MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	COLOMBO DOCKYARD LIMITED
Registered Office :	P.O. Box 906, Graving Docks, Port of Colombo, 15, P.O. Box 906Colombo, Colombo, 15
Country :	Sri Lanka
Financials (as on) :	31.12.2011
Year of Establishment :	1974
Legal Form :	Public Subsidiary Company
Line of Business :	Subject is engaged in ship repairs, shipbuilding, heavy engineering, offshore engineering, general engineering and supply channel for engineering items
No. of Employees :	1,665

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 :	No Complaints
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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Sri lanka	A2	A2

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

Company name & address

Colombo Dockyard Limited

P.O. Box 906, Graving Docks

Port of Colombo, 15

P.O. Box 906Colombo

Colombo, 15

Sri Lanka

Tel: 94-11-2429000

Fax: 94-11-2446441

Web: www.cdl.lk

Synthesis

Employees: 1,665

Company Type: Public Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: Onomichi Dockyard Co Ltd

Traded: Colombo (Sri Lanka) Stock Exchange: DOCK.N0000

Incorporation Date: 1974

Auditor: KPMG Ford Rhodes Thornton & Company

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Sri Lanka Rupee

Annual Sales: 115.8 1

Net Income: 16.3

Total Assets: 128.1 2

Market Value: 138.1

(09-Mar-2012)

Business Description

Colombo Dockyard PLC along with its subsidiaries is engaged in ship repairs, shipbuilding, heavy engineering, offshore engineering, general engineering and supply channel for engineering items. The Company operates four graving dry-docks, with a capacity of 125,000 deadweight (DWT) and extensive repair berth facilities. The Company’s subsidiaries include Dockyard General Engineering Services (Pvt) Ltd and Ceylon Shipping Agency (Pvt) Ltd. For the fiscal year ended 31 December 2011, Colombo Dockyard PLC's revenues decreased 12% to LKR12.8B. Net income for the period decreased 13% to LKR1.8B. Total revenue reflects an decrease in demand for the Company's product and services across all business segments except Material Sales. Net income for the period suffered from decreased gross margin as well higher interest cost. Colombo Dockyard PLC is listed onColombo stock Exchange.

Industry

Industry Water Transportation

ANZSIC 2006: 2391 - Shipbuilding and Repair Services

NACE 2002: 3511 - Building and repairing of ships

NAICS 2002: 336611 - Ship Building and Repairing

UK SIC 2003: 3511 - Building and repairing of ships

US SIC 1987: 3731 - Ship Building and Repairing

Key Executives

Name	Title
Mangala P.B. Yapa	Chief Executive Officer, Managing Director, Executive Director
Manori P. Mallikarachchi	Company Secretary
Akihiko Nakauchi	Chairman, Executive Director
Sarath De Costa	Non-Executive Vice Chairman of the Board
G.A.D.Lalith H. Ganlath	Non-Executive Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Business Deals	1	Colombo Dockyard PLC Acquires Contracts	25-Aug-2011
Equity Financing / Related	1	Colombo Dockyard PLC Updates on Rights Issue	2-Mar-2012
Equity Investments	1	Colombo Dockyard PLC Announces Shareholding Change	26-Apr-2011
Dividends	1	Colombo Dockyard PLC to Pay FY 2011 Dividend; Announces Rights Issue	22-Feb-2012

* number of significant developments within the last 12 months

News 

Title	Date
SRI LANKA URGED TO DUMP WAR MINDSET Asia Pulse Businesswire (356 Words)	16-Mar-2012
BRIEFING - ASIA SHIPPING - MARCH 16, 2012 Asia Pulse Businesswire (425 Words)	16-Mar-2012
Colombo Dockyards meet Silueta in final Sri Lanka Daily News (169 Words)	10-Mar-2012
Dockyard confront MAS Intimates in final Sri Lanka Daily Mirror (88 Words)	10-Mar-2012
Indian Ocean shipping industry facing contraction- Dockyard chief Sri Lanka Daily Mirror (71 Words)	8-Mar-2012

Financial Summary

As of 31-Dec-2011

Key Ratios Company Industry

Current Ratio (MRQ) 2.59 2.01

Quick Ratio (MRQ) 2.45 1.44

Debt to Equity (MRQ) 0.05 0.96

Sales 5 Year Growth 11.33 10.10

Net Profit Margin (TTM) % 14.14 -2.59

Return on Assets (TTM) % 12.42 1.10

Return on Equity (TTM) % 21.62 -0.0080

Stock Snapshot

Traded: Colombo (Sri Lanka) Stock Exchange: DOCK.N0000

As of 9-Mar-2012

   Financials in: LKR

Recent Price	245.00	EPS	23.79
52 Week High	285.00	Price/Sales	1.31
52 Week Low	210.00	Dividend Rate	6.00
Avg. Volume (mil)	0.0064	Price/Earnings	9.05
Market Value (mil)	16,767.08	Price/Book	1.87
		Beta	0.83

	Price % Change	Rel S&P 500%
4 Week	10.86%	8.03%
13 Week	6.52%	17.07%
52 Week	-6.09%	27.09%
Year to Date	2.68%	14.32%

