MIRA INFORM REPORT

Report No. :	491114
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	PUBUDU ENGINEERING (PVT) LTD
Registered Office :	# 68, UDA Industrial Estate, Katuwana Road, Homagama
Country :	Sri Lanka
Date of Incorporation :	21.03.2000
Com. Reg. No.:	PV 13036
Legal Form :	Private, Limited Liability Company (In Operation)
Line of Business :	Manufacturers, Supplier and Exporter of Electro Mechanical Items
No. of Employees :	Approximately 150

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 (30.06.2017)	Current Rating (30.09.2017)
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

Name of Subject of Inquiry	PUBUDU ENGINEERING (PVT) LTD
Legal Form & Status	Private, Limited Liability Company (In Operation)
Chairman	Mr. Susantha Premalal Tippalagama
Primary Line of Business	Manufacturers, Supplier and Exporter of Electro Mechanical Items
Principal Place of Business	# 68, UDA Industrial Estate, Katuwana Road, Homagama, Sri Lanka. Phone : (00 94 11) 2 855 584, 4442577 ,2892688 Fax : (00 94 11) 4308344 E-Mail: pubudueng@sltnet.lk Web Site: www.pubudueng.com
Employees	Approximately 150

Company details

Registration No	N(PVS) 25764
Date of Registration	21^st March 2000
Re-registration No	PV 13036
Date of Re-registration	28^th April 2009
Registered Office	# 68, UDA Industrial Estate, Katuwana Road, Homagama, Sri Lanka.
Director Board / Ownership As At 30^th November 2014	Susantha Premalal Tippalagama	Director
	Pushpa Mangalika Tippalagama Pillduwa Bogamage	Director
	Thilina Tippalagama	Director
	Pubudu Tippalagama	Director
	Saparamadu Mahabagalage Bhaddrani Shyamali Saparamadu	Director
	Weliwita Gamage Chandana Premashantha	Director
	Edirisooriya Maddumage Harinda Sampath Edirisooriya	Director
Stated Share Capital	LKR 6,000,000.00
No. of Shares	600,000
Preferential Shares	NA
Nominal Value of Share	LKR 10.00
Auditors	Ranwatta & Company (Chartered Accountants) # 141/3, Vauxhall Street, Colombo 02, Sri Lanka.
Company Secretaries	Consultants & Secretaries (Pvt) Ltd # 186, Lumbini Lane, Dalugama, Kelaniya, Sri Lanka.
Main Bank/s	Sampath Bank PLC, Commercial Bank of Ceylon PLC

SHAREHOLDERS - NA

NO.	NAME	NUMBER OF SHARES
1.	Susantha Premalal Tippalagama	300,000
2.	Pushpa Mangalika Tippalagama Pillduwa Bogamage	60,000
3.	Thilina Tippalagama	120,000
4.	Pubudu Tippalagama	60,000
5.	Rasmi Tippalagama	60,000

FINANCIAL DETAILS

Most recent available Financial Information

NA

Current investigation

COMPANY LOGO

History

The subject company was initially formed on 21st Match 2000 under N(PVS) 25764 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 28th April 2009 under PV 13036 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Caption

Pubudu Engineering (Pvt) Ltd, one of the leading establishments in the Electro Mechanical Sector began their journey 25 years ago as a ‘Micro Industry ’.over the past period the company achieved many milestones and faced challenges to achieve what we are today. Pubudu Engineering (Pvt) Ltd., takes pride in achieving International Standards with the 1EC61439 status and also is an ISO 9001-2008 certified.

We manufacture our Products utilizing the latest computerized method in Fabrication such as Punching, Bending, and Perforating etc. Al products are modular type and geared to manufacture smallest lighting Distribution Boards to the Synchronizing Panels including Motor Control Centers, Power Distribution Boards, Power Factor Correction Capacitor Banks. and PLC Panels etc. The Company recently manufactured a Smart Panel fully computerized for remote Control operations. The Cornpany’s scope has been widened to be a service provider for Small House. high Rise Buildings. Hospitals. Factory Complexes, Hotels and many more. All our Products are marketed under the ‘POWER- LINK’ brand is a industrially recognized mark and is popular as quality products. apart from the Power Panels, the Company manufactures modular type Box Enclosures, Feeder Pillars and Cable Management Systems under the same brand name and 19th Racks under SysRack Brand Powerlink Power Panels were tested to withstand Earthquake conditions under the Seismic Test conducted by the Central Power Research institute in Bangalore, lndia. Our Panels have been tested for Short Circuit, Temperature Rise, Impulse. Dielectric Corrosion Resistance and Lifting etc., along with IP and Seismic adhering to IEC 61439. The Company has carried out all these tests to offer certified products in order to maintain our Motto Safety, quality and Reliability

OPERATIONAL DETAILS

General

The subject company is a well-recognized company in the Mechanical Engineering field, launched over 25 years ago and in operation as a limited liability entity since 2000 the company manufacturers and exports its products to many international markets.

Products & Services

Distribution Boards

Cable Trunking

Cable Tray

Cable Ladder

Rack System

Employees

150 Approximately

Export Countries

India, Bangladesh Maldives, Australia, Kenya and South Africa

Import Countries

China, India

Associate / Subsidiary Companies

Engineering Projects (Pvt) Ltd

Cubicoan (Pvt) Ltd

Factory / Warehouse and Sales Outlets

Owned – same location

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Susantha Premalal Tippalagama
ID Number	551870340V
Nationality	Sri Lankan
Gender	Male
Date of Birth	05.07.1955
Age	62
Address	# 30/13, Katuwawala Road, Boralesgamuwa, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Pushpa Mangalika Tippalagama Pillduwa Bogamage
ID Number	588142060V
Nationality	Sri Lankan
Gender	Female
Date of Birth	09.11.1958
Age	59
Address	# 30/13, Katuwawala Road, Boralesgamuwa, Sri Lanka.

Director 3

ITEM	DETAIL
Name	Thilina Tippalagama
ID Number	860051486V
Nationality	Sri Lankan
Gender	Male
Date of Birth	05.01.1986
Age	31
Address	# 30/13, Katuwawala Road, Boralesgamuwa, Sri Lanka.

Director 4

ITEM	DETAIL
Name	Pubudu Tippalagama
ID Number	882561003V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12.09.1988
Age	29
Address	# 30/13, Katuwawala Road, Boralesgamuwa, Sri Lanka.

Director 5

ITEM	DETAIL
Name	Saparamadu Mahabagalage Bhaddrani Shyamali Saparamadu
ID Number	747671842V
Nationality	Sri Lankan
Gender	Female
Date of Birth	23.09.1974
Age	43
Address	# 564/1, Arawwala, Pannipitiya, Sri Lanka.

Director 6

ITEM	DETAIL
Name	Weliwita Gamage Chandana Premashantha
ID Number	740490354V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18.02.1974
Age	43
Address	# 18, Diddemiya North, Hanwella, Sri Lanka.

Director 7

ITEM	DETAIL
Name	Edirisooriya Maddumage Harinda Sampath Edirisooriya
ID Number	813570122V
Nationality	Sri Lankan
Gender	Male
Date of Birth	22.12.1981
Age	36
Address	# 16 H, 3^rd Lane, Wivekanda Road, Yakahaluwawa, Kirirwaththuduwa, Sri Lanka.

INFORMATION DENIED

Management non-co-operative [0094-11-2855584/4442577/2892688]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.90
UK Pound	1	INR 90.31
Euro	1	INR 80.17
LKR	1	INR 0.41

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

INFORMATION DETAILS

Information Gathered by :	SLA
Analysis Done by :	PRI
Report Prepared by :	TPT

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.