MIRA INFORM REPORT

 

 

Report Date :

18.01.2014

 

IDENTIFICATION DETAILS

 

Name :          

MERBOK M D F LANKA (PVT) LIMITED

 

 

Registered Office :

Export Processing Zone, Ratnapura Road, Gurugoda  Horana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.12.2000

 

 

Com. Reg. No.:

PV 10311

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Manufacturer & Exporter  of MDF Boards such as Merboard Gold, Merbok Thinpanel, Merbok Compactiono, Merboard MR & Merbok Global Art

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

      

Name of Subject of Inquiry

                             

:

MERBOK M D F LANKA (PVT) LIMITED

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman

:

Robert Kokshoorn

Primary Line of Business

:

Manufacture & Export  of MDF Boards

Head office, Factory

&

Place of Business

 

:

 

Export Processing Zone,

Ratnapura Road,

Gurugoda

Horana.

Sri Lanka

 

 

Tel. No: (00 94 34) 225 5502 / 429 8639 / 225 5476 / 225 5477

Fax. No: (00 94 34) 225 5504

 

E-Mail: sales@merbok.com

 

Operating Address

:

Perth Estate, BOI Horana EPZ, Horana 12400 Sri Lanka

No. of Employees

:

-Not Disclosed-

                       

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PVS) 27617

Date of Registration

 

22nd December 2000

Re-registration No

:

PV 10311

Date of Re-registration

 

18th December 2008

Registered Office

:

# 9/5, Thambiah Avenue, Colombo-07, Sri Lanka.

Board of Directors

As At

31st December 2012

:

Robert Kokshoorn

Chairman

Whitham Richard Anthony

Director

Dominic Andrla

Director

Maxwell Alexander Norris

Director

Issued Share Capital

:

Rs.  540,000,000.00               

Nominal Value of Share

:

Rs.                  10.00 ( Total Number of shares 54,000,000)

 

Share Holders

As At

31st December 2012

:

Share Holders

No. of

Shares

Whitham Richard Anthony

01

Merbok Hilir Group (BVI) Limited (Incorporated in Malaysia)

53,999,999

Auditors

:

Ford Rhodes Thornton & Company

Company Secretaries

:

Jacey & Company

Bankers

:

-Not Disclosed-

 

 

Director Details

 

01)

Name

Robert Kokshoorn

PP Number

BA0079874

Nationality

Dutch

 

 

02)

Name

Richard Anthony Whitham

PP Number

E 7074474

Nationality

Australia

 

03)

Name

Dominic Andrla

ID Number

761076803

Nationality

British

 

04)

Name

Maxwell Alexander Norris

PP Number

761034312

Nationality

British

 

 

FINANCIAL DETAILS - Most recent available 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

 

 

Current investigation

 

History.

 

The Subject Company MERBOK M D F LANKA (PVT) LIMITED is a Private    Limited   liability Company incorporated on 22nd December 2000 under the registration number N (PVS) 27617 and then re-registered under the registration number PV 10311 on 18th December 2008, in terms of Registrar of companies Act. # 7 of 2007.

Since 1994, the Merbok Group has manufactured a range of premium quality MDF products thus making the Group one of the pioneers in Asia’s MDF industry. This Pioneering spirit of ambition, vision, innovation and dedication continues at our operations in Sri Lanka and Malaysia

 

Location.

 

The Subject Company is located at client given address Export Processing Zone, Ratnapura Road, Gurugoda Horana. Approx.  40 kilo meters from Colombo.

 

Operational Details.

 

General

The subject company primary line of business is Manufacture & Export  of MDF Boards.

Merbok MDF Lanka's production capacity is rated at 120,000m3 / annum

 

Products

Merboard Gold

Merbok Thinpanel

Merbok Compactiono

Merboard MR

Merbok Global Art

 

      

 

Export Country

Indian Sub Continent, Middle East

 

No of Employees

Not Disclosed

 

 

Financial Data

 

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 National Chamber of Commerce

Institute of Industrial Techno – Management

Board of Investment

Export Development Board

 

 

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.61.35

UK Pound

1

Rs.100.21

Euro

1

Rs.83.52

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.