MIRA INFORM REPORT

Report No. :	498606
Report Date :	03.04.2018

IDENTIFICATION DETAILS

Name :	HAYLEY’S AVENTURA (PRIVATE) LIMITED
Registered Office :	400, deans road, colombo 10
Country :	Sri Lanka
Date of Incorporation :	27.12.2001
Com. Reg. No.:	PB 753
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Provider of Industrial Solutions
No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Sri Lanka	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

Tourism has experienced strong growth during recent years following the resolution 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.

Source : CIA

Company Profile

Basic Information

a.	Name of Subject of Inquiry	HAYLEY’S AVENTURA (PRIVATE) LIMITED
b.	Legal Form & Status	Private Limited Liability Company (In Operation)
c.	Chairman Managing Director	Mr Abeyakumar Mohan Pandithage Dr.Arul Sivagananathan
d.	Primary Line of Business	Importer and Provider of Industrial Solutions
e.	Principal Place of Business	# 400, Deans Road, Colombo 10 # 180/3, Deans Road, Colombo 10 Sri Lanka. Tel. No: (00 94 11) 4739 700 / 2696 331 / 4760 600 / 2699 100 Fax. No: (00 94 11) 4739 701 E-Mail: arul.s@hayleys.com Web Site: http://www.hayleys.com/
f.	Employees	NA

Company Details

a.	Registration No	N (PBS) 964
	Date of Registration	27^th December 2001
b.	Re-registration No	PB 753
	Date of Re-registration	11^th November 2008
c.	Registered Office	# 400, Deans Road, Colombo 10, Sri Lanka
d.	Board of Directors As At 10^thOctober 2017	Abeyakumar Mohan Pandithage	Director
		Mohamed Rizvi Zaheed	Director
		Sarath Clement Ganegoda	Director
		Deepthi Hewageegana	Director
		Dr.Arul Sivagananathan	Director
		Chandana Sudath Bandara Wijesundara	Director
		Mahawaduge Yasalal Aravinda Perera	Director
e.	Sated Share Capital	LKR 387,484,000.00
f.	No. of Shares	38,748,400
g.	Preferential Shares	NA
h.	Nominal Value of Share	LKR 10.00
i.	Auditors	Ernst & Young (Chartered Accountants) # 201, De Saram Place, Colombo 10, Sri Lanka.
j.	Company Secretaries	Heyleys Group Services (Pvt )Ltd # 400, Deans Road, Colombo 10, Sri Lanka.
k.	Main Bank/s	Bank of Ceylon, Citi Bank N.A., Nations Trust Bank, Standard & Chartered Bank, HSBC, NDB Bank, Sampath Bank PLC, Hatton National Bank, Commercial Bank, Deutsche Bank, Peoples Bank, Seylan, Cargills Bank

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Hyaley’s PLC	38,748,394
2.	Dean Foster (Pvt) Ltd	01
3.	Dipped Products (Pvt) Ltd	01
4.	Haycarb PLC	01
5.	Hayley’s Fibre PLC	01
6.	Ravi Industries (Pvt) Ltd	01
7.	Volanka (pvt) Ltd	01

FINANCIAL DETAILS

- Most recent available Financial Information

NA

CURRENT INVESTIGATION

Company Logo

· History.

The subject company was initially formed on 27^th December 2001 under N (PBS) 964 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 11^th November 2008 under PV 753 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Hayleys Industrial Solutions Limited name changed to Hayleys Industrial Solutions (Pvt) Ltd on 03^rd December 2008

Hayleys Industrial Solutions (Pvt) Ltd name changed to Hayleys Aventura (Pvt) Ltd on 31^st May 2017

Caption

Hayleys Industrial Solutions provides a broad range of industrial inputs, medical equipment and engineering solutions, including the supply of raw materials and the design and implementation of power and lighting systems, electronics and telecommunications infrastructure. We are also a longstanding representative of several internationally reputed suppliers of machinery, dyes and pigments for the textile and other manufacturing industries. This sector is also engaged in supplying and supporting diesel power generating units and electronic systems for the construction industry; representing some renowned principals. A constituent company within this sector, Hayleys Life Sciences supplies and maintains medical imaging equipment and consumables

· Operational Details.

General

Hayleys Industrial Solutions (HISL) has firmly established itself as the premier industrial solutions provider in Sri Lanka. Primarily engaging in business to business relationships, we pride ourselves in approaching each and every situation with a fresh outlook, while striving to tailor our solutions to your specific needs. We aim to be pioneers in the field by always being in search of innovative yet practical solutions to meet any type of industrial requirements. 

