MIRA INFORM REPORT

 

 

Report Date :

08.12.2014

 

 

IDENTIFICATION DETAILS

 

Name :

CEYLON ELECTRICITY BOARD

 

 

Registered Office :

 

 

 

Country :

 

 

 

Financials (as on) :

 

 

 

Date of Incorporation :

 

 

 

Com. Reg. No.:

 

 

 

Legal Form :

 

 

 

Line of Business :

 

 

 

No of Employees :

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

 

 

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

 

--

 

Maximum Credit Limit :

 

Status :

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ECONOMIC OVERVIEW

 

 

Source : CIA

 

 

 

 

GENERAL - Basic information at a glance

     

a.

Name of Subject of Inquiry

:

CEYLON ELECTRICITY BOARD

b.

Legal Form  & Status

:

A body corporate established in Sri Lanka under an act of Parliament No 17 of 1969 as amended by act Nos.31 of 1969 ,29 of 1979 and 32 of 1988.

c.

Chairman

:

W.B. Ganegala

d.

Primary Line of Business

:

 

Supply of Electricity Power (Hydro, thermal & other)  to the entire country

 

e.

 

Head office

 

:

 

 

# 50, Sir Chittampalam A. Gardiner Mawatha,

Colombo 02.

Sri Lanka.

 

Tel. No: (00 94 11) 232 4471 – 8

 

Fax No: (00 94 11) 244 9572

 

E mail: dgmegp@ceb.lk

 

f.

Power Plant

:

 

 

Generation Headquarters,

New Kelani Bridge Road,

Kolonnawa.

 

Tel No: (00 94 11) 243 4197

Fax No: (00 94 11) 244 5686

 

g.

No. of Employees

:

Approximately 16,000

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Date of Registration

:

Under Act of Parliament by way of the

Ceylon Electricity Board Act No. 17 of 1969.

b.

Board Of Directors

As at

31st December 2013

:

W.B. Ganegala

Chairman

Prof K. Kapila C. K. Perera

Vice Chairman

W.J.L.S. Fernando

General Manager

K.I.D.P. Kularathne

Working Director, Member

M. I. V. Amaresekere

Member

W.D. Jayasinghe

Member

R.A.A.K. Ranawaka

Member

S. Wirithamulla

Member

c

Secretary

:

Mrs. Mihiri Senaratne

d.

Auditors

:

Auditor- General 

e.

Banks

:

People’s Bank, Bank of Ceylon, Commercial bank, NTB

 

 

FINANCIAL DETAILS - Most recent available Financial Information (Cont/d….)

          

 

 

 

 

 

 

 

 

 

 

Current investigation

                    

                                                        Company Logo

                                                            

                           

 

·         History.

                  The Subject Company, CEYLON ELECTRICITY BOARD (CEB), is a state owned company supplying of electricity to the whole Island. It was originally known as the “DEPARTMENT OF GOVERNMENT ELECTRICAL UNDERTAKING” and was converted to CEYLON ELECTRICITY BOARD under the Ceylon Electricity Board Act No. 17 of 1969. The board is under a statutory duty to develop and maintain an efficient, co-ordinated and economical system of electricity supply.

The Ceylon Electricity Board (also abbreviated as CEB), is the largest electricity company in Sri   Lanka. With a market share of nearly 100%, it controls all major functions of electricity generation, transmission, distribution and retailing in Sri Lanka. It is one of the only two on-grid electricity companies in the country; the other being Lanka Electricity Company. The company earned approximately LKR110.9 billion in 2008, with a total of nearly 4.1 million consumer accounts.

Opened in 1969, the company now has a total installed capacity of 2,684 MW, of which approximately 1,290 MW is from thermal energy, and 1,207 MW is from hydroelectricity. Due to low wind resource, rough terrain and poor road conditions in Sri Lanka, CEB owns only one3 MW wind farm in Hambantota, known as the Hambantota Wind Farm. The farm consists of five turbines, measuring 600 KW each. CEB also manages numerous hydroelectric dams such as the Victoria Dam, and power plants such as the Norocholai Coal Power Station.

 

 

 

 

 

 

 

 

 

 

 

                

 

·         Location.

                  The Subject Company is located at client given address # 50, Sir Chittampalam A. Gardiner 

                  Mawatha,Colombo 02, Sri Lanka.

 

 

·         Operational Details.

 

General

 

                  The CEB is under a statutory duty to develop and maintain an efficient, Co-ordinated and economical system of Electricity Supply. It is also the duty of the Board to generate or acquire supplies of electricity; to construct, maintain and operate the necessary works for the generation of electricity by all means, to construct, maintain and operate the necessary works for the inter-connection of Generating Stations and Sub-stations and for the transmission of electricity in bulk From Generating Stations and Sub-stations to such places as may be necessary from time to time To distribute and sell electricity in bulk.

                  Ceylon Electricity Board (CEB) recently filed the estimated costs for the supply of electricity for   

                  The year 2013, with the Public Utilities Commission of Sri Lanka. These estimated costs include   

                  Cost of Generation, Transmission, Distribution and other related costs for the supply of   

                  Electricity. The Commission will assess the validity of such cost estimates filled by the CEB.      

                  Further, the Commission will analyze whether, the prevailing electricity tariffs are not sufficient    

                  To recover the estimated expenditure of the CEB, or whether additional Government subsidies          

                  Are required to cover such expenses.

                 

                  The subject company has earned certified by ISO 14001:2004 Certification

 

 

·         Country

Sri Lanka

 

·         Employees

                  The employee strength of the subject company approximately 16,000 employees.

 

               

 

 

·         Financial Data

Obtained from the company

.

·         Trade references

The Government of Sri Lanka – Ministry of Power & Energy

 

·         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.

 

INFORMATION PARTED BY

 

Unable to contact (00 9411 2324471)

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.96.73

Euro

1

Rs.76.53

 

 

INFORMATION DETAILS

 

Information Gathered by :

JML

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

 

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