MIRA INFORM REPORT

Report No. :	330008
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	ASSOCIATED SPECIALITY RUBBERS (PVT) LTD

Registered Office :	Yatideriya Rubber Factory, Yatideriya, Undogoda

Country :	Sri Lanka

Date of Incorporation :	18.04.1986

Com. Reg. No.:	PV 3704

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Manufacturers, Exporters and Dealers of Natural Rubber

No. of Employees :	500

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 – 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 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

a.	Name of Subject of Inquiry	:	ASSOCIATED SPECIALITY RUBBERS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Chairman	:	Mohamed Thowfeek Kamardeen
d.	Primary Line of Business	:	Manufacturers, Exporters and Dealers of Natural Rubber
e.	Head Office & Factory	:	Yatideriya Rubber Factory, Yatideriya, Undogoda. Sri Lanka. Tel: (00 94 35) 227 8812 /227 8694 /567 9443 Fax: (00 94 35)227 8811 / 222 0506 / 222 0006 E mail: asrltd@slt.lk info@specialityrubber.com
f.	Liaison Office	:	# 478/3B, K. Cyril C. Perera Mawatha, Colombo 05. Tel: (00 94 11) 535 2367/ 8 Fax: (00 94 11) 239 9682 E mail: asrhd@sltnet.lk
g.	No. of Employees	:	Approximately 500

gENERAL - Basic information at a glance

COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	N (PVS) 2563
	Date of Registration	:	18^th April 1986
b.	Re-registration No	:	PV 3704
	Date of Re-Registration	:	09^th May 2008
c.	Registered Address	:	Yatideriya Rubber Factory, Yatideriya, Undogoda.
d.	Board of Directors As at 01^st December 2014	:	Mohamed Thowfeek Kamardeen	Chairman/Director
			M. A. Mohamed Iqbal (#Alternative director to Mohamed Thowfeek Kamardeen)	Managing Director
			Sithy Mazeena Kamardeen (Ms)	Director
			K.A Mallika Senehilatha (Ms)	Director
			S. Herald Samarasinghe	Director
e	Issued Share Capital	:	Rs. 50,000,000.00
f.	No. of Shares	:	5,000,000
g.	Nominal Value of Share		Not Stated Vide Companies Act #7of 2007
h.	Share Holders As at 14 November 2014	:	Share Holders		No. of Shares
			Mohamed Thowfeek Kamardeen		4,800,000
			Mohamed Shazni Kamardeen		140,000
			Mohamed Shaaz Kamardeen		60,000
i.	Auditors	:	Amarasekera & Company (#12,Rotunda Gardens, Colombo-03)
j.	Company Secretaries	:	Management Applications (Pvt) Ltd(#12,Rotunda Gardens, Colombo-03)
k.	Bankers	:	-Not Disclosed-

FINANCIAL DETAILS

- Most recent available Financial Information

The company has declined to provide information on its finances without knowing the End of user of enquiry

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 detailed financials are available for this entity

CURRENT INVESTIGATION

Company Logo

· History.

The Subject Company ASSOCIATED SPECIALITY RUBBERS (PVT) LTD is a Private Limited liability Company incorporated in 18^th April 1986 under registration number N (PVS) 2563 and then the company was re-registered in terms of Companies Act #7 of 2007. On 09^th May 2008 under registration number PV 3704.

The subject company is engaged in Natural Rubber Industry since 1955 through the Parent Company Associated Traders & Rubber Exporters.

· Location.

The Subject Company is located at the client Yatideriya Rubber Factory, Undugoda, a location in the Kegalle District, approx 80 kilo meters North-east of Colombo.

The Subject Company has a Liaison Office at # 478/3B, K. Cyril C. Perera Mawatha, Colombo 05.

· Operational Details.

General

The subject company primary line of business is Manufacturers, Exporters and Dealers of Natural Rubber.

Products

Technically Specified Rubber, Crepe Rubber, Natural Rubber, Liquid Rubber, Granulated Rubber, Sheet Rubber, Grepe rubber, Block rubber etc...

Export Country

South Africa, Europe, Asian Countries

No of Employees

Approximately 500

· Directors’ Details

01)

Name	Mohamed Thowfeek Kamardeen
ID Number	491314923 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10^th May 1949
Age	66 Years
Address	#57/8, Dickman’s Road, Colombo-05

02)

Name	Sithy Mazeena Kamardeen
ID Number	605302149 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	30^th January 1960
Age	55 Years
Address	#Yatideriya Rubber factory, Undugoda

03)

Name	M. Arshad Muhamed Iqbal
ID Number	780934670 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	02^nd April 1978
Age	37 Years
Address	#824/1, Malwela, Melsiripura

04)

Name	K.A Mallika Senehilatha
ID Number	575960855V
Nationality	Sri Lankan
Gender	Female
Date of Birth	05^th April 1957
Age	58 Years
Address	# Higgoda, Undugoda

05)

Name	S. Herald Samarasinghe
ID Number	651330734V
Nationality	Sri Lankan
Gender	Female
Date of Birth	12^th May 1965
Age	50 Years
Address	Yatideriya Rubber factory, Undugoda

· Trade references

National Chamber of Exporters of Sri Lanka.

· 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 DENIED

Name :	Ms. Irangi
Designation :	Marketing Executive
Contact No.:	0(009435) 2278812
Date :	06.07.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.51
UK Pound	1	Rs.97.85
Euro	1	Rs.70.50

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RAS

Report Prepared by :	TRU

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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