MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ORIENT LANKA LIMITED |
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Registered Office : |
# 8-4/1,4th Floor, |
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Country : |
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Date of Incorporation : |
21st
October 1988 |
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Com. Reg. No.: |
N (PBS) CGB 2 |
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Legal Form : |
Public Limited Liability Company |
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Line of Business : |
Importer, Wholesalers & Retailers of
foreign & Local Liquors and cigarettes. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
GENERAL - Basic information at a glance
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Name of Subject
of Inquiry |
: |
ORIENT LANKA
LIMITED |
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Legal Form
& Status |
: |
Public Limited
Liability Company
(In Operation) [ Not Listed
with the |
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Managing Director |
: |
Mr. Paul Topping
(British) |
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Primary Line of
Business |
: |
Importer, Wholesalers & Retailers of
foreign & Local Liquors and cigarettes. |
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Head office & Place of Business |
: |
# 8-4/ 1, 4th Floor, Tel. No: (00 94 11) 243 8012/ 243 1581 / 271
0887 Fax No: (00 94 11) 243 1580 E Mail: channa@orientlanka.com Web:
www.alpha-asiame.com |
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No.
of Employees |
: |
Not Disclosed- |
COMPANY DETAILS - Registration and
Shareholder Details
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Registration No |
: |
N (PBS) CGB 2 |
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Date of
Registration |
: |
21st
October 1988 |
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Registered
Office |
: |
# 8-4/1,4th
Floor, |
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Board of
Directors As At 26th
February 2007 |
: |
Mr. Paul Topping
(British) |
Managing
Director |
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Mr. M. Andrew
Adams ( British) |
Director |
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Mr. V.
Nandakumar Nair (Sri Lankan) |
Director |
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Mr. P. Wodehouse
Williams ( British) |
Director |
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Mr. Graham Merricks (British) |
Director |
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Mr. Gnanawansa Hewagama (Sri Lankan) |
Director |
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Mr. Mr. Senevirathne Bandara Divarathne (Sri Lankan) |
Director |
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Authorised Share Capital |
: |
Rs. 30,000,000.00 |
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Issued Share
Capital |
: |
Rs. 30,000.000.00 |
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Nominal Value of
Share |
: |
Rs. 10.00 |
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Share Holders As At 04th
Sep 2006 |
: |
Share Holders |
No. of Shares |
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The Secretary to the Treasury for and on
behalf of the state |
1,048 |
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(Company incorporated in |
2,998,751 |
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Mr. Paul Topping (British) |
01 |
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Mrs. Heather Lyn Mcrae (British) |
01 |
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Mr. Kevin Abbott (British) |
01 |
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Mr. Graham Merricks (British) |
01 |
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Mr. Jaine Deegan (British) |
01 |
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Auditors |
: |
Price Water House Coopers |
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Company
Secretaries |
: |
EM & EN
Agents and Secretaries (Pvt) Limited |
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Bankers |
: |
-Not Disclosed- |
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FINANCIAL DETAILS - Most
recent available Financial Information
ALPHA ORIENT LANKA LIMITED., being a Sri Lankan company, maintains accounts in Sri
Lanka Rupees and the figures given below are in Sri Lanka Rupees. (US $ 1.00
= approx. SL Rs. 107.00)
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As At 26th Jan 2006 Rs ‘ 000 |
As At 26th Jan 2005 Rs ‘000 |
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A |
Revenue |
: |
3,959,820 |
3,616,204 |
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B |
Cost of Sales |
: |
(2,453,212) |
(2,266,396) |
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C |
Gross Profit |
: |
1,506,608 |
1,349,808 |
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D |
Other Income |
: |
29,747 |
42,100 |
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E |
Operating income / (Expenses) |
: |
- |
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F |
Administration Cost
|
: |
(352,833) |
(259,429) |
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G |
Distribution
Cost |
: |
(315,926) |
(276,654) |
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H |
Finance &
Other Cost |
: |
(3,119) |
(3,824) |
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I |
Net Profit / (Loss) before Tax |
: |
864,475 |
851,999 |
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J |
Taxation |
: |
(285,275) |
(276,106) |
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Net Profit / (Loss) After Tax: |
: |
579,200 |
575,893 |
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As At 26th Jan 2006 Rs’000 |
As At 26th Jan 2005 Rs’000 |
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a) |
Non-current Assets |
: |
57,207 |
26,207 |
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b) |
Current Assets |
: |
1,418,549 |
1,204,924 |
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c) |
Non Current Liabilities |
: |
17,942 |
14,076 |
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d) |
Current Liabilities |
: |
914,596 |
618,542 |
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e) |
Total Liabilities |
: |
932,538 |
632,618 |
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f) |
Total Assets |
: |
1,475,756 |
1,231,131 |
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g) |
Net Worth |
: |
543,218 |
598,513 |
CURRENT INVESTIGATION
History.
The Subject Company ALPHA ORIENT LANKA LIMITED is a Public Limited liability Company incorporated on 21st October 1988.
The Subject Company, ORIENT LANKA
LIMITED, originally
incorporated in
The ORIENT LANKA LIMITED is a subsidiary of Alpha Airport Group plc incorporated in UK Company holding 60% of shares.
The ALPHA
AIRPORT GROUP PLC.
Location
The Subject Company is located at the client given address #
8-4/ 1, 4th Floor,
Operational Details
General
The subject company primary line of business is an Importer, Wholesalers and distributor of foreign & Local Liquors and cigarettes.
The company also importing and trading of Perfumes, Cosmetics and Confectionery items.
ALPHA ORIENT LANKA'S liquor retail division extends
its presence in Sri Lanka with the recent addition of 8 retail outlets of which
4 are operated under a management contract with Keells Super, the leading
supermarket chain in the island. , Alpha Orient Lanka is the leading duty free
retailer at the Colombo international Airport and operations at the Airport
have been extended to four thriving shops where the concession to sell Duty
Free Liquor, Tobacco, Perfume and Confectionery.
Products
Foreign & Local Liquors, cigarettes, Perfumes, Cosmetics and Confectionery items.
Import Countries
Mainly from
Employees
Not Disclosed
Financial Data
Received from non-formal sources.
General Comments
The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from non-formal sources but clearly originating from the company.
Trade references
The subject company did not provide any trade reference referrals
Credit
Recommendations
Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.
No computerized data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.
ANALYSIS & RATING
- Appraisal and Rating
of Subject Company
Analysis of Key ratios:
a). Working Capital Ratio/Current Ratio: 1.55 to 1 WORKING CAPITAL RATIO measures the
degree
of Possibility of payment. The higher
the
ratio,
the more assurance exists that payment of
creditors
can be made.
b). Total Debt: Net Worth: 1.72 to 1 TOTAL DEBT TO NET WORTH
RATIO
indicates
the Extent of permanently invested
funds
compared to other forms of debt and njd
borrowings. The lower the ratio, the greater the
protection
for creditors.
c). Liquid Ratio:
0.78to1 THE
LIQUID RATIO defines the protection
afforded
to short short-term creditors. A
company
is said to be liquid any time this ratio
is
at
least 1 to 1. The larger the ratio, the greater
the
liquidity.
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Rating: |
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a) Business Scale |
Medium |
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b) Business Trend |
Growing |
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c) Management
Capability |
Average |
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d) Commercial
Morality |
Average |
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e) Reputation |
Average |
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f) Market Situation |
Very competitive |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)