MIRA INFORM REPORT

 

 

Report No. :

313998

Report Date :

03.04.2015

 

IDENTIFICATION DETAILS

 

Name :

ROCKLAND DISTILLERIES (PVT) LTD

 

 

Registered Office :

# 160/24, Kirimandala Mawatha, Colombo 05

 

 

Country :

Sri Lanka  

 

 

Date of Incorporation :

31.08.1945

 

 

Com. Reg. No.:

PV 9841

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer & Distributor of Arracks, Spirits & Fine Wines.

 

 

No. of Employee :

200

 

 

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 :

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

:

 

ROCKLAND DISTILLERIES (PVT) LTD

 

Legal Form & Status

:

Private Limited Liability Company  (In Operation)

Chairman

:

Derek Joseph De Silva Wijeyeratne.

Primary Line of Business

:

Manufacturer & Distributor of Arracks, Spirits & Fine Wines.

Head office

&

Place of Business

 

:

 

# 160/24, Kirimandala Mawatha,

Colombo 05,

Sri Lanka.         

 

Tel. No: (00 94 11) 442 6100/  255 3977

Fax No: (00 94 11) 255 3983

 

E-Mail: rockland@slt.lk, info@rockland.lk

 

No. of Employees

:

Approximately 200

           

 

 COMPANY DETAILS

 

Registration and Shareholder Details

 

Registration No

:

PVS 232

Date of Registration

:

31st August 1945

Re-registration Number

:

PV 9841

Date of Re-registration

:

01st December 2008

Registered Office

:

# 160/24, Kirimandala Mawatha, Colombo 05, Sri Lanka

Board of Directors

As At

14th  October 2014

:

D. Joseph De Silva Wijeyeratne

Chairman

Saliya Amal de Silva Wijeyeratne

Managing Director

J. Romesh De Silva

Director

M. Eardly Trevor De Silva

   Director

Lalit Nihal de Silva Wijeyeratne

Director

Devinda Joseph Carl de Silva Wijeyeratne

Director

Total No. of Issued Shares

:

1,769,937

Total Value of Shares

:

Rs. 22,443,750.00

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

 

 

Registration and Shareholder Details

 

 

Major Share Holders

As At

14th  October 2014

(Total No. of shareholders:17)

:

Major Share Holders

No. of

Shares

E. Anthony Gabriel De Silva

70,875

Mrs. Edna Mary Daphne De Silva

172,131

J. Romesh De Silva

      151,200

Dilkushi Therese De Silva

        33,075 

Marini Therese De Silva

        94,500

D. Joseph De Silva Wijeyeratne

795,042

M. Eardly Trevor De Silva

        32,652

Saliya Amal de Silva Wijeyeratne

229,726

Auditors

:

Kreston MNS & Company, 50/2, Sir James Peiris Mawatha, Colombo 2

Company Secretaries

:

Em En Es (Assignments) (Pvt) Ltd  (# 50/2, Sir James Peiris Mawatha, Colombo 02)

Bankers

:

Bank of Ceylon, Peoples Bank, HSBC

 

 

Note:  The Above Listed 8 Shareholders hold 1,579,201 shares (90% of the Total Shares) of the 

            Company.

 

 

Directors’ Details

 

01)

Name

Derek Joseph De Silva Wijeyeratne

ID Number

423532068 X

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th December 1942

Age

72 Years

Address

#73/3, Gregory’s Road, Colombo 07

 

 

02)

Name

Maurice Eardly Trevor De Silva

ID Number

401623310 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

10th June 1940

Age

74 Years

Address

# 73/5, Gregory’s Road, Colombo 07

 

 

 

 

03)

Name

Joseph Romesh De Silva

ID Number

472350471 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

22nd August 1947

Age

67 Years

Address

# 79/14, C.W.W. Kannangara Mawatha, Colombo 07

 

 

 

04)

Name

Saliya Amal De Silva Wijeyeratne

ID Number

740150960V

Nationality

Sri Lankan

Gender

Male

Date of Birth

15th January 1974

Age

41 Years

Address

# 73/3, Gregory’s Road, Colombo 07

 

 

05)

Name

Lalit Nihal De Silva Wijeyeratne

ID Number

500872845 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

27th March 1950

Age

64 Years

Address

# 25, Second Lane, Ratmalana

 

 

06)

Name

Devinda Joseph Carl De Silva Wijeyeratne

ID Number

800572380 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th February 1980

Age

35 Years

Address

#73/3, Gregory’s Road, Colombo 07

 

 

 FINANCIAL DETAILS

 

 Most recent available Financial Information

    The company has declined to provide information on its finances

                                                                                   

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                      

                                                                          Company Logo

 

·         History.

 

                  The Subject Company ROCKLAND DISTILLERIES (PVT) LTD is a Private Limited      liability Company incorporated on 31st August 1945 under registration number PVS 232 and then the company was re-registered on 01st December 2008 under registration number PV 9841 in terms of Companies Act # 7 of 2007.

 

·         Location.

 

                 The Subject Company is located at the client # 160/24, Kirimandala                                                  Mawatha, Colombo 05.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Manufacturer, Exporters & Distributor of Arracks, Brandy, Whisky, Spirits & Fine Wines under the trade name “ROCKLAND”

 

 

 

Activities:

1.       Rockland is a Manufacturer & Distributor of Spirits & Fine Wines

2.       It has one of the most advanced and well-run distilleries in Sri Lanka and boasts the most extensive distribution network in the country.

3.       Rockland specialises in producing Gin, Rum, Whisky, Brandy, Vodka and Arrack-a product which is unique to Sri Lanka and is produced from the sap of the coconut flower

 

4.       Rockland is recognised for quality, consistency and their personalised approach towards customers and business partners alike.

5.       The company is also a distributor of imported sprints & fine wines. Sole agents in Sri Lanka and Maldives for a number of well-known imported spirits and wine brands.

6.       If your client would like to distribute "Rockland Products" in your country, he may get in touch with the subject company for further information.

Products 

Brandy, Arrack, Vodka, Gin, Alcoholic Sprits in bottles.

 

          Brands

Rockland Ceylon Arrack

Rockland Vintage Extra Old Arrack

Rockland Old Arrack

Rockland Old Arrack, Extra Strong

Rockland Three Star, Blended Arrack

Rockland White Rum

Rockland Dark Red Rum

Rockland Dry Gin

Rockland Lemon Gin

Rockland Hanappier Brandy

Rockland Old Keg Whisky

 

Importing Countries

United Kingdom, France, Italy, Chile, South Africa, Australia, New Zealand, Netherlands

 

Exporting Countries

United States of Emirates, France, Germany, United Kingdom, Maldives

 

Employees

                 Approximately 200

 

 

 

·         Trade references

 

                  The Ceylon National Chamber of Commerce

                  Export Development Board

                  The Wine and Spirit Trade Association

 

 

·         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.

 

ANALYSIS

 

Appraisal of Subject Company

 

 

Rating:

a) Business Scale        

Medium/Large

b) Business Trend

Expand

c) Management Capability

Above Average

d) Commercial Morality

Above Average

e) Reputation

Above Average

f) Market Situation

Very Competitive

                                   

 

INFORMATION PARTED BY

 

Management non co-operative (Tel. No. 00094114426100)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ASH

 

 

 

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.