MIRA INFORM REPORT

Report No. :	346141
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	ELCARDO TRADING (PVT) LTD

Registered Office :	42, Narahenpita Road, Nawala

Country :	Sri Lanka

Date of Incorporation :	24.08.2002

Com. Reg. No.:	PV 7714

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is manufacturers and dealers of aluminium & steel products

No. of Employee :	500 (Group)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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	:	ELCARDO TRADING (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Athula Rohan Weeraratne
d.	Primary Line of Business	:	Manufacturers and Dealers of Aluminium & Steel Products.
e.	Office & Place of Business	:	# 415, High Level Road, Nugegoda. Tel. No: (00 94 11) 281 8289, 523 2982 Fax No: (00 94 11) 281 8289
f.	Corporate Head Office		# 42, Narahenpita Road, Nawala. Tel. No: (00 94 11) 280 5556 / 280 5514 / 534 7172 / 534 6971 Fax No: (00 94 11) 280 5156 E-Mail: info@elcardo.com
g.	Factory	:	No: 650/A/19, Ratmalana Industrial Estate, Galle Road, Ratmalana, Sri Lanka. Tel. No: (00 94 11) 421 4284 / 262 6962
g.	No. of Employees	:	Approximately 500 (Group)

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	N (PVS) 27456
	Date of Registration	:	24^th August, 2002
b.	Re-Registration No.	:	PV 7714
	Date of Re-Registration	:	23^rd September, 2008
c.	Registered Office	:	# 42, Narahenpita Road, Nawala, Sri Lanka.
d.	Board of Directors As At 23.09.2008	:	Athula Rohan Weeraratne.	Managing Director
			Deepthie Weeraratne.	Director
e.	Issued Share Capital	:	Rs. 20.00
f.	No. of Shares	:	02
g.	Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007.
h.	Share Holders As at 23.09.2008	:	Share Holders		No. of Shares
			Athula Rohan Weeraratne		01
			Deepthie Weeraratne		01
i.	Auditors	:	Ratnayaka T A & Co Charterd Accountants (#17, Rodeney Street, Off Cotta Road, Colombo 08)
j.	Company Secretaries	:	Business Allied Services (Pvt) Ltd (#11, Rodeney Street, Off Cotta Road, Colombo 08)
k.	Bankers	:	-Not Disclosed-

FINANCIAL DETAILS

Most recent available Financial Information

The Company Has Declined To Provide Information on Its Finances

Based on the corporate laws of Sri Lanka, legal entities which are Private with Limited

Liabilities are not required to make public disclosure of their annual financials. Therefore no

Financials are available for this entity

CURRENT INVESTIGATION

History.

Company Office & Sales Centre

The Subject Company ELCARDO TRADING (PVT) LTD is a Private Limited liability Company incorporated under registration number N (PVS) 27456 and re-registered in terms of Companies Act # 7 of 2007 on 23.09.2008 under No. PV 7714.

The subject company is the trading arm of the ELCARDO GROUP. The other member of the Group is Elcardo Industries (Pvt) Ltd. The Group is ISO 9001:2008 Certified.

The subject is a family owned company.

Directors’ Details

Name	Athula Rohan Weeraratne
Nationality	Sri Lankan
ID No	602452514 V
Gender	Male
Date of Birth	01^st September 1960
Age	55 Years
Address	# 42, Narahenpita Road, Nawala, Sri Lanka.

Name	Deepthie Weeraratne
Nationality	Sri Lankan
ID No	638401240 V
Gender	Female
Date of Birth	5^th December 1963
Age	52 Years
Address	# 42, Narahenpita Road, Nawala, Sri Lanka.

Location

The Subject Company is located at the client given address # 415, High Level Road, Nugegoda, highly populated and business town adjoining Colombo city.

The Corporate Head office is located at # 42, Narahenpita Road, Nawala.

Operational Details

General

The subject company primary line of business is Import, Distribution & Trading of products Manufactured and Fabricated by the Group.

Products

o Remote Control Roller Doors

o Remote Control Swing and Sliding Gates

o Remote Control Roller Shutters

o Roofing sheets & claddings

o Pre engineered buildings

o S S Hand Railings and Stairways

o Polycarbonate Canopies

o S S Pantry Cupboards

o Kitchen Appliances

o Vehicle Accessories & Silencers

Roller doors & shutters/canopies

Import Country

Raw materials such as steel, aluminium imported China, Taiwan, India, Japan, Bangkok..

Export Country

Maldives

Employees

Approximately 500 (Group)

Financial Data

The company has declined to provide information on its finances

Based on the corporate laws of Sri Lanka, legal entities this is Private with Limited

Liabilities are not required to make public disclosure of their annual financials. Therefore no

Financials are available for this entity

Trade references

The subject company did not provide any trade reference referrals. It is a well known company in Sri Lanka for Roller Doors.

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 :	Ms. Achini
Designation :	Accountant
Contact No.:	00011 – 718709297

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	SUV

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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