MIRA INFORM REPORT

 

 

Report Date :

19.12.2013

                       

IDENTIFICATION DETAILS

 

Name :

ENERCON LANKA POWER DEVELOPMENT (PVT) LTD

 

 

Registered Office :

#09 Rotunda Gardens, Colombo 03

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

02.12.2005

 

 

Com. Reg. No.:

PV 3369

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Renewable Power Generation

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Not in operation

 

 

Payment Behaviour :

--

 

 

Litigation :

--

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka''s economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.

 

Source : CIA

 

GENERAL

 

Basic information at a glance

 

a.

Name of Subject of Inquiry

:

ENERCON LANKA POWER DEVELOPMENT (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company ( Not-In operation)

c.

Managing Director

:

Yogesh Mehra (Indian)

d.

Primary Line of Business

:

Renewable Power Generation

e.

Place of Business

:

 

#09 Rotunda Gardens,

Colombo 03.

Sri Lanka.

 

Tel. No: (00 94 11) 576 8501

Contact Person: Mr. Berty Heenpella

 

f.

No. of  Employees

:

Company not in operation

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 44144

Date of Registration

:

02nd December 2005

b.

Registration No

:

PV 3369

Date of Registration

:

17th April 2008

c.

Registered Office

:

No 12, Rotunda Gardens, Colombo 03.

d.

Board of Directors

As At

31st August 2013

:

Yogesh Mehra (Indian)

Director

Ajay Mehra (Indian)

Director

e.

Issued Share Capital

:

Rs.   3,562,250.00    

f.

Nominal Value of Share

:

Rs.              10.00

g.

Share Holders

As At

31st August 2013

 

 

                       Share Holders

No. of Shares

Enercon   (India)  Ltd, Mumbai, India

356,225

h.

Auditors

:

Amerasekera and Company, #12, Rotunda Gardens , Colombo 03.

i.

Company Secretaries

:

Management Applications (Pvt) Ltd

j.

Bankers

:

Not disclosed

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

THE COMPANY IS NOT IN OPERATION AND FINANCIALS NOT AVAILABLE.

                                                                       

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION

 

History.

 

The Subject Company ENERCON LANKA POWER DEVELOPMENT (PVT) LTD is a Private    Limited   liability Company incorporated on 02nd December 2005 under registration number     N (PVS) 44144 and the company was re-registered on 17th April 2008 under registration number PV 3369, in terms of Companies, Act # 7 of 2007.

 

Subject Company is a subsidiary of Enercon (India) Ltd, Bombay, India. It has been established with the idea of commencing a Wind Power project  to generate and supply Wind Power to Ceylon Electricity Board (CEB).

 

Mr. Berty Heenpella, Corporate Secretary, who is looking after the interest of the subject company said that, however, due to some dispute over the terms and conditions, they were unable to commence operation and it is in dormant  position up to date.


Location.

 

The Subject Company office is located at No 09, Rotunda Gardens, Colombo 03.

 

Operations Details.

 

General

The subject company’s primary line of business is installation, generation and supply of renewable power such as Wind Power to Ceylon Electricity Board, Sri Lanka.

 

Mr. Berty Heenpella, Corporate Secretary, who is looking after the interest of the subject company said that, however, due to some dispute over the terms and conditions, they were unable to commence operation and it is in dormant  position up to date.

 

Products

Wind Power supply

 

Employees

Company not in operation

 

Directors Details

01)

Name

Yogesh Mehra

ID Number

1591586 Z

Nationality

India

 

02)

Name

Ajay Mehra

ID Number

113553 Z

Nationality

Inadi

 

Financial Data

 

The company not in operation and information on its finances not available.

 

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make public disclosure of their annual financials.                                                             

Therefore no financials are available for this entity

 

Credit Recommendations

 

Since the company is not in operation and 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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.100.83

Euro

1

Rs.85.27

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

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