MIRA
INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
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Name : |
DIPPED PRODUCTS LTD. |
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Registered Office : |
Hayley Building 400, Deans Road Colombo, 10 |
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Country : |
Sri Lanka |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
1976 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of medical and surgical equipment and orthopaedic appliances |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Dipped Products Ltd.
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Business
Description
|
Dipped Products PLC is a Sri Lanka-based company engaged in the
manufacture and marketing of industrial and general purpose gloves, and the
management of tea and rubber plantations. The Company operates in three
segments: consumer, industrial and medical. Its key product lines include
natural rubber, natural rubber synthetic blended, synthetic rubber, medical,
supported synthetic rubber, supported natural rubber, coated seamless and
palmrite. As of March 31, 2011, the Company had 10 subsidiaries, including
Palma Ltd., Grossart (Pvt) Ltd., DPL Plantations (Pvt) Ltd., Venigros (Pvt)
Ltd., Neoprex (Pvt) Ltd., Texnil (Pvt) Ltd., Dipped Products (Thailand) Ltd.,
ICOGUANTI S.p.A., Feltex (Pvt) Ltd. and Hanwella Rubber Products Ltd, and the
Company was a subsidiary of Hayleys PLC. For the three months ended 30 June
2011, Dipped Products Ltd.'s revenues increased 43% to LKR4.74B. Net income
for the period increased from LKR57.2M to LKR390.4M. Revenues reflect an increase
in demand for the Company's products and services in all business segments.
Net income for the period benefited from a decrease in distribution and other
operating expenses as well as from finance and investment profit. |
Industry
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Industry |
Medical Equipment and Supplies |
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ANZSIC 2006: |
2412 - Medical and Surgical Equipment
Manufacturing |
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NACE 2002: |
3310 - Manufacture of medical and surgical
equipment and orthopaedic appliances |
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NAICS 2002: |
339113 - Surgical Appliance and Supplies
Manufacturing |
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UK SIC 2003: |
3310 - Manufacture of medical and surgical
equipment and orthopaedic appliances |
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US SIC 1987: |
3842 - Orthopedic, Prosthetic, and
Surgical Appliances and Supplies |
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months |
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News
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Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = LKR 112.1562
2 - Balance Sheet Item Exchange Rate: USD 1 = LKR 110.395
Corporate Overview
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Corporate Structure News
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Dipped Products
Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Colombo |
Sri Lanka |
Medical Equipment and Supplies |
132.6 |
15,557 |
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Subsidiary |
Colombo |
Sri Lanka |
Food Processing |
34.3 |
14,216 |
Executives Report
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Significant Developments
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Regulations to
monitor hazardous chemicals
Sri Lanka Daily News: 10 October 2011
[What follows is the full text of the news story.]
Sri Lanka, Oct. 10
-- Sri Lanka has moved into regulation of hazardous chemicals and monitoring
industries that use them.
"I am glad to
announce today that my Ministry has commenced the process of designing a
Chemical Emergency First Responders' Plan. What is important about this
pioneering plan is the global compliance standard we will achieve once it is
completed," said Industry and Commerce Minister Rishad Bathiudeen said.
Minister
Bathiudeen addressed the Chemical Awareness Session for importers and exporters
of 52 private and state sector organisations last week.
The Chemical
Awareness Session is a Public Private Partnership effort by the Ministry of
Industry and Commerce in collaboration with the Dangerous Drugs Control
Authority and the State Trading Corporation and is centred around the Chemical
Weapons Convention (CWC) which Sri Lanka joined since 1993.
The relevant
national legislation is the Chemical Weapons Convention Act No. 58 of 2007.
Among the 52 participating institutions are the private sector such as
Siddhalepa Exports, Nestle Lanka, MAS Research and Innovation, Unilever Sri
Lanka, Cargills Agrifood, A.Baur & Co, Dipped Products, Link Natural
Products, Ansell Lanka, Hemas Manufacturing, and Revlon Lanka.
Among the state
sector institutions are the State Pharmaceutical Corporation, Universities of
Kelaniya and Ruhuna, Tea Research Institute, and NARA.
In 2009, Sri Lanka
imported 219,820 metric tonnes of various chemicals to the country of which
491,768 tonnes were re-shipped (this number exclude oil and LP Gas imports
which are also classified as 'chemicals').
Among the imported
chemicals were the extremely toxic and hazardous chemicals imported to be used
as base chemicals in Sri Lankan industries. Published by HT Syndication with
permission from Daily News Sri Lanka. For any query with respect to this
article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Chemical imports
to be regulated
Sri Lanka Sunday Observer: 09 October 2011
[What follows is the full text of the news story.]
Sri Lanka, Oct. 9
-- Sri Lanka will regulate the use of hazardous chemicals and monitor
industries that use them to draw international investments into the chemical
sector and to create industrial awareness,
"I am glad to
record that my Ministry has commenced designing a Chemical Emergency First
Responders' Plan. What is important is global compliance standards we will
achieve once it is completed" said Minister of Industry and Commerce,
Rishad Bathiudeen.
Bathiudeen was
addressing the launch of the Chemical Awareness Session Importers and Exporters
of 52 private and state sector organisations last week. More than 60
participants attended the sessions. The event cost around Rs. 1.5m and was
funded by the Ministry.
The Chemical
Awareness Session is a public-private partnership effort by the Ministry of
Industry and Commerce in collaboration with the Dangerous Drugs Control
Authority and the State Trading Corporation and is centred around the Chemical
Weapons Convention (CWC) where Sri Lanka is a member since 1993.
The relevant
national legislation is the Chemical Weapons Convention Act No. 58 of 2007.
Among the 52
participating institutions were Siddhalepa Exports, Nestle Lanka, MAS Research
and Innovation, Unilever Sri Lanka, Cargills Agrifood, A. Baur and Co, Dipped
Products, Link Natural Products, Ansell Lanka, Hemas Manufacturing, and Revlon
Lanka. Among the state sector institutions were the State Pharmaceutical
Corporation, Universities of Kelaniya and Ruhuna, the Tea Research Institute,
and NARA. In 2009, Sri Lanka imported 219,820 metric tonnes of various
chemicals to the country of which 491,768 tonnes were re-shipped (this number
excludes oil and LP Gas imports which are also classified as 'chemicals').
Among the imported
chemicals were extremely toxic and hazardous chemicals imported to be used as
base chemicals in Sri Lankan industries. In 2010, 15461 kilograms of 43 types
of toxic and hazardous chemicals were imported for Sri Lankan industries. These
chemicals are known as Scheduled Chemicals but the private sector usually
imports them without the Ministry of Industry and Commerce' recommendation or
clearance. Among these chemicals are saxitoxin (used for medical research),
triethenolemin and 'thyonyl chloride', which are used for plastic and PVC
manufacturing but considered to be dangerous for non-industrial, individual
use.
Announcing the
Plan, Minister Bathiudeen said: "What is important about this plan is the
global compliance standard we will achieve once it is completed. Without this
plan, no international investor will want to enter Sri Lanka's chemical
sector."
Stressing that
there was no intention of a clampdown but aiming at better regulations,
Minister Bathiudeen said: "My Ministry wishes to stress that the purpose
of this legislation and our awareness program is not to impose any restrictions
on import, export or use of any chemical but only to regulate and streamline
the use of scheduled chemicals for legitimate purposes by maintaining a database
by the National Authority appointed. This would facilitate greater transparency
on the use of scheduled chemicals within the country."
Minister
Bathiudeen said: "This special industry initiative comes at an important
time when our industrial sector is playing a vital role in our economic
resurgence. As you may be aware, the largest contribution to the July 2011
exports growth was from the industrial sector, led by a significant increase in
exports of machinery and equipment.
Therefore, it is
time we take steps to regulate various types of chemicals to reduce social and
environmental damage.
My Ministry
estimates that in 2010, damage valued at more than five million rupees took
place due to lack of awareness on chemicals. A number of lives also were lost and
when we assess compensation for these lost lives, the cost of damage is far
higher."
Minister
Bathiudeen said: "The Chemical Weapons Convention is an international
treaty which seeks to eliminate this class of weapons in a verifiable manner.
It primarily addresses national programs and indirectly the threat of chemical
terrorism. The Convention is the common name for the convention on the
prohibition of the development, production, stockpiling and use of chemical
weapons and on their destruction. Sri Lanka has been a signatory to the
Chemical Weapons Convention (CWC) since 1993 and relevant national legislation
has been enforced on August 15, 2008 as Chemical Weapons Convention Act No. 58
of 2007. Under the Act, it is an offence to manufacture use or trade certain
toxic chemicals listed in the Convention without the approval of the National
Authority established for implementing the Convention in Sri Lanka.
Sri Lanka and many
countries throughout the world have companies and businesses involving toxic
chemicals in productions in industrial, agricultural, research, medical,
pharmaceutical and other peaceful purposes. Due to the possibility of such
chemicals being used to manufacture chemical weapons and also use them for
narcotics, it is essential to monitor the activities of the industries dealing
in such chemicals. The Convention requires Sri Lanka to make annual
declarations about the import and use of certain chemicals."
"There is no
request for clearance of these chemical imports.
There is no
awareness of how these chemicals are distributed or stored" said Dr. Rohan
P. Perera, Director, National Authority for the Implementation of Chemical
Weapons Convention under the Ministry of Industry and Commerce. "This
awareness program will show the steps needed to import, use and distribute
these chemicals" Dr. Perera said.
"These
chemicals have many industrial applications.
The main objective
is to use them for industries and should not fall into the wrong hands. By this
initiative, the Ministry will be aware of the uses of chemicals, Dr. Perera
said. Published by HT Syndication with permission from Sunday Observer (Sri
Lanka). For any query with respect to this article or any other content
requirement, please contact Editor at htsyndication@hindustantimes.com
Lanka initiates
chemical plan, begins monitoring imports
Sri Lanka Daily Mirror: 08 October 2011
[What follows is the full text of the news story.]
Sri Lanka, Oct. 8
-- To draw more international investments into the chemical sector and also to
create industrial awareness on their use, Sri Lanka has moved into regulation
of hazardous chemicals and monitoring industries that use them.
"I am glad to
announce that our Ministry has commenced the process of designing a Chemical
Emergency First Responders' Plan. What is important about this pioneering plan
is the global compliance standard we will achieve once it is completed,"
said Rishad Bathiudeen, Minister of Industry and Commerce.
Minister
Bathiudeen was addressing the kick-off of the Chemical Awareness Session
Importers and Exporters of 52 private and state sector organisations on October
6. More than 60 participants are taking part in these sessions at an overall
cost of around Rs 1.5 Mn, funded by the Ministry.
The Chemical
Awareness Session is a Public Private Partnership effort by the Ministry of
Industry & Commerce in
Collaboration with
the Dangerous Drugs Control Authority and the State Trading Corporation and is
centred around the Chemical Weapons Convention (CWC) which Sri Lanka joined
since 1993. The relevant national legislation is the Chemical Weapons
Convention Act No. 58 of 2007.
Among the 52
participating institutions are the private sector such as Siddhalepa Exports,
Nestle Lanka, MAS Research & Innovation, Unilever Sri Lanka, Cargills
Agrifood, A.Baur & Co, Dipped Products, Link Natural Products, Ansell
Lanka, Hemas Manufacturing, and Revlon Lanka. Among the state sector
institutions are the State Pharmaceutical Corporation, Universities of Kelaniya
and Ruhuna, Tea Research Institute, and NARA.
In 2009, Sri Lanka
imported 219,820 metric tonnes of various chemicals to the country of which
491,768 tonnes were re-shipped (this numbers exclude oil and LP Gas imports
which are also classified as 'chemicals'. Among the imported chemicals were the
extremely toxic and hazardous chemicals imported to be used as base chemicals
in Sri Lankan industries. In 2010, 15461 kilograms of 43 types of such
extremely toxic and hazardous chemicals were imported for Sri Lankan
industries. These 43 extremely hazardous chemicals are officially called as
Scheduled Chemicals but the private sector usually imports them without the
Ministry of Industry and Commerce' recommendation or clearance. Among them are
saxitoxin (used for medical research), triethenolemin and 'thyonyl chloride',
which are used for plastic and PVC manufacturing but considered to be dangerous
for non-industrial, individual use.
caption Published
by HT Syndication with permission from Daily Mirror Sri Lanka. For any query
with respect to this article or any other content requirement, please contact
Editor at htsyndication@hindustantimes.com
Sri Lanka
initiates chemical plan to draw investments, begins actively monitoring
chemical imports
Asian Tribune: 08 October 2011
[What follows is the full text of the news story.]
Colombo, Oct. 8 --
To draw more international investments into its chemical sector and also to
create industrial awareness on their use, Sri Lanka has moved into regulation
of hazardous chemicals and monitoring industries that use them.
"I am glad to
announce today that my Ministry has commenced the process of designing a
Chemical Emergency First Responders' Plan. What is important about this
pioneering plan is the global compliance standard we will achieve once it is
completed" said Rishad Bathiudeen, Minister of Industry and Commerce.
Minister
Bathiudeen was addressing the kick-off of the Chemical Awareness Session
Importers and Exporters of 52 private and state sector organisations on October
6. More than 60 participants are taking part in these sessions at an overall
cost of around Rs 1.5 Mn, funded by the Ministry.
The Chemical
Awareness Session is a Public Private Partnership effort by the Ministry of
Industry & Commerce in Collaboration with the Dangerous Drugs Control
Authority and the State Trading Corporation and is centred around the Chemical
Weapons Convention (CWC) which Sri Lanka joined since 1993. The relevant
national legislation is the Chemical Weapons Convention Act No. 58 of 2007.
Among the 52
participating institutions are the private sector such as Siddhalepa Exports,
Nestle Lanka, MAS Research & Innovation, Unilever Sri Lanka, Cargills
Agrifood, A.Baur & Co, Dipped Products, Link Natural Products, Ansell
Lanka, Hemas Manufacturing, and Revlon Lanka. Among the state sector institutions
are the State Pharmaceutical Corporation, Universities of Kelaniya and Ruhuna,
Tea Research Institute, and NARA. In 2009, Sri Lanka imported 219,820 metric
tonnes of various chemicals to the country of which 491,768 tonnes were
re-shipped (this numbers exclude oil and LP Gas imports which are also
classified as 'chemicals').
Among the imported
chemicals were the extremely toxic and hazardous chemicals imported to be used
as base chemicals in Sri Lankan industries. In 2010, 15461 kilograms of 43 types
of such extremely toxic and hazardous chemicals were imported for Sri Lankan
industries.
These 43 extremely
hazardous chemicals are officially called as Scheduled Chemicals but the
private sector usually imports them without the Ministry of Industry and
Commerce' recommendation or clearance. Among them are saxitoxin (used for
medical research), triethenolemin and 'thyonyl chloride', which are used for
plastic and PVC manufacturing but considered to be dangerous for
non-industrial, individual use.
Announcing the
First Responder's Plan, Minister Bathiudeen said: "I am glad to announce
today that my Ministry has commenced the process of designing a Chemical
Emergency First Responders' Plan. What is important about this pioneering plan
is the global compliance standard we will achieve once it is completed. Without
this plan, no international investor will want to enter Sri Lanka's chemical
sector in future."
