3decades

MIRA INFORM REPORT

Report No. :	487148
Report Date :	30.01.2018

IDENTIFICATION DETAILS

Name :	FINCO ENGINEERING (PRIVATE) LIMITED

Registered Office :	# 57, S De S Jayasinghe Mawatha, Nugegoda,

Country :	Sri Lanka

Date of Incorporation :	25.08.2011

Com. Reg. No.:	PV 80908

Legal Form :	Private, Limited Liability Company (In Operation)

Line of Business :	Subject is engaged into construction mainly with heavy duty projects such as Highways, Dams, Roads, Towers, Apartments, Hotels etc.. is also into Aviation, Leisure, Office Equipment, Technology etc further Engineering Products and Services such as Concrete Additives Concrete Repair Products Erosion Control Flooring - Industrial Gabions Geo Textiles Road Construction Products Water Proofing Contractors Water Proofing Materials Soil Nailing

No. of Employees :	310

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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

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

a.	Name of Subject of Inquiry	FINCO ENGINEERING (PRIVATE) LIMITED
b.	Legal Form & Status	Private, Limited Liability Company (In Operation)
c.	Managing Director Chairman	Mr Delgoda Rohan Sarath Mr Weerasooriya Nishan Eshendra
d.	Primary Line of Business
		# 49/16, ICELAND BUILDING, GALLE ROAD COLOMBO 3
		Head Office :

		# 291, Modera Street, Colombo 15 - Stores
e.	Principal Place of Business	Sri Lanka. Tel. No: (00 94 11) 2546052/ 7513500 Fax. No: (00 94 11) 2546056 E-Mail: info@fincoengineering.com Web Site: http://www.fincoengineering.com
f.	Employees	Approximately 310

Company Details

a.	Registration No	PV 80908
	Date of Registration	25^th August 2011
b.	Re-registration No	NA
	Date of Re-registration	NA
c.	Registered Office	# 57, S De S Jayasinghe Mawatha, Nugegoda, Sri Lanka.
	Director Board / Ownership As At 14^th October 2017	Weerasooriya Nishan Eshendra	Chairman
d.		Delgoda Rohan Sarath	Managing Director
		Weerasooriya Suwaraparani	Director
e.	Sated Share Capital	LKR 291,000,020.00
f.	No. of Shares	29,100,002
g.	Preferential Shares	NA
h.	Nominal Value of Share	LKR 10.00
i.	Auditors	M/S Amarasekara & Company # 12, Rotunda Gardens, Colombo 03, Sri Lanka.
j.	Company Secretaries	Hewavitharanage Ruvini Surangika Gintota # 70, S De S Jayasinghe Mawatha, Nugegoda, Sri Lanka.
k.	Main Bank/s	COMMERCIAL BANK OF CEYLON PLC

Shareholders

NO.		NAME	NUMBER OF SHARES
1.	Weerasooriya Nishan Eshendra			29,100,002

FINANCIAL DETAILS

- Most recent available Financial Information

CURRENT INVESTIGATION

Since 1983

Company Logo

· History.

The subject company was initially formed on 25^th August 2011 under PV 80908 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Caption

Finco Engineering (Pvt) Limited (FEL), which commenced as a three person's operation three decades ago, today not only has risen to be the lead member of the Services Cluster of the FINCO Group of Companies, but is also being recognized as a significant cog in the wheel that drives the FINCO Group.

Currently, FEL provides employment to over 300 persons in its head office in Modera, and sales and logistics centers in Colombo, Nugegoda, Kaduwela, Negombo, Kandy, Anuradhapura, Kilinochchi, Jaffna, Kurunegala, Matara and Warehouse and Manufacturing site in Homagama.

In today's fast moving development economy of Sri Lanka, whilst FEL's multi-faceted engineering solutions encompasse mega projects of the state and private sectors; it continues to serve the small ventures and individual requirements as well. From its inception, FEL's product range included world class engineering products and today, the array has been expanded to include many more-top-of-the-range engineering commodities.

FEL while expanding its range of products and consequent services has embarked on an approach to manufacture engineering products for the construction industry under its own brand.

One of FEL's greatest assets is its committed, diligent and long serving staff members. Today FEL can boast of staff cadres who have received an in-depth knowledge of the company's vast product range, as well as skills enhancement under top trainers in different parts of the world.

· Operational Details.

General

The subject company which is under the Finco group a diversified business house has come a long way since its small scale inceptions. The company into construction mainly with heavy duty projects such as Highways, Dams, Roads, Towers, Apartments, Hotels etc.. is also into Aviation, Leisure, Office Equipment, Technology etc..

Products & Services

Engineering Products and Services

Concrete Additives Concrete Repair Products Erosion Control Flooring - Industrial Gabions Geo Textiles

Road Construction Products

Water Proofing Contractors

Water Proofing Materials Soil Nailing

Employees

310 Approximately

Export Countries

Import Countries

Singapore, Saudi Arabia, Canada, South Africa, United Kingdom, Australia, Malaysia, United Arab Emirates, Kuwait, India

Associate / Subsidiary Companies

Finco Group

- Finco Technologies

- Uga Escapes

- Gneisses Soft wear

- Alpha Tours

- Ian Burke (Hong Kong)

- Alpha Industries

- Finco Limited

Factory / Warehouse and Sales Outlets

Owned

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Weerasooriya Nishan Eshendra
ID Number	662461903V
Nationality	Sri Lankan
Gender	Male
Date of Birth	02nd September 1966
Age	51 Years
Address	# 228, Thalawathugoda Road, Kotte, Sri Lanka.
Director 2
ITEM	DETAIL
Name	Delgoda Rohan Sarath
ID Number	403231614V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18th November 1940
Age	77 Years
Address	# 95, Epitamulla Road, Kotte, Sri Lanka.
Director 3
ITEM	DETAIL
Name	Weerasooriya Suwaraparani
ID Number	408472113V
Nationality	Sri Lankan
Gender	Female
Date of Birth	12th December 1940
Age	77 Years
Address	# 228, Thalawathugoda Road, Pitakotte, Sri Lanka.

INFORMATION DENIED BY

Name :	DELGODA ROHAN SARATH
Designation :	Director
Contact No.:	(00 94 11) 7513500
Date :	25.01.2018

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07
LKR	1	INR 0.41

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

INFORMATION DETAILS

Information Gathered by :	SHA

Analysis Done by :	VAR

Report Prepared by :	KET

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.