1 - Profit & Loss Item Exchange Rate: USD 1 = LKR 110.5562

2 - Balance Sheet Item Exchange Rate: USD 1 = LKR 113.9

Corporate Overview

Location

P.O. Box 906, Graving Docks

Port of Colombo, 15

P.O. Box 906Colombo

Colombo, 15

Sri Lanka

Tel: 94-11-2429000

Fax: 94-11-2446441

Web: www.cdl.lk

Quote Symbol - Exchange

DOCK.N0000 - Colombo (Sri Lanka) Stock Exchange

Sales LKR(mil): 12,803.2

Assets LKR(mil): 14,593.4

Employees: 1,665

Fiscal Year End: 31-Dec-2011

Industry: Water Transportation

Incorporation Date: 1974

Company Type: Public Subsidiary

Quoted Status: Quoted

Chief Executive Officer, Managing Director, Executive Director: Mangala P.B. Yapa

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3419 - Other Specialised Industrial Machinery and Equipment Wholesaling

6923 - Engineering Design and Engineering Consulting Services

2391 - Shipbuilding and Repair Services

NACE 2002 Codes:

5187 - Wholesale of other machinery for use in industry, trade and navigation

7420 - Architectural and engineering activities and related technical consultancy

3511 - Building and repairing of ships

NAICS 2002 Codes:

336611 - Ship Building and Repairing

423860 - Transportation Equipment and Supplies (except Motor Vehicle) Merchant Wholesalers

541330 - Engineering Services

US SIC 1987:

8711 - Engineering Services

3731 - Ship Building and Repairing

5088 - Transportation Equipment and Supplies, Except Motor Vehicles

UK SIC 2003:

3511 - Building and repairing of ships

5187 - Wholesale of other machinery for use in industry, trade and navigation

74204 - Engineering consultative and design activities

Business Description

Colombo Dockyard PLC along with its subsidiaries is engaged in ship repairs, shipbuilding, heavy engineering, offshore engineering, general engineering and supply channel for engineering items. The Company operates four graving dry-docks, with a capacity of 125,000 deadweight (DWT) and extensive repair berth facilities. The Company’s subsidiaries include Dockyard General Engineering Services (Pvt) Ltd and Ceylon Shipping Agency (Pvt) Ltd. For the fiscal year ended 31 December 2011, Colombo Dockyard PLC's revenues decreased 12% to LKR12.8B. Net income for the period decreased 13% to LKR1.8B. Total revenue reflects an decrease in demand for the Company's product and services across all business segments except Material Sales. Net income for the period suffered from decreased gross margin as well higher interest cost. Colombo Dockyard PLC is listed onColombo stock Exchange.

More Business Descriptions

Ship repairs; marine engineering; shipbuilding; heavy engineering contracts. ISO 9001 certified

Brand/Trade Names

CDL

Financial Data

Financials in:	LKR(mil)
Revenue:	12,803.2
Net Income:	1,804.0
Assets:	14,593.4
Long Term Debt:	36.4
Total Liabilities:	5,623.9
Working Capital:	0.9
Date of Financial Data:	31-Dec-2011

1 Year Growth

-11.7%

-13.3%

0.2%

Market Data

Quote Symbol:	DOCK.N0000
Exchange:	Colombo (Sri Lanka) Stock Exchange
Currency:	LKR
Stock Price:	245.0
Stock Price Date:	03-09-2012
52 Week Price Change %:	-6.1
Market Value (mil):	16,767,080.0
SEDOL:	6210427
ISIN:	LK0047N00007
Equity and Dept Distribution:
04/2006, Scrip Issue, 1 new share for every 20 shares held. 04/2008, Rights Issue, 1 new share for every 20 shares held @ LKR 10 (Factor: 1.042105).

Subsidiaries

Company	Percentage Owned	Country
Ceylon Shipping Agencies Pte Ltd	51%	SINGAPORE
Dockyard General Engineering Services (Pvt) Ltd	100%	SRI LANKA

Shareholders

Major Shareholders

Onomichi Dockyard Co Ltd, Japan (51%)

Key Corporate Relationships

Auditor:	KPMG Ford Rhodes Thornton & Company
Bank:	Bank of Ceylon, People's Bank, Commercial Bank of Ceylon, Hatton National Bank
Auditor:	KPMG Ford Rhodes Thornton & Company, KPMG Ford, Rhodes, Thornton & Co

Corporate Family	Corporate Structure News:
	Onomichi Dockyard Co Ltd Colombo Dockyard Limited
Colombo Dockyard Limited Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Onomichi Dockyard Co Ltd	Parent	Kobe, Hyogo Pref	Japan	Water Transportation	899.5	750
Colombo Dockyard Limited	Subsidiary	Colombo	Sri Lanka	Water Transportation	115.8	1,665
Fukuyama Jyuki Company Limited	Subsidiary	Onomichi	Japan	Miscellaneous Capital Goods	40.0	50