Stressing that he
is not intending a clampdown but only aiming at better regulation, Minister
Bathiudeen said: "My Ministry wishes to stress that the purpose of this
legislation and our awareness program is not to impose any restrictions on
import, export or use of any chemical but only to regulate and streamline the
use of scheduled chemicals for legitimate purposes by maintaining systematic a
database by the National Authority appointed for, which would facilitate
greater transparency on the use of scheduled chemicals within the
country."
Revealing the
importance of the initiative, Minister Bathiudeen said: "This special
industry initiative comes at an important time when our industrial sector is
playing an increasingly vital role in our new economic resurgence. As you may
be aware, the largest contribution to July 2011 exports growth was from the industrial
sector, led by a significant increase in exports of machinery and equipment.
Therefore, it is time we take steps to regulate various types of chemicals to
reduce social and environmental damage. My Ministry estimates that in 2010,
damage valued at more than five million rupees took place due to lack of
awareness on chemicals. A number of lives also were lost and when we assess
compensation for these lost lives, the cost of damage is far higher."
Speaking of the
Chemical Weapons Convention, Minister Bathiudeen said: "The Chemical
Weapons Convention is an international treaty which seeks to eliminate this
class of weapons in a verifiable manner. It primarily addresses national
programmes and indirectly the threat of chemical terrorism. The Chemical Weapons
Convention is the common name for the convention on the Prohibition of the
Development, Production, Stockpiling and use of Chemical Weapons and on their
Destruction. Sri Lanka has been a signatory to the Chemical Weapons Convention
(CWC) since 1993 and relevant national legislation has been enforced on 15th
August 2008 as Chemical Weapons Convention Act No. 58 of 2007. Under the act,
it is an offence to manufacture use or trade certain toxic chemicals listed in
the convention without the approval of the National Authority established for
implementing the convention in Sri Lanka. Sri Lanka and many countries
throughout the world have companies and businesses involving toxic chemicals in
productions in industrial, agricultural, research, medical, pharmaceutical and
other peaceful purposes. Due to the possibility of such chemicals to make
chemical weapons and also use them for narcotics, it is essential to monitor
the activities of the industries dealing in such chemicals. The convention will
require Sri Lanka to make annual declarations about the import and use of
certain chemicals."
"There is no
request for clearance of these chemical imports. There is no awareness of how
these chemicals are distributed or stored" said Dr Rohan P. Perera,
Director, National Authority for the Implementation of Chemical Weapons
Convention under the Ministry of Industry & Commerce. "This awareness
programme will show the steps needed to import, use and distribution of these
chemicals" Dr Perera said. "These chemicals have many industrial
applications. The main objective is to use them for industries but they should
not fall into wrong hands such as chemical weapons or narcotics production. By
this initiative, the Ministry of Industry & Commerce becomes aware of who
imports what, how much is used, and even makes sure that the imported chemicals
end up with the intended end users" Dr Perera said. Published by HT
Syndication with permission from Asian Tribune. For any query with respect to
this article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
National
Conference of Chartered Accountant's inauguralsession takes on people, planet
and profit
Sri Lanka Daily Mirror: 15 September 2011
[What follows is the full text of the news story.]
Sri Lanka, Sept.
15 -- As businesses around the world take on a more ambitious approach towards
ensuring sustainable growth, the 32nd National Conference of Chartered
Accountants will kick off its inaugural technical session with the theme 'Quest
for Balance - Our World: People, Planet and Profit", a theme very
appropriate in today's context.
The session which
will be held on October 21 at the Water's Edge, Battaramulla, will feature
speaker Rita O'Sullivan, Country Director, Sri Lanka Resident Mission (SLRM) of
the Asian Development Bank (ADB). She will delve into the multitude of complex
challenges facing the world today by looking at the importance and the need to
balance multiple priorities including social and environmental challenges,
while creating and sustaining economic growth.
The Chairman for
the inaugural session will be Deva Rodrigo - Former territory senior partner of
PricewaterhouseCoopers, Sri Lanka and Maldives and former Chairman of the
Ceylon Chamber of Commerce, while Rajendra Theagarajah - Managing
Director/Chief Executive Officer of Hatton National Bank PLC; Dr. Mahesha
Ranasoma, Managing Director, Dipped Products PLC; and Iresha Somarathna, Head
of Energy and Environment, Management, Brandix Lanka Limited will also share
insights at the panel discussion.
The three-day
conference held under the theme 'Quest for Balance' will be inaugurated on
October 20, followed by the technical sessions on October 21 and 22 which will
feature six high profile speakers, both local and foreign.
The ICASL introduced
the concept of national conference to Sri Lanka in 1979. The conference has
built a reputation, over the last three decades, as a business summit that
provokes thoughts and spurs insights into broad economic and business issues;
apart from its core emphasis on finance related topics. Every year the
conference attracts over 1,000 participants, making it one of the most attended
corporate events in the country.
The speaker Rita
O'Sullivan is the Country Director of ADB and overseeing ADB's public and private
sector operations in Sri Lanka. She is an economist and a lawyer and holds
degrees in Arts, Economics, and Laws, and a Masters of Law from the University
of Queensland, Australia, as well as Graduate Diplomas in diverse subjects.
She joined ADB as
a Capital Markets Specialist and for 14 years has specialized in the financial
sector development, advising and supporting the design and implementation of
financial sector reforms and enhancing policies and strategies. Prior to that,
she held positions as Vice President, Risk Management with National Securities
Clearing Corporation in New York; Manager and General Counsel at the Securities
Exchanges Guarantee Corporation Ltd and positions with the Australian Federal
Attorney-General's Office; Papua New Guinea's (PNG) State Solicitor's Office;
and Australian and PNG law firms. Published by HT Syndication with permission
from Daily Mirror Sri Lanka. For any query with respect to this article or any
other content requirement, please contact Editor at htsyndication@hindustantimes.com
Hayleys in
plantation share transfer
Sri Lanka Daily News: 09 September 2011
[What follows is the full text of the news story.]
Sri Lanka, Sept. 9
-- Hayleys PLC has sold 33.3 percent of its shareholding in Hayleys Plantation
Services (Pvt) Ltd to DPL Plantations (Pvt) Ltd on September 1.
DPL Plantations
(Pvt) Ltd is a wholly owned subsidiary of Dipped Products PLC which is also a
Hayleys Group company.
With this
acquisition by DPL Plantations (Pvt) Ltd of 33.3 percent of Hayleys Plantations
(Pvt) Ltd, the shareholdings of DPL Plantations (Pvt) Ltd has increased to
66.66 percent in Hayleys Plantation Services (Pvt) Ltd.
Hayleys Plantation
Services (Pvt) Ltd holds 74.74 percent of Talawakelle Tea Estates (Pvt) Ltd and
Dipped Products is also a member of the Hayleys Group.
"This is a
strategic deal done aimed at strategizing our investment portfolio,"
Hayleys Group Finance Director Sarath Ganegoda said.
"DPL
Plantations already held one third of Hayleys Plantations and we decided to transfer
the one third held by Hayleys in Hayleys Plantations to DPL Plantations and it
is in the interest of DPL Plantations to hold two thirds of Hayleys
Plantations," he said. Published by HT Syndication with permission from
Daily News Sri Lanka. For any query with respect to this article or any other
content requirement, please contact Editor at htsyndication@hindustantimes.com
Dhammika ups
Hayleys stake
Sri Lanka Daily Mirror: 02 September 2011
[What follows is the full text of the news story.]
Sri Lanka, Sept. 2
-- Influential investor Dammika Perera yesterday upped his shareholding in
Hayleys PLC through a deal that is quite "complex" in nature, which
market analysts described as 'killing of two birds with a single stone'.
During the early
morning hours, the market saw five crossings of Amaya Lesiure PLC (CONN)
amounting to 24.5 million shares, each at Rs.107 amounting to Rs.2.6 billion.
The seller of the
shares was Dhammika Perera and the buyers were Hayleys PLC and three of its
group companies, namely Dean Foster Private Limited, Toyo Cushion Lanka Private
Limited and Volanka Exports Limited.
Hayleys PLC in a
disclosure just after the market hours confirmed that they bought 51 percent
equity control of Amaya Leisure PLC.
According to
sources, Dhammika is believed to be forming a hotels cluster under Hayleys PLC,
where he serves as the Deputy Chairman and has control over 30 percent of the
company through his personal and related party holdings.
Hotel Services
PLC, the holding company of Ceylon Continental Hotel is also controlled by
Hayleys PLC.
Almost
simultaneous to the above mentioned transaction, another deal took place where
Dhammika bought 7 million shares of Hayleys PLC in 7 crossings, each share at
Rs.380 for Rs.2.66 billion, that in turn helped him to bring his personal
shareholding in Hayleys to nearly 34 percent.
The major sellers
of the shares to Dhammika were Dipped Products PLC and Dean Foster Private
Limited which are subsidiaries of Hayleys PLC.
As per June 30,
2011, Dipped Products had 3,536,159 shares or 4.7 percent of Hayleys while Dean
Foster had 2,922,413 shares or 3.9 percent.
"Through
these two transactions, Dhammika was able to increase his stake in Hayleys as
well as bring Amaya Leisure PLC under the hotel cluster he is believed to be
planning under Hayleys," a stock market analyst told Mirror Business.
Following the two
transactions, Dhammika's personal stake in Hayleys increased to 34 percent and
his effective control to 39 percent with the 5.07 percent stake Royal Ceramics
PLC he has in Hayleys.
Dhammika Perera
was not available for comment. Published by HT Syndication with permission from
Daily Mirror Sri Lanka. For any query with respect to this article or any other
content requirement, please contact Editor at htsyndication@hindustantimes.com
Dipped Products
posts Rs. 486m PAT in 1Q
Sri Lanka Sunday Observer: 07 August 2011
[What follows is the full text of the news story.]
Sri Lanka, Aug. 7
-- The two segments - Hand Protection and Plantations in the first quarter of
2011/12 generated noteworthy growth for Dipped Products PLC, (DPL) the Hayleys
Group's globally significant rubber glove manufacturing business.
Turnover increased
by a solid 43 percent to Rs 4.7 billion, with the Hand Protection segment
contributing Rs 3.4 billion following top line growth of 33 percent, and
Plantations, which achieved revenue growth of 62 percent in the sector's first
quarter, chipping in with Rs 1.5 billion.
The DPL Group
comprising manufacturing subsidiaries in Sri Lanka and Thailand, a marketing
company in Italy, plantations companies - Kelani Valley Plantations PLC (KVPL)
and Hayleys Plantation Services (owners of Talawakele Tea Estates PLC),
reported consolidated profit before tax of Rs 586 million and profit after tax
of Rs 486 million in the first quarter.
DPL's local
manufacturing operations turned in a substantially improved performance,
increasing turnover to Rs 2 billion on a volume growth of 8 percent, and
converting a pre-tax loss of Rs 39 million in the corresponding quarter of the
previous year to a profit of Rs 205 million before tax.
Dipped Products
Thailand, the Group's medical glove manufacturing operation, increased FOB
turnover to Rs 603 million but posted a nominal loss due to poor margins. Sales
of ICOGUANTI S.p.A., DPL's Italian marketing company rose 7 percent to Rs 968
million.
DPL Managing
Director Dr. Mahesha Ranasoma said rubber prices in the quarter reviewed had
played a pivotal role, levelling off somewhat to ease pressure on cost of
production in the Hand Protection segment, but remaining strong enough to
generate adequate margins for KVPL. "Our continued emphasis on lean
manufacturing also helped keep cost elements in control," he said. The
Plantation sector's substantially increased commitments for worker wages along
with increased gratuity provisions following the new collective agreement that
came into force on April 1 would bring margins under heavy pressure, he said.
Published by HT Syndication with permission from Sunday Observer (Sri Lanka).
For any query with respect to this article or any other content requirement,
please contact Editor at htsyndication@hindustantimes.com
SRI LANKAN GLOVE
MAKER'S JUNE QTR PROFIT SOARS ALMOST 6-FOLD
Asia Pulse Businesswire: 04 August 2011
[What follows is the full text of the news story.]
COLOMBO, Aug 4Asia
Pulse - Sri Lanka'sDipped Products Group said June quarter net profit shot up
583 per cent to 390 million rupees (US$3.56 million) from a year ago with
growth in both gloves making and plantations.
Rubber prices
levelled off to ease pressure on gloves production costs but remained strong
enough to generate adequate margins for its rubber plantations, managing
director Mahesha Ranasoma said.
A wage hike given
in a deal with labour unions would bring margins under heavy pressure, he
added.
The company, part
of the Hayleys conglomerate, said earnings per share were 6.52 rupees compared
with 95 cents the year before.
Dipped Products'
sales rose 43 per cent to 4.7 billion rupees in the June 2011 quarter from a
year ago, a stock exchange filing said.
The group's hand
protection business contributed 3.4 billion rupees, up 33 per cent, and
plantations 1.5 billion rupees, up 62 per cent.
The statement said
local manufacturing operations turned in a "substantially improved performance",
increasing turnover to two billion rupees on a volume growth of eight per cent.
This converted a
pre-tax loss of 39 million rupees in the corresponding quarter of the previous
year to a profit of 205 million rupees before tax.
Dipped Products
Thailand, the groups medical glove manufacturing operation, increased free on
board turnover to 603 million rupees but posted a nominal loss due to poor
margins, the statement said.
Sales of ICOGUANTI
S.p.A., its Italian marketing company rose seven per cent to 968 million
rupees.
Ranasoma said
rubber prices in the quarter reviewed had played a "pivotal role",
levelling off somewhat to ease pressure on cost of production in the hand
protection segment, but remaining strong enough to generate adequate margins
for its Kelani Valley Plantations subsidiary.
Our continued
emphasis on lean manufacturing also helped keep cost elements in control, he
said, disclosing that as natural rubber prices ease, the group would
progressively pass on the corresponding cost reductions to buyers.
A new collective
agreement that came into force on April 01, 2011 would bring margins under
heavy pressure, he said.
The stock exchange
filing said the increased wage costs of 266 million rupees for the June quarter
will be adjusted in the group's September quarter financial statements.
The figure
includes wage arrears for the period April 1, 2011 to June 30, 2011 and a
provision of 187 million rupees for the estimated increase in the retiring
gratuity liability arising from the wage deal.
(LBO) ry
04-08 1236
Sri Lanka's Dipped
Products posts 583% surge in qtr net profit
Asia In Focus: 04 August 2011
[What follows is the full text of the news story.]
COLOMBO, Aug 4
Asia in Focus - Sri Lanka's DIPPED PRODUCTS GROUP said June quarter net profit
shot up 583 per cent to 390 million rupees (US$3.56 million) from a year ago
with growth in both gloves making and plantations. Rubber prices levelled off
to ease pressure on gloves production costs but remained strong enough to
generate adequate margins for its rubber plantations, managing director Mahesha
Ranasoma said.
* A wage hike
given in a deal with labour unions would bring margins under heavy pressure, he
added.