HISL is a trusted name in the industrial solutions market, which makes us highly sought after by businesses of any scale or size. We are also a reputed name amongst world’s foremost suppliers of raw materials, due to our dedication towards offering services of the highest quality. As a result of this, it has enabled us to post a Profit Before Tax of Rs. 769 million ($ 5.7 Million) and achieve a turnover of Rs. 2.9 billion ($ 21.7 million). Our world-renowned suppliers allow us to provide our solutions at an exceptional standard. This in turn enables us to work with larger conglomerates and companies in the local market as well as in the global market. As a result, we possess a portfolio of highly satisfied clientele who will vouch for our standards, trustworthiness and, most of all, our quality of service. 

HISL is also committed towards reducing our overall carbon footprint, which is why we are determined to pursue research and establish solutions to reduce our dependence on fossil fuels. Our Renewable Energy sector currently has in place 5 Hydro Power stations with 9 MWh capacity, and 3 Wind Power stations with 30 MWh capacity; with plans in the pipeline to further increase that number. The engineering division also offers practical solutions to increase energy efficiency within the current systems. 

We base our strategy on the core principals of creativity and innovation to address not only contemporary societal demands, but also to forecast and equip them to address future demands. In this journey, we embrace the strategy of adapting ourselves as per an ever-dynamic business environment to set us on a platform of the leading comprehensive solutions provider for industrial and B2B input and equipment provision.

Products

Pallet racking systems

Drive in racking systems

Shuttle Racking Systems

Free stand / rack supported Mezzanine floors

Gravity racking systems

Renewable Energy

Employees

NA

Import Countries

USA, Belgium, Germany, Denmark, Switzerland, Indonesia

Associate / Subsidiary Companies

· Haycolour (Pvt)Ltd

· Hayleys PLC

· Haycarb PLC

· Dipped Products (Pvt) Ltd

· Dean Foster (Pvt) Ltd

· Hayley’s Fibre PLC

· Hayleys Industrial Solutions (Pvt)Ltd

· Hayleys Life sciences (Pvt) Ltd

· Recogen (Pvt) Ltd

· Bhagya Hydro (Pvt) Ltd

· Hayleys Hydro Energy (Pvt)Ltd

· Neluwa Cascade Hydro Power (Pvt)Ltd

· TTEL Hydro Power Company (Pvt) Ltd

· TTEL Somerset Hydro Power (Pvt) Ltd

· Nirmalapura Wind Power (Pvt) Ltd

· Power Engineering Solutions (Pvt) Ltd

· Ravi Industries (Pvt) Ltd

· Volanka (Pvt) Ltd

Personal Details of Key Persons

The following information was found through the registrar of companies:

Director 1

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

Director 2

ITEM	DETAIL
Name	Sarath Clement Ganegoda
ID Number	622330369V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20th AUG 1962
Age	53
Address	#37/7/1,Fairmount Residency,Perera Mawatha,Kotuwegoda,Rajagiriya

Director 3

ITEM	DETAIL
Name	Mohamed Rizvi Zaheed
ID Number	551400336V
Nationality	Sri Lankan
Gender	Male
Date of Birth	19th May 1955
Age	61 Years
Address	#20/66, Fair Field Gardens, Colombo 08, Sri Lanka

Director 4

ITEM	DETAIL
Name	Deepthi Hewageegana
ID Number	643480646V
Nationality	Sri Lankan
Gender	Male
Date of Birth	13th December 1964
Age	52 Years
Address	#79A, Railway Avenue, Maharagama, Sri Lanka

Director 5

ITEM	DETAIL
Name	Arul Sivagananathan
ID Number	692313402V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18^th August 1969
Age	47 Years
Address	#33,Mary’s Road, Colombo 04, Sri Lanka

Director 6

ITEM	DETAIL
Name	Chandana Sudath Bandara
ID Number	770071127V
Nationality	Sri Lankan
Gender	Male
Date of Birth	07th January 1977
Age	40 Years
Address	#55/60B, Patima Road, Nagoda, Kandana, Sri Lanka

Director 7

ITEM	DETAIL
Name	Mahawaduge Yasalal Aravinda Perera
ID Number	562569653V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12th September 1956
Age	61
Address	# 370 FZ, Lake Road, Averihena, Hoandara South, Sri Lanka.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
LKR	1	INR 0.42

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.