3decades

MIRA INFORM REPORT

Report No. :	493175
Report Date :	01.03.2018

IDENTIFICATION DETAILS

Name :	OLEX PROJECTS (PVT) LTD

Registered Office :	# 24/1, Abdul Gaffoor Mawatha, Colombo 03

Country :	Sri Lanka

Date of Incorporation :	20.05.2010

Com. Reg. No.:	PV 72372

Legal Form :	Private, Limited Liability Company

Line of Business :	Importer and supplier of Materials

No. of Employees :	20+ 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
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	OLEX PROJECTS (PVT) LTD
b.	Legal Form & Status	Private, Limited Liability Company (In Operation)
c.	Chairman	Mr Karuppiah Puwaneswary
d.	Primary Line of Business	Importer and supplier of Materials
		# 24/1, Abdul Gaffoor Mawatha, Colombo 03
e.	Principal Place of Business	Phone : (00 94 11) 2370988 Fax : (00 94 11) 2370989 E-Mail: info@olexproiects.com/ shri@olexproiects.com naren@olexproiects.com Web Site: http://www.olexproiects.com/ - Under Construction
f.	Employees	20+ Approximately

Company Details

a.	Registration No	PV 72372
	Date of Registration	20^th May 2010
b.	Re-registration No	NA
	Date of Re-registration	NA
c.	Registered Office	# 24/1, Abdul Gaffoor Mawatha, Colombo 03, Sri Lanka.
d.	Director Board / Ownership As At 07^th December 2017	Karuppiah Puwaneswary	Chairman
		Suppiah Shridharan	Director
		Naguleshwaran Muthu Rettiyar	Director
		Galagama Nayakage Samantha Lal	Director
e.	Stated Share Capital	LKR 5,000,000.00
f.	No. of Shares	500,000
g.	Preferential Shares	NA
h.	Nominal Value of Share	LKR 10.00
i.	Auditors	M/S R S Nadarajah & Company
j.	Company Secretaries	Accounting Systems Secretarial Services (Pvt) Ltd Level 03, # 11, Castle Lane, Sri Lanka)
k.	Main Bank/s	NA

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Karuppiah Puwaneswary	200,000
2.	G D Liyana Nanayakkara Appuhamilage Chandani	25,000
3.	Suppiah Shridharan	150,000
4.	Murugan Alagarajah Sri	25,000
5.	Karunanithy Maradaveeran	25,000
6.	Naguleshwaran Muthu Rettiyar	50,000
7.	Galagama Nayakage Samantha Lal	25,000

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

Company Logo

· History.

The subject company was initially formed on 20^th May 2010 under PV 72372 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

· Operational Details.

General

OLEX Projects (Pvt.) Ltd. established in 2010 to supply materials and solutions for projects in the electrical sector, has had a successful year and intends to expand to supply materials for the water and telecommunication sector and also to be involved in the actual implementation of projects.

Products & Services

Project Implementation

Supply of materials for various business sectors

Employees

20+ Approximately

Export Countries

Import Countries

China, India etc..

Associate / Subsidiary Companies

Factory / Warehouse and Sales Outlets

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Karuppiah Puwaneswary
ID Number	715781263V
Nationality	Sri Lankan
Gender	Female
Date of Birth	18.03.1971
Age	46
Address	# 10A, 2/1, Ward Place, Colombo 07, Sri Lanka.

Director 2
ITEM	DETAIL
Name	Suppiah Shridharan
ID Number	730490631V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18.02.1973
Age	45
Address	# 11, 1^st Lane, Wadiya Raod, Dehiwela, Sri Lanka.

Director 3

ITEM	DETAIL
Name	Naguleshwaran Muthu Rettiyar
ID Number	622020322V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20.07.1962
Age	55
Address	# 10, Mahawelawatta Road, Ratnapura, Sri Lanka.

Director 4
ITEM	DETAIL
Name	Galagama Nayakage Samantha Lal
ID Number	750391150V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18.02.1975
Age	43
Address	# 41/19, Field View Gardens, Navinna, Maharagama, Sri Lanka.

INFORMATION PARTED/ DENIED BY

Management non-co-operative (00 94 11) 2370988

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.10
UK Pound	1	INR 94.44
Euro	1	INR 79.59
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	PRI

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.