MIRA INFORM REPORT

 

 

Report No. :

487785

Report Date :

02.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

JINASENA (PVT) LTD

 

 

Registered Office :

# 186, Elvitigala Mawatha, Colombo 08

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

03.04.1967

 

 

Com. Reg. No.:

PV 3568

 

 

Legal Form :

Private Limited Liability Company (In Operation)

 

 

Line of Business :

Manufacturers, Exporters and Distributors of Machinery for various industries

 

 

No. of Employees :

500 + Approximately

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under an IMF program. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is almost 80% of GDP and remains among the highest of the emerging markets.

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.

Tourism has experienced strong growth during recent years following the resolution 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.

 

Source : CIA

 

Company Profile

 

Basic Information

 

Name of Subject of Inquiry

JINASENA (PVT) LTD

Legal Form & Status

Private Limited Liability Company (In Operation)

Chairman

Mr Jinasena Tissaweera Rohan

Primary Line of Business

Manufacturers, Exporters and Distributors of Machinery for various industries

Principal Place of Business

# 186, Elvitigala Mawatha, Colombo 08 Sri Lanka.

Tel. No: (00 94 11) 2688966 / 2684911-12 / 2684917-18 Fax. No: (00 94 11) 2688969 E-Mail: jinasena@jinasena.com.lk Web Site: http://www.jinasena.com/

Employees

500 + Approximately

 

 

Company Details

 

Registration No

PVS 2495

Date of Registration

03rd April 1967

Re-registration No

PV 3568

Date of Re-registration

30th April 2008

Registered Office

# 186, Elvitigala Mawatha, Colombo 08, Sri Lanka.

Board of Directors As At 14th October 2017

Jinasena Tissaweera Roshan

Director

Jinasena Ruvani

Director

Jinasena Roshani Asanthi

Director

Amarasuriya Anil Suneetha

Director

Bertholomeuz David Nigel

Director

Wijayapala Mahawatachchi Danushka Samantha

Director

Issued Share Capital

LKR 252,151,750.00

No. of Shares

25,215,175

Preferential Shares

NA

Nominal Value of Share

LKR 10.00

Auditors

K P M G Chartered Accountants

# 32 A, Sir Mohamed Macan Marker Mawatha, Colombo 03, Sri Lanka.

Company Secretaries

S S P Corporate Services (Pvt) Ltd # 101, Inner Flower Road, Colombo 03, Sri Lanka.

Main Bank/s

Bank of Ceylon

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

1.

Jinasena Tissaweera Rohan

25,215,168

2.

Fernando Roshini Samantha

01

3.

Jinasena Rohantha Nishan

04

4.

Jinasena Ruvani

01

5.

Jinasena Roshani Asanthi

01

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

NA

 

 

CURRENT INVESTIGATION

 

WNCt »90S

JINASENA[ PVT] LIMITED

 

Company Logo

 

• History.

Amalgamated with Jinasena Engineering Holdings (Pvt) Ltd on 24th May 2011

Amalgamated with Subject Ji (Pvt) Ltd (main) /Jinasena Seals (Pvt) Ltd/Jinasena Casting (Pvt) Ltd/ J Electric Motors (Pvt) Ltd/ Ji Pumps (Pvt) Ltd/ Ji Industrial Appliances (Pvt) Ltd on 11th December 2012

 

The subject company was formed on 03rd April 1967 under PVS 2495 under the companies Act of Sri Lanka, and subsequently Re-registered on 30th April 2008 under PV 3568 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka. The subject company has over 18 branches located Island wide for Sale and Servicing and is a recognized entity with many awards to its name.

 

Caption

Jinasena Limited was founded in 1905 as a bicycle-repair shop but soon moved into machinery repairs. Its founder, C.Jinasena, was a man of vision. He was a chartered engineer by profession and was educated in the UK. Sri Lanka at that time was known as Ceylon and was under colonial rule. Engineering - like many areas of enterprise - was the sole preserve of the British. When Jinasena Limited moved from servicing and repairing machinery used extensively in the tea and rubber industries into manufacturing these very same machines

Jinasena Limited was the first Ceylonese owned engineering company - and by 1932, it was rated among the five leading engineering companies in the island.In 1950, the son of the founder T. S. Jinasena designed and manufactured the first Jinasena Centric Water Pump. After years of servicing and repairing foreign water pumps

The Jinasena Group also has interests in diverse fields, including hotel operations, generators, pneumatic rubber tyres, garments and agricultural machinery. Its agricultural machinery centres around a mission to design and manufacture mechanised farming equipment that is suited to farming conditions in Sri Lanka - in particular, the relatively small paddy fields in rural areas. The range of tractors, threshers, reapers, choppers and weeders really began to make their presence felt when the brand quickly gained the trust of the rural Sri Lankan farmer, who is traditionally extremely sceptical about the mechanisation of time-tried methods.