Executive report

Board of Directors

Name	Title	Function	Source
Akihiko Nakauchi	Chairman, Executive Director	Chairman
Sarath De Costa	Non-Executive Vice Chairman of the Board	Vice-Chairman
Mr. Sarath De Costa serves as Vice Chairman of Colombo Dockyard PLC. He is Chairman and Managing Director of AMANO & TIVOLI Group of Companies. President, Imperial Trading Corporation, Japan. Director of Central Industries Ltd. and Ceylon Shipping Agency (Pte) Ltd., Singapore. Vice President of Sri Lanka - Japan Business Co-operation Committee, former Consul General for Sri Lanka in Osaka, Japan and Advisor to Board of Investment of Sri Lanka. He holds a Diploma in Foundry Engineering.
G.A.D.Lalith H. Ganlath	Non-Executive Director	Director/Board Member
Mr. G.A.D. Lalith H. Ganlath serves as a Non-Executive Director of Colombo PLC. He is Proprietor of Ganlath’s Law Office, Chairman of Ganlath’s Secretarial Services (Pte) Ltd., Chairman of U Foreign Investment Services (Pte) Ltd., Chairman of Education and Migration Facilitators (Pvt) Ltd. and Director of Bartleet Financial Ltd., Electro Amp (Pvt) Ltd., DG Plantations (Pvt) Ltd. He is an Attorney-at-Law & Notary Public, Solicitor (England and Wales), Barrister & Solicitor (ACT, Australia), Registered Australian Migration Agent.
Y. Hamane	Non-Executive Director	Director/Board Member
Mr. Y. Hamane serves as a Non-Executive Director of Colombo Dockyard PLC. He is a President of Onomichi Dockyard Co. Ltd., Fukuyama Machinery Co. Ltd. He has worked in Taisho Marine & Fire Insurance Co. Ltd., Kenko Shipping Co. Ltd. Graduate in Business Administration from the University of Konan. Business Administration, Konan University
Yoshihiro Kijima	Executive Director	Director/Board Member
Mr. Y. Kijima serves as an Executive Director of Colombo Dockyard PLC. He joined Onomichi Dockyard Co, Ltd. Japan in 1969 as Manager in Hull Repair section at Onomichi Dockyard Co, Ltd. Appointed Director of Asahi Sangyo, subsidiary of Onomichi Dockyard Co, Ltd. He is a Japan International Corporation Agency Expert on Hull repair.
Piyadasa Kudabalage	Director	Director/Board Member
Mr. Piyadasa Kudabalage has been Director at Colombo Dockyard PLC since May 3, 2011. He is Executive Director of Sri Lanka Insurance Corporation (SLIC). He has been Non-Executive Director of Seylan Bank PLC since August 20, 2010. He holds a Bachelor of Commerce (Hons) Degree from the University of Kelaniya, Sri Lanka, and is Fellow Member of the Institute of Chartered Accountants, Sri Lanka, the Institute of Certified Management Accountants of Sri Lanka, and the Institute of Certified Professional Managers. He is Managing Director/Chief Executive Officer of Litro Gas Lanka Ltd and Litro Gas Terminal Lanka (Pvt) Ltd. Mr. Kudabalage is also on the Board of E-Chanelling PLC, Ceylon Asset Management Co Ltd and Sri Lanka Insurance Resort and Spa (Pvt) Ltd, as well as is Senior Partner of M/s P KudabaLage & Company, Chartered Accountants. He has over 25 years of experience in the mercantile sector. He held several senior positions in Kahawatta Plantations Ltd, Janatha Estate Development Board and Jay Cey Group of Companies and a directorate in Malwatte Valley PLantation Ltd. B Commerce, Kelaniya University
Janaki Kuruppu	Director, Consultant to the Presidential Secretariat	Director/Board Member
Ms. Janaki Kuruppu is Director and Consultant to the Presidential Secretariat of Colombo Dockyard PLC since August 25, 2010. She currently serves as Chairperson of the Regional Development Bank (Colombo) and the Mother Sri Lank Trust. She also serves as Advisor to the Committee for Food Security and Cost of Living Management and Member of the National Economic Council. She has 20 years of professional experience in business management, marketing, business consultancy, strategic planning, market research and social and economic research. Ms. Kuruppu is Member of the Sri Lanka Institute of Directors, The Market Research Society (UK) and Sri Lanka Institute of Marketing. She obtained a Master of Arts in Statistics in 1993 from the University of Missouri (United States) and a Bachelor of Science (minor in Computer Science) in 1989 joint from the University of Colombo (Sri Lanka) and the University of Missouri (United States). MA Statistics, University of Missouri BS Mathematics, University of Colombo
T Nakabe	Director	Director/Board Member	GW
Hettiarachchige A. Ranjith Kumara Wickramatilake	Non-Executive Director	Director/Board Member
Mr. Hettiarachchige A. Ranjith Kumara Wickramatilake serves as a Non-Executive Director of Colombo Dockyard PLC. He is presently, Director, Finance of Mercantile Shipping Company Ltd., a pioneer shipping company in Sri LanLa. Chairman of Mercantile Marine Management Ltd., Mercantile Global Shipping Ltd., Mercantile Emarald Shipping (Pvt) Ltd. and a Board Member of the Mercantile Group of Companies. Holds a Bachelor of Science (B.Sc.) Degree in Public Administration and Diploma in Shipping at Norwegian Shipping Academy, Oslo. Fellow Member of The Institute of Chartered Accountants of Sri Lanka.
Mangala P.B. Yapa	Chief Executive Officer, Managing Director, Executive Director	Director/Board Member
Mr. Mangala P.B. Yapa serves as Managing Director/Chief Execcutive Officer of Colombo Dockyard Plc. He serves as Director of Ceylon Shipping Agencies (Pte) Ltd., Singapore and as Chairman, Dockyard General Engineering Services (Pvt) Ltd., Also serves as Director of Sri Lanka Port Management & Consultancy Services (Pvt) Ltd. Member - South Asia Advisory Committee of Lloyds Register of Shipping, Technical Committee for Naval Shipbuilding, Germanischer Lloyd (GL) and the South Asian Committees of the American Bureau of Shipping (ABS) and Det Norske Veritas (DNV). Vice President of International Chamber of Commerce (ICC), Sri Lanka, and the National Chamber of Exporters (NCE) Sri Lanka.

