MIRA INFORM REPORT

Report No. :	339644
Report Date :	14.09.2015

IDENTIFICATION DETAILS

Name :	MOCETI INTERNATIONAL (PVT) LIMITED
Registered Office :	#400, Deans Road, Colombo 10
Country :	Sri Lanka
Date of Incorporation :	24.03.2008
Com. Reg. No.:	PV 63532
Legal Form :	Private Limited Liability Company (In Operation)
Line of Business :	Ship Agents and Bunkering.
No. of Employees :	Approximately 30

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	:	MOCETI INTERNATIONAL (PVT) LIMITED
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	L. Ruwan Viraj Waidyaratne
d.	Primary Line of Business	:	Ship Agents & Bunkering.
f.	Head Office & Factory	:	#400, Deans Road, Colombo 10. Sri Lanka. Tel No: (00 94 11) 216 7900 Fax No: (00 94 11) 269 9338 Contact Person: (00 94 77) 303 3497 (Noah) Contact Person: (00 94 77) 303 3513 (Jehan) Email: info@moceti.com
g.	No. of Employees	:	Approximately 30

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	PV 63532
	Date of Registration	:	24^th March 2008
b.	Registered Office	:	#400, Deans Road, Colombo 10.
c.	Board of Directors As At 01^st April 2015	:	Abeyakumar Mohan Pandithage		Chairman
			L. Ruwan Viraj Waidyaratne		Managing Director
			Shanthikumar Reginald Sadanadan		Director
			P. Lasitha Cumarathunga		Director
			Praneeth Sanjaya Gunawardena		Director
			M. Ishak Senthano Sabar		Director
			T. Upul Kapila Peiris (Alternate Director to A.M. Pandithage)		Director
d.	Auditors	:	Ernst & Young (#201, De Saram Place, Colombo 10)
e.	Company Secretaries	:	Hayleys Group Services (Pvt) Ltd (#400, Deans Road, Colombo 10)
f.	Bankers	:	Not Disclosed.
h.	Total No. of Issued Shares	:	Rs. 50,000,000.00
	No of Shares	:	5,000,000
i.	Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007
j.	Share Holders As At 11^th October 2014	:	Share Holders	No. of Shares
			Hayleys Advantis Limited	2,399,999
			Maritime Agencies (Pvt) Ltd	01
			MIT Cargo (Pvt) Ltd	2,600,000

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 are 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 is MOCETI INTERNATIONAL (PVT) LTD is a Private Limited Liability Company incorporated on 24^th March 2008 under registration number PV 63532. In terms of Companies` Act # 7 of 2007.

· Location

The Subject Company is located at the client # 400, Deans Road, Colombo 10.

· Operational Details

General

The subject company primary line of business is Ship Agents & Bunkering. 

Subject Company is a licensed bunker supplier and offer IFO 380, IFO 180 and MGO

Moceti international (Pvt) Ltd is one of the pioneering Ship Agents in Sri Lanka and manages operations under long term contract for regular callers to Ports in Sri Lanka and the Maldives Islands. Moceti also handle infrequent callers to these ports on ad-hoc basis.

Services

· Port formalities and berthing arrangements

· Arranging clearance for vessel and cargo

· Undertaking crew changes and arranging shore passes

· Launch services

· Supply of provision and cash to master

· Removal and disposal of waste

· Bunkering

· Port captain services

· Surveys for hull, machinery, equipment and cargo

· Dry docking, ship repairs and maintenance

· Sri Lankan ports or OPL bunkering services 

No of Employees

Approximately 30

Director Details

01)

Name	Abeyakumar Mohan Pandithage
ID Number	511291887 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	08^th May 1951
Age	64 Years
Address	#119, Kynsey Road, Colombo 08

02)

Name	Shanthikumar Reginald Sadanadan
ID Number	551033120 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12^th April 1955
Age	60 Years
Address	#7/18, Batapotha Road, Thalangama South, Battaramulla

03)

Name	P. Lasitha Cumarathunga
ID Number	622880220 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	14^th October 1962
Age	53 Years
Address	# 30/12, 1/1, Malalasekara Mawatha, Colombo 07

04)

Name	L. Ruwan Viraj Waidyaratne
ID Number	661440481 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	23^rd May 1966
Age	49 Years
Address	#76, Dharmapala Mawatha, Colombo 07

05)

Name	Praneeth Sanjaya Gunawardena
ID Number	643141698 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	09^th November 1964
Age	51 Years
Address	#284/15, Robert Gunawardena Mawatha, Battaramulla.

06)

Name	M. Ishak Senthano Sabar
PP Number	N1147527

07)

Name	T. Upul Kapila Peiris
ID Number	670390755 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	08^th February 1967
Age	48 Years
Address	#638/8, Wilhena Road, Gonawala

· Trade references

The subject company did not provided 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

Unable to contact the company (Tel No.: 009411-2167900)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.37
UK Pound	1	Rs.102.54
Euro	1	Rs.75.32

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	VNT

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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