MIRA INFORM REPORT

Report No. :	346260
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	FREE LANKA GRANITE (PVT) LTD

Registered Office :	# 48A, Ward Place Colombo 07 (Could not be confirm from any sources)

Country :	Sri Lanka

Date of Incorporation :	08.04.1999

Com. Reg. No.:	PV 13117

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Manufacturing, selling, exporting granite tiles and contract laying of granite tiles Exporting blocks and selling of marble, minerals, metal.

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	:	FREE LANKA GRANITE (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Chairman	:	Kattar Aloysius
d.	Primary Line of Business	:	Manufacturing, selling, exporting granite tiles and contract laying of granite tiles Exporting blocks and selling of marble, minerals, metal
e.	Place of Business	:	# 48A, Ward Place Colombo 07, Sri Lanka. Tel: (00 94 11) 494 4637
f.	No. of Employees	:	Not Disclosed

COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	N (PVS) 23445 (Could not be verified due relevant file of the subject is not found at the office of the registrar of companies Still Searching the file)
	Registration No	:	08^th April 1999
	Re-registration No		PV 13117
b.	Registered Office	:	Relevant file is miss placed at the office of the Registrar of Companies. Still searching for the file
d.	Board of Directors	:	Kattar Aloysius (Updated details of other directors not available due to relevant file not found at the ROC)	Chairman
f.	Issued Share Capital	:	Not Available – As above
g.	No. of Shares	:	Not Available – As above
h.	Nominal Value of Share	:	Not Available – As above
i.	Share Holders As At ( Other directors/shareholders details not available due to registration file not found at the ROC)	:	Share Holders
			Not Available – As above
j.	Auditors	:	Not Available – As above
k.	Company Secretaries	:	Not Available – As above
l.	Bankers	:	Not Disclosed

FINANCIAL DETAILS

- Most recent available 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 FREE LANKA GRANITE (PVT) LTD is a Private Limited liability Company

Location.

The subject company is located at client # 48A, Ward Place, Colombo 07

Operational Details.

General

The subject company primary line of business is Manufacturing, selling, exporting granite tiles and contract lying of granite tiles Exporting blocks and selling of marble, minerals, metal.

Products

Granite, Marble, Minerals

Employees

Not Disclosed

Trade references

The Company has declined to provide trade references

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

MANAGEMENT NON CO-OPERATIVE

TEL NO.: (009411)4944637

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70

INFORMATION DETAILS

Information Gathered by :	PRP

Analysis Done by :	AMT

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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