MIRA INFORM REPORT

Report No. :	324350
Report Date :	26.05.2015

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.:	PB 20
Legal Form :	Public limited liability Company (In Operation) not listed with Colombo Stock Exchange
Line of Business :	Publisher of Newspapers and Magazines.
No. of Employee :	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 – 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	:	WIJEYA NEWSPAPERS LTD
b.	Legal Form & Status	:	Public limited liability Company (In Operation) not listed with Colombo Stock Exchange
c.	Chairman	:	Mr. 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 6148
	Date of Registration	:	22^nd November 1979
b.	Re-registration No	:	PB 20
	Date of Re-registration	:	31^st July 2007
c.	Registered Office	:	# 8, Hunupitiya Cross Road, Colombo – 02, Sri Lanka.
d	Board of Directors As at 14th October 2014	:	Ranjith Sujiva Wijewardene	Chairman
			Sirisena Ranasinghe	Director
			S. D. Kamal Chandralal Jayawardana	Director
			P. Sujan Wijewardene	Director
			K.A.D. Randadev Chama	Director
			D. Viswajith Gunatunga	Director
e.	Issued Share Capital	:	Rs. 35,000,500.00
	Number of Shares	:	3,500,050
f.	Nominal Value of Share	:	Not applicable vide Companies Act #7 of 2007

g.	Share Holders As at 14th October 2014	:	Share Holders	No. of Shares
			A. Balasingham	10
			Sarathi Ltd	10
			Irushi Neela Wijewardene	10
			Dinendra Ruwan Wijewardene	10
			Ranjith Sujiva Wijewardene	3,149,990
			Ranjani Neela Wijewardene	10
			P. Sujan Wijewardene	350,010
h.	Auditors	:	Solomon De Silva Moorthy & Co # 22/4, Vijaya Kumaratunga Mawatha, Colombo 05
i.	Company Secretaries	:	D. Viswajith Gunatunga # 41/3, De S Fonseka Road, Off Havelock Road, Colombo 05
j.	Bankers	:	NDB, Bank of Ceylon, Nation Trust Bank, DFCC Bank of Ceylon, Sri Lanka
k.	Trading Terms	:	Purchasing Terms : Cash and Credit Sales Terms : Cash and Credit
l.	Type of customer	:	Wholesalers and retailers

Directors Details

01)

Name	S. D. Kamal Chandralal Jayawardana
ID Number	513062150 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	01^st November 1951
Age	62 Years
Address	# ½, Priya Avenue, Kohuwala

02)

Name	Sirisena Ranasinghe
ID Number	401982116 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	16^th July 1940
Age	73 Years
Address	# 130/5, Kurulu Bedda, Nawala Road, Nugegoda

03)

Name	P. Sujan Wijewardene
ID Number	691082610 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17^th April 1969
Age	45 Years
Address	# 99, Braybrooke Place, Colombo 02

04)

Name	Ranjith Sujiva Wijewardene
ID Number	371821503 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	30^th June 1937
Age	76 Years

05)

Name	D. Viswajith Gunatunga
ID Number	4515700340 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	05^th June 1945
Age	69 Years
Address	# 41/3, De Fonseka Road, Off Havelock Road, Colombo 05

06)

Name	K.A.D. Randadev Chama
ID Number	572692396 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	25^th September 1957
Age	57 Years

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 Financials are available for this entity

CURRENT INVESTIGATION

Company Logo

• History.

The Subject Company WIJEYA NEWSPAPERS LTD is a Public Limited Liability Company (not listed with Colombo Stock Exchange) incorporated on 22^nd November 1979 under registration number PVS/PBS 6148 and then company was re-registered on 31^st 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 primary line of business is Publisher of Newspapers 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 readers and advertisers are served by the network of branches and 5,000 dealer outlets throughout the country

Products

News Papers, New Print, Printing Paper

Export Country

South East Asia

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 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. Dharani
Designation :	Assistant General Manager
Contact No.:	00094112479433
Date :	25.05.2015

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.62
UK Pound	1	Rs.96.51
Euro	1	Rs.69.93

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%)

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