MIRA
INFORM REPORT
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Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
CENTRAL ENGINEERING CONSULTANCY BUREAU |
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Registered Office : |
ST IV Hulhumale Road Development
Project 2007hulhumale Male |
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Country : |
Maldives |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16 12 2007 |
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Legal Form : |
Foreign Company [Sri Lanka State Owned Concern] |
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Line of Business : |
Water
Development Hydropower and Energy, Power Transmission and Distribution
Structural Engineering, Architectural and Building , Roads & Bridges,
Water & Sewerage, Ports & Coastal Engg Geotechnical Environmental,
etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
CENTRAL ENGINEERING CONSULTANCY BUREAU
ST IV HULHUMALE ROAD DEVELOPMENT PROJECT 2007
HULHUMALE MALE MALDIVES
Correct Address
HDC BUILDING 3/F, HULHUMALE RAOD
MALE MALDIVES
Operating Address
AT HEADING ADDRESS
Head Office
AT 415 BAUDDHALOKA MW COLOMBO SRI LANKA
Telephone 960
3353535 3336755
Fax 960
3358892
Telex NONE
Branches
MTCC HULHUMALE' FERRY TERMINAL 1/F
BODUTHAKURUFAANU MAGU MALE
Factory
NONE
Date, Established
16 12 2007
Incorporation No
AS PER AGREEMENT SIGNED BASIS [UNDER COMPLIANCES]
Legal Status
FOREIGN COMPANY [SRI
LANKA STATE OWNED CONCERN]
Business
SUBJECT A
SRI LANKA CONSULTANCY AND CONTRACTING FIRM. ACTIVITIES ARE WATER DEVELOPMENT
HYDROPOWER AND ENERGY, POWER TRANSMISSION AND DISTRIBUTION STRUCTURAL
ENGINEERING, ARCHITECTURAL AND BUILDING , ROADS & BRIDGES, WATER &
SEWERAGE, PORTS & COASTAL ENGG GEOTECHNICAL ENVIRONMENTAL, ELECTRICAL AND
MECHANICAL ENGINEERING AND TURNKEY CONSTRUCTION, A CONTRACT SIGNED BETWEEN MALDIVES AND SRI LANKA FOR JOINT
RESEARCH AND CONSULTANCY FOR CONSTRUCTING A ROAD USING CORAL–LIMESTONE BASE
SOIL MATERIALS IN 2007. IMPORTER AND PROCURMENT ROAD AND BRIDGE CONSTRUCTION
MACHINERY AND EQUIPMENT
Board of Directors
ENG B W N RUPASINGHE –
CHAIRMAN
W M S C
PIYADASA - GENERAL MANAGER
MOHAMED
IBRAHIM -
MOHAMED MAUROOF JAMEEL
AHMED MOHAMED
THARIQ IBRAHIM
YOOSUF RIZA
Bankers
BANK OF MALDIVES LTD MALE
MALDIVES
Payments
BELIEVED
TO BE PROMPT. NO PAYMENT TRACK HISTORY
DISCLOSED
Financial Position
VERY GOOD. LEARNT
ADEQUATE RESOURCES AVAILABLE
Public
NOTHING HEARD DETRIMENTAL OR UNCOVERED
Shareholders
100% SRI LANKA STATE
OWNED CONCERN
Associates
NONE ’
History
REPUTED CO
Buying/Selling term
PER 100% IRREVOCABLE AND CONFIRMED L/C AT SIGHT DRWAN BASIS
Credit Maximum [USD]
250000 CAN BE GRANTED ON MUTUAL AGREED SECURED AND
PROTECTED TERM
Agency
NONE
Trade Suppliers
NONE
Premises
RENTED BASIS
Employs
250 + 850 IN SRI LANKA
Member
NONE
Sources
REPORT IS PRODUCED
FROM COLLECTIVE RESULTS OF LOCAL AGENTS
Remarks
SUBJECT IS
CONSIDERED TO BE GOOD FOR ANY NORMAL BUSINESS ENGAGEMENT
Capital as at
31 12 2006 IN SRI LANKA
RUPEES
REVENUE
Construction Revenue 1
529 999 836.80
Add - Value of Work B/F 491 508 891.00
2 021 508 727.80
Less - Value of Work C/F [812 441 487.65]
Total Net Revenue for the Year 1
209 067 240.15
Total other Revenue 291 492 125.20
Total Other Operating Income 60 879 983.10
1
561 439 348.45
LESS: EXPENSES 872 272 680.60
Total Staff Cost 276 490 256.45
Depreciation & Ammortisation 41 315 456.80
Total Operating Expenses 264 151 431.90
Total Expenses 1 454 229 825.75
Gross income 107 209 522.70
Financial Charges 55 067 705.60
Net Income 52 141 817.10
ADD/(LESS) Disposal of Fixed
Assets [349 673 40]
Income before Tax 51 792 143.70
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. |
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%)