MIRA INFORM REPORT

Report No. :	339646
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	INTEROCEAN ENERGY (PVT) LTD
Registered Office :	# 284, Vauxhall Street, Colombo 02
Country :	Sri Lanka
Date of Incorporation :	01.10.2007
Com. Reg. No.:	PV 61570
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Shipping and Marine Related Services
No. of Employee :	14

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	:	INTEROCEAN ENERGY (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Chairman	:	John Rohan Upali De Silva
d.	Primary Line of Business	:	Shipping and Marine Related Services.
e.	Head office & Place of Business	:	# 284, Vauxhall Street, Colombo 02, Sri Lanka. Tel.No: (00 94 11) 479 9100 Fax. No: (00 94 11) 474 1924 Email: bunkers@interocean.lk
f.	No. of Employees	:	Approximately 14

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	PV 61570
	Date of Registration	:	01^st October 2007
c.	Registered Office	:	# 284, Vauxhall Street, Colombo 02.
d.	Board of Directors As at 01^st May 2015		John Rohan Upali De Silva	Chairman
			M.G. Padmabandu	Director
			Dinesh Mahasri Jayawardana	Director
			Joseph Micheal Jayanthi Perera	Director
			Ruwanpura Eshana Uvindra De Silva	Director
			Kalum Sadharanga Katipearachchi	Director
			K. Oshan Indika Cicil Fernando	Director
			Shehara Salomi Jayawardana	Director
			L. Shanil Perera	Director
			Rohan Herath Surasinghe Wijeratne	Director
			Rohith Pradeep (India)	Director
e.	Auditors	:	B.R. De Silva & Company (#22/4, Vijaya Kumaratunga Mawatha, Colombo 05)
f.	Company Secretaries	:	McLarens Holding Ltd (#123, Bauddhaloka Mawatha, Colombo 05)

COMPANY DETAILS

Registration and Shareholder Details (Cont/d….)

g.	Issued Share Capital	:	Rs. 60.00	Rs. 50,000,000
	No. of Shares	:	06	500,000
h.	Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007
k.	Share Holders As At 28^th August 2014	:	Share Holders		No Of Shares
			Mclarens Holding Ltd		250,003
			Esna (Pvt) Ltd		250,003
l.	Bankers	:	Hatton National Bank, Nation Trust Bank, Amana Bank.

Note:

The total number of issued shares is 500,006 and those are valued as follows:

Value of Nos. 06 shares is Rs. 60/-

Value of Nos. 500,000 shares is Rs. 50,000,000/-

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 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, INTEROCEAN ENERGY (PVT) LTD is a Private Limited Liability Company incorporated on 01^st October 2007 under re-registration number PV 61570, in terms of Companies Act #7 of 2007.

The subject company is a BOI Registered Company which is a fully owned subsidiary of the McLarens Group of Companies.

· Location.

The subject company is located at client # 284, Vauxhall Street, Colombo 02

· Operational Details.

General

The subject company’s primary line of business is Shipping and Marine Related Services.

The subject company is said to have earned ISO 8217-2005 / ISO 9001

Services

Bunkering

Lubricants

Fresh Water

Ship Supplies

Crew Changes

Products

Marine gas oils

Marine fuel oils

Countries

Worldwide

Employees

Approximately 14

Directors’ Details

01)

Name	M.G. Padmabandu
ID Number	493380672 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	03^rd December 1949
Age	66 Years
Address	#16/1A, Mahinda Watta, Gamunu Mawatha, Subuthipura, Battaramulla.

02)

Name	John Rohan Upali De Silva
ID Number	522420565 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	29^th August 1952
Age	63 Years
Address	#57, Bishop’s Road, Wattala.

03)

Name	Dinesh Mahasri Jayawardana
ID Number	742060390 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	24th July 1974
Age	41 Years
Address	#24, Cambridge Place, Colombo 07

04)

Name	Joseph Micheal Jayanthi Perera
ID Number	531451376 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	24th May 1953
Age	62 Years
Address	#119A, Castle Street, Colombo 08.

05)

Name	Ruwanpura Eshana Uvindra De Silva
ID Number	770290236 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	29^th January 1977
Age	38 Years
Address	#07, Siripa Lane, Colombo 05

06)

Name	Kalum Sadharanga Katipearachchi
ID Number	700923274 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	01^st April 1970
Age	45 Years
Address	#158/24, Dolanda Gardens, Thalawathugoda.

07)

Name	Rohith Pradeep
PP Number	Z 1803567
Nationality	Indian

08)

Name	L. Shanil Perera
ID Number	680541310 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	23^rd February 1968
Age	47 Years
Address	#17, Galedanda Road, Pahalakaragalamuna, Kadawatha.

09)

Name	Roshan Herat Surasinghe Wijeratne
ID Number	563624396 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	27^th December 1956
Age	59 Years
Address	#12/1, Spathodea Avenue, Colombo 05

09)

Name	K. Oshan Indika Cicil Fernando
ID Number	793272685 V
Nationality	Sri Lankan
Gender	Male
Date Of Birth	22^nd November 1979
Age	36 Years
Address	#18/1A, Paranappu Raja Mawatha, Moratuwa.

Trade references

Sri Lanka Ports Authority

Board of Investments, Sri Lanka (BOI)

Ceylon Chamber of Commerce

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. 009411-4799100)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.44
UK Pound	1	Rs.102.41
Euro	1	Rs.75.05

INFORMATION DETAILS

Information Gathered by :	SUP
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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