MIRA INFORM REPORT

Report No. :	500707
Report Date :	31.03.2018

IDENTIFICATION DETAILS

Name :	CAMSO LOADSTAR (PVT) LTD

Registered Office :	Regent's Court, # 218, Minuwangoda Road, Ekala, Ja-Ela

Country :	Sri Lanka

Date of Incorporation :	02.10.1984

Com. Reg. No.:	PV 3541

Legal Form :	Private Limited Liability Company (In Operation)

Line of Business :	Manufacturer, Exporter and Distributor of Industrial Rubber Tyres (Solid and Pneumatic), Rims and Rubber Tracks

No. of Employees :	5500+ Approximately across the group with manufacturing in 4 countries

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 :	Slow but Correct

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 Profile

Basic Information

Name of Subject of Inquiry	CAMSO LOADSTAR (PVT) LTD
Legal Form & Status	Private Limited Liability Company (In Operation)
Chairman	Mr Nihal Jinasena
Primary Line of Business	Manufacturer, Exporter and Distributor of Industrial Rubber Tyres (Solid and Pneumatic), Rims and Rubber Tracks
Principal Place of Business	No 218, "Regent Court", Minuwangoda Road, Ekala, Ja-Ela Sri Lanka. Tel. No: (00 94 11) 4837900 / 4837920 / 2231802 Fax. No: (00 94 11) 2232344 E-Mail: info@loadstarlk.com Web Site: https://camso.co/en/home
Employees	5500+ Approximately across the group with manufacturing in 4 countries

Company Details

Registration No	N(PVS) 1368
Date of Registration	02^nd October 1984
Re-registration No	PV 3541
Date of Re-registration	30^th April 2008
Registered Office	Regent's Court, # 218, Minuwangoda Road, Ekala, Ja-Ela, Sri Lanka.
Board of Directors As At 28^th December 2017	Jinasena Tissaweera Sriyan	Director
	Pierre Pringiers	Director
	Koenraad Werner Marie Theresa Pringiers	Director
	Thomas Boettcher	Director
	Luc Janelle	Director
Issued Share Capital	LKR 4,319,763,800.00
No. of Shares	376,690,000
Preferential Shares	NA
Nominal Value of Share	NA
Auditors	Ernst & Young # 201, De Saram Place, Colombo 10, Sri Lanka.
Company Secretaries	S S P Corporate Services (Pvt) Ltd # 101, Inner Flower Road, Colombo 03, Sri Lanka.
Main Bank/s	Bank of Ceylon

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	M/S Camso INC	376,690,000

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

Company Logo

• History.

The subject company was formed on 02^nd October 1984 under N(PVS) 1368 under the ROC act of Sri Lanka and subsequently Re-registered on 30^th April 2008 under PV 3541 as per the mandatory companies Re-registration act No 07, which was brought forward in 2007. The company is a fully owned subsidiary of Camso Limited of Hong Kong.

Loadstar (Pvt) Ltd Name Changed 24^th June 2015 to Camso Loadstar (Pvt) Ltd but remain under the same Registration to date.

• Operational Details.

General

Camso Loadstar (Pvt) Ltd is a manufacturer and Distributor of Tyres, The company serve the material handling, construction, agriculture and power sport industries by manufacturing and distributing pneumatic, airless and solid tires, tracks, driven and trailed conversion track systems and OEM undercarriages. The company operates its our own foundry and go right to the source of rubber.

The company has 4 dedicated business units, with the users of our products and services. 4 R&D centres: Ekala (Sri Lanka), Shanghai (China), Ghent (Belgium), Magog (Quebec, Canada). More than 200 researchers working in R&D, including a dedicated "advanced technology" group.

In 2016, July Camso acquired "Euro Wheel" Located in Herenthout, Belgium, Eurowheel is an established manufacturer of wheels, presses and tools for European distributors as well as OEMs across Europe.

Products

ATV/UTV Tyres & Rims

Snowmobile Tyres Rims

Tyres and Solutions for Agriculture Industry

Tyres and Solutions for Construction Industry

Material Handling

Export Countries and Global Presence

Australia, New Zealand, Canada, Latin Ame rica, Asia, Europe, USA, Middle East, Africa

Employees

5500+ approximately across the group with manufacturing in 4 countries

Associate Companies

Jinasena Group of Companies - http://www.jinasena.com/

Business Location

Company Owned factory

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Jinasena Tissaweera Sriyan
ID Number	482563074V
Nationality	Sri Lankan
Gender	Male
Date of Birth	12^th September 1948
Age	69
Address	# 57, Lake Cresent, Colombo 02, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Pierre Pringiers
ID Number/Passport Number	EJ 187166
Nationality	Belgian
Gender	Male
Date of Birth	NA
Age	NA
Address	Flat # 10, Galle Face Court, Galle Road, Colombo 03, Sri Lanka
Director 3

ITEM	DETAIL
Name	Koenraad Werner Marie Theresa Pringiers
ID Number/Passport Number	EN 204532
Nationality	Belgian
Gender	Female
Date of Birth	NA
Age	NA
Address	Emperor Residencies Apt # 25-3B, 75A, Galle Road, Colombo 03, Sri Lanka

Director 4

ITEM	DETAIL
Name	Thomas Boettcher
ID Number/Passport Number	C 9F07WFK3
Nationality	Canadian
Gender	Male
Date of Birth	NA
Age	NA
Address	# 2123, Ambrose Street, Magog, Quebec, Canada JIX OL 4

Director 5

ITEM	DETAIL
Name	Luc Janelle
ID Number/Passport Number	GA 187291
Nationality	Canadian
Gender
Date of Birth	NA
Age	NA
Address	# 147, Croissant De La Monte Magog Canada JIX OM 2

INFORMATION DENIED

Management non co-operative [(00 94 11) 4837900 / 4837920 / 2231802]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information Gathered by :	SHW

Analysis Done by :	NIY

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
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.