MIRA INFORM REPORT

 

 

Report Date :

17.07.2014

 

IDENTIFICATION DETAILS

 

Name :

AGALAWATTE PLANTATIONS PLC

 

 

Registered Office :

# 10, Gnanartha Pradeepa Mawatha, Colombo 08

 

 

Country :

Sri lanka

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

23.06.1992

 

 

Com. Reg. No.:

PQ 214

 

 

Legal Form :

Public Limited Liability Company - quoted on the Colombo Stock Exchange  (In operation)

 

 

Line of Business :

Engaged in Cultivation, Production, Processing and sale of Tea, Rubber, coconut and Oil Palm as well as Selected Non-Crop Diversification Initiatives.

 

 

No. of Employees

8,000 Approximately

 

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 :

No complaints

 

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

 

Source : CIA

 

GENERAL

Basic information at a glance

     

Name of Subject of Inquiry

:

AGALAWATTE PLANTATIONS PLC

 

Legal Form  & Status

:

Public Limited Liability Company - quoted on the Colombo Stock Exchange  (In operation)

Chairman

:

Chrisantha Nicholas Anthony Nonis

Primary Line of Business

:

Engaged in Cultivation, Production, Processing and sale of Tea, Rubber, coconut and Oil Palm as well as Selected Non-Crop Diversification Initiatives.

Head office

&

Place of Business

 

:

 

#.10, Gnanartha Pradeepa Mawatha,

Colombo 08

Sri Lanka.

 

Tel. No: (00 94 11) 269 7965 -9 / 268 5419 / 267 9599

Fax No: (00 94 11) 269 9454

 

Email: apl@sltnet.lk

               apl@mackwoods.com

 

No. of Employees

:

Approx. 8,000

 

           

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PBS/CGB) 131

Date of Registration

:

23rd June 1992

Re-registration No

:

PQ 214

Date of Re-registration

:

13th January 2009

Registered Office

:

# 10, Gnanartha Pradeepa Mawatha, Colombo 08

Board of Directors

As at

10th June 2013

:

Chrisantha Nicholas Anthony Nonis

Chairman

Nirmali Samaratunga

Director

N G Raymond Kam Man (Malaysian)

Director

Lakshman Leelaraja Samarasinghe

Director

Francis Lalith Fonseka

Director

N G Winson Simon (Malaysian)

Director

S.C.Jayalal Devendra

Director

S.M.A. Nonis Ranaweera

Director

S. Nalin Guneratne

Director

R. Thulani de Sylva

Director

Issued Share Capital

:

Rs.   250,000,010.00          

Number of Shares

 

25,000,001

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007

 

Major Share Holders

As at

31st December 2013

(Total Number of Share Holders 11,247)

:

Share Holders

No. of

Shares

MACKWOODS PLANTATIONS (PVT) LTD

15,200,000

(Mrs.) SONIA WIN-YENNG

3,570,100

A. K. KUMARASENA

1,280,944

M. M. UDESHI

413,828

MOULDEX LIMITED

148,606

HSBC INTERNATIONAL NOMINEES LTD-SSBT-DEUSTCHE BANK AG SINGAPORE

290,000

MACKWOODS (PVT) LTD

135,400

MACKWOODS (PVT) LIMITED No.1 A/C

128,500

SEYLAN BANK PLC/S. N. C. W. M. B. C. KANDEGEDARA

196,885

Auditors

:

Hulugalle Samarasinghe & Co

Company Secretaries

:

Corporate Services (Private) Limited

Bankers

:

Hatton National Bank, DFCC Bank, Sampath Bank, Peoples Bank, HSBC, NDB, Commercial Bank

Trading Terms

:

Purchasing Terms

Cash / Advance Payments

 

Selling Terms

Cash / Advance Payments

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

 

Information parted by

Name                Ms. Lalita

Department       Finance Department

Contact No.:      000 94 11 267 9599

CURRENT INVESTIGATION                      

 

·         History

                  The Subject Company AGALAWATTE PLANTATIONS PLC A Public Quoted        

                  Company with Limited Liability Incorporated in Sri Lanka on 23rd June 1992 under       

Registration number N (PBS/CGB) 131 and the company was re-registered on 13th January 2009 under the registration number PQ 214

 

                  The subject company AGALAWATTE PLANTATIONS PLC is a member of Mackwoods Group

 

·         Location.

The subject company is located at client # 10, Gnanartha Pradeepa Mawatha, Colombo 08.

 

·         Operational Details.

 

General

            The subject company primary line of business is Cultivation, production, processing and sale of Tea, Rubber, Coconut and Oil Palm as well as selected non-crop diversification initiatives.

 

            Products

Tea, Rubber, Coconut, Essential Oil,

 

Country

World wide

 

Employees

                  Approx. 8,000

 

·         Financial Data

Received from the Annual Report

 

·         Trade references

                  The subject company well known as a sri lanka.

 

·         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.

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.19

UK Pound

1

Rs.103.14

Euro

1

Rs.81.66

                

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.