MIRA INFORM REPORT

 

 

Report No. :

324612

Report Date :

08.06.2015

           

IDENTIFICATION DETAILS

 

Name :

CEYLON NEWSPAPERS  (PVT) LTD

 

 

Registered Office :

# 101, Rosmead Place, Colombo 07

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

31.03.2011

 

 

Com. Reg. No.:

PV 78097

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Newspaper Publishing Company.

 

 

No. of Employee :

Approx. 425

 

 

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 :

Unknown

 

 

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

     

a.

Name of Subject of Inquiry

:

 CEYLON NEWSPAPERS  (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

Managing Director

:

Dr. Harsha Kamalnath Alles

d.

Primary Line of Business

:

Newspaper Publishing Company

e.

Place of Business

:

 

# 101, Rosemead Place,

Colombo 07

Sri Lanka.

 

Tel. No: (00 94 11) 268 2620

               (00 94 11) 7 566566, 7 56652, 7 566526-27

 Fax No: (00 94 11) 756 6545

Email: editor@ceylonnewspapers.lk

info@ceylonnewspaper.lk

 

g.

No. of Employees

:

Approx.425

 

 

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

 

Registration No

:

PV 78097

Date of Registration

:

31st March 2011

c.

Registered Address

:

# 101, Rosmead Place, Colombo 07, Sri Lanka

d.

Board of Directors

As At

07th May 2014

:

Dr. Harsha Kamalnath Alles

Managing Director

D. Chinthaka Gayan Dewathanthriarachchi

Director

B.M. Dushyantha Bandara Basnayake

Director

G.M. Thushara Sanjaya Gooneratne

Director

Ramantha Malik Christopher Alles

Director

e.

Issued Share Capital

:

Rs  100,000,020.00

Total Issued Shares

:

10,000,002

f.

Nominal Value of Share

:

Not stated vide Companies Act # 7 of 2007

g.

 

Share Holders

As At

07th May 2014

:

 

Major Share Holders

 

No. of Shares

D. Chinthaka Gayan Dewathanthriarachchi

01

M.L. Subhash Wijeyeratne

01

Tiran Prasanna Christopher Alles

5,000,000

Apogee International (Pvt) Ltd

5,000,000

h.

Auditors

:

Goonetilleke & Company, #38, Galle Face Court 1,Colombo 3

i.

Company Secretaries

:

Company Secretaries (Pvt) Ltd, #810, 2nd Floor, Maradana Road, Colombo 10

j.

Bankers

:

Bank of Ceylon, Commercial Bank, Sri Lanka

k.

Printing Press

:

Ekala, Ja-ela, Sri Lanka

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

The company has declined to provide information on its finances

                                                                                   

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

 

 

CURRENT INVESTIGATION

 

  • History.

 

The Subject Company is CEYLON NEWSPAPERS (PVT) LTD is a Private Limited Liability Company incorporated on 31st March 2011 under registration number PV 78097.

 

Subject Company is owned by the Alles family where Apogee International (Pvt) Ltd, the holding company is also owned by them.

 

·   Location.

 

The Subject Company is located at the client is # 101, Rosemead Place,

Colombo 07, Sri Lanka, a highly residential cum business area.

 

  • Operational Details.

 

General

The primary line of business of the subject company is publishing daily and weekly newspapers. Their two daily news papers are "Mawbima" and "Ceylon Today”, "Mawbima" goes as a Sinhala edition and "Ceylon Today" goes as English edition. 

 

Products

“Ceylon Today” English medium daily newspaper published in print and online media

 “Mawbima” Sinhala medium daily newspaper published in print and online media

   

Countries

Circulation in Sri Lanka and also the  on- line editions for international readers as well.

 

 

No of Employees

Approx.425

 

·         Directors’ Details

 

01)

Name

Dr. Harsha Kamalnath Alles

ID Number

640281766 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

28th January 1964

Address

#345/33, Kuruppu Lane, Colombo 8

 

 

02)

Name

D. Chinthaka Gayan Dewathanthriarachchi

ID Number

750470556V

Nationality

Sri Lankan

Gender

Male

Date of Birth

16th February,1975

Address

#60/104, Bodhi Place, Gampaha

 

 

03)

Name

B.M. Dushyantha Bandara Basnayake

ID Number

640281766V

Nationality

Sri Lankan

Gender

Male

Date of Birth

28th January, 1964

Address

#364/4, Polhena Road, Dalugamgoda, Kelaniya

 

 

04)

Name

G.M. Thushara Sanjaya Gooneratne

ID Number

673311881V

Nationality

Sri Lankan

Gender

Male

Date of Birth

26th November 1967

Address

#f22, Elvitigala Flats, Colombo 08

 

 

05)

Name

Ramantha Malik Christopher Alles

ID Number

901284024 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07th May 1990

Address

#345/33, Kuruppu Lane, Colombo 8

 

 

·         Trade references

 

The subject company, the products and the owners (the Alles Family) is well known in the country

 

 

·         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

 

 

Information parted by (general details)

 

Name :

Ms. Shanika

Designation :

Senior Secretary

Contact No.:

9411 7566566

Date :

06.06.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.89

UK Pound

1

Rs.97.98

Euro

1

Rs.71.82

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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.