MIRA INFORM REPORT

Report No. :	341029
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	DEVI JEWELLERS (PVT) LTD
Registered Office :	# 131, Sea Street, Colombo 11
Country :	Sri Lanka
Date of Incorporation :	13.03.2003
Com. Reg. No.:	PV 7419
Legal Form :	Private Limited Liability Company (In Operation)
Line of Business :	Manufacturers and Dealers of Gem & Jewellery
No. of Employee :	Approx. 100

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	:	DEVI JEWELLERS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Chairperson/MD	:	Nallappan Seenivasagam
d.	Primary Line of Business	:	Manufacturers and Dealers of Gem & Jewellery
e.	Head office & Place of Business	:	# 131, Sea Street, Colombo 11 Tel. No: (00 94 11) 239 5001-05 Fax No: (00 94 11) 239 5003 Mobile: (000 94 77) 778 3779 Email: contact@devijewellers.lk
f.	No. Of Employees	:	Approx. 100

COMPANY DETAILS

- Registration and Shareholder Details

a.	Registration No	:	N (PVS) 33207
	Date of Registration		13^th March 2003
b.	Re-Registration No	:	PV 7419
	Date of Re-Registration		10^th September 2008
c.	Registered Address	:	# 131, Sea Street, Colombo 11
d.	Board of Directors As At 14^th October 2014	:	Nallappan Seenivasagam	Chairman/MD
			Thiagaraj Sivakumar	Director
			Seenivasagam Ramesh Kanth	Director
			Seenivasagam Rathis Kanth	Director
			Suriyakala Seenivasagam (Ms) (Indian)	Director
			Sri Kishnathan Sivakumar	Director
e.	Issued Share Capital	:	Rs. 10,000,000.00
	Total No. Of Shares	:	1,000,000
f.	Nominal Value of Share	:	Not stated vide Companies Act #7 of 2007

- Registration and Shareholder Details (Cont…)

h.	Share Holders As At 14^th October 2014	:	Share Holders	No. of Shares
			Nallappan Seenivasagam	249,996
			Thiagaraj Sivakumar	150,001
			Seenivasagam Ramesh Kanth	150,001
			Seenivasagam Rathis Kanth	150,001
			Suriyakala Seenivasagam (Ms) (Indian)	150,001
			Sri Kishnathan Sivakumar	150,000
i.	Auditors	:	K.K. Gnanenthiran Associates, #99, Sea Street, Colombo 11
j.	Company Secretaries	:	G.R.S. Management & Secretarial Services (Pvt) Ltd. #103, Sea Street, Colombo 11
k.	Bankers	:	Peoples Bank, Bank of Ceylon, Commercial Bank Plc

FINANCIAL DETAILS

- Most recent available Financial Information

The SUBJECT COMPANY declined to disclose financial, without knowing the identity of the end user as they are fearing that the details will go to wrong hands or the Competitors

However, it should be taken in to consideration that the particular industry/trading segment the Company involved has a very good growth potential and as such it can be expected for the Company to earn good income.

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.

Company Logo

The Subject Company DEVI JEWELLERS (PVT) LTD is a Private Limited Liability Company incorporated on 13^th March 2003 under the registration number N (PVS) 33207, and re-registered under the registration number PV 7419 on 10^th September 2008.

• Location.

The Subject Company’s head office and main branch is located at the client # 131, Sea Street, Colombo 11 Sri Lanka, an area in which Gem & jewellery companies operate

• Operational Details.

General

The subject company’s primary line of business are Manufacturing buying, selling, importing and exporting Jewellery and Gems

Devi JEWELLERS are expert in the manufacture of 22K Gold, Platinum, Silver Jewellery, plain Gold or Diamond studded jewellery with precious or semi precious stones ( Blue Shapphire, Rubies, Emeralds and cat's eye).

Products

All kinds of Jewellery: Necklaces, Bracelets, ear-rings, Rings, Bangles, Pendants

Diamond Jewellery, Bridles

Import Country

Gold & Silva etc are imported from India, Singapore, UAE

No of Employees

Approx. 100

Directors Details

01)

Name	Nallappan Seenivasagam
ID Number	492602450 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	16^th September 1949
Age	66 Years
Address	# 39/2, New Chetty Street, Colombo 13

02)

Name	Thiagaraj Sivakumar
ID Number	601980550 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	16^th July 1960
Age	55 Years
Address	# 39/2, New Chetty Street, Colombo 13

03)

Name	Seenivasagam Ramesh Kanth
ID Number	760721794V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12^th March 1976
Age	39 Years
Address	# 39/2, New Chetty Street, Colombo 13

04)

Name	Seenivasagam Rathis Kanth
ID Number	821282195V
Nationality	Sri Lankan
Gender	Male
Date of Birth	07^th May 1982
Age	33 Years
Address	# 39/2, New Chetty Street, Colombo 13

05)

Name	Suriyakala Seenivasagam
ID Number	F 0033379
Nationality	Indian

06)

Name	Sri Kishnathan Sivakumar
ID Number	863231914V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18^th November 1986
Age	28 Years
Address	# 123-9/8, New Chetty Street, Colombo 13

• Trade references

Gem & Jewellery Authority of Sri Lanka

• 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) 2395001

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.62
UK Pound	1	Rs.101.73
Euro	1	Rs.73.26

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
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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