Executives

Name	Title	Function	Source
Mangala P.B. Yapa	Chief Executive Officer, Managing Director, Executive Director	Chief Executive Officer
Mr. Mangala P.B. Yapa serves as Managing Director/Chief Execcutive Officer of Colombo Dockyard Plc. He serves as Director of Ceylon Shipping Agencies (Pte) Ltd., Singapore and as Chairman, Dockyard General Engineering Services (Pvt) Ltd., Also serves as Director of Sri Lanka Port Management & Consultancy Services (Pvt) Ltd. Member - South Asia Advisory Committee of Lloyds Register of Shipping, Technical Committee for Naval Shipbuilding, Germanischer Lloyd (GL) and the South Asian Committees of the American Bureau of Shipping (ABS) and Det Norske Veritas (DNV). Vice President of International Chamber of Commerce (ICC), Sri Lanka, and the National Chamber of Exporters (NCE) Sri Lanka.
D. V. Abeysinghe	General Manager - Projects & Engineering	Division Head Executive
Mr. D.V. Abeysinghe, B.Sc. Engineering (Hon.), University of Moratuwa, C. Engineering, M. I. E. (S. L.). possesses over 26 years experience in related fields, of which 21 years have been at CDPLC and 1 year has been overseas. BS Engineering, University of Moratuwa
M. F.M. Najab	General Manager - Administration and Corporate affairs	Division Head Executive
Mr. M.F.M. Najab serves as a General Manager - Administration and Corporate Affairs. He holds a Master of Science ( M.Sc.) Engineering, MIE Australia, CP Engineering. He has 30 years of experience at CDPLC with more than 15 years in the marine field in Shipbuilding/Shiprepair and related fields, such as hull repairs, steel fabrication, hull designs and new building projects development work. Possesses overseas exposure in Ships Plan approval with Det Norske Veritas in Oslo, Norway. Trained in Materia/ Fng/neering at the VERITAS, Training Centre. Norway, Safety & Reliability Fogineeriog at the University of Throndheim - the Norwegian Institute of Technology and Quality Management under AOTS in Tokyo, Japan.
N. M.K.B. Nayakarathne	General Manager - Commercial	Division Head Executive
Mr. N.M.K.B.Nayakarathne serves as a General Manager-Commercial of Colombo Dockyard PLC. He Holds Bachelor of Science (BSc) Engineering from University of Moratuwa. He has 25 years experienced in the related field of which 22 years have been at CDPLC and 2 years overseas. BS , University of Moratuwa
M.W. Prasantha Perera	General Manager - Production	Division Head Executive
Mr. M.W. Prasantha Perera serves as a General Manager-Production of Colombo Dockyard PLC. He MIDiag. E. United Kingdom (U.K.) has 34 years experience in the marine field, of which one year at Brown and Company Ltd. He possesses 6 years sailing experience as a Marine Engineer and has been with CDPLC for 27 years.
K.A.I. Manil Silva	General Manager - Logistics	Division Head Executive
Mr. K.A.I. Manil Silva serves as General Manager - Logistics of Colombo Dockyard PLC. He achieved Master of Science (M.Sc.) Fngineering at Moscow State University. He possesses 24 years experience in the related field of which 17 years have been at CDPLC and an additional 6 years have been overseas exposure working with Arab Shipbuilding and RepairYard, Kingdom of Bahrain. MS Engineering, Moscow State University
Ranil Wijeygunawardane	General Manager - Finance	Division Head Executive
Mr. Ranil Wijeygunawardane serves as a General Manager - Finance of Colombo Dockyard PLC. He is a (FCA) Fellow of the Institute of Chartered Accountants, FSCMA, PDM (SriJ.), Dip. in Treasury Investment & Risk Management (SLBI), Member Institute of Chartered Accountants of Sri Lanka. He possesses 28 years of experience in the field, of which 15 years have been at CDPLC.
Manori P. Mallikarachchi	Company Secretary	Company Secretary

Significant Developments

Colombo Dockyard PLC Updates on Rights Issue Mar 02, 2012

Colombo Dockyard PLC announced that the Company will carry out a rights issue in the proportion of one new ordinary share for every existing 20 ordinary shares held by way of a capitalization of reserves. It will issue 3,421,853 new shares at LKR 10 per share, with allotment date on March 22, 2012.

