Chinwi wrote:Nicely printed Prospectus. Areal views of never seen beautiful lagoons , beaches and islets in our country .
Hey Chinwi...Your Analysis is good...but look at How A.C. Seneviratne - a common director had authorised to pull out money from Anilana to other entities...Page 85- 87..Related party Transactions.Anilana group yet to receive Rs.287.3 million and Anilana company alone yet to receive Rs.581.5 million from others in big time.
Sampath Bank had lend over Rs.531 million on two Mortgage Bonds for Nilaweli land and Passikuda land of Anilana.
Page 83. Entire investments made in subsidiary companies that own lands is only little over Rs.148.59 million as at 31 March 2012 but Directors valuation is Rs.1,263.37 million (1.26 billion)
Page 81-82 Freehold Land of the of the company had been revalued on 11 August 2011,12 August 2011,23 December 2011,23 December 2011, and 20 March 2012 by Ariyathilake & Company - Chartered Valuer.
-Although the war was ended in 2009 with Ceylinco crisis that had over 100 realestate companies Sri Lanka's land sector didn't appreciate much, 2008 at the peak of Primary Mortgage Crisis a perch at Kollpity-Collpity was Rs.7.5 million then in 2009 it came down to Rs.3.2 to Rs.3.6 million but now again at the Rs.7 million rate.-
Average Sri Lanka's Land appreciation value is considered to be only a 20% increase after the war...ask from Overseas Realty and Havelock City and Prime Lands.
So Rs.148,591,240/- (148.5 million) will only increase upto a maximum of Rs.324,356,041.85 (324.35 million) from May 2009 (May 19 End of War) to May 2013 (Four Year Period).
On the other hand East Coast still doesn't even have elctricity completely only some main areas have road access and not many amneties...I have personally visited.
Beauty is... former Ceylinco Group owned Ceylinco Investments Corporation Ltd - a company that accepted fixed deposits from High Net-worths without a finance license for real estate projects of Ceylinco is now under Asanga!
Some insiders from Nation Lanka says he (Asanga) has unethically transfered the ownership of Millenium City (Millenium Developers) one of the biggest real estate projects of Ceylinco (owned by former Ceylinco Finance now Nation Lanka) to himself.
Last edited by MarketWitch on Sat Jun 08, 2013 1:09 pm; edited 1 time in total