MIRA
INFORM REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KSHATRIYA HOLDINGS PLC |
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Registered Office : |
# 165, Kynsey Road, Colombo 08 |
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Country : |
Sri Lanka |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.12.1985 |
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Com. Reg. No.: |
PQ 69 |
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Legal Form : |
Public Limited Liability Company listed in the Colombo Stock Exchange |
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Line of Business : |
Providing Vehicle Leases and Fixed Deposits |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Name of Subject of Inquiry |
: |
KSHATRIYA
HOLDINGS PLC |
|
Legal Form & Status |
: |
Public Limited Liability Company listed in the
Colombo Stock Exchange. (In operation) |
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Chairman |
: |
Mr. Manju Haththotuwa. |
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Primary Line of Business |
: |
Providing
vehicle leases and Fixed deposits |
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Head Office & Place of
Business |
: |
# 165,
Kynsey Road, Colombo
08 Tel.
No: (00 94 11) 471 1811 Fax No: (00 94 11) 471 1822 E-mail: info@kshatriya.lk
Web:
www.kshatriya.lk |
|
No. of Employees |
: |
958+ |
COMPANY DETAILS - Registration and Shareholder Details
|
Registration No |
: |
PQ 69 |
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Date of
Registration |
: |
18th December 1985 |
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Registered
Office |
: |
#
165, Kynsey Road, Colombo 08 |
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Board Of
Directors As at 31st
March 2007 |
: |
Mr. Manju Haththotuwa |
Chairman |
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|
Mr. Harsha De
Silva |
Group Managing Director |
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|
Mr. Ajith
Gunawardana |
Director |
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Mr. Lorensz Mack |
Director |
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Mr. Samantha
Rajapaksa |
Group Finance Director |
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Authorised Share
Capital |
: |
Rs. 500,000,000.00 |
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Issued Share
Capital |
: |
Rs. 245,994,100.00 |
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Nominal Value of
Share |
: |
Rs. 10.00 |
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Major Share
Holders As at 31st
March 2007 |
: |
Major Share Holders |
No of Shears |
|
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First Capital Markets
Limited / Nextventures Limited |
16,570,776 |
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Janashakthi
Limited Account No.01 |
3,960,466 |
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Janashakthi
Limited Account No.02 |
1,650,000 |
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Janashakthi
Limited |
182,228 |
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Mr. M.
Nallanthuwan |
150,000 |
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Mr. M. H.
Munasinghe |
93,727 |
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Mr. K.
Kularatnam |
77,532 |
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Mr. M. M. Fuad |
60,600 |
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Mr. Y. A.
Rajkotwala |
43,995 |
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Mrs. Y.
Wijayaratnam |
31,410 |
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Mr. M. W. De
Silva |
25,143 |
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Mr. D. S. Perera
|
25,000 |
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Mr. H. A. Van Starrex |
24,400 |
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Mr. G. A. D. E.
Gunatilleke |
20,511 |
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Mr. G. C. W. De
Silva |
20,499 |
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Mr. V. C.
Kulasinghe |
16,336 |
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Mr. G. C.
Goonetilleke |
16,000 |
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Mr. W. A. G.
Abhaya |
15,747 |
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Miss. S. A.
Rajkotwala |
15,111 |
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Miss. V. C. H.
P. Guruge |
15,000 |
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Secretary
|
:
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Ms. R. M. C. L. K. Liyanaarachchi |
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Auditors |
: |
KPMG Ford, Rhodes, Thornton & Co |
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Bankers |
: |
Bank of Ceylon, HNB, HSBC, DFCC, Seylan Bank, NTB |
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FINANCIAL DETAILS - Most recent available
Financial Information
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COSOLIDATED |
COMPANY |
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|
Year ended 31st
March 2007 ‘Rs’ |
Year ended 31st
March 2007 ‘Rs’ |
Year ended 31st
March 2006 ‘Rs’ |
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A |
Revenue |
: |
49,875,142.00 |
19,059,976.00 |
69,299,458.00 |
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|
Cost of Sales |
: |
(19,750,252.00) |
- |
(56,513,148.00) |
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C |
Gross Profit |
: |
30,124,890.00 |
19,059,976.00 |
12,786,310.00 |
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D |
Other Income |
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7,717,809.00 |
3,500,000.00 |
454,166.00 |
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E |
Administration Expenses |
: |
(71,611,589.00) |
(61,520,720.00) |
(1,716,410.00) |
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F |
Distribution Expenses |
: |
(1,712,174.00) |
- |
- |
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G |
Financing (cost)/Income |
: |
(10,021,169.00) |
(6,036,107.00) |
- |
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H |
Profit from Associate |
: |
544,486.00 |
- |
- |
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H |
Net Profit / (Loss) before Tax |
: |
(44,957,747.00) |
(44,996,851.00) |
11,524,066.00 |
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I |
Income Tax (expenses)/ Release
|
: |
(3,921,687.00) |
1,349,321.00 |
(850,089.00) |
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J |
Net Profit / (Loss) After Tax: |
: |
(48,879,434.00) |
(43,647,530.00) |
10,673,977.00 |
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COSOLIDATED |
COMPANY |
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As At 31st
March 2007 ‘Rs’ |
As At 31st
March 2007 ‘Rs’ |
As At 31st
March 2006 ‘Rs’ |
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a) |
Non-current Assets |
: |
1,198,693,075.00 |
894,565,278.00 |
- |
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b) |
Investment |
: |
- |
- |
- |
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c) |
Current Assets |
: |
7,810,838,916.00 |
427,522,615.00 |
78,675,333.00 |
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d) |
Current Liability |
: |
8,423,778,543.00 |
1,071,167,148.00 |
892,352.00 |
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e) |
Non-current liability |
: |
61,722,857.00 |
19,990,014.00 |
- |
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f) |
Total Liabilities |
: |
8,485,501,400.00 |
1,091,157,162.00 |
892,352.00 |
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g) |
Total Assets |
: |
9,009,531,991.00 |
1,322,087,893.00 |
78,675,333.00 |
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h) |
Net Worth |
: |
524,030,591.00 |
230,930,731.00 |
77,782,981.00 |
Current investigation
·
History.
The Subject Company KSHATRIYA HOLDINGS PLC was
originally incorporated as a private limited liability company on 18th
December 1985 and then converted to public limited liability company on 1986.
Kshatriya began its
operations in 1985 as an investment company in the named Central Securities
Limited. Following a change in ownership and management, Central Securities
Limited was re-named Kshatriya Holdings Limited in December 2006.
The group is presently set on a path of rapid growth and
Conglomerate diversification and has already marked its presence within the
business sectors of Real Estate Development, Food & Beverage, Apparel,
Export Manufacturing, Financial Services and most recently, Retail.
The Kshatriya group has
three public quoted companies and several valuable brands under its
umbrella.
·
Location.
The Subject
Company is located at the client given address # 165, Kynsey Road,
Colombo 08
·
Operations Details.
General
The subject
company primary line of business is providing
vehicle leases and fixed deposits
Employees
958+
·
Financial Data
Received from
their annual report.
·
General Comments
All operational and financial
information of the subject company was provided in their annual report of 2006/
2007 is highlighted in this report.
·
Trade references
The subject
company did not provide any trade reference referrals
·
Credit
Recommendations
No computerised 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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.37 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.65.96 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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%)