Colombo Dockyard PLC to Pay FY 2011 Dividend; Announces Rights Issue Feb 22, 2012

Colombo Dockyard PLC announced that it is to pay fiscal year 2011 first and final dividend of LKR 6.00 per share on March 14, 2012 with an ex-date of March 2, 2012. It paid fiscal year 2010 dividend of LKR 8.00 per share. The Company will carry out a rights issue in the proportion of one new ordinary share for every existing 20 ordinary shares held by way of a capitalization of reserves.

Colombo Dockyard PLC Acquires Contracts Aug 25, 2011

Colombo Dockyard PLC announced that it has secured six new shipbuilding projects to construct and deliver four units of 78M Multi Purpose Platform Supply Vessels and two units of 400 Passenger cum 250T Cargo Vessels to Singapore and Indian customers respectively.

Colombo Dockyard PLC Announces Shareholding Change Apr 26, 2011

Colombo Dockyard PLC announced that Sri Lanka Insurance Corporation Limited has acquired 10% stake in the Company, including 3,421,903 shares from Sri Lanka Insurance Corporation (General Fund) and 3,421,475 shares from Sri Lanka Insurance Corporation (Life Fund).

Annual Income Statement

Financials in: USD (mil),

Except for share items (millions) and per share items (actual units),

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	110.556216	113.05418	114.967315	108.350068	110.592705
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Revenue	115.9	128.3	117.4	103.0	80.1
Excise Tax Receipts	-0.1	0.0	0.0	0.0	0.0
Revenue	115.8	128.3	117.4	103.0	80.1
Total Revenue	115.8	128.3	117.4	103.0	80.1
Cost of Revenue	94.9	99.3	86.8	79.0	60.2
Cost of Revenue, Total	94.9	99.3	86.8	79.0	60.2
Gross Profit	20.9	29.0	30.6	23.9	19.9
Selling/General/Administrative Expense	12.2	14.3	13.3	12.3	9.4
Total Selling/General/Administrative Expenses	12.2	14.3	13.3	12.3	9.4
Investment Income - Operating	-4.0	0.5	-1.3	-1.8	-0.8
Interest/Investment Income - Operating	-4.0	0.5	-1.3	-1.8	-0.8
Interest Expense (Income) - Net Operating Total	-4.0	0.5	-1.3	-1.8	-0.8
Loss (Gain) on Sale of Assets - Operating	-1.6	-1.1	-0.9	-1.0	-0.9
Unusual Expense (Income)	-1.6	-1.1	-0.9	-1.0	-0.9
Other Operating Expense	-0.5	0.0	0.6	0.3	0.3
Other, Net	-0.1	-0.1	-0.1	-0.3	-0.2
Other Operating Expenses, Total	-0.7	-0.1	0.5	0.0	0.1
Total Operating Expense	100.9	112.9	98.4	88.5	68.1
Operating Income	15.0	15.4	19.0	14.4	12.0
Interest Expense - Non-Operating	-0.7	-0.5	-0.6	-0.7	-1.1
Interest Expense, Net Non-Operating	-0.7	-0.5	-0.6	-0.7	-1.1
Interest Income - Non-Operating	2.3	2.1	2.2	2.1	1.1
Interest/Investment Income - Non-Operating	2.3	2.1	2.2	2.1	1.1
Interest Income (Expense) - Net Non-Operating Total	1.6	1.6	1.6	1.5	-0.1
Other Non-Operating Income (Expense)	0.0	-	-	-	-
Other, Net	0.0	-	-	-	-
Income Before Tax	16.6	17.1	20.6	15.9	11.9
Total Income Tax	0.2	-1.4	1.9	2.5	2.0
Income After Tax	16.4	18.4	18.8	13.4	10.0
Minority Interest	-0.1	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	16.3	18.4	18.7	13.4	10.0
Net Income	16.3	18.4	18.7	13.4	10.0
Income Available to Common Excl Extraord Items	16.3	18.4	18.7	13.4	10.0
Income Available to Common Incl Extraord Items	16.3	18.4	18.7	13.4	10.0
Basic/Primary Weighted Average Shares	68.4	68.4	68.4	68.4	65.2
Basic EPS Excl Extraord Items	0.24	0.27	0.27	0.20	0.15
Basic/Primary EPS Incl Extraord Items	0.24	0.27	0.27	0.20	0.15
Diluted Net Income	16.3	18.4	18.7	13.4	10.0
Diluted Weighted Average Shares	68.4	68.4	68.4	68.4	65.2
Diluted EPS Excl Extraord Items	0.24	0.27	0.27	0.20	0.15
Diluted EPS Incl Extraord Items	0.24	0.27	0.27	0.20	0.15
Dividends per Share - Common Stock Primary Issue	0.05	0.07	0.07	0.06	0.03
Gross Dividends - Common Stock	-	-	-	4.4	1.8
Interest Expense, Supplemental	0.7	0.5	0.6	0.7	1.1
Depreciation, Supplemental	2.6	2.3	3.1	1.9	1.6
Total Special Items	-1.6	-1.1	-0.9	-1.0	-0.7
Normalized Income Before Tax	15.0	15.9	19.7	14.9	11.2
Effect of Special Items on Income Taxes	0.0	-0.4	-0.1	-0.2	-0.1
Inc Tax Ex Impact of Sp Items	0.2	-1.8	1.8	2.3	1.9
Normalized Income After Tax	14.8	17.7	17.9	12.6	9.4
Normalized Inc. Avail to Com.	14.7	17.7	17.9	12.6	9.3
Basic Normalized EPS	0.22	0.26	0.26	0.18	0.14
Diluted Normalized EPS	0.22	0.26	0.26	0.18	0.14
Amort of Intangibles, Supplemental	0.0	0.0	0.1	0.0	0.0
Advertising Expense, Supplemental	0.8	1.0	0.8	0.9	0.7
Normalized EBIT	9.4	14.8	16.8	11.6	10.5
