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MIRA
INFORM REPORT
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Report No. : |
494401 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ACCESS ENGINEERING PLC |
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Registered Office : |
Access Towers, # 278,Union Place, Colombo-02 |
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Country : |
Sri Lanka |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
31.07.2001 |
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Com. Reg. No.: |
PB 200 PQ |
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Legal Form : |
Public Limited Liability Company - Listed (In Operation) |
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Line of Business : |
Construction & Engineering |
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No. of Employees : |
Approx. 2000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. 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 about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.
In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.
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.
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Source
: CIA |
Company Profile
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Name of Subject of
Inquiry |
ACCESS ENGINEERING
PLC |
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Legal Form &
Status |
PUBLIC LIMITED
LIABILITY COMPANY - LISTED (In Operation) |
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Chairman |
Sumal Joseph Perera |
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Primary Line of
Business |
Construction &
Engineering |
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Principal Place of
Business |
ACCESS TOWERS, #
278,Union Place, Colombo-02, Sri Lanka. Tel. No: (00 94 11)
230 2302 Fax. No: (00 94 11) 230 2333 E-Mail : investor.relations@accessengsl.com |
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Employees |
Approx. 2000 |
Company Details
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Registration No |
N (PBS) 932 |
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Date of
Registration |
31st
July 2001 |
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Re-registration No |
PB 200 PQ |
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Date of
Re-registration |
06th
February 2008 |
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Registered Office |
ACCESS TOWERS, #
278,Union Place, Colombo-02, |
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Board of Directors
As At 31st December 2017 |
Sumal Joseph Perera |
Chairman |
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Christopher Joshua |
Managing Director |
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D A R Fernando |
Director |
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S H S Mendis |
Director |
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S D Munasinghe |
Director |
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R J S Gomez |
Director |
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Prof. A.M.K.
Ranasinghe |
Director |
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N D Gunaratne |
Director |
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S D Perera |
Director |
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D S Weerakkody |
Director |
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Stated Capital |
LKR
9,000,000,000.00 |
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No. of Shares |
1,000,000,000 |
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Nominal Value of
Share |
Not applicable vide
Companies Act #7 of 2007. |
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Auditors |
KPMG No: 32A, Sir
Mohamed Macan Markar Mawatha, Colombo 03 |
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Company Secretaries |
P W Corporate
Secretarial Services (Pvt) Ltd No: 32/17, Kynsey Road, Colombo 08 |
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Bankers |
Bank of Ceylon
Nation Trust Bank Plc |
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Bank of Ceylon,
Nations Trust Bank PLC, Sampath Bank PLC, Hatton National Bank PLC,
Commercial Bank of Ceylon PLC, People's Bank, DFCC Bank PLC, National
Development Bank PLC, Union Bank of Colombo PLC, Cargills Bank Limited, CAC
International Bank International Commercial Bank |
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Public Quoted date |
2012.03.27 |
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Present share value |
LKR 22.10 |
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All Time High All
Time Low |
LKR 43.50 LKR 13.50 |
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Major Shareholders & Financials
Please
refer attached doc
CURRENT INVESTIGATION
A
public limited liability company incorporated in Sri Lanka on 31st July 2001
under the Companies Act No. 17 of 1982 and Re-registered under the Companies
Act No. 07 of 2007 on 6th February 2008.
Ordinary
Voting Shares are listed on the Main Board of the Colombo Stock Exchange.
Rated
Senior Unsecured Redeemable Debentures are listed on the Colombo Stock
Exchange.
Caption
Eastablished in 2001, Access Engineering is
the premier civil engineering is the premier civil engineering firm - listed in
the Colombo Stock Exchange. Its track record includes over 100 major projects
successfully completed; among these are Bridges and Flyovers, Roads and Highways,
Harbours, Water Treatment Plants and Water Supply Projects, Land Drainage and
Irrigation Schemes and Telecommunication Infrastructure Projects. Through its
project implementation and services, Access Engineering has been a force behind
many multidisciplinary infrastructure projects across the country.
Access Engineering is recognized as a
'specialist contractor' by the National Contractors' Association of Sri Lanka
and as a 'major contractor' by Construction Industry Development Authority
(ICTAD - Institute of Construction Training and Development), with 'C1'
(highest) grading for multiple engineering disciplines. It is compliant to ISO
9001:2008, ISO 14001:2004 and OHSAS 18001:2007 accreditations for its quality,
environmental-and health and safety management systems and is a signatory to
the UN Global Compact.
The company director board comprises of well
reputed individuals in the business circle of Sri Lanka and the group (Access
Group) is a well reputed and established organization in Sri Lanka, working
with many foreign partners and built its reputation and growth since its inception
in 2005.
General
The subject company's main lines of business
are Construction & Engineering whilst the group
enjoys many other activities as you may see through the companies listed under
"Subsidiaries" Services
Construction
& Engineering
Employees
Approx.
2000
Subsidiaries Companies of Access Group
Access
Realties (Pvt) Ltd
Sathosa
Motors Plc
Access
Natural Water (Pvt) Ltd
Access
International (Pvt) Ltd
Access
Energy Solutions (Pvt) Ltd
Access
Realties Residencies (Pvt) Ltd
Access
Realties 2 (Pvt) Ltd
Access
Solar (Pvt) Ltd
Access
Agencies (Pvt) Ltd
Access
Projects (Pvt) Ltd
Trade Reference
National
Construction Association of Sri Lanka (NCASL)
Personal Details of Key Persons
--
Information denied
(00 94 11)
230 2302
MANAGEMENT NON-COOPERATIVE
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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LKR |
1 |
INR 0.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
gathered by : |
KAM |
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Analysis Done by
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PRI |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.