* The group's hand
protection business contributed 3.4 billion rupees, up 33 per cent, and
plantations 1.5 billion rupees, up 62 per cent.
ASIA IN FOCUS cg
04-08 1608
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
105.561639 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG, Ford,
Rhodes, Thornton & Co. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
Revenue |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
Total Revenue |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
110.5 |
82.3 |
86.5 |
81.3 |
70.5 |
|
Cost of Revenue, Total |
110.5 |
82.3 |
86.5 |
81.3 |
70.5 |
|
Gross Profit |
22.1 |
20.5 |
21.8 |
19.7 |
18.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
14.3 |
13.3 |
13.2 |
12.5 |
11.0 |
|
Total Selling/General/Administrative Expenses |
14.3 |
13.3 |
13.2 |
12.5 |
11.0 |
|
Research & Development |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Amortization of Acquisition Costs |
- |
- |
- |
- |
0.0 |
|
Depreciation/Amortization |
- |
- |
- |
- |
0.0 |
|
Loss (Gain) on Sale of Assets - Operating |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Unusual Expense (Income) |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Other, Net |
-0.5 |
-0.2 |
-0.1 |
-0.1 |
-0.4 |
|
Other Operating Expenses, Total |
-0.5 |
-0.2 |
-0.1 |
-0.1 |
-0.4 |
|
Total Operating Expense |
124.3 |
95.4 |
99.6 |
93.8 |
80.9 |
|
|
|
|
|
|
|
|
Operating Income |
8.3 |
7.4 |
8.6 |
7.3 |
8.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-2.2 |
-2.1 |
-2.8 |
-2.8 |
-2.4 |
|
Interest Expense, Net Non-Operating |
-2.2 |
-2.1 |
-2.8 |
-2.8 |
-2.4 |
|
Interest Income -
Non-Operating |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Investment Income -
Non-Operating |
0.4 |
0.7 |
-0.6 |
0.9 |
1.2 |
|
Interest/Investment Income - Non-Operating |
0.6 |
0.9 |
-0.4 |
1.0 |
1.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.7 |
-1.1 |
-3.1 |
-1.8 |
-1.0 |
|
Other Non-Operating Income (Expense) |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Other, Net |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Income Before Tax |
6.7 |
6.4 |
5.6 |
5.6 |
7.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.4 |
1.5 |
1.0 |
0.9 |
1.0 |
|
Income After Tax |
5.2 |
4.9 |
4.6 |
4.7 |
6.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.2 |
-0.7 |
-1.3 |
-1.3 |
-1.1 |
|
Net Income Before Extraord Items |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
Net Income |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Basic EPS Excl Extraord Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Basic/Primary EPS Incl Extraord Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
Diluted Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Diluted EPS Excl Extraord Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Diluted EPS Incl Extraord Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
|
Gross Dividends - Common Stock |
1.6 |
2.0 |
1.6 |
1.6 |
2.6 |
|
Interest Expense, Supplemental |
2.2 |
2.1 |
2.8 |
2.8 |
2.4 |
|
Depreciation, Supplemental |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Total Special Items |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Normalized Income Before Tax |
6.6 |
6.3 |
5.6 |
5.5 |
7.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
1.4 |
1.5 |
1.0 |
0.9 |
1.0 |
|
Normalized Income After Tax |
5.2 |
4.9 |
4.5 |
4.6 |
6.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3.9 |
4.1 |
3.3 |
3.3 |
5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.07 |
0.07 |
0.05 |
0.06 |
0.08 |
|
Diluted Normalized EPS |
0.07 |
0.07 |
0.05 |
0.06 |
0.08 |
|
Amort of Acquisition Costs, Supplemental |
0.0 |
- |
- |
- |
0.0 |
|
Amort of Intangibles, Supplemental |
- |
- |
0.0 |
0.0 |
0.0 |
|
Research & Development Exp, Supplemental |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Normalized EBIT |
8.2 |
7.3 |
8.6 |
7.2 |
8.0 |
|
Normalized EBITDA |
12.0 |
10.9 |
12.1 |
10.5 |
10.8 |
|
Current Tax - Domestic |
1.0 |
1.5 |
0.9 |
0.8 |
- |
|
Current Tax - Other |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Current Tax - Total |
1.0 |
1.5 |
0.9 |
0.8 |
- |
|
Other Tax |
0.4 |
0.1 |
0.1 |
0.2 |
- |
|
Income Tax - Total |
1.4 |
1.5 |
1.0 |
0.9 |
- |
|
Other Pension, Net - Domestic |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
Domestic Pension Plan Expense |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
Defined Contribution Expense - Domestic |
2.5 |
2.0 |
1.9 |
1.7 |
1.4 |
|
Total Pension Expense |
4.6 |
4.5 |
3.1 |
3.4 |
2.8 |
|
Discount Rate - Domestic |
11.00% |
11.00% |
- |
10.00% |
- |
|
Compensation Rate - Domestic |
10.00% |
10.00% |
- |
10.00% |
- |
|
Total Plan Other Expense |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
110.395 |
114.05 |
115.725 |
107.8 |
109 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG, Ford,
Rhodes, Thornton & Co. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1.9 |
1.6 |
1.9 |
0.9 |
1.7 |
|
Short Term Investments |
3.0 |
2.0 |
0.8 |
0.2 |
1.8 |
|
Cash and Short Term Investments |
4.9 |
3.6 |
2.7 |
1.0 |
3.5 |
|
Provision for Doubtful
Accounts |
-1.1 |
-0.5 |
-0.3 |
- |
- |
|
Trade Accounts Receivable - Net |
13.6 |
12.6 |
10.5 |
11.1 |
9.8 |
|
Other Receivables |
2.5 |
2.2 |
0.8 |
0.5 |
0.2 |
|
Total Receivables, Net |
16.1 |
14.8 |
11.2 |
11.6 |
10.0 |
|
Inventories - Finished Goods |
14.4 |
10.6 |
9.8 |
9.0 |
6.4 |
|
Inventories - Work In Progress |
1.2 |
1.1 |
0.7 |
0.8 |
0.6 |
|
Inventories - Raw Materials |
9.9 |
7.5 |
7.1 |
8.5 |
8.2 |
|
Inventories - Other |
4.3 |
2.8 |
2.8 |
3.5 |
2.6 |
|
Total Inventory |
29.8 |
22.1 |
20.4 |
21.8 |
17.8 |
|
Other Current Assets |
12.5 |
10.0 |
11.3 |
10.8 |
10.3 |
|
Other Current Assets, Total |
12.5 |
10.0 |
11.3 |
10.8 |
10.3 |
|
Total Current Assets |
63.2 |
50.5 |
45.6 |
45.2 |
41.5 |
|
|
|
|
|
|
|
|
Buildings |
13.6 |
10.9 |
9.2 |
8.1 |
6.9 |
|
Land/Improvements |
2.6 |
2.4 |
1.9 |
2.0 |
1.9 |
|
Machinery/Equipment |
38.8 |
33.0 |
31.0 |
29.2 |
26.1 |
|
Construction in
Progress |
3.1 |
0.4 |
1.5 |
2.1 |
0.6 |
|
Leases |
25.3 |
22.6 |
20.6 |
20.0 |
18.3 |
|
Other
Property/Plant/Equipment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Property/Plant/Equipment - Gross |
83.4 |
69.3 |
64.2 |
61.5 |
53.9 |
|
Accumulated Depreciation |
-31.7 |
-26.3 |
-22.5 |
-20.7 |
-17.0 |
|
Property/Plant/Equipment - Net |
51.8 |
43.0 |
41.7 |
40.8 |
36.8 |
|
Goodwill - Gross |
0.8 |
0.5 |
- |
0.5 |
0.5 |
|
Accumulated Goodwill Amortization |
-0.4 |
-0.4 |
- |
-0.4 |
-0.4 |
|
Goodwill, Net |
0.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Intangibles - Gross |
- |
- |
- |
0.1 |
0.1 |
|
Accumulated Intangible Amortization |
- |
- |
- |
-0.1 |
-0.1 |
|
Intangibles, Net |
- |
- |
- |
0.0 |
0.0 |
|
LT Investment - Affiliate Companies |
2.8 |
0.8 |
0.8 |
0.9 |
0.8 |
|
LT Investments - Other |
1.8 |
1.7 |
1.7 |
1.8 |
1.8 |
|
Long Term Investments |
4.6 |
2.5 |
2.5 |
2.7 |
2.5 |
|
Deferred Income Tax - Long Term Asset |
0.2 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Other Long Term Assets |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets, Total |
0.2 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Total Assets |
120.2 |
96.3 |
90.1 |
89.0 |
81.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
10.8 |
9.0 |
6.5 |
7.4 |
6.7 |
|
Payable/Accrued |
8.2 |
5.2 |
4.5 |
5.4 |
4.0 |
|
Notes Payable/Short Term Debt |
29.8 |
19.9 |
20.8 |
19.9 |
18.1 |
|
Current Portion - Long Term Debt/Capital Leases |
3.8 |
3.0 |
2.7 |
0.0 |
0.1 |
|
Dividends Payable |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Income Taxes Payable |
0.3 |
0.2 |
0.1 |
0.0 |
0.6 |
|
Other Payables |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Other Current liabilities, Total |
0.6 |
0.4 |
0.2 |
0.3 |
0.6 |
|
Total Current Liabilities |
53.2 |
37.5 |
34.6 |
33.0 |
29.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
7.3 |
6.0 |
7.4 |
9.2 |
13.3 |
|
Capital Lease Obligations |
3.3 |
3.2 |
3.2 |
3.5 |
- |
|
Total Long Term Debt |
10.6 |
9.2 |
10.5 |
12.6 |
13.3 |
|
Total Debt |
44.2 |
32.1 |
34.0 |
32.6 |
31.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.5 |
1.2 |
1.2 |
1.2 |
1.0 |
|
Deferred Income Tax |
1.5 |
1.2 |
1.2 |
1.2 |
1.0 |
|
Minority Interest |
7.5 |
6.6 |
6.8 |
6.6 |
5.4 |
|
Pension Benefits - Underfunded |
10.5 |
8.6 |
7.0 |
6.9 |
5.6 |
|
Other Long Term Liabilities |
4.7 |
4.2 |
3.3 |
2.6 |
2.1 |
|
Other Liabilities, Total |
15.2 |
12.8 |
10.3 |
9.5 |
7.7 |
|
Total Liabilities |
88.1 |
67.3 |
63.5 |
63.0 |
56.8 |
|
|
|
|
|
|
|
|
Common Stock |
5.4 |
5.2 |
5.2 |
5.6 |
5.5 |
|
Common Stock |
5.4 |
5.2 |
5.2 |
5.6 |
5.5 |
|
Retained Earnings (Accumulated Deficit) |
23.8 |
21.1 |
19.1 |
18.0 |
16.6 |
|
Unrealized Gain (Loss) |
1.9 |
1.9 |
1.4 |
1.5 |
1.5 |
|
Translation Adjustment |
1.0 |
0.8 |
0.9 |
1.0 |
0.7 |
|
Other Equity, Total |
1.0 |
0.8 |
0.9 |
1.0 |
0.7 |
|
Total Equity |
32.1 |
29.0 |
26.6 |
26.1 |
24.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
120.2 |
96.3 |
90.1 |
89.0 |
81.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Total Common Shares Outstanding |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Employees |
15,557 |
15,636 |
16,929 |
17,085 |
17,303 |
|
Number of Common Shareholders |
2,359 |
2,216 |
2,012 |
2,149 |
2,098 |
|
Accumulated Goodwill Amortization Suppl. |
0.4 |
0.4 |
- |
0.4 |
0.4 |
|
Accumulated Intangible Amort, Suppl. |
- |
- |
- |
0.1 |
0.1 |
|
Deferred Revenue - Long Term |
4.4 |
3.9 |
3.0 |
0.2 |
- |
|
Total Long Term Debt, Supplemental |
11.1 |
8.9 |
10.0 |
11.5 |
12.7 |
|
Long Term Debt Maturing within 1 Year |
3.8 |
2.9 |
2.6 |
2.3 |
2.9 |
|
Long Term Debt Maturing in Year 2 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in Year 3 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in Year 4 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in Year 5 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in Year 6 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in 2-3 Years |
2.5 |
2.2 |
2.6 |
3.1 |
3.5 |
|
Long Term Debt Maturing in 4-5 Years |
2.5 |
2.2 |
2.6 |
3.1 |
3.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2.3 |
1.6 |
2.2 |
2.9 |
2.8 |
|
Total Capital Leases, Supplemental |
3.3 |
3.2 |
3.2 |
3.5 |
3.5 |
|
Capital Lease Payments Due in Year 1 |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Capital Lease Payments Due in Year 2 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 3 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 4 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 5 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in 4-5 Years |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
3.0 |
3.0 |
3.0 |
3.3 |
3.3 |
|
Discount Rate - Domestic |
11.00% |
11.00% |
- |
10.00% |
- |
|
Compensation Rate - Domestic |
10.00% |
10.00% |
- |
10.00% |
- |
|
Accrued Liabilities - Domestic |
-10.5 |
-8.6 |
-7.0 |
-6.9 |
-5.6 |
|
Net Assets Recognized on Balance Sheet |
-10.5 |
-8.6 |
-7.0 |
-6.9 |
-5.6 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
105.561639 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG, Ford,
Rhodes, Thornton & Co. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
6.7 |
6.4 |
5.6 |
5.6 |
7.3 |
|
Depreciation |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Depreciation/Depletion |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Amortization of Intangibles |
- |
- |
- |
0.0 |
0.0 |
|
Amortization |
- |
- |
- |
0.0 |
0.0 |
|
Unusual Items |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.6 |
|
Equity in Net Earnings (Loss) |
0.1 |
0.0 |
0.0 |
-0.3 |
-0.2 |
|
Other Non-Cash Items |
3.6 |
4.7 |
4.2 |
5.6 |
3.5 |
|
Non-Cash Items |
3.6 |
4.6 |
4.2 |
5.2 |
2.7 |
|
Accounts Receivable |
-2.4 |
-2.5 |