Normalized EBITDA	12.1	17.2	20.0	13.5	12.1
Current Tax - Other	0.4	0.8	2.1	3.2	2.3
Current Tax - Total	0.4	0.8	2.1	3.2	2.3
Deferred Tax - Other	-0.4	-0.3	-0.2	-0.8	-0.4
Deferred Tax - Total	-0.4	-0.3	-0.2	-0.8	-0.4
Other Tax	0.2	-1.9	0.0	0.0	0.0
Income Tax - Total	0.2	-1.4	1.9	2.5	2.0
Defined Contribution Expense - Domestic	-	3.1	2.4	3.4	1.5
Total Pension Expense	-	3.1	2.4	3.4	1.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate	113.9	110.945	114.4	113	108.65
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	36.0	50.2	34.4	4.1	2.3
Short Term Investments	1.0	5.6	-	28.3	13.5
Cash and Short Term Investments	36.9	55.7	34.4	32.4	15.8
Accounts Receivable - Trade, Gross	32.3	26.1	37.7	30.5	48.8
Provision for Doubtful Accounts	-2.9	-2.3	-0.9	-0.7	-1.0
Trade Accounts Receivable - Net	29.4	23.9	36.8	29.8	47.8
Other Receivables	11.2	6.9	5.5	3.9	4.4
Total Receivables, Net	40.5	30.8	42.3	33.7	52.2
Inventories - Raw Materials	6.2	6.7	7.6	8.9	8.3
Inventories - Other	0.3	0.3	0.4	0.4	0.5
LIFO Reserve	-0.6	-1.2	-1.2	-0.6	-0.3
Total Inventory	5.9	5.8	6.8	8.8	8.5
Other Current Assets	20.8	17.2	19.5	17.3	14.8
Other Current Assets, Total	20.8	17.2	19.5	17.3	14.8
Total Current Assets	104.2	109.6	103.1	92.2	91.4
Buildings	6.3	6.4	-	6.4	5.7
Land/Improvements	0.4	0.3	-	0.3	0.3
Machinery/Equipment	31.9	30.2	-	23.1	20.5
Construction in Progress	0.8	0.5	-	0.4	0.4
Leases	0.0	0.0	-	0.0	0.0
Other Property/Plant/Equipment	9.8	10.0	-	10.6	10.9
Property/Plant/Equipment - Gross	49.3	47.5	-	40.8	37.9
Accumulated Depreciation	-26.9	-27.0	-	-21.8	-21.0
Property/Plant/Equipment - Net	22.4	20.5	18.0	19.0	16.8
Intangibles - Gross	0.2	0.2	0.2	0.1	0.0
Accumulated Intangible Amortization	-0.2	-0.1	-0.1	0.0	0.0
Intangibles, Net	0.0	0.1	0.1	0.0	0.0
LT Investment - Affiliate Companies	-	-	-	0.0	-
LT Investments - Other	0.5	0.5	0.5	0.5	0.0
Long Term Investments	0.5	0.5	0.5	0.5	0.0
Deferred Income Tax - Long Term Asset	1.1	0.7	0.4	0.2	0.0
Other Long Term Assets, Total	1.1	0.7	0.4	0.2	0.0
Total Assets	128.1	131.3	122.0	111.9	108.2
Accounts Payable	15.6	16.9	14.5	10.6	7.6
Accrued Expenses	3.5	5.5	7.0	7.3	6.7
Notes Payable/Short Term Debt	3.5	8.1	3.0	11.8	17.8
Current Portion - Long Term Debt/Capital Leases	0.2	0.2	0.5	0.6	0.4
Dividends Payable	0.1	0.1	0.1	0.1	0.1
Income Taxes Payable	0.6	0.0	2.8	3.1	3.0
Other Payables	15.8	19.6	30.3	30.9	35.3
Other Current Liabilities	1.0	1.8	1.7	0.0	0.0
Other Current liabilities, Total	17.5	21.5	34.9	34.1	38.5
Total Current Liabilities	40.2	52.2	60.0	64.3	71.0
Long Term Debt	0.3	0.6	0.8	1.3	2.1
Capital Lease Obligations	-	-	-	0.0	0.0
Total Long Term Debt	0.3	0.6	0.8	1.3	2.1
Total Debt	4.0	8.9	4.3	13.7	20.4
Deferred Income Tax - LT Liability	0.0	0.0	0.0	0.0	0.6
Deferred Income Tax	0.0	0.0	0.0	0.0	0.6
Minority Interest	0.3	0.3	0.3	0.2	0.2
Pension Benefits - Underfunded	8.5	8.6	6.9	6.1	4.3
Other Liabilities, Total	8.5	8.6	6.9	6.1	4.3
Total Liabilities	49.4	61.7	68.0	72.0	78.2
Common Stock	6.0	6.2	6.0	6.1	6.0
Common Stock	6.0	6.2	6.0	6.1	6.0
Retained Earnings (Accumulated Deficit)	72.7	63.3	48.0	33.8	23.9
Translation Adjustment	0.0	0.1	0.1	0.1	0.1
Other Equity, Total	0.0	0.1	0.1	0.1	0.1
Total Equity	78.7	69.5	54.1	39.9	29.9
Total Liabilities & Shareholders’ Equity	128.1	131.3	122.0	111.9	108.2
Shares Outstanding - Common Stock Primary Issue	68.4	68.4	68.4	68.4	65.2
Total Common Shares Outstanding	68.4	68.4	68.4	68.4	65.2
Employees	1,665	1,695	1,646	1,662	1,642
Number of Common Shareholders	5,191	5,131	-	-	4,745
Accumulated Intangible Amort, Suppl.	0.2	0.1	0.1	0.0	0.0
Total Long Term Debt, Supplemental	0.5	0.8	1.3	1.9	2.5
Long Term Debt Maturing within 1 Year	0.2	0.2	0.5	0.6	0.4
Long Term Debt Maturing in Year 2	0.3	0.5	0.2	0.5	0.6
Long Term Debt Maturing in Year 3	-	0.0	0.2	0.2	0.3
Long Term Debt Maturing in Year 4	-	0.0	0.2	0.2	0.3
Long Term Debt Maturing in Year 5	-	0.0	0.2	0.2	0.3
Long Term Debt Maturing in 2-3 Years	0.3	0.5	0.4	0.7	0.9
Long Term Debt Maturing in 4-5 Years	-	0.0	0.4	0.5	0.7
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.1	0.5
Total Capital Leases, Supplemental	0.0	0.0	0.0	0.0	0.0
Capital Lease Payments Due in Year 1	0.0	0.0	0.0	0.0	0.0
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Accrued Liabilities - Domestic	-8.5	-8.6	-6.9	-6.1	-4.3
Net Assets Recognized on Balance Sheet	-8.5	-8.6	-6.9	-6.1	-4.3

