MIRA INFORM REPORT

Report No. :	316503
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	LANKA COAL COMPANY (PVT) LTD

Registered Office :	# 51 /3 , Dutugemunu Street Dehiwala

Country :	Sri Lanka

Date of Incorporation :	23.01.2008

Com. Reg. No.:	PV 62636

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Sale and Distributors of Coal

No. of Employee :	Approximately 100

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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 – 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	:	LANKA COAL COMPANY (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Menaka Upali Weerasekara Liyanage
d.	Primary Line of Business	:	Sale and Distributors of Coal
e.	Head office & Place of Business	:	# 51 /3 Dutugemunu Street , Dehiwala, Sri Lanka. Tel. No: (00 94 11) 282 4681, 282 4682 Fax No: (00 94 11) 282 4699 E-mail: info@lankacoal.lk
f.	No. of Employees	:	Approximately 100

COMPANY DETAILS

- Registration and Shareholder Details

b.	Registration No		PV 62636
b.	Date of Re-registration		23^rd January 2008
b.	Registered Office	:	# 51 /3 , Dutugemunu Street Dehiwala
c.	Board of Directors As At 05^th August 2014 ( Updated details of other directors not available due to relevant file not found at the ROC)	:	Menaka Upali Weerasekara Liyanage	Managing Director
			Wijekone Bandara Ganegala	Director
			Ravi Asuntha Jayawickrema	Director
			Admiral Jayanath Siri Kumara Colombage	Director
			Aruna Kumarawadu	Director
			Priyanga Algama	Director
			Tiranga Udana Amarasuriya	Director
d.	Issued Share Capital	:	Rs. 20,000,000.00
d.	Number of Shares	:	2,000,000
e.	Nominal Value of Share	:	Not applicable/declared vide Companies Act #7 of 2007

Registration and Shareholder Details

f.	Share Holders As At 05^th August 2014	:	Share Holders	No. of Shares
			The Ceylon electricity board	1,200,000
			The Secretary to the Treasury	400,000
			Sri lanka ports Authority	200,000
			Ceylon Shipping Corporation Limited	200,000
g.	Auditors	:	B.R De Silva and Company
h.	Company Secretaries	:	Anthony Naleen Suranjith De Silva
i.	Bankers	:	Not Disclosed

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 financials are available for this entity)

CURRENT INVESTIGATION

New Picture (1)

Company Logo

History.

The Subject Company is LANKA COAL COMPANY (PVT) LTD is a Private Limited Liability Company incorporated on 23rd January 2008 under registration number PV 62636.

(Note: Updated details of other directors not available due to relevant file not found at the ROC)

· Location.

The Subject Company is located at the client # 51/ 3, Dutugemunu Street Dehiwala.

· Operational Details.

General

The subject company primary line of business is Sale and Distributors of Coal

Products

Coals

Import Countries

China

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 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.

Information denied

MANAGEMENT NON CO-OPERATIVE

CONTACT NO. : 0(009411)2824681

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.26
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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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