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Report No. : |
302298 |
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Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ENERCON LANKA POWER DEVELOPMENT (PVT) LTD |
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|
|
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Registered Office : |
No 12, Rotunda Gardens, Colombo 03. |
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Country : |
Sri Lanka |
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Date of Incorporation : |
02.12.2005 |
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Com. Reg. No.: |
PV 3369 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Renewable Power Generation |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Not In Operation |
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Payment Behaviour : |
- |
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Litigation : |
- |
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
|
a. |
Name of Subject of Inquiry |
: |
ENERCON LANKA POWER DEVELOPMENT (PVT) LTD |
|
b. |
Legal Form & Status |
: |
Private Limited Liability Company ( Not-In operation) |
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c. |
Managing
Director |
: |
Mr. Yogesh Mehra (Indian) |
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Country
Coordinator |
: |
Mr. Berty Heenpella (Sri Lankan) |
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d. |
Primary Line of Business |
: |
Renewable Power
Generation |
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e. |
Place of Business |
: |
#09 Rotunda Gardens, Colombo 03. Sri Lanka. Tel. No: (00 94 11) 243 2012, 574 8501 Contact Person: Mr. Berty
Heenpella Mobile: (00 94 71) 748 5114 |
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f. |
No. of
Employees |
: |
Company
not in operation |
|
a. |
Registration No |
: |
N (PVS) 44144 |
|||
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Date of Registration |
: |
02nd December 2005 |
||||
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b. |
Registration No |
: |
PV 3369 |
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Date of Registration |
: |
17th April 2008 |
||||
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c. |
Registered Office |
: |
No
12, Rotunda Gardens, Colombo 03. |
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d. |
Board of Directors As At 27th
November, 2014 |
: |
Yogesh Mehra
(Indian) |
Director |
||
|
Ajay Mehra
(Indian) |
Director |
|||||
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e. |
Issued Share Capital |
: |
Rs. 3,562,250.00 |
|||
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f. |
Nominal Value of Share |
: |
Rs. 10.00 |
|||
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g. |
Share Holders As At 27th
November, 2014 |
|
Share Holders |
No. of Shares |
||
|
Enercon (India)
Ltd, Mumbai, India |
356,225 |
|||||
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h. |
Auditors |
: |
Amerasekera and
Company, #12, Rotunda Gardens, Colombo 03. |
|||
|
i. |
Company Secretaries |
: |
Management Applications (Pvt) Ltd, #12, Rotunda
Gardens, Co.3 |
|||
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j. |
Bankers |
: |
Company not in operation /Not disclosed |
|||
The company not in
operation as yet although updated are filed at the ROC. Financials not
available.
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 financials are available for this entity
·
History.
The Subject Company ENERCON
LANKA POWER DEVELOPMENT (PVT) LTD is a Private Limited
liability Company incorporated on 02nd
December 2005 under registration number
N (PVS) 44144 and the company
was re-registered on 17th April 2008 under registration
number PV 3369, in terms of Companies, Act # 7 of 2007.
Subject Company is a subsidiary of Enercon
(India) Ltd, Bombay, India. It has been
established with the idea of
commencing a Wind Power generation project and supply
Wind Power to Ceylon Electricity Board
(CEB).
Mr. Berty Heenpella, Corporate
Secretary, who is looking after the interest of the subject
company said that, however, due to some
dispute over the terms and conditions, they were
still unable to commence operation and
it is in dormant position up to date.
·
Location.
The Subject
Company office is located at No 09,
Rotunda Gardens, Colombo 03.
·
Operations
Details.
General
The subject company’s primary line of business is installation,
generation and supply of renewable power such as Wind Power to Ceylon
Electricity Board, Sri Lanka.
Mr. Berty Heenpella, Corporate
Secretary, who is looking after the interest of the subject
company said that, however, due to some
dispute over the terms and conditions, they were
unable to commence operation and it is
in dormant position up to date.
Products
Wind Power generation and supply
Employees
Not disclosed
·
Directors’ Details
01)
|
Name |
Yogesh Mehra |
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ID Number |
1591586 Z |
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Nationality |
Indian |
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Address |
#116-3/1, D.S. Senanayake Mawatha, Colombo 08 |
02)
|
Name |
Ajay Mehra |
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ID Number |
113553 Z |
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Nationality |
Indian |
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Address |
#116-3/1, D.S. Senanayake Mawatha, Colombo 08 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
|
Report Prepared
by : |
DPT |
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 |
|
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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 |
|
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.