-1.5 |
-2.6 |
-5.9 |
|
Inventories |
-4.3 |
-1.6 |
-0.4 |
-3.0 |
-2.7 |
|
Accounts Payable |
4.1 |
3.0 |
-1.0 |
2.1 |
0.3 |
|
Other Operating Cash Flow |
-4.7 |
-4.5 |
-4.9 |
-5.1 |
-1.8 |
|
Changes in Working Capital |
-7.2 |
-5.7 |
-7.9 |
-8.5 |
-10.0 |
|
Cash from Operating Activities |
6.9 |
8.9 |
5.4 |
5.5 |
2.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-9.2 |
-3.4 |
-7.3 |
-6.2 |
-3.6 |
|
Capital Expenditures |
-9.2 |
-3.4 |
-7.3 |
-6.2 |
-3.6 |
|
Sale of Fixed Assets |
0.1 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Investment, Net |
-2.5 |
0.0 |
- |
0.0 |
-1.0 |
|
Purchase of Investments |
-3.6 |
0.0 |
0.0 |
0.0 |
-1.2 |
|
Other Investing Cash Flow |
0.4 |
0.3 |
0.8 |
0.4 |
0.3 |
|
Other Investing Cash Flow Items, Total |
-5.6 |
0.4 |
0.8 |
0.4 |
-1.7 |
|
Cash from Investing Activities |
-14.8 |
-3.0 |
-6.4 |
-5.7 |
-5.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
- |
0.0 |
-0.5 |
|
Financing Cash Flow Items |
- |
- |
- |
0.0 |
-0.5 |
|
Cash Dividends Paid - Common |
-2.0 |
-2.2 |
-0.9 |
-2.1 |
-2.0 |
|
Total Cash Dividends Paid |
-2.0 |
-2.2 |
-0.9 |
-2.1 |
-2.0 |
|
Long Term Debt Issued |
6.3 |
2.3 |
1.5 |
1.0 |
1.3 |
|
Long Term Debt
Reduction |
-4.8 |
-3.8 |
-2.4 |
-3.0 |
-2.9 |
|
Long Term Debt, Net |
1.4 |
-1.5 |
-0.8 |
-1.9 |
-1.5 |
|
Issuance (Retirement) of Debt, Net |
1.4 |
-1.5 |
-0.8 |
-1.9 |
-1.5 |
|
Cash from Financing Activities |
-0.6 |
-3.7 |
-1.8 |
-4.0 |
-4.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-8.5 |
2.2 |
-2.8 |
-4.2 |
-6.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
-16.1 |
-18.4 |
-16.3 |
-12.0 |
-5.5 |
|
Net Cash - Ending Balance |
-24.6 |
-16.2 |
-19.1 |
-16.2 |
-12.1 |
|
Cash Interest Paid |
2.2 |
2.1 |
2.8 |
2.8 |
2.4 |
|
Cash Taxes Paid |
1.6 |
1.0 |
1.3 |
1.5 |
0.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
105.561639 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG Ford Rhodes
Thornton & Company |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
Total Revenue |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
|
|
|
|
|
|
|
Cost of Sales |
110.5 |
82.3 |
86.5 |
81.3 |
70.5 |
|
Gain on Sale of Fixed Assets |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Amortisation of Government Grants |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Export Development Reward |
-0.3 |
-0.1 |
0.0 |
- |
- |
|
Amortisation of Surplus on Acquisition |
-0.1 |
- |
- |
- |
- |
|
Lease Rental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortisation of Surplus on Aquisition |
- |
- |
- |
0.0 |
-0.4 |
|
Administrative Expenses |
11.0 |
9.4 |
9.5 |
8.9 |
7.9 |
|
Selling and Distribution Expenses |
3.2 |
3.8 |
3.7 |
3.6 |
3.0 |
|
Amortization of Expenditure |
- |
- |
- |
0.0 |
0.0 |
|
Research and Development |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Amortisation of Goodwill |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
124.3 |
95.4 |
99.6 |
93.8 |
80.9 |
|
|
|
|
|
|
|
|
Interest on Finance Lease |
-0.6 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Other Interest Charges |
-1.6 |
-1.9 |
-2.6 |
-2.6 |
-2.2 |
|
Exchange Gain/Loss |
- |
0.0 |
-0.6 |
0.5 |
1.0 |
|
Exchange gain on working capital/trading |
0.5 |
0.7 |
- |
- |
- |
|
Interest Income |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Dividend Income - Quoted Investment |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Dividend Income - Unquoted Investment |
- |
- |
- |
0.0 |
0.0 |
|
Income from Associate |
-0.1 |
0.0 |
0.0 |
0.3 |
0.2 |
|
Net Income Before Taxes |
6.7 |
6.4 |
5.6 |
5.6 |
7.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.4 |
1.5 |
1.0 |
0.9 |
1.0 |
|
Net Income After Taxes |
5.2 |
4.9 |
4.6 |
4.7 |
6.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.2 |
-0.7 |
-1.3 |
-1.3 |
-1.1 |
|
Net Income Before Extra. Items |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
Net Income |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Basic EPS Including ExtraOrdinary Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
Diluted Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Diluted EPS Including ExtraOrd Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
DPS-Ordinary Stock |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
|
Gross Dividends - Common Stock |
1.6 |
2.0 |
1.6 |
1.6 |
2.6 |
|
Normalized Income Before Taxes |
6.6 |
6.3 |
5.6 |
5.5 |
7.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.4 |
1.5 |
1.0 |
0.9 |
1.0 |
|
Normalized Income After Taxes |
5.2 |
4.9 |
4.5 |
4.6 |
6.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3.9 |
4.1 |
3.3 |
3.3 |
5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.07 |
0.07 |
0.05 |
0.06 |
0.08 |
|
Diluted Normalized EPS |
0.07 |
0.07 |
0.05 |
0.06 |
0.08 |
|
Research and Development |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Interest Expenses |
2.2 |
2.1 |
2.8 |
2.8 |
2.4 |
|
Depreciation |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Amortisation of Goodwill |
0.0 |
- |
- |
- |
0.0 |
|
Amortisation of Intangibles |
- |
- |
0.0 |
0.0 |
0.0 |
|
Current Tax |
1.0 |
1.5 |
0.9 |
0.8 |
- |
|
(Over)/Under Prov. in Resp/ of Prev. Yrs |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Current Tax - Total |
1.0 |
1.5 |
0.9 |
0.8 |
- |
|
Others |
0.4 |
0.1 |
0.1 |
0.2 |
- |
|
Income Tax - Total |
1.4 |
1.5 |
1.0 |
0.9 |
- |
|
Other, Net - Pension |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
Domestic Pension Plan Expense |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
Defined Contribution Plans - Pension |
2.5 |
2.0 |
1.9 |
1.7 |
1.4 |
|
Total Pension Expense |
4.6 |
4.5 |
3.1 |
3.4 |
2.8 |
|
Discount Rate - Pension |
11.00% |
11.00% |
- |
10.00% |
- |
|
Compensation Rate - Pension |
10.00% |
10.00% |
- |
10.00% |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
110.395 |
114.05 |
115.725 |
107.8 |
109 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG Ford Rhodes
Thornton & Company |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials/Consumables |
9.9 |
7.5 |
7.1 |
8.5 |
8.2 |
|
Finished Goods |
3.2 |
2.2 |
1.9 |
2.2 |
1.6 |
|
Trading Stock |
6.9 |
6.4 |
5.2 |
4.6 |
3.7 |
|
Work-in-Progress |
1.2 |
1.1 |
0.7 |
0.8 |
0.6 |
|
Produce Stock |
4.3 |
2.0 |
2.7 |
2.2 |
1.1 |
|
Goods in Transit |
1.0 |
0.3 |
0.1 |
0.3 |
0.2 |
|
Provision - Moving/Obsolete Inventories |
-1.7 |
-1.4 |
-1.0 |
-0.9 |
-0.7 |
|
Shipping Documents |
14.2 |
11.4 |
12.4 |
11.7 |
11.0 |
|
Trade Receivables |
14.8 |
13.1 |
10.7 |
11.1 |
9.8 |
|
Provision for Bad and Doubtful Debts |
-1.1 |
-0.5 |
-0.3 |
- |
- |
|
Prepayments - Deposits/Advances |
3.3 |
2.5 |
2.7 |
3.2 |
2.4 |
|
Advance Company Tax recoverable |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Income Tax Refunds Due |
0.6 |
0.2 |
0.5 |
0.4 |
0.0 |
|
Other Receivables |
1.7 |
1.8 |
- |
- |
- |
|
Amount Due from Associate |
0.0 |
0.0 |
0.1 |
0.0 |
- |
|
Short Term Investments |
0.1 |
0.0 |
- |
- |
- |
|
Short Term Deposits |
2.9 |
2.0 |
0.8 |
0.2 |
1.8 |
|
Cash at Bank and in Hand |
1.9 |
1.6 |
1.9 |
0.9 |
1.7 |
|
Total Current Assets |
63.2 |
50.5 |
45.6 |
45.2 |
41.5 |
|
|
|
|
|
|
|
|
Land |
2.6 |
2.4 |
1.9 |
2.0 |
1.9 |
|
Mature/Immature Plantation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Buildings |
13.6 |
10.9 |
9.2 |
8.1 |
6.9 |
|
Plant/Machinery/Stores/Lab |
33.8 |
28.8 |
26.9 |
25.4 |
22.7 |
|
Furniture/Fittings/Office |
2.6 |
2.3 |
2.1 |
2.2 |
1.9 |
|
Vehicles |
2.5 |
1.9 |
2.0 |
1.7 |
1.5 |
|
Capital Work in Progress |
3.1 |
0.4 |
1.5 |
2.1 |
0.6 |
|
Leasehold Cost |
25.3 |
22.6 |
20.6 |
20.0 |
18.3 |
|
Depreciation/Amortisation |
-31.7 |
-26.3 |
-22.5 |
-20.7 |
-17.0 |
|
Goodwill, Net |
- |
- |
0.1 |
- |
- |
|
Goodwill |
0.8 |
0.5 |
- |
0.5 |
0.5 |
|
Amortisation of Goodwill |
-0.4 |
-0.4 |
- |
-0.4 |
-0.4 |
|
Licence and Trade Mark |
- |
- |
- |
0.0 |
0.0 |
|
Development Costs |
- |
- |
- |
0.1 |
0.1 |
|
Amortisation of Intangibles |
- |
- |
- |
-0.1 |
-0.1 |
|
Investment in Subsidiaries |
- |
- |
- |
0.0 |
0.0 |
|
Investment in Associate |
2.8 |
0.8 |
0.8 |
0.9 |
0.8 |
|
Other Long Term Investments |
1.8 |
1.7 |
1.7 |
1.8 |
1.8 |
|
Advance Company Tax |
- |
- |
- |
- |
0.0 |
|
Deferred Tax Asset |
0.2 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Total Assets |
120.2 |
96.3 |
90.1 |
89.0 |
81.1 |
|
|
|
|
|
|
|
|
Trade Creditors |
10.8 |
9.0 |
6.5 |
7.4 |
6.7 |
|
Other/Accrued Expenses |
8.2 |
5.2 |
4.5 |
5.4 |
4.0 |
|
Unclaimed Dividends |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Finance Lease Obligation |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Short-Term Loans and Bank Overdraft |
29.8 |
19.9 |
20.8 |
- |
- |
|
Term Loans |
3.8 |
2.9 |
2.6 |
- |
- |
|
Term Loans/Bank Overdrafts |
- |
- |
- |
19.9 |
18.1 |
|
Redeemable Debenture |
- |
- |
- |
- |
0.0 |
|
Amount due - Subsidiaries |
0.0 |
0.0 |
- |
- |
0.0 |
|
Amount due - Hayleys Ltd. |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Income Tax Payable |
0.3 |
0.2 |
0.1 |
0.0 |
0.6 |
|
Total Current Liabilities |
53.2 |
37.5 |
34.6 |
33.0 |
29.4 |
|
|
|
|
|
|
|
|
Finnce Lease |
3.3 |
3.2 |
3.2 |
3.5 |
- |
|
Interest Bearing - Borrowings |
7.3 |
6.0 |
7.4 |
9.2 |
13.3 |
|
Total Long Term Debt |
10.6 |
9.2 |
10.5 |
12.6 |
13.3 |
|
|
|
|
|
|
|
|
Deferred Taxation |
1.5 |
1.2 |
1.2 |
1.2 |
1.0 |
|
benefit obligatio |
10.5 |
8.6 |
7.0 |
6.9 |
5.6 |
|
Agent Indemnity Fund |
0.4 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Deferred Income |
4.4 |
3.9 |
3.0 |
2.3 |
1.9 |
|
Minority Interest |
7.5 |
6.6 |
6.8 |
6.6 |
5.4 |
|
Total Liabilities |
88.1 |
67.3 |
63.5 |
63.0 |
56.8 |
|
|
|
|
|
|
|
|
Share Capital |
5.4 |
5.2 |
5.2 |
5.6 |
5.5 |
|
Capital Redemption Reserve Fund |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserve on Revaluation of Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Reserve on Revaluation |
1.7 |
1.7 |
1.2 |
1.3 |
1.3 |
|
Legal Reserve |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
General Reserve |
7.4 |
5.5 |
5.4 |
5.8 |
4.6 |
|
Retained Earnings |
16.2 |
15.5 |
13.6 |
12.1 |
11.9 |
|
Exchange Fluctuation |
1.0 |
0.8 |
0.9 |
1.0 |
0.7 |
|
Total Equity |
32.1 |
29.0 |
26.6 |
26.1 |
24.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
120.2 |
96.3 |
90.1 |
89.0 |
81.1 |
|
|
|
|
|
|
|
|
S/O-Ordinary Stock |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Total Common Shares Outstanding |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Accumulated Goodwill Amortisation |
0.4 |
0.4 |
- |
0.4 |
0.4 |
|
Accumulated Intangible Amortisation |
- |
- |
- |
0.1 |
0.1 |
|
Deferred Income |
4.4 |
3.9 |
3.0 |
0.2 |
- |
|
Number of Shareholders |
2,359 |
2,216 |
2,012 |
2,149 |
2,098 |
|
Full-Time Employees |
15,557 |
15,636 |
16,929 |
17,085 |
17,303 |
|
Long Term Debt Maturing within 1 Year |
3.8 |
2.9 |
2.6 |
2.3 |
2.9 |
|
Long Term Debt Maturing within 2-5 Yrs. |
6.2 |
5.5 |
6.4 |
7.8 |
8.8 |
|
Long Term Debt Maturing After 5 Yrs. |
1.1 |
0.5 |
1.0 |
1.3 |
1.0 |
|
Total Long Term Debt, Supplemental |
11.1 |
8.9 |
10.0 |
11.5 |
12.7 |
|
Capital Lease Maturing within 1 Yr. |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Capital Lease Maturing within 2-5 Yrs. |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Capital Lease Maturing After 5 Yrs. |
3.0 |
3.0 |
3.0 |
3.3 |
3.3 |
|
Total Capital Leases, Supplemental |
3.3 |
3.2 |
3.2 |
3.5 |
3.5 |
|
Discount Rate - Pension |
11.00% |
11.00% |
- |
10.00% |
- |
|
Compensation Rate - Pension |
10.00% |
10.00% |
- |
10.00% |
- |
|
Accrued Benefit Liability - Pension |
-10.5 |
-8.6 |
-7.0 |
-6.9 |
-5.6 |
|
Net Assets Recognized on Balance Sheet |
-10.5 |
-8.6 |
-7.0 |
-6.9 |
-5.6 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
105.561639 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG Ford Rhodes
