MIRA INFORM REPORT

Report No. :	491526
Report Date :	20.02.2018

IDENTIFICATION DETAILS

Name :	PYRAMED INTERNATIONAL (PVT) LTD

Registered Office :	# 833/A, Parliment Road, Pelawatte, Battaramulla

Country :	Sri Lanka

Date of Incorporation :	24.08.2015

Com. Reg. No.:	PV 107900

Legal Form :	Private, Limited Liability Company

Line of Business :	Importers and suppliers of Medical Equipment

No. of Employees :	20+

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

Company Profil

Basic Information

a.	Name of Subject of Inquiry	PYRAMED INTERNATIONAL (PVT) LTD
b.	Legal Form & Status	Private, Limited Liability Company (In Operation)
c.	Managing Director	Mr Kariyawasam Wanniarachchige Damitha Lewan Kariyawasam
d.	Primary Line of Business	Importers and suppliers of Medical Equipment
		833/A, Parliment Road, Pelawatte, Battaramulla - Reg Address 65-25D, Swarnadisi Place, Koswatta, Nawala
e.	Principal Place of Business	Sri Lanka. Tel: +94 114487497, +94 114487498 Mob: +94 769382880 Fax: +94 114487333
		E-Mail: info@pyramed.lk Web Site: http://pyramed.lk
f.	Employees	20+ Approximately

Company Details

	Registration No	PV 107900
	Date of Registration	24th August2015
b.	Re-registration No	NA
	Date of Re-registration	NA
c.	Registered Office	# 833/A, Parliment Road, Pelawatte, Battaramulla, Sri Lanka.
d.	Director Board / Ownership As At 30th September 2017	Kariyawasam Wanniarachchige Damitha Lewan Kariyawasam	Chairman
		Mendis Hiddadura Sanjeewa Gerald	Director
e.	Stated Share Capital	LKR 34,001,000.00
f.	No. of Shares	3,400,100
g.	Preferential Shares	NA
h.	Nominal Value of Share	LKR 10.00
i.	Auditors	Nihal Hettiarachchi & Company R N H House # 622 B, Kotte Road, Kotte, Sri Lanka.
j.	Company Secretaries	R N H Holdings (Pvt) Ltd # 107, Dewala Road, Nugegoda, Sri Lanka.
k.	Main Bank/s	NA

Shareholders

	NO.	NAME NUMBER OF SHARES
1.		Kariyawasam Wanniarachchige Damitha Lewan Kariyawasam	50
2.		Mendis Hiddadura Sanjeewa Gerald	50
3.		Devinka Rumali Swasha Malasekara	3,400,000

FINANCIAL DETAILS

- Most recent available Financial Information

CURRENT INVESTIGATION

Company Logo

History.

The subject company was initially formed on 24th August 2015 under PV 107900 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Caption

Founded in the year 2015, Pyramed International Private Limited specializes in providing a range of reliable medical equipment of the finest quality. Rendering its service to medical institutions that constantly demand top of the range, cutting edge technology that improves healthcare services, Pyramed International (Pvt) Ltd takes pride in being a professional arm, supplying medical apparatus to some of the leading hospitals, clinics and therapeutic centres in the country.

The Companys expertise lies in its ability to import, supply and install a range of Ultrasound, Digital Radiography (X-Ray imaging technology), and Transducers to requiring medical institutions in Sri Lanka. Post installation, Pyramed also provides pivotal after sales service and maintenance, so as to ensure the smooth operation of the purchased equipment.

With over two decades of the Pyramed teams combined experience in the field of healthcare and medical sales, the Company aspires to be the most desired partner in medical imaging solutions in the Sri Lankan healthcare industry.

· Operational Details.

General

The subject company, a newly launched entity is into importing and supplying Medical Equipment to Medical Institutions in the Island. The subject company mainly supplies equipment from Samsun Medison as its partner in Sri Lanka

Products & Services

Ultra Sound Machine X-Ray Machines Transducers

Cardiovascular Equipment Veterinary Equipment

Employees

20+ Approximately

Export Countries

Import Countries

South Korea,

Associate / Subsidiary Companies

Factory / Warehouse and Sales Outlets

Same Location

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Kariyawasam Wanniarachchige Damitha Lewan Kariyawasam
ID Number	740311514V
Nationality	Sri Lankan
Gender	Male
Date of Birth	31.01.1974
Age	44
Address	# 245/9, Thalawathugoda Road, Pita Kotte, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Mendis Hiddadura Sanjeewa Gerald
ID Number	781090387V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18.04.1978
Age	39
Address	# 8A 1, Tower 3, Onthree 20, Union Place, Colombo 02, Sri Lanka.

INFORMATION DENIED

Unable to contact (94 114487497, +94 114487498, +94 769382880)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
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 :	SUP

Analysis Done by :	NIY

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)

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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.