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	110.556216	113.05418	114.967315	108.350068	110.592705
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	16.6	17.1	19.0	14.4	12.0
Depreciation	2.6	2.3	3.1	1.9	1.6
Depreciation/Depletion	2.6	2.3	3.1	1.9	1.6
Amortization of Intangibles	0.0	0.0	0.1	0.0	0.0
Amortization	0.0	0.0	0.1	0.0	0.0
Unusual Items	-0.2	0.0	1.1	-0.1	-0.1
Other Non-Cash Items	2.3	3.0	2.7	3.1	2.4
Non-Cash Items	2.1	2.9	3.7	3.1	2.4
Accounts Receivable	-15.8	14.2	-11.6	14.2	-8.3
Inventories	-0.2	1.2	1.9	-0.6	-3.7
Accounts Payable	-7.1	-11.2	5.3	1.1	3.6
Other Operating Cash Flow	-3.1	-4.3	-3.4	-4.1	-2.6
Changes in Working Capital	-26.3	-0.1	-7.8	10.7	-11.0
Cash from Operating Activities	-4.9	22.3	18.2	30.1	5.0
Purchase of Fixed Assets	-5.1	-4.2	-5.6	-4.8	-3.6
Purchase/Acquisition of Intangibles	0.0	0.0	0.0	-0.1	0.0
Capital Expenditures	-5.1	-4.2	-5.6	-4.9	-3.6
Sale of Fixed Assets	0.2	0.0	2.0	0.1	0.1
Sale/Maturity of Investment	4.6	0.0	-	-	-
Investment, Net	0.0	-5.5	-	-	-
Purchase of Investments	-	0.0	0.0	-0.5	0.0
Other Investing Cash Flow	2.3	2.1	2.2	2.1	1.1
Other Investing Cash Flow Items, Total	7.1	-3.4	4.2	1.7	1.1
Cash from Investing Activities	2.0	-7.6	-1.4	-3.2	-2.5
Cash Dividends Paid - Common	-4.9	-4.8	-4.1	-1.8	-1.8
Total Cash Dividends Paid	-4.9	-4.8	-4.1	-1.8	-1.8
Short Term Debt Reduction	-44.7	-32.5	-49.1	-41.2	-36.1
Short Term Debt, Net	-44.7	-32.5	-49.1	-41.2	-36.1
Long Term Debt Issued	39.3	38.0	40.0	36.0	40.8
Long Term Debt Reduction	-0.2	-0.5	-0.6	-0.6	-0.6
Long Term Debt, Net	39.1	37.6	39.4	35.4	40.3
Issuance (Retirement) of Debt, Net	-5.6	5.0	-9.7	-5.8	4.2
Cash from Financing Activities	-10.5	0.2	-13.8	-7.6	2.4
Net Change in Cash	-13.5	14.9	3.1	19.2	4.9
Net Cash - Beginning Balance	50.1	34.1	30.5	13.1	7.9
Net Cash - Ending Balance	36.6	49.0	33.6	32.3	12.8
Cash Interest Paid	0.7	0.5	0.6	0.7	1.1
Cash Taxes Paid	-0.1	1.8	2.3	3.1	1.3