Thornton & Company |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
6.7 |
6.4 |
5.6 |
5.6 |
7.3 |
|
Depreciation |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Finance Cost |
2.2 |
2.1 |
2.8 |
2.8 |
1.1 |
|
Share of Profit of Associates |
0.1 |
0.0 |
0.0 |
-0.3 |
-0.2 |
|
Amortization of Development Expenditure |
- |
- |
- |
0.0 |
0.0 |
|
Profit on Sale of Fixed Asset |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Amortisation of Govt. Grants |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Amortisation of Surplus on Acquisition |
- |
- |
0.0 |
0.0 |
-0.4 |
|
Surplus on acquisition |
-0.1 |
0.0 |
- |
- |
- |
|
Bad Debts Written Off |
-0.1 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Provision for Agents' Fund |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Provision for Gratuity |
2.2 |
2.5 |
1.2 |
1.6 |
1.4 |
|
Provision - Moving/Obsolete Inventories |
0.3 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Interest and Dividend Income |
-0.2 |
-0.4 |
-0.3 |
-0.2 |
- |
|
Exchange Gain/Loss |
- |
- |
- |
- |
1.0 |
|
Differences of Exchange on Translation |
-0.9 |
-0.2 |
-0.1 |
0.8 |
0.6 |
|
Increase)/decrease in trade and other re |
-2.4 |
-2.5 |
-1.5 |
-2.6 |
-5.9 |
|
Inventories |
-4.3 |
-1.6 |
-0.4 |
-3.0 |
-2.7 |
|
Increase/ (decrease) in trade and other |
4.1 |
3.0 |
-1.0 |
2.1 |
0.3 |
|
Interest paid |
-2.2 |
-2.1 |
-2.8 |
-2.8 |
-2.4 |
|
Income taxes paid |
-1.6 |
-1.0 |
-1.3 |
-1.5 |
-0.1 |
|
Retiring Gratuity Paid |
-0.6 |
-1.0 |
-0.5 |
-0.5 |
-0.3 |
|
Agents' Indemnity Fund |
- |
- |
0.0 |
0.0 |
0.0 |
|
Agents' Indemnity Paid |
0.0 |
0.0 |
- |
- |
- |
|
Cash from Operating Activities |
6.9 |
8.9 |
5.4 |
5.5 |
2.8 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-9.2 |
-3.4 |
-7.3 |
-6.2 |
-3.6 |
|
Grants Received |
0.5 |
1.0 |
1.0 |
0.4 |
0.2 |
|
Proceeds from Sale of Fixed Asset |
0.1 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Investment in Group Companies |
-2.5 |
0.0 |
- |
0.0 |
-1.0 |
|
Cash Paid on Investments |
-1.9 |
0.0 |
- |
- |
- |
|
Other LT Investments |
-1.8 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash Paid on Investment in Hanwella |
- |
- |
- |
- |
-1.2 |
|
Issue of Shares to Minority Shareholders |
- |
- |
- |
- |
0.0 |
|
Interest Received |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Dividend Received |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Dividends received from subsidiary compa |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Dividends Paid to Minority Shareholders |
-0.3 |
-1.0 |
-0.6 |
-0.4 |
-0.3 |
|
Cash from Investing Activities |
-14.8 |
-3.0 |
-6.4 |
-5.7 |
-5.3 |
|
|
|
|
|
|
|
|
Term Loans Received |
6.3 |
2.3 |
1.5 |
1.0 |
1.3 |
|
Repayment of Term Loans |
-4.8 |
-3.7 |
-2.3 |
-2.9 |
-2.8 |
|
Capital Payment - Finance Lease |
-0.1 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Debentures Redeemed |
- |
- |
- |
0.0 |
-0.5 |
|
Dividend Paid |
-2.0 |
-2.2 |
-0.9 |
-2.1 |
-2.0 |
|
Cash from Financing Activities |
-0.6 |
-3.7 |
-1.8 |
-4.0 |
-4.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-8.5 |
2.2 |
-2.8 |
-4.2 |
-6.6 |
|
|
|
|
|
|
|
|
Cash at the Beginning |
-16.1 |
-18.4 |
-16.3 |
-12.0 |
-5.5 |
|
Cash at the End of the Year |
-24.6 |
-16.2 |
-19.1 |
-16.2 |
-12.1 |
|
Cash Interest Paid |
2.2 |
2.1 |
2.8 |
2.8 |
2.4 |
|
Cash Taxes Paid |
1.6 |
1.0 |
1.3 |
1.5 |
0.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
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|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
105.561639 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG, Ford,
Rhodes, Thornton & Co. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
Revenue |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
Total Revenue |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
110.5 |
82.3 |
86.5 |
81.3 |
70.5 |
|
Cost of Revenue, Total |
110.5 |
82.3 |
86.5 |
81.3 |
70.5 |
|
Gross Profit |
22.1 |
20.5 |
21.8 |
19.7 |
18.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
14.3 |
13.3 |
13.2 |
12.5 |
11.0 |
|
Total Selling/General/Administrative Expenses |
14.3 |
13.3 |
13.2 |
12.5 |
11.0 |
|
Research & Development |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Amortization of Acquisition Costs |
- |
- |
- |
- |
0.0 |
|
Depreciation/Amortization |
- |
- |
- |
- |
0.0 |
|
Loss (Gain) on Sale of Assets - Operating |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Unusual Expense (Income) |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Other, Net |
-0.5 |
-0.2 |
-0.1 |
-0.1 |
-0.4 |
|
Other Operating Expenses, Total |
-0.5 |
-0.2 |
-0.1 |
-0.1 |
-0.4 |
|
Total Operating Expense |
124.3 |
95.4 |
99.6 |
93.8 |
80.9 |
|
|
|
|
|
|
|
|
Operating Income |
8.3 |
7.4 |
8.6 |
7.3 |
8.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-2.2 |
-2.1 |
-2.8 |
-2.8 |
-2.4 |
|
Interest Expense, Net Non-Operating |
-2.2 |
-2.1 |
-2.8 |
-2.8 |
-2.4 |
|
Interest Income -
Non-Operating |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Investment Income -
Non-Operating |
0.4 |
0.7 |
-0.6 |
0.9 |
1.2 |
|
Interest/Investment Income - Non-Operating |
0.6 |
0.9 |
-0.4 |
1.0 |
1.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.7 |
-1.1 |
-3.1 |
-1.8 |
-1.0 |
|
Other Non-Operating Income (Expense) |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Other, Net |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Income Before Tax |
6.7 |
6.4 |
5.6 |
5.6 |
7.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.4 |
1.5 |
1.0 |
0.9 |
1.0 |
|
Income After Tax |
5.2 |
4.9 |
4.6 |
4.7 |
6.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.2 |
-0.7 |
-1.3 |
-1.3 |
-1.1 |
|
Net Income Before Extraord Items |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
Net Income |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Basic EPS Excl Extraord Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Basic/Primary EPS Incl Extraord Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
Diluted Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Diluted EPS Excl Extraord Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Diluted EPS Incl Extraord Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
|
Gross Dividends - Common Stock |
1.6 |
2.0 |
1.6 |
1.6 |
2.6 |
|
Interest Expense, Supplemental |
2.2 |
2.1 |
2.8 |
2.8 |
2.4 |
|
Depreciation, Supplemental |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Total Special Items |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Normalized Income Before Tax |
6.6 |
6.3 |
5.6 |
5.5 |
7.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
1.4 |
1.5 |
1.0 |
0.9 |
1.0 |
|
Normalized Income After Tax |
5.2 |
4.9 |
4.5 |
4.6 |
6.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3.9 |
4.1 |
3.3 |
3.3 |
5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.07 |
0.07 |
0.05 |
0.06 |
0.08 |
|
Diluted Normalized EPS |
0.07 |
0.07 |
0.05 |
0.06 |
0.08 |
|
Amort of Acquisition Costs, Supplemental |
0.0 |
- |
- |
- |
0.0 |
|
Amort of Intangibles, Supplemental |
- |
- |
0.0 |
0.0 |
0.0 |
|
Research & Development Exp, Supplemental |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Normalized EBIT |
8.2 |
7.3 |
8.6 |
7.2 |
8.0 |
|
Normalized EBITDA |
12.0 |
10.9 |
12.1 |
10.5 |
10.8 |
|
Current Tax - Domestic |
1.0 |
1.5 |
0.9 |
0.8 |
- |
|
Current Tax - Other |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Current Tax - Total |
1.0 |
1.5 |
0.9 |
0.8 |
- |
|
Other Tax |
0.4 |
0.1 |
0.1 |
0.2 |
- |
|
Income Tax - Total |
1.4 |
1.5 |
1.0 |
0.9 |
- |
|
Other Pension, Net - Domestic |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
Domestic Pension Plan Expense |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
Defined Contribution Expense - Domestic |
2.5 |
2.0 |
1.9 |
1.7 |
1.4 |
|
Total Pension Expense |
4.6 |
4.5 |
3.1 |
3.4 |
2.8 |
|
Discount Rate - Domestic |
11.00% |
11.00% |
- |
10.00% |
- |
|
Compensation Rate - Domestic |
10.00% |
10.00% |
- |
10.00% |
- |
|
Total Plan Other Expense |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
109.896774 |
110.713077 |
111.478925 |
112.662419 |
113.759516 |
|
|
|
|
|
|
|
|
Net Sales |
43.2 |
35.7 |
34.5 |
33.4 |
29.1 |
|
Revenue |
43.2 |
35.7 |
34.5 |
33.4 |
29.1 |
|
Total Revenue |
43.2 |
35.7 |
34.5 |
33.4 |
29.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
33.8 |
29.9 |
28.7 |
28.3 |
23.7 |
|
Cost of Revenue, Total |
33.8 |
29.9 |
28.7 |
28.3 |
23.7 |
|
Gross Profit |
9.3 |
5.8 |
5.8 |
5.0 |
5.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
4.4 |
3.9 |
3.3 |
3.6 |
3.5 |
|
Total Selling/General/Administrative Expenses |
4.4 |
3.9 |
3.3 |
3.6 |
3.5 |
|
Other Operating Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other, Net |
0.0 |
-0.1 |
-0.2 |
-0.2 |
-0.1 |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
-0.1 |
-0.2 |
-0.1 |
|
Total Operating Expense |
38.2 |
33.8 |
31.9 |
31.7 |
27.0 |
|
|
|
|
|
|
|
|
Operating Income |
5.0 |
1.9 |
2.6 |
1.7 |
2.1 |
|
|
|
|
|
|
|
|
Investment Income -
Non-Operating |
0.2 |
0.3 |
0.0 |
0.0 |
-0.3 |
|
Interest/Investment Income - Non-Operating |
0.2 |
0.3 |
0.0 |
0.0 |
-0.3 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
0.0 |
-0.5 |
-0.3 |
-0.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.2 |
0.3 |
-0.5 |
-0.3 |
-1.0 |
|
Income Before Tax |
5.2 |
2.2 |
2.1 |
1.4 |
1.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.7 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Income After Tax |
4.4 |
1.6 |
1.7 |
1.1 |
0.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.9 |
-0.5 |
-0.1 |
-0.2 |
-0.3 |
|
Net Income Before Extraord Items |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
Net Income |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Basic EPS Excl Extraord Items |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Basic/Primary EPS Incl Extraord Items |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Diluted Net Income |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
Diluted Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Diluted EPS Excl Extraord Items |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Diluted EPS Incl Extraord Items |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.03 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
1.6 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
1.1 |
1.0 |
1.0 |
1.0 |
0.8 |
|
Normalized Income Before Tax |
5.2 |
2.2 |
2.1 |
1.4 |
1.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.7 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Normalized Income After Tax |
4.4 |
1.6 |
1.7 |
1.1 |
0.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Normalized EBIT |
5.0 |
1.9 |
2.6 |
1.7 |
2.1 |
|
Normalized EBITDA |
6.0 |
2.9 |
3.6 |
2.7 |
2.9 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
110.395 |
114.05 |
115.725 |
107.8 |
109 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG, Ford,
Rhodes, Thornton & Co. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1.9 |
1.6 |
1.9 |
0.9 |
1.7 |
|
Short Term Investments |
3.0 |
2.0 |
0.8 |
0.2 |
1.8 |
|
Cash and Short Term Investments |
4.9 |
3.6 |
2.7 |
1.0 |
3.5 |
|
Provision for Doubtful
Accounts |
-1.1 |
-0.5 |
-0.3 |
- |
- |
|
Trade Accounts Receivable - Net |
13.6 |
12.6 |
10.5 |
11.1 |
9.8 |
|
Other Receivables |
2.5 |
2.2 |
0.8 |
0.5 |
0.2 |
|
Total Receivables, Net |
16.1 |
14.8 |
11.2 |
11.6 |
10.0 |
|
Inventories - Finished Goods |
14.4 |
10.6 |
9.8 |
9.0 |
6.4 |
|
Inventories - Work In Progress |
1.2 |
1.1 |
0.7 |
0.8 |
0.6 |
|
Inventories - Raw Materials |
9.9 |
7.5 |
7.1 |
8.5 |
8.2 |
|
Inventories - Other |
4.3 |
2.8 |
2.8 |
3.5 |
2.6 |
|
Total Inventory |
29.8 |
22.1 |
20.4 |
21.8 |
17.8 |
|
