MIRA INFORM REPORT

 

 

Report Date :

25.10.2013

 

IDENTIFICATION DETAILS

 

Name :

CEYMAC RUBBER COMPANY LTD

 

 

Registered Office :

# 36, D.R. Wijewardena Mawatha,  Colombo- 10,

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

01.11.1978

 

 

Com. Reg. No.:

PB 268

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Manufacturing & Exporting of specified rubber sole crepe and speciality rubbers.

 

 

No. of Employees :

Not Available

 

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 :

Slow but 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 – 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

Company name and address

       

a.

Name of Subject of Inquiry

:

CEYMAC RUBBER COMPANY LTD

 

b.

Legal Form  & Status

 

:

 

Public Limited Liability Company  (In Operation)

c.

Chairman

:

E. William Tissa

d.

Primary Line of Business

:

 

Manufacturing & Exporting of specified rubber sole crepe and speciality rubbers.

 

e.

Group Head office

:

 

# 36, D.R. Wijewardena Mawatha,

Colombo- 10,

Sri Lanka.

 

Tel. No: (00 94 11) 242 3554

Fax No: (00 94 11) 244 0228

 

E-mail: daya@ceymac.cwmackie.com

 

f.

Factory

 

 

Industrial Estate,

Aramanagolla,

Horana,

Sri Lanka.

 

Tel. No: (00 94 34) 226 1080 / 226 1342

Fax No: (00 94 34) 226 1370

 

g.

Number of Employees

:

Not Disclosed

 

 

COMPANY DETAILS   

 

a.

 

Registration No

:

PBS 1007

Date of Registration

:

1st November 1978

 b.

Re-registration No

 

PB 268

Date of Re-Registration

 

3rd April 2008

e.

Registered Office

:

# 36, D.R. Wijewardena Mawatha, Colombo- 10

f.

Board of Directors

As At

8th July 2013

:

E. William Tissa

Chirman

A. Anura Kumara Edirisinghe

Director

P. Asoka Indrasiri

Director

g.

Authorised Share Capital

:

Rs.             31,893,750.00

h.

Nominal Value of Share

:

Rs.                           10.00   

 

 

COMPANY DETAILS   

 

i.

Major Share Holders

As At

8th July 2013

(Total Number of Share  Holders are 36)

:

                              Share Holders

No. Of

Shares

B. Devapriya Palitha

3,148,650

P. Chandragupta Silva

         6,242

 

P. Vasantha Gihan Silva

 

         4,219

P. Shanthilal Silva

         3,585   

Y. Lois Andrea Silva

        2,000

L. Lorna Dawn Fernando

        1,114

K.H.M. Dayananda

        1,155

Murugaser Pratap

      12,656

j.

Auditors

:

KPMG

k.

Company Secretaries

:

Gunasena Rasika Priyadarshani

l.

Bankers

:

Not Disclosed

 

Directors’ Details

 

01)

Name

E. William Tissa

ID Number

370493227 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th February 1937

Age

76 Years

 

 

02)

Name

A. Anura Kumara Edirisinghe

ID Number

550870690 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th March 1955

Age

58Years

 

 

03)

Name

P. Asoka Indrasiri

ID Number

662500062 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

6th September 1966

Age

47 Years

 

FINANCIAL DETAILS –

 

 Most recent available Financial Information

 

Income Statement As at 31st March

 

    

2013

Rs

2012

Rs

A

Revenue

:

1,233,326,832

2,249,846,824

B

 Cost of Sales

:

(1,217,366,969)

(2,039,287,150)

C

 Gross Profit

:

15,959,863

210,559,674

D

Other Income

:

1,960,523

1,389,600

E

Distribution Expenses

:

(9,747,111)

(8,610,446)

F

Administrative Expenses

 

(46,240,221)

(45,805,788)

G

Result From Operating Activities

:

(38,066,946)

157,533,040

H

Finance Cost

:

(48,802,503)

(48,993,980)

I

Finance Income

:

30,081,066

20,613,154

J

Net Finance Cost

:

(18,721,437)

(28,380,826)

K

Profit / (Loss) Before Income Tax

:

(56,788,383)

129,152,214

L

Tax Expenses

 

6,410,380

(17,356,656)

M

Profit / (Loss) For The Year

 

(50,378,003)

(111,795,558)

 

 

FINANCIAL DETAILS 

 

Most recent available Financial Information (Cont/d…)

 

Balance Sheet as at 31st March

 

 

2013

Rs

               

                 2012

                  Rs

a)

Non-current Assets

:

357,650,972

339,391,826

b)

Current Assets

:

263,035,711

419,834,279

c)

Current Liability

:

185,394,069

257,004,358

d)

Non-current liability

:

22,417,348

28,961,960

e)

Total Liabilities

:

207,811,417

285,966,318

f)

Total Assets

:

620,686,683

759,226,105

g)

 

Net Worth

 

:

412,875,266

473,259,787

 

 

CURRENT INVESTIGATION

                                                                                         

HISTORY.

 

The Subject Company CEYMAC RUBBER COMPANY LTD is a Public Limited liability

Company incorporated on 1st November 1978 under registration number PBS 1007 and then

Company was re-registered on 3rd April 2008 under registration number PB 268 in terms of

Companies Act # 7 of 2007.

 

Ceymac Rubber Company Limited is a subsidiary of C.W. Mackie PLC

 

LOCATION.

 

The subject company group head office is located at the client # 36, D.R.

Wijewardena Mawatha, Colombo-10, Sri Lanka and Factory Located At Industrial Estate,

Aramanagolla, Horana, Sri Lanka.

 

OPERATIONAL DETAILS.

 

General

The subject company’s primary line of business is Manufacturing & Exporting of specified rubber sole crepe and speciality rubbers.

.

Products

Plantation Sole Crepe, Granulated Rubber, Chemically Treated Rubber, Stick Cleaners, Coloured Sole Crepe.

 

Export countries

 

Japan, Taiwan, India, China, Canada, Germany.

 

No of Employees

Not Disclosed

 

 

FINANCIAL DATA

 

Financial received from subject company annual report

 

TRADE REFERENCES

 

The subject company did not provide any trade references

 

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.61.41

UK Pound

1

Rs.99.53

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.