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CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

July 10, 2012 (LBO) – Ram Ratings Lanka has downgraded the Bimputh Lanka Investments Plc, from ‘BB’ to ‘BB-‘ after a related sugar mill was expropriated by the state last year. “The downgrade reflects the loss of financial and operational synergies derived from Sevanagala Sugar Industries (Pvt) Ltd, previously one of Bimputh’s
significant counterparties.,” RAM Ratings said in a statement.

“Meanwhile, Bimputh’s ratings are weighed down by its weak funding, moderate performance, small stature and the lack of seasoning for its new loan products.

“Nonetheless, the ratings are supported by the Company’s good liquidity and
strong capitalisation levels, along with the financial flexibility derived from its ultimate
parent, Daya Group (Pvt) Ltd.”

The full statement is reproduced below

RAM Ratings Lanka lifts negative rating watch on Bimputh Lanka
Investments PLC; downgrades ratings to BB-/NP
RAM Ratings Lanka has downgraded the long-term financial institution rating of Bimputh
Lanka Investments PLC (Bimputh or the Company), from BB to BB-. At the same
time, the short-term rating has been reaffirmed at NP. Meanwhile, the Rating Watch

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