MIRA INFORM REPORT

 

 

Report Date :

29.03.2013

 

IDENTIFICATION DETAILS

 

Name :

NIKINI AUTOMATION  SYSTEMS (PVT) LTD

 

 

Registered Office :

# 249, High Level Road, Colombo 05.

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

10.10.1989

 

 

Com. Reg. No.:

N (PVS) 5767

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Industrial Automation, Trading and Training

 

 

No. of Employees :

Approx. 300

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

Without Financials

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Usually Correct

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. 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 strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

Source : CIA

GENERAL

- Basic information at a glance

     

 

a.

Name of Subject of Inquiry

:

 

NIKINI AUTOMATION  SYSTEMS (PVT) LTD

 

b.

Legal Form  & Status

 

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

:

S. Upendra Weerasuriya

d.

Primary Line of Business

:

Industrial Automation, Trading and Training

e.

Place of Business

:

 

# 249, High Level Road,

Colombo 05,

Sri Lanka

              

Tel No:  (00 94 11) 282 6894

Fax No: (00 94 11) 282 6252

 

Mobile No: (00 94 77) 776  0466 - Mr. Upendra Weerasuriya

 

Email: upendra@nikiniautomation.com

             sales@nikiniautomation.com

 

Factory & Warehouse

 

:

 

 

Diyagala Boys Town,

Ragama,

Sri Lanka

 

f.

No. of Employees

:

 

Approx. 300

 

                                                                       

 

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

 N (PVS) 5767

Date of Registration

 

10th October 1989

b.

Re-Registration No

:

PV 6630

Date of Re-Registration

 

15th August 2008

c.

Registered Office

:

# 249, High Level Road, Colombo 05.

d.

Board of Directors

As At

15th October 2012

:

S. Upendra Weerasuriya

Chairman /

Managing Director

H. Kusumika Weerasuriya

Director

Nihal Mendis

Director

e.

Issued Share Capital

:

Rs.            12,000,000.00

f.

Nominal Value of Share

:

Rs.                          10.00

g.

Share Holders

As At

    15th October 2012

 

 

                       Share Holders

No. of Shares

S. Upendra Weerasuriya

1,199,990

H. Kusumika Weerasuriya

            10

h.

Auditors

:

B. R. De Silva & Company

i.

Company Secretaries

:

Nexia Corporate Consultants (Pvt) Ltd

j.

Bankers

:

Deutsche Bank, Sampath Bank, HNB Bank, Commercial Bank

 

 

CURRENT INVESTIGATION

 

·         History.   

logo

                                                           Company Logo

 

 

                  The Subject Company NIKINI AUTOMATION SYSTEMS (PVT) LTD

is a Private Limited Liability Company incorporated on  10th October 1989 under the registration number N (PVS) 5767, and then re-registered under the registration number    PV 6630 on 15th August 2008.

 

 

Subsidiaries Company of the Subject Company

·         Nikini Marine (Pvt) Ltd

·         Nikini Automation Services (Pvt) Ltd

 

 

·         Location.

 

The Subject Company is located at the client # 249, High Level Road, Colombo 05, Sri Lanka. The Factory and the warehouse are located at Diyagala, Ragama a town approx.20 kilo meters north of Colombo with about 5000-8000 square meters in size.

 

 

·         Operations Details.

 

General

                  The subject company primary line of business is Manufacturing, Industrial automation, trading and training.

 

 

 

 

                 Services/Activities:


* Design and Fabrication of Automated Machinery, Conveying Systems, PLCs and   

                     Controllers


* Industrial Ink Jet Printing and Thermal Transfer over Printing for Coding Requirements      

                     such as Marking the Batch Number, Expiry Date, Manufacturing Date etc with required   

                     Accessories & Software Solutions for Integrations with existing machines


* Training in Pneumatics, Electro Pneumatics and PLCs


* Automation of Tea Machinery


* Industrial Software Development


* Selling, Installation, Commissioning and After Sales Service of CNC Machines, PV (Solar)    

                     Panels, PV (Solar) Energy Systems


* Automation Systems and Services for Marine Industry

 

                  Products

                  The subject Company is the Authirised Representative Sri Lanka for products of the following companies:

·         Festo Pneumatics  -  Germany

·         Legris  -  France

·         Siemens  -  Germany

·         Pepperal+Fuchs  -  Germany

·         Kaeser Kompressoren  -  Germany

·         MARKEM-IMAJE  -  France

·         Festo Didactic  -  Germany

·         BFW  -  India

·         Connectwell  -  India

·         Burkert  -  Germany

·         SMA  -  Germany

·         SHARP  -  Japan

 

 

 

Export Countries

                  Singapore, Bangladesh, Malaysia, Thailand

 

 

Import Countries

                 Germany, Singapore, France, India

 

 

No of Employees               

                  Approxemetly. 300.

 

 

·         Director Detail’s

 

 

Name

Sunil Upendra Weerakoon

ID Number

542890983 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th October 1954

Age

59 Years

 

 

 

 

 

02)

Name

Hemani Kusumike Weerasuriya

ID Number

S2665801 B

Nationality

Singapore

 

03)

Name

Nihal Mendis

ID Number

421680132 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th June 1942

Age

71 Years

 

 

 

·         Financial Data

 

                 The company has declined to provide any financial information

 

                 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                 

                

 

·         Trade references

 

                 The Ceylon National Chamber of Industries

 

 

·         Credit Recommendations

 

                  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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.