MIRA INFORM REPORT

Report No. :	500777
Report Date :	05.04.2018

IDENTIFICATION DETAILS

Name :	VEMAAL AND COMPANY (PVT) LTD

Registered Office :	# 01, Dam Street, Colombo 12

Country :	Sri Lanka

Date of Incorporation :	24.09.1990

Com. Reg. No.:	N(PVS) 6824

Legal Form :	Private, Limited Liability Company

Line of Business :	The subject company is into Edible Oils, The company purchases items and does a wholesale operation to other parties in Sri Lanka itself.

No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sri Lanka

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

Basic Information

a.	Name of Subject of Inquiry	VEMAAL AND COMPANY (PVT) LTD
b.	Legal Form & Status	Private, Limited Liability Company (In Operation)
c.	Chairman	Yuhendran Shelliah
d.	Primary Line of Business	Edible oil bying localy
e.	Principal Place of Business	# 01, Dam Street, Colombo 12, Sri Lanka. Phone : (00 94 11) , 2336565, 2458430 /2458431 Thushen 72 Wolfendhal St Colombo 13 0112336561,0112431641 Fax : (00 94 11)2433781/2336267 E-Mail: vimaloil@sltnet.lk Web Site: NA
f.	Employees	Not Available

Company Details

a.	Registration No	N(PVS) 6824
	Date of Registration	24^th September 1990
b.	Re-registration No	PV 6851
	Date of Re-registration	25^th August 2008
c.	Registered Office	# 01, Dam Street, Colombo 12, Sri Lanka.
d.	Director Board / Ownership As At 19^th December 2017	Yuhendran Shelliah	Chairman
		Yuhendran Koshendran	Director
e.	Stated Share Capital	LKR 500,200.00
f.	No. of Shares	5,002
g.	Preferential Shares	NA
h.	Nominal Value of Share	NA
i.	Auditors	A G Saram & Company # 155/18-1/1, Messenger Street, Colombo 12, Sri Lanka.
j.	Company Secretaries	A G S Management Consultants # 155/18-1/1, Messenger Street, Colombo 12, Sri Lanka.
k.	Main Bank/s	Refused to Provide

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Yuhendran Shelliah	5,002

FINANCIAL DETAILS

Most recent available Financial

CURRENT INVESTIGATION

Company Logo

· History.

The subject company was initially formed on 24^th September 1990 under N(PVS) 6824 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 25^th August 2008 under PV 6851 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

· Operational Details.

General

The subject company is into Edible Oils, The company purchases items and does a wholesale operation to other parties in Sri Lanka itself. The other parties however mainly exports the items as per the company representatives.

Products & Services

Edible Oils

Employees

Export Countries

Canada - Not direct imports as it is exported by a 3^rd party who purchases the Oil from the company

Import Countries

Associate / Subsidiary Companies

Factory / Warehouse and Sales Outlets

Owned

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Yuhendran Shelliah
ID Number	532304202V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17.08.1953
Age	64
Address	# 10, Abdul Gaffoor Mawatha, Colombo 03, Sri Lanka.

Director 2
ITEM	DETAIL
Name	Yuhendran Koshendran
ID Number	880324276V
Nationality	Sri Lankan
Gender	Male
Date of Birth	01.02.1988
Age	30
Address	# 10, Abdul Gaffoor Mawatha, Colombo 03, Sri Lanka.

INFORMATION DENIED

Management non-co-operative (00 94 11)-2336565 / 2458430

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.02
UK Pound	1	INR 91.49
Euro	1	INR 79.79
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information Gathered by :	SAV

Analysis Done by :	NIY

Report Prepared by :	TRU

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)

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