MIRA INFORM REPORT

 

 

Report No. :

310369

Report Date :

21.03.2015

 

IDENTIFICATION DETAILS

 

Name :

RICHARDSON PROJECTS (PVT) LTD

 

 

Registered Office :

# 342, 03rd Floor, Galle Road, Colombo 03

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

22.05.2000

 

 

Com. Reg. No.:

PV 13164

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

·         Manufacturers of high and medium voltage electrical equipment, primarily for infrastructural electrical projects

·         Subject Projects specializes in providing a comprehensive range of electrical solutions including panel manufacturing, solar power panels, lighting and surge protection systems, energy, power transmission and distribution systems, surface coating and industrial automation solutions.

·         Subject Projects uses state-of-the-art technology with intense testing methods assuring customer safety at all times, the company states.

 

 

No of Employees :

150 (Approximately)

 

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

:

RICHARDSON PROJECTS (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company (In operation)

Managing Director

 :

M. Nazri Nizar

Primary Line of Business

:

Manufacturers of high and medium voltage electrical equipments, primarily for infrastructural electrical projects.

Place of Business

:

 

# 342, Level 03, Galle Road,

Colombo 03,

Sri Lanka

 

Tel. No: (00 94 11) 256 4454

Fax No: (00 94 11) 256 4456

 

E Mail: info@richardsonsl.com

 

Factory

:

 

# 321/A, Parakrama Road,

Peliyagoda,

Sri Lanka

 

No. of  Employees

:

Approx. 150

           

 

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 26117

Date of Registration

:

22nd May 2000

Re-registration No

:

PV 13164

Date of Re-registration

:

7th May 2009

Registered Office

:

# 342, 03rd Floor, Galle Road, Colombo 03, Sri Lanka

Board of Directors

As At

  31st October 2014

:

Mohamed Nazri Nizar

Managing/ Director

Fathima Aneesa Nizar (Ms)

Director

Kishan Kanag Isvaran

Director

Issued Share Capital

:

Rs.   35,640,000.00

Number of Shares

:

3,564,000       

Nominal Value of Share

:

Not declared/stated vide Companies Act #7 of 2007

Share Holders

As At

31st October 2014

:

 

                       Share Holders

No. of Shares

Kishan Kanag Isvaran

1,050,000

Fathima Aneesa Nizar (Ms)

01

Mohamed Nazri Nizar

2,149,999

Ravitharan Paskaralingam

364,000

Auditors

:

R. B. Ganeshan & Company, #287, Galle Road, Colombo 6

Company Secretaries

:

G. R. G. Associates (Pvt) Ltd, #16A 2/1, Pereira Lane, Colombo 6

Bankers

:

Nation Trust Bank , Commercial Bank, Hatton National Bank

 

 

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 are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION

 

                                            New Picture

                                                                     Company Logo

 

·         History.

The Subject Company RICHARDSON PROJECTS (PVT) LTD is a Private    Limited   liability Company incorporated on 22nd May 2000 under registration number N (PVS) 26117 and then the company was re-registered on 7th May 2009 under registration number PV 13164.

 

The Subject Company RICHARDSON PROJECTS (PVT) LTD is a member company of RICHARDSON GROUP. Other member companies of RICHARDSON GROUP as follows

 

o    Richardson Electric (PVT) LTD

o    Richardson Distributors (PVT) LTD

o    Richardson Outdoor (PVT) LTD

o    Richardson Engineering (PVT) LTD

o    Richardson Retail Link (PVT) LTD

 

·         Location.

The Subject Company is located at the client # 342, Level 03, Galle Road, Colombo 03, Sri Lanka

 

·         Operations Details.

 

General

The primary line of business of Manufacturers of high and medium voltage electrical equipment, primarily for infrastructural electrical projects. Subject Company has earned certified by ISO 9001: 2008 and Richardson launches Megaman’s eco-friendly architectural lighting

 

Richardson Projects specializes in providing a comprehensive range of electrical solutions including panel manufacturing, solar power panels, lighting and surge protection systems, energy, power transmission and distribution systems, surface coating and industrial automation solutions. Richardson Projects uses state-of-the-art technology with intense testing methods assuring customer safety at all times, the company states.

 

Products/Services

High and medium voltage electrical equipments

Panel Manufacturing, Solar power, Lighting & surge protection, Energy, power Transmission & Distribution, Surface Coating, Industrial Automation

 

Brand/Tradenames

Broyce

Eaton/ Moeller

Furse

Telegron and several others.

 

Import Country

USA, Japan, India Malaysia, New Zealand, European countries such as Spain, Italy, Austria,  France, Germany, UK

 

No of Employees

                    Approx. 150

 

 

 

·         Directors Information

 

             01)

Name

Kishan Kanag Isvaran

Gender

Male

Nationality

Sri Lankan

National ID No.

693631360 V

Date of Birth

28th December 1969

Age

45 Years

Address

#125, Isipathana Mawatha, Colombo 05

 

               02)

Name

Fathima Aneesa Nizar

Gender

Female

Nationality

Sri Lankan

National ID No.

698241780 V

Date of Birth

19th November 1969

Age

45 Years

Address

#116C, Rosemead Place, Colombo 7

 

                03)

Name

Mohamed Nazri Nizar

Gender

Male

Nationality

Sri Lankan

National ID No.

712530928 V

Date of Birth

09th September 1971

Age

43 Years

Address

#116C, Rosemead Place, Colombo 7

 

·         Trade references

                  The subject company has provided following projects as trade references

 

                   Ongoing Projects

                   • Lightening Protection System for Housing Project, Angulana.

                   • Lightening Protection System for Paddy Storage Facility, Maradagahamulla.

                   • Power Distribution System at American Efird, Kaduwela.

                   • Lightening Protection System DSI Shopping Arcade, Maharagama.

                   • ATS PANEL at New Anthony's Farm, Hanwella.

 

             Awards:

             Subject has received the following Awards:

 

             TECHNO AWARDS in 2003, 2004, 2005 and 2012

             IESL CENTANARY AWARDS 2006

 

Accreditations:

                  

http://www.richardsonsl.com/images/content_images/accreditation/accreditation_1.jpg

 

http://www.richardsonsl.com/images/content_images/accreditation/accreditation_2.jpg

                

 

·         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

b) Business Trend

Growing

c) Management Capability

Good

d) Commercial Morality

Good

e) Market Situation

Competitive

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.49

UK Pound

1

Rs.92.26

Euro

1

Rs.66.80

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

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.