MIRA INFORM REPORT

Report No. :	333635
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	LAKSHAN ENTERPRISES

Registered Office :	# 103/22, Paramanadha Vihara Mawatha, Colombo 13

Country :	Sri Lanka

Legal Form :	Proprietorship Company

Line of Business :	Subject company had been importing and sale of food items

No. of Employee :	Not available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Business operation is closed down

Payment Behaviour :	--

Litigation :	--

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 government's 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, but low tax revenues remain a 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	:	LAKSHAN ENTERPRISES
b.	Legal Form & Status	:	Proprietorship Company (Not In operation)
c.	Proprietor	:	Mr. N. Sivagnanaratnam
d.	Primary Line of Business	:	The primary line of business of the subject company had been importing and sale of food items, but at present the company is closed and not in operation
e.	Place of Business	:	#198, Prince Street, Colombo 11. Sri Lanka Tel. No: (00 94 11) Not Disclosed Fax No: (00 94 11) Not disclosed Contact person: Mobile: (00 94 77) 731 7265 (Mr. Sivagnanaratnam)
f.	No. of Employees	:	Not available. Company not in operation

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No		:	-Not Disclosed-
b.	Date of Registration		:	-Not Disclosed-
c.	Registered Address		:	# 103/22, Paramanadha Vihara Mawatha, Colombo 13, Sri Lanka.
d.	Proprietor		:	Mr. N. Sivagnanaratnam
e.		Auditors	:	-Not Disclosed-
f.		Bankers	:	Not Disclosed

Financial Data

The Company is not in operation and financials not available

Note: Based on the corporate laws of Sri Lanka, business entities which are Private Company with

Limited Liability/ partnerships / proprietorships are not required to make public disclosure of

Annual Financials. Therefore no financials are available for this entity

CURRENT INVESTIGATION

· History.

The Subject Company LAKSHAN ENTERPRISES is Proprietorship Company

The Subject Company LAKSHAN ENTERPRISES was a proprietorship company and is

not in operation as told by Mr. Sivagnanaratnam.

The client # 103/22, Paramanadha Vihara Mawatha, Colombo 13 was the

Registered address of the subject.

There is an associate company named “Lakshi & Lakshan Enterprises” in operation at the

same premise and the business done under this company.

Note: The Proprietorship/Partnership companies are being registered at the Provincial

Registrar of Companies and when the owners refuse to provide such details, it is not

possible to obtain such details from the registry.

· Location.

The Subject Company was located at #198, Prince Street, Colombo 11.

The client gave address # 103/22, Paramanadha Vihara Mawatha, Colombo 13.is the registered address of the company.

Operations Details

General

The subject company’s primary line of business had been importing and distribution of food items. The company is now closed and not in operation.

Products

Dhal, Sugar, Onion, Potato, Canned fish…etc

Importing Countries

India, China, Pakistan

Employees

Not applicable as the shop is now not in operation

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 by

Name :	Mr. Sivagnanaratnam
Designation :	Proprietor
Contact No.:	009477-73177265

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.98.76
Euro	1	Rs.69.88

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	RAS

Report Prepared by :	ASH

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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