MIRA INFORM REPORT

Report No. :	349455
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	SHARP CENTRE (PVT) LTD.

Registered Office :	#126, Maliban Street, Colombo 11.

Country :	Sri Lanka

Date of Incorporation :	17.12.1981

Com. Reg. No.:	PV 9797

Legal Form :	Private Limited Liability Company. (In Operation)

Line of Business :	Wholesale & Retail Dealers In Textiles Specialists In Knitted Fabrics.

No. of Employee :	Approximately 05

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 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	:	SHARP CENTRE (PVT) LTD.
b.	Legal Form & Status	:	Private Limited Liability Company. (In Operation)
c.	Managing Director	:	Angappan Maduraiveeran
d.	Primary Line of Business	:	Wholesale & Retail Dealers In Textiles Specialists In Knitted Fabrics.
e.	Place of Business	:	#126, Maliban Street, Colombo 11. Tel. No: (00 94 11) 247 2886 Fax No: (00 94 11) 247 2885
f	No. of Employees	:	Approximately 05

COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	PVS 8040
	Date of Registration	:	17^th December 1981
b.	Re-Registration No	:	PV 9797
	Date of Registration	:	27^th November 2008
c.	Registered Office	:	#126, Maliban Street, Colombo 11.
d.	Board of Directors As At 31^st December 2013	:	Angappan Maduraiveeran		Managing Director
			Vijayalakshmi Maduraiveeran		Director
e.	Issued Share Capital	:	Rs. 3,000,000.00
f.	No. of Shares	:	300,000
g.	Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007.
h.	Share Holders As At 31^st December 2013	:	Share Holders	No Of Shares Held
			Angappan Maduraiveeran	180,000
			Vijayalakshmi Maduraiveeran	120,000
i.	Auditors	:	Piyawardena Associates (Chartered Accountants) (#40, Park Lane, Nawala Road, Rajagiriya)
j.	Company Secretaries	:	ESES Secretaries (Private) Limited (#40, Park Lane, Nawala Road, Rajagiriya)
k.	Bankers	:	Seylan Bank PLC.

Director’s Details

01)

Name	Angappan Maduraiveeran
ID Number	491772913 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	25^th June 1949
Age	66 Years
Address	#04, Francis Mahadewa Avenue, Colombo 03.

02)

Name	Vijayalakshmi Maduraiveeran
ID Number	525334350 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	02^nd February 1952
Age	63 Years
Address	#04, Francis Mahadewa Avenue, Colombo 03.

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 SHARP CENTRE (PVT) LTD is a Private Limited Liability Company incorporated on 17^th December 1981 under the registration number PVS 8040 and then the subject company was re-registered on 27^th November 2008 under the registration number PV 9797.

Location.

The Subject Company is located at the client #126, Maliban Street, Colombo 11.

Operational Details.

General

The subject company primary line of business is Wholesale & Retail Dealers in Textiles Specialists in Knitted Fabrics.

Products

Textiles.

Countries

Bangkok.

No of Employees

Approximately 05

Information denied by

Name :	Mr. Angappan Maduraiveeran
Designation :	Managing Director
Contact No.:	00099714042300
Date :	18.11.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	TRI

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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