MIRA INFORM REPORT

Report No. :	350690
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	PHARMACE (PRIVATE) LIMITED

Registered Office :	# 46, Galle Road, Dehiwala

Country :	Sri Lanka

Date of Incorporation :	03.12.2013

Com. Reg. No.:	PV 95853

Legal Form :	Private Limited Liability Company

Line of Business :	Importation, registration marketing and distribution of pharmaceuticals

No. of Employee :	Not Available

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	:	PHARMACE (PRIVATE) LIMITED
b.	Legal Form & Status	:	Private Limited Liability Company
c.	Managing Director	:	Dilshad Mohammed Ikram
d.	Primary Line of Business	:	Importation, Registration Marketing And Distribution pharmaceuticals
.	No. of Employees	:	Not Disclosed

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No		:	PV 95853
	Date of Registration		:	03^rd December 2013
c.	Registered Office		:	# 46, Galle Road, Dehiwala
d.	Board of Directors As At 01^st October 2014		:	Dilshad Mohammed Ikram	Managing Director
				Mohamed Hasan Rizlan Muhiyadeen	Director
e.		Issued Share Capital	:	Value Not Available/Not Stated
f.		No of Shares	:	10
		Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007
g.		Share Holders As At 01^st October 2014		Share Holders		No. of Shares
				Mohamed Rasheed Mohamed Nawas		10
h.		Auditors	:	No Disclosed
i.		Company Secretaries	:	Global Corporate Solutions (Pvt) Ltd (# 451, Galle Road, Colombo 03)
j.		Bankers	:	Not Disclosed

FINANCIAL DETAILS

Most recent available Financial Information

The company has declined to provide any financial information

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 PHARMACE (PVT) LTD Is a Private Limited liability Company incorporated on 03^rd December 2013 under the registration number PV 95853.

Location.

The subject company located at # 7, Vajira Lane, Colombo 04.

Client given address # 46, Galle Road, Dehiwala is registration address of the subject company.

Operations Details.

General

The primary line of business of the subject company is importation, registration, marketing and distribution of pharmaceuticals.

Products:

All kinds of Pharmaceutical items.

Employees

Not Disclosed

Countries

Bangladesh, India, Pakistan, China, Taiwan

DIRECTORS’ DETAILS

01)

Name	Dilshad Mohammed Ikram
Nationality	Sri Lankan
ID Number	731920443 V
Date of birth	10^th July 1973
Age	42 years
Address	# 231, Sooriyamal Mawatha, Divulapitiya, Boralesgamuwa

02)

Name	Mohamed Hasan Rizlan Muhiyadeen
Nationality	Sri Lankan
ID Number	800490693 V
Date Of Birth	18^th February 1980
Age	35 Years
Address	# 79/3, Jiffriya Mawatha, Galle

Trade references

The subject company did not provide any trade reference referrals

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. Dilshad
Designation :	Director
Contact No.:	009411-5927514

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	AMR

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.