MIRA INFORM REPORT

 

 

Report Date :           

05.05.2011

 

IDENTIFICATION DETAILS

 

Name :

SIERRA CABLES PLC

 

 

Registered Office :

# 112, Havelock Road, Colombo - 5

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.02.2000

 

 

Com. Reg. No.:

PQ 166

 

 

Legal Form :

Public Limited Liability Company (in operation) listed with Colombo Stock Exchange

 

 

Line of Business :

Manufacturing and distributing of all kinds of cables

 

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

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Sri Lanka

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Information parted by

 

Name               : Ms. Lalani

Designation     : Accounts Manager

 

Name               : Ms. W. A. P. Perera

Designation     : director cum Chairman

 

Date                 : 05.05.2011

 

 

GENERAL- Basic information at a glance

       

Name of Subject of Inquiry

:

SIERRA CABLES PLC

Legal Form  & Status

:

Public Limited Liability Company (in operation) listed with Colombo Stock Exchange

Chairman

 :

W. A. P. Perera

Primary Line of Business

:

Manufacturing and distributing of all kinds of cables

Place of Business & Factory

:

 

# 39/1A,

Galvarusa Road,
Korathota,

Kaduwela,

Sri Lanka.

 

Tel. No: (00 94 11) 441 2000

Fax No: (00 94 11) 2770291

 

E Mail: info@sierracables.com

 

 

No. of  Employees

:

Approximately 270

           

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PBS) 868

Date of Registration

:

23rd February 2000

Re-registration No

:

PQ 166

Date of Re-registration

:

31st December 2010

Registered Office

:

# 112, Havelock Road, Colombo - 5

Board of Directors

As At

31st March 2010

:

W. A. P. Perera

Chairman

F. A. W. Irugalbandara

Director

D. N. Lokuge

Director

E. A. D. T. B. Perera

Director

D. S. Panditha

Director

J. H. P. Ratnayeke

Director

R. M. S. Fernando

Director

Dr. D. J. K. E. Weerapperuma

Director

K. A. Suraweera

Director

G. S. M. Irugalbandara

Director

Issued Share Capital

:

Rs.      5,375,124,300.00        

 

Nominal Value of Share

:

Rs.                         10.00                          

 

Major Share Holders

As At

31st March 2010

 

 

                       Share Holders

No. of Shares

 

Sierra Holdings (Pvt) Ltd

312,335,490

 

Daya Shamendra Panditha

16,572,250

 

Seylan Bank Ltd

14,500,000

 

Tarik Al-Nakib

12,592,700

 

First Capital Markets Ltd

6,659,700

 

DPMC Financial Services

4,632,968

 

Auditors

:

KPMG Ford, Rhodes, Thornton, and Company

 

Company Secretaries

:

P. R. Secretarial Services (Pvt) Ltd

 

Bankers

:

Commercial Bank of Ceylon

Sampath Bank PLC

Bank of Ceylon

NDB Bank PLC

State Bank of India

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

 

 

 

 

 

 

 

 

 

CURRENT INVESTIGATION

 

 

·         History.

 

                  The Subject Company SIERRA CABLES PLC is a Public Limited Liability Company listed with Colombo Stock Exchange incorporated on 23rd February 2000 under registration number N (PBS) 868 and then the company was re-registered on 31st December 2010 under registration number PQ 166.

 

·         Location.

 

The Subject Company is located at the client given address # 39/1A, Galvarusa Road, Korathota, Kaduwela, Sri Lanka.

 

 

·         Operations Details.

 

General

The subject company primary line of business is an Manufacturing and distributing of all kinds of cables

 

Products

o        Enamel Winding Wire

o        Armoured Cables

o        Armoured Cables

 

 

No of Employees

                 Approximately 270

 

 

Subsidiary Companies

o        Alucop Cables Ltd

o        Alucop Marketing (Pvt) Ltd

o        Sierra Engineering and Construction (Pvt) Ltd

o        Sierra Power (Pvt) Ltd

 

·         Financial Data

 

                  Financial of the Subject Company obtained from 2009 / 2010 annual 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.44.59

UK Pound

1

Rs.73.42

Euro

1

Rs.66.04

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.