MIRA INFORM REPORT

Report No. :	502817
Report Date :	21.04.2018

IDENTIFICATION DETAILS

Name :	CEYLEX ENGINEERING (PVT) LTD
Registered Office :	Parkland 17th Floor, # 33, Park Street, Colombo 02
Country :	Sri Lanka
Date of Incorporation :	07.05.1998
Com. Reg. No.:	PV 2737
Legal Form :	Private, Limited Liability Company (In Operation)
Line of Business :	Construction Contractors
No. of Employees :	Approximately 600

RATING & COMMENTS

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

MIRA’s Rating :

B

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	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	CEYLEX ENGINEERING (PVT) LTD
b.	Legal Form & Status	Private, Limited Liability Company (In Operation)
c.	Managing Director	Mr Uthumange Gamini Sarath
d.	Primary Line of Business	Construction Contractors
e.	Principal Place of Business	PARKLAND 17TH FLOOR NO. 33 PARK STREET COLOMBO 02 Sri Lanka. Phone : (00 94 11) 7 513 195/6 Fax : (00 94 11) 7989800 E-Mail: kalana@ceylex.com Web Site: www.ceylex.com
f.	Employees	Approximately 600

Company Details

a.	Registration No	N(PVS)21196
	Date of Registration	07^th May 1998
b.	Re-registration No	PV 2737
	Date of Re-registration	29^th February 2008
c.	Registered Office	Parkland 17th Floor, # 33, Park Street, Colombo 02, Sri Lanka.
		Uthumange Gamini Sarath	Director
	Director Board / Ownership As At 07^th February 2018	Liyanage Nisal Shaminda Perera	Director
d.		Ushantha Camillus Tissera Warnakulasuriya	Director
		Kurukulasuriya Paul Malcolm Fernando	Director
		Seyad Mohamed Mohamed Yaseen	Director
		Suriyakumara Wannisinghe Sharana Arosha Bandara Bulankulame (Appointed on 05^th February 2018)	Director
e.	Stated Share Capital	LKR 100,000,030.00
f.	No. of Shares	10,000,003
g.	Preferential Shares	NA
h.	Nominal Value of Share	LKR 10.00
i.	Auditors	Ernst & Young # 201, De Saram Place, Colombo 10, Sri Lanka.
j.	Company Secretaries	Anthony Naleen Suranjith De Silva # 31, Joseph Dias Mawatha, Mutuwal, Colombo 15, Sri Lanka.
k.	Main Bank/s	Hatton National Bank PLC

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	L T L Esoft LTD	10,000,003

FINANCIAL DETAILS

- Most recent available Financial Information

NA

CURRENT INVESTIGATION

COMPANY LOGO

· HISTORY

The subject company was initially formed on 07^th May 1998 under N(PVS) 21196 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 29^th February 2008 under PV 2737 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

L T L Projects (Pvt) Ltd name changed Ceylex Engineering (Pvt) Ltd on 30^th August 2016

Caption

http://www.economynext.com/Sri Lanka 10MW lower cost wind plants by Ceylex d elayed-3-8596-8.html

· OPERATIONAL DETAILS

GENERAL

Ceylex Engineering is a Diversified Engineering Organisation engaged in the engineering and construction of large scale development projects in power, water and infrastructure sectors.

The Company offers complete Engineering, Procurement and Construction (EPC) services from the designing to testing & commissioning of infrastructure projects. Ceylex Engineering has proven its capability in successfully executing diverse and challenging projects on time to the complete satisfaction of our clients during the past two decades since it's inception in 1998.

Products & Services

Construction and Projects

Employees

600 Approximately

Export Countries

NA

Import Countries

China, Taiwan, India, Japan, European Countries etc..

Associate / Subsidiary Companies

LTL Group of Companies

Factory / Warehouse and Sales Outlets

Owned

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Uthumange Gamini Sarath
ID Number	NA
Nationality	Sri Lanka
Gender	Male
Date of Birth	NA
Age	NA
Address	# 314/2, Galle Road, Talpitiya South, Wadduwa, Sri Lanka.
Director 2
ITEM	DETAIL
Name	Liyanage Nisal Shaminda Perera
ID Number	742872033V
Nationality	Sri Lankan
Gender	Male
Date of Birth	13.10.1974
Age	43 Years
Address	# 10, C Felicia Mawatha, Kandana, Sri Lanka.
Director 3
ITEM	DETAIL
Name	Ushantha Camillus Tissera Warnakulasuriya
ID Number	663320645V
Nationality	Sri Lankan
Gender	Male
Date of Birth	27.11.1966
Age	51 Years
Address	# 20/1, Rodney Street, Borella, Colombo 08, Sri Lanka.
Director 4
ITEM	DETAIL
Name	Kurukulasuriya Paul Malcolm Fernando
ID Number	481820766V
Nationality	Sri Lankan
Gender	Male
Date of Birth	30.06.1948
Age	69 Years
Address	# 57/10 A, Nimala Mariya Mawatha, Hendala, Wattala, Sri Lanka.
Director 5
ITEM	DETAIL
Name	Seyad Mohamed Mohamed Yaseen
ID Number	640440104V
Nationality	Sri Lankan
Gender	Male
Date of Birth	13.02.1964
Age	53 Years
Address	# 265,2/4, Torrington Edge Residencies Torrington Avenue, Colombo 05, Sri Lanka.
Director 6
ITEM	DETAIL
Name	Suriyakumara Wannisinghe Sharana Arosha Bandara Bulankulame
ID Number	198129202874
Nationality	Sri Lankan
Gender	Male
Date of Birth	NA
Age	37 Years
Address	# 141, Balagolla, Kengalle, Sri Lanka.

Information Declined

MANAGEMENT NON CO-OPERATIVE

Contact No.: (00 94 11) 7 513 195/ 6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.02
UK Pound	1	INR 92.73
Euro	1	INR 81.46
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	VAR
Report Prepared by :	NIT

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.