• Operational Details.

 

General

The subject company is a highly reputed and regarded company in Sri Lanka spanning decades of operations and has won the hearts of many a Sri Lankan. The company initially launched its operations with water pumps and has now grown and diversified into many industries inclusing hospitality, rubber etc...

 

Products

Water Pumps & Various Pumps for other applications

Agricultural Machinery

Water Purifiers

Electric Motors

Drips & Sprinklers

Grid Banks

Machinery Services

Renewable Energy Systems (Solar Power systems, Turbines, Electric Bikes, Lighting sytems, LED Lights, Grids)

 

Own Brands

 CENTRIC - PUMPS (SRI LANKA)

 ROBIN - PUMPS (SRI LANKA)

 JINASENA SOLAR - (SRI LANKA)

 AGRIMEC - PUMPS (SRI LANKA)

 SINHA - PUMPS (SRI LANKA)

 

Employees

500 + Approximately

 

Export Regions

Maldives, UK, Australia, Japan, USA

 

Import Regions

China, India, Japan

 

Associate Companies

Royal Lotus Hotel (Pvt) Ltd

The Deer Park Hotel (Pvt) Ltd

Jinasena Industrial Park

Jinasena Ltd

Jinasena Castings Ltd

Jinasena Electric Motors

Jinasena Agricultural Machinery

Jinasena Pumps Ltd

Jinasena Engineering Technologies

Almeco (Pvt) Ltd

Loadstar (Pvt) Ltd

Hessing Garments Ltd

 

Factory Complex

Industrial Zone, Ekala, Ja-Ela

Warehouse:

218,Minuwangoda Road, Ekala, Ja-ela.

 

Sales Offices:

Kandy,Kurunegala,Dambulla,Nuwaraeliay,Anuradhapura,Buttala,Beruwela,Bandarawela,Kaduruwela,Galle,Ampara,Ekala,Puwakpitiya,Tambuttegama,Girandurukotte,Embilipitiya,Puttalam,Trincomalee,Tissamaharama

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

Jinasena Tissaweera Rohan

ID Number

431281953V

Nationality

Sri Lankan

Gender

Male

Date of Birth

07th May 1943

Age

74

Address

# 8/6, Kirimandala Mawatha, Nawala, Sri Lanka.

 

Director 2

 

ITEM

DETAIL

Name

Jinasena Ruvani

ID Number

467440692V

Nationality

Sri Lankan

Gender

Female

Date of Birth

31st August 1946

Age

71

Address

# 8/6, Kirimandala Mawatha, Nawala, Sri Lanka.

 

Director 3

 

ITEM

DETAIL

Name

Jinasena Roshani Asanthi

ID Number

835743942V

Nationality

Sri Lankan

Gender

Female

Date of Birth

14th March 1983

Age

34

Address

# 8/6, Kirimandala Mawatha, Nawala, Sri Lanka.

 

Director 4

 

ITEM

DETAIL

Name

Amarasuriya Anil Suneetha

ID Number

532580650V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th September 1953

Age

64

Address

# 8/22A, Liyanage Mawatha, Nawala, Sri Lanka.

 

Director 5

 

ITEM

DETAIL

Name

Bertholomeuz David Nigel

ID Number

702761620V

Nationality

Sri Lankan

Gender

Male

Date of Birth

02nd October 1970

Age

47

Address

# 15/4 A, 3rd Lane, Off Chanda Wettasinghe Mawatha, Off Koswatte Road,Nawala, Sri Lanka.

 

Director 6

 

ITEM

DETAIL

Name

Wijayapala Mahawatachchi Danushka Samantha

ID Number

773261318V

Nationality

Sri Lankan

Gender

Male

Date of Birth

21st November 1977

Age

40

Address

# 28/2, De Fonseka Place, Colombo 05, Sri Lanka.

 

 

INFORMATION DENIED

 

Management non co-operative [(00 94 11) 2688966 / 2684911]

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.61

UK Pound

1

INR 89.32

Euro

1

INR 78.95

LKR

1

INR 0.42 

 

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

 

 

INFORMATION DETAILS

 

Information Gathered by :

PUJ

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.