Other Current Assets |
12.5 |
10.0 |
11.3 |
10.8 |
10.3 |
|
Other Current Assets, Total |
12.5 |
10.0 |
11.3 |
10.8 |
10.3 |
|
Total Current Assets |
63.2 |
50.5 |
45.6 |
45.2 |
41.5 |
|
|
|
|
|
|
|
|
Buildings |
13.6 |
10.9 |
9.2 |
8.1 |
6.9 |
|
Land/Improvements |
2.6 |
2.4 |
1.9 |
2.0 |
1.9 |
|
Machinery/Equipment |
38.8 |
33.0 |
31.0 |
29.2 |
26.1 |
|
Construction in
Progress |
3.1 |
0.4 |
1.5 |
2.1 |
0.6 |
|
Leases |
25.3 |
22.6 |
20.6 |
20.0 |
18.3 |
|
Other
Property/Plant/Equipment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Property/Plant/Equipment - Gross |
83.4 |
69.3 |
64.2 |
61.5 |
53.9 |
|
Accumulated Depreciation |
-31.7 |
-26.3 |
-22.5 |
-20.7 |
-17.0 |
|
Property/Plant/Equipment - Net |
51.8 |
43.0 |
41.7 |
40.8 |
36.8 |
|
Goodwill - Gross |
0.8 |
0.5 |
- |
0.5 |
0.5 |
|
Accumulated Goodwill Amortization |
-0.4 |
-0.4 |
- |
-0.4 |
-0.4 |
|
Goodwill, Net |
0.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Intangibles - Gross |
- |
- |
- |
0.1 |
0.1 |
|
Accumulated Intangible Amortization |
- |
- |
- |
-0.1 |
-0.1 |
|
Intangibles, Net |
- |
- |
- |
0.0 |
0.0 |
|
LT Investment - Affiliate Companies |
2.8 |
0.8 |
0.8 |
0.9 |
0.8 |
|
LT Investments - Other |
1.8 |
1.7 |
1.7 |
1.8 |
1.8 |
|
Long Term Investments |
4.6 |
2.5 |
2.5 |
2.7 |
2.5 |
|
Deferred Income Tax - Long Term Asset |
0.2 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Other Long Term Assets |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets, Total |
0.2 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Total Assets |
120.2 |
96.3 |
90.1 |
89.0 |
81.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
10.8 |
9.0 |
6.5 |
7.4 |
6.7 |
|
Payable/Accrued |
8.2 |
5.2 |
4.5 |
5.4 |
4.0 |
|
Notes Payable/Short Term Debt |
29.8 |
19.9 |
20.8 |
19.9 |
18.1 |
|
Current Portion - Long Term Debt/Capital Leases |
3.8 |
3.0 |
2.7 |
0.0 |
0.1 |
|
Dividends Payable |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Income Taxes Payable |
0.3 |
0.2 |
0.1 |
0.0 |
0.6 |
|
Other Payables |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Other Current liabilities, Total |
0.6 |
0.4 |
0.2 |
0.3 |
0.6 |
|
Total Current Liabilities |
53.2 |
37.5 |
34.6 |
33.0 |
29.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
7.3 |
6.0 |
7.4 |
9.2 |
13.3 |
|
Capital Lease Obligations |
3.3 |
3.2 |
3.2 |
3.5 |
- |
|
Total Long Term Debt |
10.6 |
9.2 |
10.5 |
12.6 |
13.3 |
|
Total Debt |
44.2 |
32.1 |
34.0 |
32.6 |
31.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.5 |
1.2 |
1.2 |
1.2 |
1.0 |
|
Deferred Income Tax |
1.5 |
1.2 |
1.2 |
1.2 |
1.0 |
|
Minority Interest |
7.5 |
6.6 |
6.8 |
6.6 |
5.4 |
|
Pension Benefits - Underfunded |
10.5 |
8.6 |
7.0 |
6.9 |
5.6 |
|
Other Long Term Liabilities |
4.7 |
4.2 |
3.3 |
2.6 |
2.1 |
|
Other Liabilities, Total |
15.2 |
12.8 |
10.3 |
9.5 |
7.7 |
|
Total Liabilities |
88.1 |
67.3 |
63.5 |
63.0 |
56.8 |
|
|
|
|
|
|
|
|
Common Stock |
5.4 |
5.2 |
5.2 |
5.6 |
5.5 |
|
Common Stock |
5.4 |
5.2 |
5.2 |
5.6 |
5.5 |
|
Retained Earnings (Accumulated Deficit) |
23.8 |
21.1 |
19.1 |
18.0 |
16.6 |
|
Unrealized Gain (Loss) |
1.9 |
1.9 |
1.4 |
1.5 |
1.5 |
|
Translation Adjustment |
1.0 |
0.8 |
0.9 |
1.0 |
0.7 |
|
Other Equity, Total |
1.0 |
0.8 |
0.9 |
1.0 |
0.7 |
|
Total Equity |
32.1 |
29.0 |
26.6 |
26.1 |
24.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
120.2 |
96.3 |
90.1 |
89.0 |
81.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Total Common Shares Outstanding |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Employees |
15,557 |
15,636 |
16,929 |
17,085 |
17,303 |
|
Number of Common Shareholders |
2,359 |
2,216 |
2,012 |
2,149 |
2,098 |
|
Accumulated Goodwill Amortization Suppl. |
0.4 |
0.4 |
- |
0.4 |
0.4 |
|
Accumulated Intangible Amort, Suppl. |
- |
- |
- |
0.1 |
0.1 |
|
Deferred Revenue - Long Term |
4.4 |
3.9 |
3.0 |
0.2 |
- |
|
Total Long Term Debt, Supplemental |
11.1 |
8.9 |
10.0 |
11.5 |
12.7 |
|
Long Term Debt Maturing within 1 Year |
3.8 |
2.9 |
2.6 |
2.3 |
2.9 |
|
Long Term Debt Maturing in Year 2 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in Year 3 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in Year 4 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in Year 5 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in Year 6 |
1.2 |
1.1 |
1.3 |
1.6 |
1.8 |
|
Long Term Debt Maturing in 2-3 Years |
2.5 |
2.2 |
2.6 |
3.1 |
3.5 |
|
Long Term Debt Maturing in 4-5 Years |
2.5 |
2.2 |
2.6 |
3.1 |
3.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2.3 |
1.6 |
2.2 |
2.9 |
2.8 |
|
Total Capital Leases, Supplemental |
3.3 |
3.2 |
3.2 |
3.5 |
3.5 |
|
Capital Lease Payments Due in Year 1 |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Capital Lease Payments Due in Year 2 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 3 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 4 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 5 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in 4-5 Years |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
3.0 |
3.0 |
3.0 |
3.3 |
3.3 |
|
Discount Rate - Domestic |
11.00% |
11.00% |
- |
10.00% |
- |
|
Compensation Rate - Domestic |
10.00% |
10.00% |
- |
10.00% |
- |
|
Accrued Liabilities - Domestic |
-10.5 |
-8.6 |
-7.0 |
-6.9 |
-5.6 |
|
Net Assets Recognized on Balance Sheet |
-10.5 |
-8.6 |
-7.0 |
-6.9 |
-5.6 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
109.5 |
110.395 |
110.945 |
111.95 |
113.575 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
2.5 |
1.9 |
2.2 |
1.4 |
1.8 |
|
Short Term Investments |
3.6 |
3.0 |
1.1 |
2.9 |
2.2 |
|
Cash and Short Term Investments |
6.1 |
4.9 |
3.3 |
4.3 |
4.0 |
|
Trade Accounts Receivable - Net |
39.2 |
33.6 |
31.4 |
31.7 |
28.3 |
|
Total Receivables, Net |
39.2 |
33.6 |
31.4 |
31.7 |
28.3 |
|
Total Inventory |
28.3 |
24.8 |
21.9 |
24.5 |
19.6 |
|
Total Current Assets |
73.6 |
63.2 |
56.6 |
60.4 |
51.8 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
52.1 |
51.8 |
49.2 |
47.1 |
44.4 |
|
Intangibles, Net |
0.4 |
0.4 |
0.1 |
0.1 |
0.1 |
|
LT Investment - Affiliate Companies |
3.0 |
2.8 |
3.1 |
3.1 |
3.0 |
|
LT Investments - Other |
1.8 |
1.8 |
1.8 |
1.8 |
1.7 |
|
Long Term Investments |
4.8 |
4.6 |
4.8 |
4.8 |
4.8 |
|
Deferred Income Tax - Long Term Asset |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Other Long Term Assets, Total |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Assets |
131.2 |
120.2 |
111.0 |
112.7 |
101.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
24.3 |
19.1 |
17.5 |
19.4 |
16.1 |
|
Notes Payable/Short Term Debt |
29.6 |
29.8 |
23.9 |
27.5 |
20.5 |
|
Current Portion - Long Term Debt/Capital Leases |
3.7 |
3.8 |
3.7 |
4.1 |
4.2 |
|
Income Taxes Payable |
0.6 |
0.3 |
0.2 |
0.3 |
0.3 |
|
Other Payables |
0.2 |
0.2 |
0.1 |
0.1 |
0.0 |
|
Other Current liabilities, Total |
0.8 |
0.5 |
0.3 |
0.3 |
0.4 |
|
Total Current Liabilities |
58.3 |
53.2 |
45.4 |
51.5 |
41.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
10.8 |
10.6 |
10.6 |
9.5 |
9.1 |
|
Total Long Term Debt |
10.8 |
10.6 |
10.6 |
9.5 |
9.1 |
|
Total Debt |
44.1 |
44.2 |
38.3 |
41.2 |
33.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.5 |
1.5 |
1.3 |
1.2 |
1.2 |
|
Deferred Income Tax |
1.5 |
1.5 |
1.3 |
1.2 |
1.2 |
|
Minority Interest |
8.6 |
7.5 |
7.1 |
7.0 |
6.9 |
|
Pension Benefits - Underfunded |
11.0 |
10.5 |
10.0 |
9.5 |
9.0 |
|
Other Long Term Liabilities |
4.8 |
4.7 |
4.7 |
4.6 |
4.3 |
|
Other Liabilities, Total |
15.8 |
15.2 |
14.7 |
14.2 |
13.4 |
|
Total Liabilities |
95.1 |
88.1 |
79.2 |
83.3 |
71.7 |
|
|
|
|
|
|
|
|
Common Stock |
5.5 |
5.4 |
5.4 |
5.3 |
5.3 |
|
Common Stock |
5.5 |
5.4 |
5.4 |
5.3 |
5.3 |
|
Additional Paid-In Capital |
2.2 |
- |
- |
- |
- |
|
Retained Earnings (Accumulated Deficit) |
28.4 |
23.8 |
23.4 |
21.6 |
21.7 |
|
Unrealized Gain (Loss) |
- |
1.9 |
1.9 |
1.9 |
1.9 |
|
Translation Adjustment |
- |
1.0 |
1.1 |
0.5 |
0.8 |
|
Other Equity, Total |
- |
1.0 |
1.1 |
0.5 |
0.8 |
|
Total Equity |
36.1 |
32.1 |
31.8 |
29.4 |
29.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
131.2 |
120.2 |
111.0 |
112.7 |
101.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Total Common Shares Outstanding |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Deferred Revenue - Long Term |
4.4 |
4.4 |
4.3 |
4.3 |
4.0 |
|
Accrued Liabilities - Domestic |
-11.0 |
-10.5 |
- |
-9.5 |
-9.0 |
|
Net Assets Recognized on Balance Sheet |
-11.0 |
-10.5 |
- |
-9.5 |
-9.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
105.561639 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG, Ford,
Rhodes, Thornton & Co. |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
6.7 |
6.4 |
5.6 |
5.6 |
7.3 |
|
Depreciation |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Depreciation/Depletion |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Amortization of Intangibles |
- |
- |
- |
0.0 |
0.0 |
|
Amortization |
- |
- |
- |
0.0 |
0.0 |
|
Unusual Items |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.6 |
|
Equity in Net Earnings (Loss) |
0.1 |
0.0 |
0.0 |
-0.3 |
-0.2 |
|
Other Non-Cash Items |
3.6 |
4.7 |
4.2 |
5.6 |
3.5 |
|
Non-Cash Items |
3.6 |
4.6 |
4.2 |
5.2 |
2.7 |
|
Accounts Receivable |
-2.4 |
-2.5 |
-1.5 |
-2.6 |
-5.9 |
|
Inventories |
-4.3 |
-1.6 |
-0.4 |
-3.0 |
-2.7 |
|
Accounts Payable |
4.1 |
3.0 |
-1.0 |
2.1 |
0.3 |
|
Other Operating Cash Flow |
-4.7 |
-4.5 |
-4.9 |
-5.1 |
-1.8 |
|
Changes in Working Capital |
-7.2 |
-5.7 |
-7.9 |
-8.5 |
-10.0 |
|
Cash from Operating Activities |
6.9 |
8.9 |
5.4 |
5.5 |
2.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-9.2 |
-3.4 |
-7.3 |
-6.2 |
-3.6 |
|
Capital Expenditures |
-9.2 |
-3.4 |
-7.3 |
-6.2 |
-3.6 |
|
Sale of Fixed Assets |
0.1 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Investment, Net |
-2.5 |
0.0 |
- |
0.0 |
-1.0 |
|
Purchase of Investments |
-3.6 |
0.0 |
0.0 |
0.0 |
-1.2 |
|
Other Investing Cash Flow |
0.4 |
0.3 |
0.8 |
0.4 |
0.3 |
|
Other Investing Cash Flow Items, Total |
-5.6 |
0.4 |
0.8 |
0.4 |
-1.7 |
|
Cash from Investing Activities |
-14.8 |
-3.0 |
-6.4 |
-5.7 |
-5.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
- |
0.0 |
-0.5 |
|
Financing Cash Flow Items |
- |
- |
- |
0.0 |
-0.5 |
|
Cash Dividends Paid - Common |
-2.0 |
-2.2 |
-0.9 |
-2.1 |
-2.0 |
|
Total Cash Dividends Paid |
-2.0 |
-2.2 |
-0.9 |
-2.1 |
-2.0 |
|
Long Term Debt Issued |
6.3 |
2.3 |
1.5 |
1.0 |
1.3 |
|
Long Term Debt
Reduction |
-4.8 |
-3.8 |
-2.4 |
-3.0 |
-2.9 |
|
Long Term Debt, Net |
1.4 |
-1.5 |
-0.8 |
-1.9 |
-1.5 |
|
Issuance (Retirement) of Debt, Net |
1.4 |
-1.5 |
-0.8 |
-1.9 |
-1.5 |
|
Cash from Financing Activities |
-0.6 |
-3.7 |
-1.8 |
-4.0 |
-4.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-8.5 |
2.2 |
-2.8 |
-4.2 |
-6.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
-16.1 |
-18.4 |
-16.3 |
-12.0 |
-5.5 |
|
Net Cash - Ending Balance |
-24.6 |
-16.2 |
-19.1 |
-16.2 |
-12.1 |
|
Cash Interest Paid |
2.2 |
2.1 |
2.8 |
2.8 |
2.4 |
|
Cash Taxes Paid |
1.6 |
1.0 |
1.3 |
1.5 |
0.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
109.896774 |
112.156148 |
112.627554 |
113.209 |
113.759516 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
5.2 |
6.7 |
4.5 |
2.4 |
1.1 |
|
Depreciation |
1.1 |
3.8 |
2.8 |
1.8 |
0.8 |
|
Depreciation/Depletion |
1.1 |
3.8 |
2.8 |
1.8 |
0.8 |
|
Unusual Items |
0.0 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Equity in Net Earnings (Loss) |
-0.2 |
0.1 |
0.3 |
0.3 |
0.3 |
|
Other Non-Cash Items |
2.0 |
3.4 |
2.7 |
0.1 |
0.4 |
|
Non-Cash Items |
1.8 |
3.4 |
2.9 |
0.3 |
0.7 |
|
Accounts Receivable |
-5.5 |
-2.4 |
-3.7 |
-4.2 |
-1.3 |
|
Inventories |
-3.6 |
-4.3 |
-3.3 |
-5.9 |
-1.1 |
|
Accounts Payable |
5.0 |
4.1 |
3.3 |
5.4 |
2.3 |
|
