MIRA INFORM REPORT

Report No. :	494296
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	KESELWATTE AGENCIES (PRIVATE) LIMITED

Registered Office :	# 224, Diggala Road, Keselwatte, Panadura

Country :	Sri Lanka

Date of Incorporation :	11.10.1999

Com. Reg. No.:	PV 7702

Legal Form :	Private, Limited Liability Company (In Operation)

Line of Business :	Distribution and Marketing of Products

No. of Employees :	200 + in Group Approximately

RATING & COMMENTS

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

MIRA’s Rating :

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

(31.03.2017)

Current Rating

(30.06.2017)

Sri Lanka

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 is attempting to sustain economic growth while maintaining macroeconomic stability under an IMF program. 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 77% of GDP and remains among the highest of the emerging markets.

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.

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

Name of Subject of Inquiry	KESELWATTE AGENCIES (PRIVATE) LIMITED
Legal Form & Status	Private, Limited Liability Company (In Operation)
Managing Director	Mr M.P.Indrasiri Cooray
Primary Line of Business	Distribution and Marketing of Products
Principal Place of Business	No 224, Diggala Road, Keselwatta, Panadura Sri Lanka. Tel. No: (00 94 38) 2235934 / 2232962 Fax. No: (00 94 38) 2235333 E-Mail: infor@keselwattagroup.com / sales@keselwattagroup.com, kaindust@slt.lk Web Site: http://www.keselwattagroup.com/
Employees	200 + in Group Approximately

Company Details

Registration No	N(PVS)24725
Date of Registration	11.10.1999
Re-registration No	PV 7702
Date of Re-registration	23.09.2008
Registered Office	# 224, Diggala Road, Keselwatte, Panadura, Sri Lanka
Director Board / Ownership As At 30.07.2016	M.P.Indrasiri Cooray (Also alternate to Director 3)	Director
	M.R.Malkanthie Cooray	Director
	M.P.Viraj Chaminda Cooray	Director
	M.P.Dulik Achintha Cooray	Director
Sated Share Capital	LKR 30,500,000.00
No. of Shares	3,050,000
Preferential Shares	NA
Nominal Value of Share	LKR 10.00
Auditors	M/S Karunadasa & Company # 6A, Perera Mawatha, Panadura, Sri Lanka.
Company Secretaries	I M S Corporate Services (Pvt) Ltd # 291/2, Havelock Road, Colombo 06, Sri Lanka.
Main Bank/s	Commercial Bank of Ceylon PLC, Hatton National Bank PLC, National Development Bank PLC

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Keselwatte Agencies & Industries (Pvt) Ltd	200,000
2.	M.P.Indrasiri Cooray	863,333
3.	M.R.Malkanthie Cooray	66,667
4.	M.P.Viraj Chaminda Cooray	935,000
5.	M.P.Dulik Achintha Cooray	985,000

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

Keselwatta Agencies (Pvt) Ltd.

Company Logo

History.

The subject company was formed on 11^th October 1999 under N (PVS) 24725 under the ROC act of Sri Lanka. The subject company was Re-registered on 23^rd September 2008 under PV 7702 under the companies act No 7, of 2007 making it mandatory for all ROC companies to Re-register. The subject company is part of the Keselwatta Group of companies and is a family owned business in Sri Lanka.

Caption

Keselwatta Group consists of four Companies with two manufacturing and two marketing companies. While Keselwatta Agencies and Industries (Pvt) Ltd and Nalota Lanka (Pvt) Ltd undertake manufacturing, Keselwatta Agencies (Pvt) Ltd and Nalota Marketing (Pvt) Ltd conduct the marketing activities.

Founder of the Group is Deshamanya Mr. Nimal Cooray who possesses talented and confidence management and staff, who always work with dedication and contribute immensely to achieve our corporate vision. Keselwatta Group consists of four Companies with two manufacturing and two marketing companies. While Keselwatta Agencies and Industries (Pvt) Ltd and Nalota Lanka (Pvt) Ltd undertake manufacturing, Keselwatta Agencies (Pvt) Ltd and Nalota Marketing (Pvt) Ltd conduct the marketing activities.

Your Credit Solutions 2^nd Floor, No 171/1/G, Koswatta Road Kalapaluwawa, Rajagiriya 10100 Sri Lanka

Operational Details.

General

The subject company part of the Keselwatte Group is into marketing and distribution of various products. The company has many other companies under the group and is a well- recognized family owned business entity.

Products & Services

Manufacturing & Distributors of Bicycles, Bicycle Spare Parts, Bicycle Frames, Hot Dip Galvanized Buckets, Watering Cans, Agricultural Tools, Galvanized Pails, Galvanized Flower Buckets, and Candle Holders. Importers of Zinc Ingots, Steel Sheets, MS Round Iron, Ammonium Chloride, Jumper Steel Rods.

Employees

200 Approximately

Export Countries

Import Countries

India, China, European Countries

Associate / Subsidiary Companies

KESELWATTA MARKETING SERVICES (PRIVATE) LTD NALOTA LANKA (PRIVATE) LIMITED KESELWATTA METAL INDUSTRIES (PRIVATE) LIMITED NALOTA MARKETING (PVT) LTD

Factory / Warehouse and Sales Outlets

Owned

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	M.P.Indrasiri Cooray
ID Number	512640680V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20^th September 1951
Age	65
Address	No 224, Diggala Road, Keselwatta, Panadura, Sri Lanka.

Director 2

ITEM	DETAIL
Name	M.R.Malkanthie Cooray
ID Number	546040585V
Nationality	Sri Lankan
Gender	Female
Date of Birth	13^th April 1954
Age	62
Address	No 224, Diggala Road, Keselwatta, Panadura, Sri Lanka.

Director 3

ITEM	DETAIL
Name	M.P.Viraj Chaminda Cooray
ID Number	860211858V
Nationality	Sri Lankan
Gender	Male
Date of Birth	21^st January 1986
Age	30
Address	No 224, Diggala Road, Keselwatta, Panadura, Sri Lanka.

Director 4

ITEM	DETAIL
Name	M.P.Dulik Achintha Cooray
ID Number	823221193V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17^th November 1982
Age	34
Address	No 224, Diggala Road, Keselwatta, Panadura, Sri Lanka.

INFORMATION DENIED

Management non co-operative [(00 94 38) 2235934]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	VAR

Report Prepared by :	SYL

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

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