MIRA INFORM REPORT

 

 

Report No. :

356050

Report Date :

25.12.2015

 

IDENTIFICATION DETAILS

 

Name :

WIJEYA NEWSPAPERS LTD

 

 

Registered Office :

# 8, Hunupitiya Cross Road, Colombo – 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.11.1979

 

 

Com. Reg. No.:

PVS/PBS 61148

 

 

Legal Form :

Public Limited Liability Company Not Listed with Colombo Stock Exchange  (In Operation)

 

 

Line of Business :

Publisher of Newspapers and Magazines

 

 

No. of Employees :

Approximately 1000

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 government's 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, but low tax revenues remain a 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

      

a.

Name of Subject of Inquiry

:

WIJEYA NEWSPAPERS LTD

b.

Legal Form  & Status

:

Public limited liability Company not listed with Colombo Stock Exchange  (In Operation)

c.

Chairman

:

Ranjith Sujiva Wijewardene

d.

Primary Line of Business

:

Publisher of Newspapers and Magazines

e.

Head office

&

Place of Business

 

 

 

# 8, Hunupitiya Cross Road,

Colombo – 02,

Sri Lanka.

 

Tel. No: (00 94 11) 231 4652 / 230 7789 / 231 4714 / 247 9479

Fax No: (00 94 11) 244 8323 / 245 9725

 

E-mail: wnlgen@wijeya.lk

 

f.

No. of Employees

:

Approximately 1000

        

 

COMPANY DETAILS  - Registration and Shareholder Details

 

a.

Registration No

:

PVS/PBS 61148

Date of Registration

:

22nd November 1979

b.

Re-registration No

:

PB 20

Date of Re-registration

:

31st July 2007

c.

Registered Office

:

# 8, Hunupitiya Cross Road, Colombo – 02, Sri Lanka.

d

 

Board of Directors

As at

14th October 2015

 

:

Ranjit Sujiva Wijewardena

Chairman

S. D. Kamal Chandralal Jayawardena

Director

Sirisena Ranasinghe

Director

Parakrama Sujan Wijewardena

Director

K.A.D. Ranadev Channa Samarasinghe

Director

Dulsingh Viswajith Gunatunga

Director

e.

Issued Share Capital

:

Rs. 35,000,500.00

Number of Shares

:

3,500,050

f.

Authorised Share Capital

:

Not applicable/declared vide Companies Act #7 of 2007

 

 

Registration and Shareholder Details cont…

 

g.

 

Share Holders

As at

14th October 2015

 

:

Share Holders

No. of

Shares

A. Balasingham

10

Sarathi Ltd

10

Irushi Neela Wijewardene

10

Dinendra Ruwan Wijewardene

10

Ranjit Sujiva Wijewardene

3,149,990

Ranjani Neela Wijewardene

10

Parakrama Sujan Wijewardene

350,010

h.

Auditors

:

Solomon De Silva Moorthy & Company

# 22/4, Vijaya Kumaratunga Mawatha, Colombo 05

i.

Company Secretaries

:

Dulsingh Viswajith Gunatunga

# 41/3, D S Fonseka Road, Off Havelock Road, Colombo 05

j.

Bankers

:

NDB, Bank of Ceylon, Nation Trust Bank, DFCC, Sampath Bank

 

 

Directors Details

 

      01)

Name

S. D. Kamal Chandralal Jayawardana

ID Number

513062150 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

01st November 1951

Age

64 Years

Address

#1/2, Priya Avenue, Kohuwala

 

 

      02)

Name

Sirisena Ranasinghe

ID Number

401982116 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th July 1940

Age

75 Years

Address

# 130/5, Kurulu Bedda, Nawala Road, Nugegoda

 

    

    03)

Name

Parakrama Sujan Wijewardene

ID Number

691082610 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th April 1969

Age

46 Years

Address

# 99, Braybrooke Place, Colombo 02

 

     04)

Name

Ranjith Sujiva Wijewardene

ID Number

371821503 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

30th June 1937

Age

78 Years

Address

# 99, Braybrooke Place, Colombo 02

 

     05)

Name

Dulsingh Viswajith Gunatunga

ID Number

4515700340 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

05th June 1945

Age

70 Years

Address

# 41/3, D S Fonseka Road, Off Havelock Road, Colombo 05

 

     06)

Name

K.A.D. Ranadev Channa Samarasinghe

ID Number

572692396 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

25th September 1957

Age

58 Years

Address

#101/1, Right Circular Road, Jayanthipura, Battaramulla.

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

Accounts division of the subject company was contacted, but they declined to provide details without the identity of the end user of this enquiry.

 

Note: 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 detailed Financials are available for this entity

 

 

CURRENT INVESTIGATION

 

New Picture

Company Logo

·         History.           

                  The Subject Company WIJEYA NEWSPAPERS LTD is a Public Limited Liability Company (not listed with Colombo Stock Exchange) incorporated on 22nd November 1979 under registration number PVS/PBS 61148 and then company was re-registered on 31st July 2007 under registration number PB 20.

              

·         Location.

                  The Subject Company is located at client # 8, Hunupitiya Cross Road, Colombo – 02

                 

·         Operational Details.

 

General

                  The subject company’s primary line of business is publishing of several National daily and weekend Newspapers, books and Magazines. In addition to the normal activities of a publisher it handles import, export and local sale of various types of printing paper.

                  The subject company’s readers and advertisers are served by the network of branches and 5,000 dealer outlets throughout the country

 

 

Products

National daily and weekend Newspapers such as LANKADEEPA, DAILY MIRROR, SUNDAY TIMES, SUNDAY LANKADEEPA & ADA which are very popular and having a large circulation island wide.

 

hi   GO-Logo-jpeg  dld  Dailym  stm 

 

sirikatha   sundayld   tharunaya  Wijeya  wijai_logo

              

                 Magazines such as HILL, GO, WIJAYA, SIRIKATHA ETC.

                 Import and distribution of News Print, Printing Papers etc.

  

Import Country

                  New print, printing paters imported worldwide

 

Export Country

                  Magazines are exported to South East Asian countries.

 

No of Employees

                 Approximately 1000

 

 

·         Trade references

 

Sri Lanka Association of Printers

 

 

·         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 computerized 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 declined

 

Management non co-operative. [009411-2314714]

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

LKR

1

Rs.0.46

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

TRI

 

 

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%)

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.