Other Operating Cash Flow |
-0.9 |
-4.4 |
-3.0 |
-1.7 |
-0.6 |
|
Changes in Working Capital |
-5.0 |
-7.0 |
-6.6 |
-6.4 |
-0.8 |
|
Cash from Operating Activities |
3.0 |
6.9 |
3.6 |
-1.8 |
1.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.1 |
-9.2 |
-7.1 |
-5.0 |
-1.8 |
|
Capital Expenditures |
-1.1 |
-9.2 |
-7.1 |
-5.0 |
-1.8 |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Investment, Net |
0.0 |
-2.5 |
-2.5 |
-2.5 |
-2.5 |
|
Purchase of Investments |
0.0 |
-3.6 |
- |
- |
- |
|
Other Investing Cash Flow |
0.1 |
0.4 |
0.3 |
0.5 |
0.1 |
|
Other Investing Cash Flow Items, Total |
0.2 |
-5.6 |
-2.1 |
-2.0 |
-2.3 |
|
Cash from Investing Activities |
-0.9 |
-14.8 |
-9.2 |
-7.0 |
-4.1 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-0.1 |
-2.0 |
-1.3 |
-1.3 |
-0.1 |
|
Total Cash Dividends Paid |
-0.1 |
-2.0 |
-1.3 |
-1.3 |
-0.1 |
|
Long Term Debt Issued |
0.9 |
6.3 |
5.3 |
3.3 |
2.0 |
|
Long Term Debt
Reduction |
-0.9 |
-4.8 |
-3.9 |
-2.0 |
-1.0 |
|
Long Term Debt, Net |
0.0 |
1.4 |
1.4 |
1.3 |
1.0 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
1.4 |
1.4 |
1.3 |
1.0 |
|
Cash from Financing Activities |
-0.1 |
-0.6 |
0.1 |
0.0 |
0.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
- |
- |
- |
- |
|
Net Change in Cash |
2.0 |
-8.5 |
-5.5 |
-8.8 |
-1.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
-25.5 |
-16.1 |
-14.9 |
-14.2 |
-15.0 |
|
Net Cash - Ending Balance |
-23.5 |
-24.6 |
-20.4 |
-23.0 |
-16.4 |
|
Cash Interest Paid |
0.5 |
2.2 |
1.7 |
1.0 |
0.4 |
|
Cash Taxes Paid |
0.2 |
1.6 |
0.8 |
0.4 |
0.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
105.561639 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG Ford Rhodes
Thornton & Company |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
Total Revenue |
132.6 |
102.8 |
108.3 |
101.0 |
89.2 |
|
|
|
|
|
|
|
|
Cost of Sales |
110.5 |
82.3 |
86.5 |
81.3 |
70.5 |
|
Gain on Sale of Fixed Assets |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Amortisation of Government Grants |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Export Development Reward |
-0.3 |
-0.1 |
0.0 |
- |
- |
|
Amortisation of Surplus on Acquisition |
-0.1 |
- |
- |
- |
- |
|
Lease Rental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortisation of Surplus on Aquisition |
- |
- |
- |
0.0 |
-0.4 |
|
Administrative Expenses |
11.0 |
9.4 |
9.5 |
8.9 |
7.9 |
|
Selling and Distribution Expenses |
3.2 |
3.8 |
3.7 |
3.6 |
3.0 |
|
Amortization of Expenditure |
- |
- |
- |
0.0 |
0.0 |
|
Research and Development |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Amortisation of Goodwill |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
124.3 |
95.4 |
99.6 |
93.8 |
80.9 |
|
|
|
|
|
|
|
|
Interest on Finance Lease |
-0.6 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Other Interest Charges |
-1.6 |
-1.9 |
-2.6 |
-2.6 |
-2.2 |
|
Exchange Gain/Loss |
- |
0.0 |
-0.6 |
0.5 |
1.0 |
|
Exchange gain on working capital/trading |
0.5 |
0.7 |
- |
- |
- |
|
Interest Income |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Dividend Income - Quoted Investment |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Dividend Income - Unquoted Investment |
- |
- |
- |
0.0 |
0.0 |
|
Income from Associate |
-0.1 |
0.0 |
0.0 |
0.3 |
0.2 |
|
Net Income Before Taxes |
6.7 |
6.4 |
5.6 |
5.6 |
7.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.4 |
1.5 |
1.0 |
0.9 |
1.0 |
|
Net Income After Taxes |
5.2 |
4.9 |
4.6 |
4.7 |
6.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.2 |
-0.7 |
-1.3 |
-1.3 |
-1.1 |
|
Net Income Before Extra. Items |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
Net Income |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Basic EPS Including ExtraOrdinary Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
4.0 |
4.2 |
3.3 |
3.4 |
5.3 |
|
Diluted Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
Diluted EPS Including ExtraOrd Items |
0.07 |
0.07 |
0.06 |
0.06 |
0.09 |
|
DPS-Ordinary Stock |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
|
Gross Dividends - Common Stock |
1.6 |
2.0 |
1.6 |
1.6 |
2.6 |
|
Normalized Income Before Taxes |
6.6 |
6.3 |
5.6 |
5.5 |
7.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.4 |
1.5 |
1.0 |
0.9 |
1.0 |
|
Normalized Income After Taxes |
5.2 |
4.9 |
4.5 |
4.6 |
6.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3.9 |
4.1 |
3.3 |
3.3 |
5.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.07 |
0.07 |
0.05 |
0.06 |
0.08 |
|
Diluted Normalized EPS |
0.07 |
0.07 |
0.05 |
0.06 |
0.08 |
|
Research and Development |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Interest Expenses |
2.2 |
2.1 |
2.8 |
2.8 |
2.4 |
|
Depreciation |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Amortisation of Goodwill |
0.0 |
- |
- |
- |
0.0 |
|
Amortisation of Intangibles |
- |
- |
0.0 |
0.0 |
0.0 |
|
Current Tax |
1.0 |
1.5 |
0.9 |
0.8 |
- |
|
(Over)/Under Prov. in Resp/ of Prev. Yrs |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Current Tax - Total |
1.0 |
1.5 |
0.9 |
0.8 |
- |
|
Others |
0.4 |
0.1 |
0.1 |
0.2 |
- |
|
Income Tax - Total |
1.4 |
1.5 |
1.0 |
0.9 |
- |
|
Other, Net - Pension |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
Domestic Pension Plan Expense |
2.2 |
2.5 |
1.2 |
1.7 |
1.4 |
|
Defined Contribution Plans - Pension |
2.5 |
2.0 |
1.9 |
1.7 |
1.4 |
|
Total Pension Expense |
4.6 |
4.5 |
3.1 |
3.4 |
2.8 |
|
Discount Rate - Pension |
11.00% |
11.00% |
- |
10.00% |
- |
|
Compensation Rate - Pension |
10.00% |
10.00% |
- |
10.00% |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
109.896774 |
110.713077 |
111.478925 |
112.662419 |
113.759516 |
|
|
|
|
|
|
|
|
Sales |
43.2 |
35.7 |
34.5 |
33.4 |
29.1 |
|
Total Revenue |
43.2 |
35.7 |
34.5 |
33.4 |
29.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
33.8 |
29.9 |
28.7 |
28.3 |
23.7 |
|
Other Operating Income |
0.0 |
-0.1 |
-0.2 |
-0.2 |
-0.1 |
|
Administrative Expenses |
3.4 |
3.0 |
2.8 |
2.8 |
2.4 |
|
Selling and Distribution Expenses |
1.0 |
0.9 |
0.5 |
0.8 |
1.0 |
|
Other Operating Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
38.2 |
33.8 |
31.9 |
31.7 |
27.0 |
|
|
|
|
|
|
|
|
Net finance (cost)/incom |
0.0 |
0.0 |
-0.5 |
-0.3 |
-0.8 |
|
net of tax |
0.2 |
0.3 |
0.0 |
0.0 |
-0.3 |
|
Net Income Before Taxes |
5.2 |
2.2 |
2.1 |
1.4 |
1.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.7 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Net Income After Taxes |
4.4 |
1.6 |
1.7 |
1.1 |
0.8 |
|
|
|
|
|
|
|
|
Non-controlling interest |
-0.9 |
-0.5 |
-0.1 |
-0.2 |
-0.3 |
|
Net Income Before Extra. Items |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
Net Income |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Basic EPS Including ExtraOrdinary Items |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Diluted Net Income |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
Diluted Weighted Average Shares |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Diluted EPS Including ExtraOrd Items |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
DPS-Ordinary Stock |
0.00 |
0.03 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
1.6 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
5.2 |
2.2 |
2.1 |
1.4 |
1.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.7 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Normalized Income After Taxes |
4.4 |
1.6 |
1.7 |
1.1 |
0.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3.6 |
1.1 |
1.5 |
0.8 |
0.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.06 |
0.02 |
0.03 |
0.01 |
0.01 |
|
Depreciation |
1.1 |
1.0 |
1.0 |
1.0 |
0.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
110.395 |
114.05 |
115.725 |
107.8 |
109 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG Ford Rhodes
Thornton & Company |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials/Consumables |
9.9 |
7.5 |
7.1 |
8.5 |
8.2 |
|
Finished Goods |
3.2 |
2.2 |
1.9 |
2.2 |
1.6 |
|
Trading Stock |
6.9 |
6.4 |
5.2 |
4.6 |
3.7 |
|
Work-in-Progress |
1.2 |
1.1 |
0.7 |
0.8 |
0.6 |
|
Produce Stock |
4.3 |
2.0 |
2.7 |
2.2 |
1.1 |
|
Goods in Transit |
1.0 |
0.3 |
0.1 |
0.3 |
0.2 |
|
Provision - Moving/Obsolete Inventories |
-1.7 |
-1.4 |
-1.0 |
-0.9 |
-0.7 |
|
Shipping Documents |
14.2 |
11.4 |
12.4 |
11.7 |
11.0 |
|
Trade Receivables |
14.8 |
13.1 |
10.7 |
11.1 |
9.8 |
|
Provision for Bad and Doubtful Debts |
-1.1 |
-0.5 |
-0.3 |
- |
- |
|
Prepayments - Deposits/Advances |
3.3 |
2.5 |
2.7 |
3.2 |
2.4 |
|
Advance Company Tax recoverable |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Income Tax Refunds Due |
0.6 |
0.2 |
0.5 |
0.4 |
0.0 |
|
Other Receivables |
1.7 |
1.8 |
- |
- |
- |
|
Amount Due from Associate |
0.0 |
0.0 |
0.1 |
0.0 |
- |
|
Short Term Investments |
0.1 |
0.0 |
- |
- |
- |
|
Short Term Deposits |
2.9 |
2.0 |
0.8 |
0.2 |
1.8 |
|
Cash at Bank and in Hand |
1.9 |
1.6 |
1.9 |
0.9 |
1.7 |
|
Total Current Assets |
63.2 |
50.5 |
45.6 |
45.2 |
41.5 |
|
|
|
|
|
|
|
|
Land |
2.6 |
2.4 |
1.9 |
2.0 |
1.9 |
|
Mature/Immature Plantation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Buildings |
13.6 |
10.9 |
9.2 |
8.1 |
6.9 |
|
Plant/Machinery/Stores/Lab |
33.8 |
28.8 |
26.9 |
25.4 |
22.7 |
|
Furniture/Fittings/Office |
2.6 |
2.3 |
2.1 |
2.2 |
1.9 |
|
Vehicles |
2.5 |
1.9 |
2.0 |
1.7 |
1.5 |
|
Capital Work in Progress |
3.1 |
0.4 |
1.5 |
2.1 |
0.6 |
|
Leasehold Cost |
25.3 |
22.6 |
20.6 |
20.0 |
18.3 |
|
Depreciation/Amortisation |
-31.7 |
-26.3 |
-22.5 |
-20.7 |
-17.0 |
|
Goodwill, Net |
- |
- |
0.1 |
- |
- |
|
Goodwill |
0.8 |
0.5 |
- |
0.5 |
0.5 |
|
Amortisation of Goodwill |
-0.4 |
-0.4 |
- |
-0.4 |
-0.4 |
|
Licence and Trade Mark |
- |
- |
- |
0.0 |
0.0 |
|
Development Costs |
- |
- |
- |
0.1 |
0.1 |
|
Amortisation of Intangibles |
- |
- |
- |
-0.1 |
-0.1 |
|
Investment in Subsidiaries |
- |
- |
- |
0.0 |
0.0 |
|
Investment in Associate |
2.8 |
0.8 |
0.8 |
0.9 |
0.8 |
|
Other Long Term Investments |
1.8 |
1.7 |
1.7 |
1.8 |
1.8 |
|
Advance Company Tax |
- |
- |
- |
- |
0.0 |
|
Deferred Tax Asset |
0.2 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Total Assets |
120.2 |
96.3 |
90.1 |
89.0 |
81.1 |
|
|
|
|
|
|
|
|
Trade Creditors |
10.8 |
9.0 |
6.5 |
7.4 |
6.7 |
|
Other/Accrued Expenses |
8.2 |
5.2 |
4.5 |
5.4 |
4.0 |
|
Unclaimed Dividends |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Finance Lease Obligation |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Short-Term Loans and Bank Overdraft |
29.8 |
19.9 |
20.8 |
- |
- |
|
Term Loans |
3.8 |
2.9 |
2.6 |
- |
- |
|
Term Loans/Bank Overdrafts |
- |
- |
- |
19.9 |
18.1 |
|
Redeemable Debenture |
- |
- |
- |
- |
0.0 |
|
Amount due - Subsidiaries |
0.0 |
0.0 |
- |
- |
0.0 |
|
Amount due - Hayleys Ltd. |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Income Tax Payable |
0.3 |
0.2 |
0.1 |
0.0 |
0.6 |
|
Total Current Liabilities |
53.2 |
37.5 |
34.6 |
33.0 |
29.4 |
|
|
|
|
|
|
|
|
Finnce Lease |
3.3 |
3.2 |
3.2 |
3.5 |
- |
|
Interest Bearing - Borrowings |
7.3 |
6.0 |
7.4 |
9.2 |
13.3 |
|
Total Long Term Debt |
10.6 |
9.2 |
10.5 |
12.6 |
13.3 |
|
|
|
|
|
|
|
|
Deferred Taxation |
1.5 |
1.2 |
1.2 |
1.2 |
1.0 |
|
benefit obligatio |
10.5 |
8.6 |
7.0 |
6.9 |
5.6 |
|
Agent Indemnity Fund |
0.4 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Deferred Income |
4.4 |
3.9 |
3.0 |
2.3 |
1.9 |
|
Minority Interest |
7.5 |
6.6 |
6.8 |
6.6 |
5.4 |
|
Total Liabilities |
88.1 |
67.3 |
63.5 |
63.0 |
56.8 |
|
|
|
|
|
|
|
|
Share Capital |
5.4 |
5.2 |
5.2 |
5.6 |
5.5 |
|
Capital Redemption Reserve Fund |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserve on Revaluation of Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Reserve on Revaluation |
1.7 |
1.7 |
1.2 |
1.3 |
1.3 |
|
Legal Reserve |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
General Reserve |
7.4 |
5.5 |
5.4 |
5.8 |
4.6 |
|
Retained Earnings |
16.2 |
15.5 |
13.6 |
12.1 |
11.9 |
|
Exchange Fluctuation |
1.0 |
0.8 |
0.9 |
1.0 |
0.7 |
|
Total Equity |
32.1 |
29.0 |
26.6 |
26.1 |
24.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
120.2 |
96.3 |
90.1 |
89.0 |
81.1 |
|
|
|
|
|
|
|
|
S/O-Ordinary Stock |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Total Common Shares Outstanding |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Accumulated Goodwill Amortisation |
0.4 |
0.4 |
- |
0.4 |
0.4 |
|
Accumulated Intangible Amortisation |
- |
- |
- |
0.1 |
0.1 |
|
Deferred Income |
4.4 |
3.9 |
3.0 |
0.2 |
- |
|
Number of Shareholders |
2,359 |
2,216 |
2,012 |
2,149 |
2,098 |
|
Full-Time Employees |
15,557 |
15,636 |
16,929 |
17,085 |
17,303 |
|
Long Term Debt Maturing within 1 Year |
3.8 |
2.9 |
2.6 |
2.3 |
2.9 |
|
Long Term Debt Maturing within 2-5 Yrs. |
6.2 |
5.5 |
6.4 |
7.8 |
8.8 |
|
Long Term Debt Maturing After 5 Yrs. |
1.1 |
0.5 |
1.0 |
1.3 |
1.0 |
|
Total Long Term Debt, Supplemental |
11.1 |
8.9 |
10.0 |
11.5 |
12.7 |
|
Capital Lease Maturing within 1 Yr. |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Capital Lease Maturing within 2-5 Yrs. |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Capital Lease Maturing After 5 Yrs. |
3.0 |
3.0 |
3.0 |
3.3 |
3.3 |
|
Total Capital Leases, Supplemental |
3.3 |
3.2 |
3.2 |
3.5 |
3.5 |
|
Discount Rate - Pension |
11.00% |
11.00% |
- |
10.00% |
- |
|
Compensation Rate - Pension |
10.00% |
10.00% |
- |
10.00% |
- |
|
Accrued Benefit Liability - Pension |
-10.5 |
-8.6 |
-7.0 |
-6.9 |
-5.6 |
|
Net Assets Recognized on Balance Sheet |
-10.5 |
-8.6 |
-7.0 |
-6.9 |
-5.6 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
109.5 |
110.395 |
110.945 |
111.95 |
113.575 |
|
|
|
|
|
|
|
|
Inventories |
28.3 |
24.8 |
21.9 |
24.5 |
19.6 |
|
Trade and other receivables |
39.2 |
33.6 |
31.4 |
31.7 |
28.3 |
|
Amounts due from subsidiaries |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amount Due from Associate |
- |
- |
- |
0.0 |
0.0 |
|
Short-term investments |
0.1 |
0.1 |
- |
- |
- |
|
Short Term Deposits |
3.5 |
2.9 |
1.1 |
2.9 |
2.2 |
|
Cash and Cash Equivalents |
2.5 |
1.9 |
2.2 |
1.4 |
1.8 |
|
Total Current Assets |
73.6 |
63.2 |
56.6 |
60.4 |
51.8 |
|
|
|
|
|
|
|
|
Property, Plant and Equipment |
52.1 |
51.8 |
49.2 |
47.1 |
44.4 |
|
Intangible Assets |
0.4 |
0.4 |
0.1 |
0.1 |
0.1 |
|
Investments in subsidiaries |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment in Associate |
3.0 |
2.8 |
3.1 |
3.1 |
3.0 |
|
Other Long Term Investments |
1.8 |
1.8 |
1.8 |
1.8 |
1.7 |
|
Deferred Tax Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Assets |
131.2 |
120.2 |
111.0 |
112.7 |
101.3 |
|
|
|
|
|
|
|
|
Trade and other payables |
24.3 |
19.1 |
17.5 |
19.4 |
16.1 |
|
Interest Bearing Borrowing |
3.7 |
3.8 |
3.7 |
4.1 |
4.2 |
|
Term Loans/Bank Overdrafts |
29.6 |
29.8 |
23.9 |
27.5 |
20.5 |
|
Amount due to subsidiaries |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Amount due - Hayleys Ltd. |
0.2 |
0.2 |
0.1 |
0.1 |
0.0 |
|
Income Tax Payable |
0.6 |
0.3 |
0.2 |
0.3 |
0.3 |
|
Total Current Liabilities |
58.3 |
53.2 |
45.4 |
51.5 |
41.1 |
|
|
|
|
|
|
|
|
Interest Bearing - Borrowings |
10.8 |
10.6 |
10.6 |
9.5 |
9.1 |
|
Total Long Term Debt |
10.8 |
10.6 |
10.6 |
9.5 |
9.1 |
|
|
|
|
|
|
|
|
Deferred Taxation |
1.5 |
1.5 |
1.3 |
1.2 |
1.2 |
|
benefit obligatio |
11.0 |
10.5 |
10.0 |
9.5 |
9.0 |
|
Agent Indemnity Fund |
0.4 |
0.4 |
0.4 |
0.3 |
0.3 |
|
Deferred Income |
4.4 |
4.4 |
4.3 |
4.3 |
4.0 |
|
Minority Interest |
8.6 |
7.5 |
7.1 |
7.0 |
6.9 |
|
Total Liabilities |
95.1 |
88.1 |
79.2 |
83.3 |
71.7 |
|
|
|
|
|
|
|
|
Share Capital |
5.5 |
5.4 |
5.4 |
5.3 |
5.3 |
|
Capital Redemption Reserve Fund |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserve on Scrip Issue |
- |
0.2 |
0.2 |
0.2 |
0.2 |
|
Reserve on Revalution of Assets |
- |
1.7 |
1.7 |
1.7 |
1.7 |
|
Legal Reserve |
- |
0.2 |
0.2 |
0.2 |
0.2 |
|
General Reserve |
- |
7.4 |
5.6 |
5.6 |
5.5 |
|
Retained Earnings |
- |
16.2 |
17.6 |
15.9 |
16.0 |
|
Exchange Fluctuation Reserve |
- |
1.0 |
1.1 |
0.5 |
0.8 |
|
Capital Reserves |
2.2 |
- |
- |
- |
- |
|
Revenue Reserve |
28.4 |
- |
- |
- |
- |
|
Total Equity |
36.1 |
32.1 |
31.8 |
29.4 |
29.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
131.2 |
120.2 |
111.0 |
112.7 |
101.3 |
|
|
|
|
|
|
|
|
S/O-Ordinary Stock |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Total Common Shares Outstanding |
59.9 |
59.9 |
59.9 |
59.9 |
59.9 |
|
Deferred Income |
4.4 |
4.4 |
4.3 |
4.3 |
4.0 |
|
Retiring Benefit Obligation |
-11.0 |
-10.5 |
- |
-9.5 |
-9.0 |
|
Net Assets Recognized on Balance Sheet |
-11.0 |
-10.5 |
- |
-9.5 |
-9.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
105.561639 |
|
Auditor |
KPMG Ford Rhodes
Thornton & Company |
KPMG Ford Rhodes
Thornton & Company |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
6.7 |
6.4 |
5.6 |
5.6 |
7.3 |
|
Depreciation |
3.8 |
3.6 |
3.5 |
3.3 |
2.8 |
|
Finance Cost |
2.2 |
2.1 |
2.8 |
2.8 |
1.1 |
|
Share of Profit of Associates |
0.1 |
0.0 |
0.0 |
-0.3 |
-0.2 |
|
Amortization of Development Expenditure |
- |
- |
- |
0.0 |
0.0 |
|
Profit on Sale of Fixed Asset |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Amortisation of Govt. Grants |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Amortisation of Surplus on Acquisition |
- |
- |
0.0 |
0.0 |
-0.4 |
|
Surplus on acquisition |
-0.1 |
0.0 |
- |
- |
- |
|
Bad Debts Written Off |
-0.1 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Provision for Agents' Fund |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Provision for Gratuity |
2.2 |
2.5 |
1.2 |
1.6 |
1.4 |
|
Provision - Moving/Obsolete Inventories |
0.3 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Interest and Dividend Income |
-0.2 |
-0.4 |
-0.3 |
-0.2 |
- |
|
Exchange Gain/Loss |
- |
- |
- |
- |
1.0 |
|
Differences of Exchange on Translation |
-0.9 |
-0.2 |
-0.1 |
0.8 |
0.6 |
|
Increase)/decrease in trade and other re |
-2.4 |
-2.5 |
-1.5 |
-2.6 |
-5.9 |
|
Inventories |
-4.3 |
-1.6 |
-0.4 |
-3.0 |
-2.7 |
|
Increase/ (decrease) in trade and other |
4.1 |
3.0 |
-1.0 |
2.1 |
0.3 |
|
Interest paid |
-2.2 |
-2.1 |
-2.8 |
-2.8 |
-2.4 |
|
Income taxes paid |
-1.6 |
-1.0 |
-1.3 |
-1.5 |
-0.1 |
|
Retiring Gratuity Paid |
-0.6 |
-1.0 |
-0.5 |
-0.5 |
-0.3 |
|
Agents' Indemnity Fund |
- |
- |
0.0 |
0.0 |
0.0 |
|
Agents' Indemnity Paid |
0.0 |
0.0 |
- |
- |
- |
|
Cash from Operating Activities |
6.9 |
8.9 |
5.4 |
5.5 |
2.8 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-9.2 |
-3.4 |
-7.3 |
-6.2 |
-3.6 |
|
Grants Received |
0.5 |
1.0 |
1.0 |
0.4 |
0.2 |
|
Proceeds from Sale of Fixed Asset |
0.1 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Investment in Group Companies |
-2.5 |
0.0 |
- |
0.0 |
-1.0 |
|
Cash Paid on Investments |
-1.9 |
0.0 |
- |
- |
- |
|
Other LT Investments |
-1.8 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash Paid on Investment in Hanwella |
- |
- |
- |
- |
-1.2 |
|
Issue of Shares to Minority Shareholders |
- |
- |
- |
- |
0.0 |
|
Interest Received |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Dividend Received |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Dividends received from subsidiary compa |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Dividends Paid to Minority Shareholders |
-0.3 |
-1.0 |
-0.6 |
-0.4 |
-0.3 |
|
Cash from Investing Activities |
-14.8 |
-3.0 |
-6.4 |
-5.7 |
-5.3 |
|
|
|
|
|
|
|
|
Term Loans Received |
6.3 |
2.3 |
1.5 |
1.0 |
1.3 |
|
Repayment of Term Loans |
-4.8 |
-3.7 |
-2.3 |
-2.9 |
-2.8 |
|
Capital Payment - Finance Lease |
-0.1 |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Debentures Redeemed |
- |
- |
- |
0.0 |
-0.5 |
|
Dividend Paid |
-2.0 |
-2.2 |
-0.9 |
-2.1 |
-2.0 |
|
Cash from Financing Activities |
-0.6 |
-3.7 |
-1.8 |
-4.0 |
-4.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-8.5 |
2.2 |
-2.8 |
-4.2 |
-6.6 |
|
|
|
|
|
|
|
|
Cash at the Beginning |
-16.1 |
-18.4 |
-16.3 |
-12.0 |
-5.5 |
|
Cash at the End of the Year |
-24.6 |
-16.2 |
-19.1 |
-16.2 |
-12.1 |
|
Cash Interest Paid |
2.2 |
2.1 |
2.8 |
2.8 |
2.4 |
|
Cash Taxes Paid |
1.6 |
1.0 |
1.3 |
1.5 |
0.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
109.896774 |
112.156148 |
112.627554 |
113.209 |
113.759516 |
|
|
|
|
|
|
|
|
Net Income |
5.2 |
6.7 |
4.5 |
2.4 |
1.1 |
|
Depreciation |
1.1 |
3.8 |
2.8 |
1.8 |
0.8 |
|
Interest cost |
0.5 |
2.2 |
1.7 |
1.0 |
0.4 |
|
Share of Profit of Associates |
-0.2 |
0.1 |
0.3 |
0.3 |
0.3 |
|
Profit/Loss on Sale of Fixed Asset |
0.0 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Amortisation of Govt. Grants |
0.0 |
-0.2 |
-0.1 |
-0.1 |
0.0 |
|
Surplus on Acquisition |
0.0 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Provision for Bad & Doubtful Debts |
- |
- |
-0.1 |
-0.1 |
-0.1 |
|
Bad Debts Written Off |
0.0 |
-0.1 |
- |
- |
- |
|
Provision for Gratuity |
0.6 |
2.2 |
1.6 |
1.1 |
0.6 |
|
Provision for Agents' Fund |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Provision - Moving/Obsolete Inventories |
0.3 |
0.3 |
0.2 |
0.0 |
-0.1 |
|
Interest and Dividend Income |
-0.1 |
-0.2 |
-0.2 |
-0.2 |
0.0 |
|
Differences of Exchange on Translation |
0.7 |
-0.9 |
-0.5 |
-1.7 |
-0.3 |
|
Increase)/decrease in trade and other re |
-5.5 |
-2.4 |
-3.7 |
-4.2 |
-1.3 |
|
Inventories |
-3.6 |
-4.3 |
-3.3 |
-5.9 |
-1.1 |
|
Increase/ (decrease) in trade and other |
5.0 |
4.1 |
3.3 |
5.4 |
2.3 |
|
Interest paid |
-0.5 |
-2.2 |
-1.7 |
-1.0 |
-0.4 |
|
Income taxes paid |
-0.2 |
-1.6 |
-0.8 |
-0.4 |
-0.1 |
|
Retiring Gratuity Paid |
-0.2 |
-0.6 |
-0.4 |
-0.3 |
-0.1 |
|
Agents' Indemnity Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Operating Activities |
3.0 |
6.9 |
3.6 |
-1.8 |
1.8 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-1.1 |
-9.2 |
-7.1 |
-5.0 |
-1.8 |
|
Grants Received |
0.1 |
0.5 |
0.4 |
0.4 |
0.1 |
|
Proceeds from Sale of Fixed Asset |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Cash Paid on Investments |
0.0 |
-1.9 |
- |
- |
- |
|
Investment in group companies |
0.0 |
-2.5 |
-2.5 |
-2.5 |
-2.5 |
|
Other LT Investments |
0.0 |
-1.8 |
- |
- |
- |
|
Interest Received |
0.1 |
0.2 |
0.1 |
0.1 |
0.0 |
|
Dividend Received |
0.0 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Dividends received from subsidiary compa |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends Paid to Minority Shareholders |
0.0 |
-0.3 |
-0.3 |
-0.1 |
0.0 |
|
Cash from Investing Activities |
-0.9 |
-14.8 |
-9.2 |
-7.0 |
-4.1 |
|
|
|
|
|
|
|
|
Term Loans Received |
0.9 |
6.3 |
5.3 |
3.3 |
2.0 |
|
Repayment of Term Loans |
-0.9 |
-4.8 |
-3.8 |
-2.0 |
-1.0 |
|
Capital Payment - Finance Lease |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Dividend Paid |
-0.1 |
-2.0 |
-1.3 |
-1.3 |
-0.1 |
|
Cash from Financing Activities |
-0.1 |
-0.6 |
0.1 |
0.0 |
0.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
- |
- |
- |
- |
|
Net Change in Cash |
2.0 |
-8.5 |
-5.5 |
-8.8 |
-1.4 |
|
|
|
|
|
|
|
|
Cash at the Beginning |
-25.5 |
-16.1 |
-14.9 |
-14.2 |
-15.0 |
|
Cash at the End |
-23.5 |
-24.6 |
-20.4 |
-23.0 |
-16.4 |
|
Cash Interest Paid |
0.5 |
2.2 |
1.7 |
1.0 |
0.4 |
|
Cash Taxes Paid |
0.2 |
1.6 |
0.8 |
0.4 |
0.1 |
|
|
|
Financials in: As Reported (mil)
|
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Financials in: As Reported (mil)
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|
Financials in: As Reported (mil)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.87 |
|
|
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.53 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.