
f.	No. of Employees	:	Not Disclosed. Our investigator has seen 4 people working in side.

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No		:	PB 5129
	Date of Registration		:	02^nd August 2013
b.	Registered Office		:	#18A, Kelankaduwa Place, Colombo 6
c.	Board of Directors As At 02^nd February 2015		:	N.Priyadarsheni Suraweer	Managing Director
d.		Issued Share Capital	:	Rs.20.00
f.		Nominal Value of Share	:	02
i.		Share Holders As At 02^nd February 2015	:	Share Holders		No. of Shares
				N.Priyadarsheni Suraweer		02
j.		Auditors	:	Jawaamil Associates, # 96-2/7, Consistory Building, Front Street, Colombo 11
k.		Company Secretaries	:	J & A Management Systems (PVT) LTD, # 96-2/7, Consistory Building, Front Street, Colombo 11
m.		Bankers	:	Not Disclosed

FINANCIAL DETAILS - Most recent available Financial Information

The company has declined to provide information on its finances

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 financials are available for this entity

CURRENT INVESTIGATION

History.

The Subject Company Union Alloys LTD is a Public Limited Liability Company (not listed at the Colombo Stock Exchange) incorporated on 02^nd August 2013 under registration No PB 5129.

Location.

The subject company is located at client #18A, Kelankaduwa Place, Colombo 6

This is a small office and our investigator has seen 4 people working in side.

Operations Details

General

Refused to Provide information on their Primary line of Business.

Products

Refused to Provide information on their Products/Services.

Export Country

Not Disclosed

No of Employees

Not Disclosed.

Our investigator has seen 4 people working in side.

Directors’ Details

01)

Name	N.Priyadarsheni Suraweer
ID Number	678040770V
Nationality	Sri Lankan
Gender	Female
Date of Birth	30^th October 1967
Age	47 Years
Address	18A, Kelankaduwa Place, Colombo 6

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 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SDA

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.