MIRA INFORM REPORT

Report No. :	338802
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	CEYLINE PHARMACEUTICALS (PVT) LTD
Registered Office :	# 1, Alfred House Avenue, Colombo 03
Country :	Sri Lanka
Date of Incorporation :	26.03.2012
Com. Reg. No.:	PV 83754
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged import & distributors of pharmaceuticals.
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 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	:	CEYLINE PHARMACEUTICALS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In operation)
c.	Managing Director	:	Sumith Nishantha Premaratne
d.	Primary Line of Business	:	Import & Distributors of Pharmaceuticals
e.	Head Office & Place of Business	:	# 1, Alfred House Avenue, Colombo 03, Sri Lanka. Tel. No: (00 94 11) 451 1092 / 451 1094 / 451 1097 Fax No: (00 94 11) 451 1096 Email: corporate@ceyline-group.lk
f.	No. of Employees	:	Not Disclosed

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No		:	PV 83754
b.	Date of Registration		:	26^th March 2012
c.	Registered Office		:	# 01, Alfred House Avenue , Colombo 03
d.	Board Of Directors As At 02^nd April 2015		:	Sumith Nishantha Premaratne	Managing Director
				C. Lakdasa Wickramanayake	Director
				P. Ajith Priyantha Peiris	Director
				Hemantha Kumara Jayanetti	Director
				Geetha Arundathi Jayanetti	Director
				Susantha Upul Jayanetti	Director
				Sujani Nilukshi Jayanetti	Director
				Suresh Noel Geard Wikramanayake	Director
				P. Mevan Sriyantha Peiris	Director
f.	Issued Share Capital		:	Rs. 5,000,000.00
	Number of Shares		:	500,000
g.	Nominal Value of Share		:	Not applicable/declared vide Companies Act #7 of 2007
h.	Share Holders As At 31^st March 2015		:	Share Holders	No of Shears
				Ceyline Holdings (Pvt) Ltd	275,000
				Sumith Nishantha Premaratne	225,000
i.	Secretaries	:		Businessmate (Pvt) Ltd (#45, Braybrooke Street, Colombo 02)
j.	Auditors			H L B Edirisinghe and Company (#45, Braybrooke Street, Colombo 02)
k.	Bankers		:	Sampath Bank

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

Company Logo

· History.

The Subject Company CEYLINE PHARMACEUTICALS (PVT) LTD is a Private

Limited liability Company incorporated on 26^th March 2012 under registration number PV

83754.

The subject company Ceyline Pharmaceuticals (Pvt) Ltd is a member of Ceyline Group Of

Companies and other consist companies are given below;

· Location.

The Subject Company is located at the client 01, Alfred House Avenue,

Colombo 03

.

· Operations Details.

General

The subject company primary line of business is Import & Distributors of Pharmaceuticals

Products

Pharmaceuticals Products and Medicine

Import Countries

India, Pakistan

Employees

Not Disclosed

Directors Details

01)

Name	Sumith Nishantha Premaratne
ID Number	713362450 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	01^st December 1971
Age	44 Years
Address	#98/10 D, Kahantota Road, Off Namal Mawatha, Malabe

02)

Name	C. Lakdasa Wickramanayake
ID Number	390300026 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	30^th January 1939
Age	76 Years
Address	#25/4, Kalinga Mawatha, Polhengoda, Colombo 05

03)

Name	P. Ajith Priyantha Peiris
ID Number	560852380 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	25^th March 1956
Age	59 Years
Address	#155/11, Castle Street, Colombo 08

04)

Name	Hemantha Kumara Jayanetti
ID Number	550372932 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	06^th February 1955
Age	60 Years
Address	#32/3, Raymond Road, Nugegoda

05)

Name	Geetha Arundathi Jayanetti
ID Number	577683395 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	24^th September 1957
Age	58 Years
Address	#32/3 A, Raymond Road, Nugegoda

06)

Name	Susantha Upul Jayanetti
ID Number	801402488 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	19^th May 1980
Age	35 Years
Address	32/4, Raymond Road, Nugegoda

07)

Name	Sujani Nilukshi Jayanetti
ID Number	835234258 V
Nationality	Sri Lankan
Gender	Female
Date Of Birth	23^rd January 1983
Age	32 years
Address	32/4, Raymond Road, Nugegoda

08)

Name	Suresh Noel Geard Wikramanayake
ID Number	622960575 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	22^nd October 1962
Age	53 Years
Address	#25/4, Kalinga Mawatha, Polhengoda, Colombo 05

09)

Name	P. Mevan Sriyantha Peiris
ID Number	831131969 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	22^nd April 1983
Age	32 Years
Address	#11/3, Prince Alfred Towers, #10, Alfred House Gardens, Colombo 03

· Trade references

Cosmetic, Devices & Drugs Regulatory Authority

· 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 PARTED BY (GENERAL DETAILS)

Management non co-operative (Tel. No. 0009411-4511092)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.61
UK Pound	1	Rs.102.30
Euro	1	Rs.74.61

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	TRI
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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