MIRA INFORM REPORT

Report No. :	329484
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	T.D. SIRISENA AND COMPANY (PVT) LTD.
Registered Office :	# 246 C, Panchikawatte Road, Colombo-10
Country :	Sri Lanka
Date of Incorporation :	26.05.1989
Com. Reg. No.:	PV 15627
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is Importers and Distributors of Motor spare parts
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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	A2	A2

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	:	T.D. SIRISENA AND COMPANY (PVT) LTD.
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	J L. Danuka Tharanga Karunanande.
d.	Primary Line of Business	:	Importers and Distributors of Motor spare parts
e.	Head office & Place of Business		# 246 C, Panchikawatte Road, Colombo-10 Sri Lanka Tel. No: (00 94 11) 2438281 Fax No: (00 94 11)2435905 E-Mail: tdslanka@gmail.com
f.	No. of Employees	:	Not disclosed

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	N (PVS) 5416
	Date of Registration	:	26^thMay 1989
b.	Re-registration No	:	PV 15627
	Date of Re-registration	:	27^th August 2009
c.	Registered Address	:	# 149C, Panchikawatte Road, Colombo-10
d.	Board of Directors As At 15 August 2014	:	J L. Danuka Tharanga Karunanande.	Managing Director
			G. Mabel Sirisena (Ms)	Director
			T.D Nandani (Ms)	Director
			T.D Dayaseeli (Ms)	Director
e.	Issued Share Capital	:	Rs. 900,020.00
f.	No of Shares	:	90,002
g	Nominal Value of Share	:	Not Stated Vide Companies Act #7of 2007

Registration and Shareholder Details Cont…

g.	Share Holders As At 15 August 2014	:	Share Holders	No. of Shares
			G. Mabel Sirisena	02
			T.D Nandani	22,500
			T.D Dayaseeli	22,500
			M.A Harinee Methmalee Pemasiri	11,250
			J.L Danuka Tharanga Karunananda	22,500
			M.A. Janitha Yasasue	11,250
h.	Auditors	:	Rajanathan and Company (#05, Campbell Place, Dehiwela)
i.	Company Secretaries	:	David Eliazer Godwin Arulanantham (#107,St,James Street,Colombo-15)
j.	Bankers	:	-Not Disclosed-

Directors’ Details

01)

Name	G. Mabel Sirisena
ID Number	268110275V
Nationality	Sri Lankan
Gender	Female
Date of Birth	06^th November 1926
Age	88 Years
Address	Shanthi, Madapatha , Piliyandala

02)

Name	T.D Nandani
ID Number	565672096V
Nationality	Sri Lankan
Gender	Male
Date of Birth	07^th March 1956
Age	59 Years
Address	Shanthi, Madapatha , Piliyandala

03)

Name	T.D Dayaseeli
ID Number	58832192V
Nationality	Sri Lankan
Gender	Male
Date of Birth	27^th November 1958
Age	56 Years
Address	Shanthi, Madapatha , Piliyandala

04)

Name	J L. Danuka Tharanga Karunanande.
ID Number	802060220V
Nationality	Sri Lankan
Gender	Male
Date of Birth	24^th July 1980
Age	34 Years
Address	Shanthi, Madapatha , Piliyandala

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 financials are available for this entity

CURRENT INVESTIGATION

· History.

The Subject Company T.D SIRISENA AND COMPANY (PVT) LTD is a Private Limited liability Company incorporated on 26^th May 1989 under registration number N (PVS) 5416 and has been re-registered in terms of Companies Act #7 of 2007 on 27^th August 2009 under registration number PV 15627.

It is said to be a one-family business.

· Location.

The Subject Company is located at the client #249 Panchikawatte Road,

Colombo-10

· Operational Details.

General

The subject company primary line of business is Manufacturers, Importers and Distributors of Motor spare parts

Products

Ubolts, Hub Bolts, eye Bolts, Brackets, Clutch Plate, Air Filters Brake Drum, Brake Liners Engine Mount, Horns, Oil filter, Pressure plates, Repair kits, Shock absorber, washers ,Accelerator Bolt , Hoses, mirror and lights etc....

Brands

Subject states that they stock a massive range of motor spare parts and accessories for the following

automotive

Brands

Authorized dealers and distributors for

Import Country

Japan, China, India Etc.

Employees

Not disclosed

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.

INFORMATION DENIED BY

Name :	Mr. JL Danuka Tharanga
Designation :	Director
Contact No.:	009411-2438281

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 :	PPT
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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