MIRA INFORM REPORT

 

 

Report Date :           

27.02.2012

 

IDENTIFICATION DETAILS

 

Name :

AGALAWATTE PLANTATIONS PLC

 

 

Registered Office :

#.10, Gnanartha Pradeepa Mawatha, Colombo 08

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.06.1992

 

 

Com. Reg. No.:

PQ 214   

 

 

Legal Form :

Public Limited Liability Company - quoted on the Colombo Stock Exchange 

 

 

Line of Business :

Cultivation, production, processing and sale of Tea, Rubber and Oil Palm and selected non-crop diversification initiatives.

 

 

No. of Employees :

Approx. 7,921

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Sri Lanka

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GENERAL- Basic information at a glance

     

Name of Subject of Inquiry

:

 

AGALAWATTE PLANTATIONS PLC

 

Legal Form  & Status

:

Public Limited Liability Company - quoted on the Colombo Stock Exchange  (In operation)

Chairman

:

C.N.A. Nonis

Primary Line of Business

:

Cultivation, production, processing and sale of Tea, Rubber and Oil Palm and selected non-crop diversification initiatives.

Head office

&

Place of Business

 

:

 

#.10,

Gnanartha Pradeepa Mawatha,

Colombo 08

Sri Lanka.

 

Tel. No: (00 94 11) 269 7965 -9 / 268 5419

Fax No: (00 94 11) 269 9454

 

Email: apl@sltnet.lk

               apl@mackwoods.com

 

No. of Employees

:

Approx. 7,921

           

 

 

 

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

PQ 214                             

Registered Office

:

#.10, Gnanartha Pradeepa Mawatha, Colombo 08

Board of Directors

As at

31st March 2011

:

C.N.A. Nonis

Chairman

N.S.M. Samaratunga

Director

R.K.M. Ng

Director

L.L. Samarasinghe

Director

F.L. Fonseka

Director

W.S. Ng

Director

S.C.J. Devendra

Director

S.M.A. Nonis Ranaweera

Director

S.N. Guneratne

Director

R. T. de Sylva

Director

Issued Share Capital

:

Rs.   250,000,000.00          

Nominal Value of Share

:

Rs.                   10.00                    

 

Major Share Holders

As at

31st December 2010

:

Share Holders

No. of

Shares

MACKWOODS PLANTATIONS (PVT) LTD

15,200,000

SONIA WIN-YENNG

3,570,100

A. K. KUMARASENA

961,600

M. M. UDESHI

554,100

MOULDEX LIMITED

349,000

HSBC INTERNATIONAL NOMINEES LTD-SSBT-DEUSTCHE BANK AG SINGAPORE

300,000

MACKWOODS (PVT) LTD

135,400

MACKWOODS (PVT) LIMITED

128,500

S. N. C. W. M. B. C. KANDEGEDARA

106,100

Auditors

:

Hulugalle Samarasinghe & Co

Company Secretaries

:

Corporate Services (Private) Limited

Bankers

:

Hatton National Bank, DFCC Bank, Sampath Bank, Peoples Bank, HSBC, NDB, Commercial Bank

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

             

 

 

 

 

 

 

 

 

 

             

 

CURRENT INVESTIGATIOn                      

 

·         History

 

                  The Subject Company AGALAWATTE PLANTATIONS PLC A Public Quoted          

                  Company with Limited Liability Incorporated in Sri Lanka on 22nd June 1992 under       

               Registration number PQ 214.

 

               The subject company AGALAWATTE PLANTATIONS PLC is a member of Mackwoods Group

 

·         Location.

The subject company is located at client given address #.10, Gnanartha Pradeepa Mawatha, Colombo 08.

 

·         Operational Details.

 

General

               The subject company primary line of business is Cultivation, production, processing and sale of Tea, Rubber and Oil Palm and selected non-crop diversification initiatives.

 

            Products

Tea, Rubber, Coconut, Essential Oil,

 

Country

World wide

 

Employees

                     Approx. 7,921

 

·         Financial Data

Received from the Annual Report

 

·         General Comments

When we contacted the subject company and they were very cooperative and provide operational details.

 

·         Trade references

                    The subject company well known as a sri lanka.

 

·         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.49.07

UK Pound

1

Rs.77.19

Euro

1

Rs.65.57

 

 

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.