MIRA INFORM REPORT
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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SRI LANKA TRANSPORT BOARD |
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Formerly Known As : |
CEYLON TRANSPORT BOARD |
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Registered Office : |
# 200, Kirula Road,
Colombo 05, |
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Country : |
Sri Lanka |
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Date of Incorporation : |
2005 |
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Legal Form : |
Fully Government
owned business undertaking/board |
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Line of Business : |
Subject providing
road transport bus Services |
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No. of Employees |
33,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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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) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
Company
name and address
Basic information at
a glance
|
a. |
Name of Subject of Inquiry |
: |
SRI LANKA TRANSPORT BOARD |
|
b. |
Legal Form & Status |
: |
Fully Government
owned business undertaking/board |
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c. |
Chairman |
: |
Sashi Welgama |
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d. |
Primary Line of Business |
: |
Public Road Transport Services |
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e. |
Head office |
: |
# 200, Kirula
Road, Colombo 05, Sri Lanka. Tel. No: (00 94 11) 258 1120-29 Fax. No: (00 94 11) 236 8921 Chairman: (00 94 11) 236 8111,258 6491 E-mail: chairmanctb@sltnet.lk |
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g. |
No. of Employees |
: |
Approximately 33,000 |
COMPANY
DETAILS
|
a. |
Date of Registration |
: |
Reconstituted
by Sri Lanka Transport Board Act No 25 of 2005 and is the successor to the
Ceylon Transport Board (1958-1978), Sri Lanka Central Transport Board and Regional
Boards (1978-2005), Peoplized Transport Service (1990-1997) and the Regional
Transport Companies (1997-2005) |
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|
b. |
Board Of Directors As at 31st March 2014 |
: |
Sashi
Welgama |
Chairman |
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L.A.
Wimalaratna |
Vice Chairman |
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Chandrasiri |
Deputy General Manager |
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c |
Secretary |
: |
Not
disclosed |
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d. |
Auditors |
: |
Auditor- General |
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e. |
Banks |
: |
People’s Bank Bank of Ceylon Commercial bank NTB |
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FINANCIAL
DETAILS
Most recent available Financial
Information
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Current
investigation
Company
Logo
History.
The Subject Company, SRI LANKA TRANSPORT BOARD (S.L.T.B), is a fully state owned company, reconstituted by Sri Lanka Transport Board Act No 25 of 2005.
It was originally
known as the “CEYLON TRANSPORT BOARD”
popularly known as “CTB” which was established on 1st January, 1958.
It was converted to SRI LANKA TRANSPORT
BOARD under the SRI LANKA TRANSPORT BOARD Act No. 17 of 1969.
Subsequently, converted to Sri Lanka Central Transport Board and Regional Boards (1978-2005), Peoplized Transport Service (1990-1997) and the Regional Transport Companies (1997-2005) and finally as SRI LANKA TRANSPORT BOARD (S.L.T.B), by Act No.25 of 2005.
Location.
The Subject Company is located at client # 200, Kirula
Road, Colombo 05
Operational
Details
General
The S.L.T.B is providing road transport bus Services Island wide. It is being
managed by 105
Depots in 12 Regions
covering the whole island.
Distribution of Island-wide SLTB Regional Offices
Colombo, Gampaha, Kalutara, Kandy, Ruhuna, Nuwara Eliya, Eastern, Sabaragamuwa, Uwa, North, Rajarata, Wayamba, Central Bus Stand
|
Year |
2005 |
2010 |
2011 |
2012 |
2013 |
|
Bus Fleet – No. of buses in operation |
8455 |
5407 |
5333 |
5191 |
5081 |
|
Bus Fleet – No. of buses not in operation |
2945 |
2457 |
2554 |
2522 |
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No. of Depots |
99 |
106 |
110 |
112 |
112 |
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No. of Workshops |
10 |
12 |
12 |
12 |
13 |
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No. of Kms. operated daily |
679092 |
1013413 |
1027450 |
1059423 |
1127128 |
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Average No. of buses supplied in a day |
3930 |
5104 |
4904 |
4692 |
4719 |
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No. of buses operated in a day |
3674 |
4424 |
4350 |
4310 |
4372 |
|
Timetable requirement |
6764 |
7096 |
7108 |
7165 |
7174 |
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No. of passenger Kms. |
- |
11,814,925,979 |
11,906,722,232 |
11,909,164,527 |
12,201,484,395 |
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Summary of current bus fleet as at 31/12/2013
|
Type of Buses |
No. |
Country Manufactured |
No.of Buses in Operation |
|
TATA 909 |
612 |
India |
276 |
|
TATA 1210 |
513 |
India |
307 |
|
TATA 1313 |
197 |
India |
95 |
|
TATA 1510 |
1919 |
India |
1420 |
|
TATA1510 Turbo Charge |
67 |
India |
57 |
|
Leyland Comet Minor |
433 |
India |
265 |
|
Wiking |
1209 |
India |
686 |
|
Wiking Hino |
977 |
India |
801 |
|
Wiking Inter Cooler Turbo |
540 |
India |
512 |
|
LUXURY |
36 |
India |
33 |
|
LYNX |
261 |
India |
251 |
|
ISUZU MTIIIL |
169 |
Japan |
51 |
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GREAT WALL |
6 |
China |
1 |
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JAPAN TSUNAMI AIDS |
146 |
Japan |
21 |
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Double Decker |
21 |
England |
10 |
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Others |
37 |
India/Germany |
20 |
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Fleet of buses in Running Condition |
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|
Age Category |
No. of Buses |
Percentage (%) |
|
Less than 2 years |
603 |
10.87 |
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Between 2-5 years |
281 |
5.06 |
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Between 5-10 years |
2014 |
26.3 |
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More than 10 years |
2650 |
47.76 |
|
Staff |
2010 |
2011 |
2012 |
2013 |
|
Executive |
1,369 |
1,307 |
1,236 |
1,151 |
|
Office Employees |
7,439 |
6,975 |
6,873 |
6,535 |
|
Drivers |
9,389 |
9,202 |
9,267 |
9,028 |
|
Conductors |
8,892 |
9,373 |
9,287 |
9,253 |
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Mechanics |
6,120 |
5,928 |
5,588 |
5,158 |
|
Labourers/Minor Staff/ Sanitary Labourers |
1,563 |
1,478 |
1,555 |
1,505 |
|
Total |
34,772 |
34,263 |
33,806 |
32,630 |
Country
Sri Lanka
Employees
The employee strength of the subject company approximately 33,000
Trade
references
The Government of
Sri Lanka – Ministry of Transport
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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.