MIRA INFORM REPORT

Report No. :	317863
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :	NXG HOLDINGS (PVT) LTD

Registered Office :	#194-4/5, Duro Courts, Pickering Road, Colombo 13

Country :	Sri Lanka

Date of Incorporation :	14.01.2011

Com. Reg. No.:	PV 76567

Legal Form :	Private Limited Liability Company (In Operation)

LINE OF BUSINESS :	IMPORTERS AND EXPORTERS OF FOOD STUFF AND GENERAL TRADING AND INDENTING & COMMISSION AGENTS

No. of Employee :	Approximately 20

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 – 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	:	NXG HOLDINGS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director/CEO	:	Sivalingam Ravindran
d.	Primary Line of Business	:	Importers And Exporters Of Food Stuff And General Trading and Indenting & Commission Agents
e.	Head office & Place of Business	:	#194-4/5, Duro Courts, Pickering Road, Colombo 13 Tel. No: (00 94 11) 464 1507 CONTACT PERSON : (00 94 77) 303 6894- Mr. Ravindran Email: Not available
f.	No. of Employees	:	Approximately 20

COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	PV 76567
	Date of Registration		14^th January 2011
c.	Registered Office	:	#194-4/5, Duro Courts, Pickering Road, Colombo 13
d.	Board of Directors As at 14^th January 2011	:	Sivalingam Ravindran	Managing Director
			Periyannan Bawani	Director
e.	Issued Share Capital	:	Rs. 1,000.00
f.	No. of Share	:	100
g.	Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007.
h.	Share Holders As at 14^th January 2011	:	Share Holders	No. of Shares
			Sivalingam Ravindran	50
			Periyannan Bawani (Ms)	50
i.	Auditors	:	J & A Management Systems (Private) Limited (#96-2/7, Consistory Building, Malwatta Road, (Front Street) Colombo 11)
j.	Company Secretaries	:	Sivalingam Ravindran (#194-4/5, Duro Courts, Pickering Road, Colombo 13)
k.	Bankers	:	Bank of Ceylon.
l.	Export	:	Maldives
m.	Import	:	India Pakistan

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 N X G HOLDINGS (PVT) LTD is a Private Limited liability Company incorporated on 14^th January 2011 under registration number PV 76567.

Location.

The subject company is located at #194-4/5, Duro Courts, Pickering Road, Colombo 13.

Operational Details.

General

The subject company’s primary line of business is Importers and Exporters of Food Stuff and General Trading, Indenting & commission Agents

Products

Onions, potatoes

Importing Country

India.

Employees

Approximately 02 (Company says that they only employ hired Labours for work)

Directors’ Details

01)

Name	Sivalingam Ravindran
ID Number	691763730 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	24^th June 1969
Age	45 Years
Address	194-4/5, Duro Courts, Pickering Road, Colombo 13

02)

Name	Periyannan Bawani
ID Number	776041815 V
Nationality	Sri Lanka
Gender	Female
Date Of Birth	13^th April 1977
Age	38 Years
Address	194-4/5, Duro Courts, Pickering Road, Colombo 13

Trade references

The subject company did not provide any trade reference referrals

Information parted by

Name :	Mr. Sivalingam Ravindran
Designation :	Director
Contact No.:	(009477) 3036894
Date :	23.04.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.82
UK Pound	1	Rs.93.85
Euro	1	Rs.67.59

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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