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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Abans in mega Shopping Mall project : Fitch report

Abans in mega Shopping Mall project : Fitch report

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Abans Pvt Ltd, despite a slowing macro-economic environment and higher inflation levels, is likely to maintain a satisfactory credit profile and strong market position in the domestic consumer durables segment over the medium term, according to Fitch Ratings Lanka.

For this reason, Fitch said it was affirming Abans’ National Long-Term rating at ‘A-(lka)’ with a stable outlook. The rating also factors in the improved financial performance of Abans Financial Services Ltd (AFS) in 2011, partly in line with the performance of the domestic non-bank financial institutions.

“The rating is constrained by Abans’ relatively weak corporate governance compared with listed peers. This includes (but is not limited to) concerns such as the lack of key board sub-committees, the existence of a complex group structure, and the presence of a high level of related party transactions with companies outside the Abans consolidated group,” the Fitch statement said.

Liquidity is adequate with unutilised debt facilities of Rs 2.2 billion and cash of Rs 1.86 billion as at end-9months of 2012, compared with the current portion of long-term debt of Rs 1.34 billion (excluding AFS debt). At end-2011, the company had Rs 5.5 billion of debt for short-term working capital financing.

However, Fitch does not expect a structural weakening in Abans’ working capital cycle given its strong bargaining power with distributors and the strength of its main supplier – LG Corp.
http://www.sundaytimes.lk/120708/business-times/abans-in-mega-shopping-mall-project-fitch-report-5056.html

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics
Prior Cabinet Approval has not been granted for 99 year lease on the land on which the mall is being constructed.

Abans was also  given a land in seeduwa to construct low housing scheme by the BOI .But, Abans has constructed the Hero Assembly plant in that land.

Buildings built on BOI land cannot be given as security for loans.Abans has obtained loans from NDB bank.

Abans has also obtained garbage collection contracts by offering bribes to CMC top Officials.

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Will foregn buyers invest in a country which is worse than the middle East economies?

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Dear Wimal, WHAT IS YOUR SOURCE?

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics
Prior Cabinet Approval has not been granted for 99 year lease on the land on which the mall is being constructed.

(Source-cabinet minutes related to land lease period and Bank of Ceylon credit department staff)

Abans was also  given a land in seeduwa to construct low housing scheme by the BOI .But, Abans has constructed the Hero Assembly plant in that land.

(Source - BOI conditions of approval)

Buildings built on BOI land cannot be given as security for loans.Abans has obtained loans from NDB bank.

(Source - BOI staff and NDB credit department staff)



Abans has also obtained garbage collection contracts by offering bribes to CMC top Officials.

(Source - Documents with CMC and Kotte )

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
Troubled Abans plc Profit for 9 months to Dec 2017 dropped by 85% from 320 mn to 50 mn.profit for 3 months to Dec 2017 dropped by 84% from 17 mn to 2 mn.Diversion funds to sister companies has resulted in 105 mn loss mainly related to the joint venture property development Colombo City Centre.

Due to One of the non independent director and audit committee chairman namely Hiran Embuldeniya (common director of Abans plc and Abans finance plc) , The group has failed to comply with corporate governance requirements set out in Rule 7.10 of listing rules.

Embuldeniya is the shareholder director of Ironwood Investment which holds major shares in Abans Finance . Due to this conflict of interest their shareholding (49.67%)in Abans Finance PLC along with Ironwood Investment(41.89.%) , sister companies (Able investment, A B Cold storage , A B Securitas , Cleantech)51.54% , directors (2.57%)and proxy employees (2.04%) is 98.04% resulting in public holding of 1.96% .

They have fraudulently declared to CSE as 8.10%.





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