MIRA INFORM REPORT

 

 

Report Date :

26.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

MERBOK M D F LANKA (PVT) LIMITED

 

 

Registered Office :

# 41, Janadipathi Mawatha, Colombo 01

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.12.2000

 

 

Com. Reg. No.:

N (PVS) 27617

 

 

Legal Form :

Private Limited Liability Company (in operation)

 

 

Line of Business :

Manufacturer and of  Exporter of MDF Boards

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

                         

 

 

 

GENERAL - Basic information at a glance

     

Name of Subject of Inquiry

:

MERBOK M D F LANKA (PVT) LIMITED

Legal Form  & Status

:

Private Limited Liability Company (in operation)

Chairman

:

Mr. Jayanta Mootatamby (Sri Lankan)

Primary Line of Business

:

Manufacturer & Exporter of MDF Boards

Main Place of Business

& Factory

:

Perth Estate, BOI Horana Export Processing Zone, Ratnapura Road, Horana,

 

Tel. No: (00 94 34) 225 5519 , 225 5502 - 5

Fax No: (00 94 38) 429 8638

No. of Employees

:

Not Disclosed

 

          

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

N (PVS) 27617

Date of Registration

:

22nd December 2000

Registered Office

:

# 41, Janadipathi Mawatha, Colombo 01, Sri Lanka

Board Of Directors

As At

07th April 2004

:

Mr. Jayanta Mootatamby (Sri Lankan)

Chairman

Mr. Robert Kokshoorn (Dutch)

Director

Mr. Anthony Richard Whitham (Australian)

Director

Mr. Dominic Andrla (British)

Director

Mr. Maxwell Alexender Norris  (British)

Director

Authorised Share Capital

:

Rs.      750,000,000.00

Issued Share Capital

:

Rs.      540,000,000.00

Nominal Value of Share

:

Rs.                      10.00

Share Holders

As At

13th August 2004

:

 Share Holders

No of Shears

Mr. Sri Thiyagarajh Nagendra (Sri Lankan)

01

Mr. Jayanta Mootatamby (Sri Lankan)

01

Merbok Hilir Group (BVI) Limited

53,999,998

Secretaries

:

Jacey & Company

Auditors

:

Ford Rhodes Thornton & Company

Bankers

:

State Bank of India

 

 

 

FINANCIAL DETAILS - Most recent available Financial Information

     

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

 

CURRENT INVESTIGATION                      

 

The Subject Company MERBOK M D F LANKA (PVT) LIMITED is a Private Limited liability Company incorporated in 22nd December 2000. The Subject Company primary line of business is a Manufacturer & Exporter of MDF Boards.

 

The subject company is situated approx. 40 km east of Colombo city in an area in close proximity to the Rubber producing areas of the country from which it sources its main raw material input – rubber wood.  . The subject company is situated at the client given address of the company, which is Perth Estate, BOI Horana Export Processing Zone, Ratnapura Road, P.O. Box 12 Horana, 12400 Sri Lanka however the Registered address of the company is # 41, Janadipathi Mawatha, Colombo 01, Sri Lanka.

 

The Subject Company is the only overseas affiliate of the Malaysian  MERBOK GROUP OF COMPANIES, which is said to be the largest MDF manufacturer in Asia. 

 

 MERBOK M D F LANKA (PVT) LIMITED  is said to be the Malaysian Group’s third plant – its first outside Malaysia – in what is reportedly the second largest Malaysian investment in Sri Lanka.. Key factors behind the US$ 45 million foreign investment are Sri Lanka’s suitable supply of raw material (rubber wood) and its geographical proximity to the region’s markets. The MERBOK Group is currently exporting to over 40 countries including Sri Lanka, and this Sri Lanka plant is expected to provide the group greater access to the Middle East, and Indian subcontinent markets. 

 

MERBOK M D F LANKA (PVT) LIMITED is said to have an installed capacity of 100,000 m3 / annum.  In late 2004, it commissioned its 2nd production line, a Mende Press Line for the production of "thin MDF".

 

The subject company MERBOK M D F LANKA (PVT) LIMITED has not refused to provide information to prepare this report but to date the requested information has not been provided.  The company however, from the very outset, declined to disclose any financial information stating that it was company policy not to divulge same, and as such, all information in this report has been obtained from other sources. 

 

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 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.

 

The subject company did not provide any trade reference referrals.

 

 

 

           

 

 

 

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

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

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

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

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions