MIRA INFORM REPORT

Report Date :

28.04.2012

IDENTIFICATION DETAILS

Name :	INTERMART EXPORTS (PVT) LTD
Registered Office :	# 20, Hyde Park Corner, Colombo – 2
Country :	Sri Lanka
Financials (as on) :	31.03.2010
Date of Incorporation :	28.09.2006
Com. Reg. No.:	PV 12343
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture & Export of Printing on board, paper, flexible film offset
No. of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Sri Lanka	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

GENERAL- Basic information at a glance

Name of Subject of Inquiry	:	INTERMART EXPORTS (PVT) LTD
Legal Form & Status	:	Private Limited Liability Company (In operation)
Chairman	:	W. A. Athula Silva
Primary Line of Business	:	Manufacture & Export of Printing on board, paper, flexible film offset
Head Office & Place of Business	:	# 20, Hyde Park Corners, Colombo -2 Sri Lanka. Tel. No: (00 94 11) 233 2188 / 244 6415 Fax. No: (00 94 11) 230 4596 E-mail: info@intermart.lk Location : Owned
Factory	:	No.112, Pattiwila Road, Kelaniya, Sri Lnka. Tel. No: (00 94 11) 488 7234 - 6 Fax. No: (00 94 11) 433 3000
No. of Employees	:	100
Sister Concern		Intermart Printers (P) Ltd

COMPANY DETAILS- Registration and Shareholder Details

Registration No		:	N (PVS) 47972
Date of Registration			28th September 2006
Re-registration No		:	PV 12343
Date of Re-registration			18th March 2009
Registered Office		:	# 20, Hyde Park Corner, Colombo – 2, Sri Lanka.
Board Of Directors As At 14^th January 2012		:	W. A. Athula Silva	Chairman
			S. A. Gunawardena	Director
			C. P. Gunawardena	Director
			A. Giritharan	Director
			N. R. Kalupahana	Director
Issued Share Capital		:	Rs. 40,000,000.00
Nominal Value of Share		:	Rs. 10.00
Major Share Holders As At 14^th January 2012		:	Share Holders	No of Shears
			W. A. Athula Silva	250,000
			S. A. Gunawardena	250,000
			C. P. Gunawardena	300,000
			A. Giritharan	700,000
			Intermart Printers (Pvt) Ltd	1,500,000
			Intermart Consolidated (Pvt) Ltd	900,000
			N.R. Kalupahana	100,000
Secretaries	:		C. P. Gunawardena
Auditors	:		Jayasinghe & Company
Bankers		:	· Commercial Bank, Colombo Branch · Hatton National Bank · HSBC Bank
Exporters		:	Products : Printing and packaging Country : Netherlands
Importers			Products : Raw Materials Country : India, Indonesia, Korea, China
Trading Terms		:	Purchasing Terms: L/C, Cash, Credit Selling Terms: L/C, Cash, Credit
Customer Types		:	Retailers Wholesalers

FINANCIAL DETAILS

- Most recent available Financial Information

Income Statement as at 31^st March

			Year Ended 31^st March 2010 Rs.’000	Year Ended 31^st March 2009 Rs.’000
A	Revenue	:	35,016,355.49	21,223,090
B	Cost of Sales	:	(26,889,716.11)	(17,919,093)
C	Gross Profit	:	8,126,639.38	3,313,997
D	Other Income		139,803.66	147,925
E	Profit Before		8,266,443.04	3,461,922
E	Administration Expenses	:	(2,905,109.76)	(3,268,051)
F	Distribution Expenses	:	(496,916.35)	(161,588)
G	Other Operating Expenses		(873,161.00)	(125,490)
H	Profit Loss From Activities		3,991,255.93	(93,207)
G	Financing (cost)/Income	:	(2,338,122.85)	(2,254,059)
H	Net Profit / (Loss) before Tax	:	1,653,133.08	(2,347,266)
I	Income Tax (expenses)/ Release	:	(10,413.05)	(11,629)
J	Net Profit / (Loss) After Tax:	:	1,642,720.03	2,358,893

Balance Sheet as at 31^st March

			Year Ended 31^st March 2010 Rs.’000	Year Ended 31^st March 2009 Rs.’000
a)	Non-current Assets	:	68,656,951.67	74,242,026
b)	Current Assets	:	90,857,709.22	5,020,501
c)	Current Liability	:	102,823,035.84	32,434,596
d)	Non-current liability	:	20,415,095.00	12,194,121
e)	Total Liabilities	:	123,238,130.84	44,628,717
f)	Total Assets	:	159,514,660.89	79,262,527
g)	Net Worth	:	36,276,530.05	34,633,810

Information Parted By:

Name : Mr. Prakash

Designation : Finance Manager

Mobile No. : 0094-77641 8063

Date : 25.04.2012

CURRENT INVESTIGATION

· History.

The Subject Company INTERMART EXPORTS (PVT) LTD is a Private Limited liability Company incorporated on 28TH September 2006 under registration number N (PVS) 47972 and then the company was re-registered on 18th March 2009 under registration number PV 12343

· Location.

The Subject Company’s head office is located at the client given address # 20, Hyde Park Corner, Colombo – 2, Sri Lanka. Factory of the Subject Company is located at No.112, Pattiwila Road, Kelaniya, Sri Lnka.

· Operations Details.

General

The subject company primary line of business is Manufacture & Export of Printing on board, paper, flexible film offset

Products

Cartoons, Boxes, Bags, Books and Printed Matter, Envelopes, Letter Cards, Post Cards

Country

India, China

Employees

100

Directors Details

Name	W. A. Athula Silva
ID Number	451441850 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	23^rd May 1945
Age	65 Years
Address	No.27/6A, Park Lane, Rajagiriya, Sri lanaka

Name	S. A. Gunawardena
ID Number	481663539 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	14^th June 1948
Age	62 Years
Address	No.146/6A, Dutugamunu Street, Kohuwala Sri lanaka

Name	C. P. Gunawardena
ID Number	566081089 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	17^th April 1956
Age	54 Years
Address	No.146/6A, Dutugamunu Street, Kohuwala Sri lanaka

Name	A. Giritharan
ID Number	660081089 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	08^th January 1966
Age	44 Years
Address	No.297 1/1, George R. De Silva Mawatha, Colombo – 13, Sri lanaka

Name	N. R. Kalupahana
ID Number	430710435 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	11^th March 1943
Age	67 Years
Address	No.21, Sagara Lane, 02, Moratuwa, Sri lanaka

Financial Data

(Amt. In LKR Millions)

Particulars	31.03.2012	31.03.2011
Sales Turnover	580.000	500.000

Expected Sales (2012-2013):- 600 LKR Millions

· Trade references

Akbar Brothers Limited

Gayatri Shakti Paper and Board Limited

· Credit Recommendations

Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.