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Restated Normal 31-Dec-2007
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	113.05418	114.967315	108.350068	110.592705	103.960833
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Turnover	-	-	-	-	72.0
Shiprepair	37.3	58.5	55.8	42.4	-
Ship Building	84.6	49.1	39.4	32.4	-
Heavy Engineering	4.5	8.0	1.0	1.8	-
Offshore Engineering	-	0.0	5.2	2.4	-
Material Sales	1.9	1.7	1.6	1.2	-
Tax/Defence Levy	0.0	0.0	0.0	0.0	0.0
Total Revenue	128.3	117.4	103.0	80.1	72.0
Cost of Sales	99.3	86.8	79.0	60.2	57.0
Exchange Differences	0.5	-1.3	-1.8	-0.8	-1.1
Sale of Steel Scrap	-1.1	-0.9	-0.9	-0.8	-0.7
Miscellaneous Income	-0.1	-0.1	-0.3	-0.2	-0.2
Sale of Fixed Assets	0.0	0.0	-0.1	-0.1	-0.1
Distribution Costs	0.2	0.1	0.2	0.1	0.1
Administrative Expenses	14.1	13.2	12.1	9.3	8.2
Dividend income	0.0	-	-	-	-
Other Operating Expenses	0.0	0.6	0.3	0.3	0.1
Total Operating Expense	112.9	98.4	88.5	68.1	63.3
Interest Costs	-0.5	-0.6	-0.7	-1.1	-1.0
Interest Income	2.1	2.2	2.1	1.1	0.5
Net Income Before Taxes	17.1	20.6	15.9	11.9	8.2
Provision for Income Taxes	-1.4	1.9	2.5	2.0	2.2
Net Income After Taxes	18.4	18.8	13.4	10.0	6.0
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	18.4	18.7	13.4	10.0	6.0
Net Income	18.4	18.7	13.4	10.0	6.0
Income Available to Com Excl ExtraOrd	18.4	18.7	13.4	10.0	6.0
Income Available to Com Incl ExtraOrd	18.4	18.7	13.4	10.0	6.0
Basic Weighted Average Shares	68.4	68.4	68.4	65.2	65.2
Basic EPS Excluding ExtraOrdinary Items	0.27	0.27	0.20	0.15	0.09
Basic EPS Including ExtraOrdinary Item	0.27	0.27	0.20	0.15	0.09
Diluted Net Income	18.4	18.7	13.4	10.0	6.0
Diluted Weighted Average Shares	68.4	68.4	68.4	65.2	65.2
Diluted EPS Excluding ExtraOrd Items	0.27	0.27	0.20	0.15	0.09
Diluted EPS Including ExtraOrd Items	0.27	0.27	0.20	0.15	0.09
DPS-Common Stock	-	0.07	0.06	0.03	0.03
Gross Dividends - Common Stock	-	-	4.4	1.8	1.9
Normalized Income Before Taxes	15.9	19.7	14.9	11.2	7.4
Inc Tax Ex Impact of Sp Items	-1.8	1.8	2.3	1.9	2.0
Normalized Income After Taxes	17.7	17.9	12.6	9.4	5.5
Normalized Inc. Avail to Com.	17.7	17.9	12.6	9.3	5.4
Basic Normalized EPS	0.26	0.26	0.18	0.14	0.08
Diluted Normalized EPS	0.26	0.26	0.18	0.14	0.08
Interest Expense	0.5	0.6	0.7	1.1	1.0
Advertising Expenses	1.0	0.8	0.9	0.7	0.6
Depreciation	2.3	3.1	1.9	1.6	1.5
Amortisation of Intangible Assets	0.0	0.1	0.0	0.0	-
Current Tax	0.8	2.1	3.2	2.3	1.3
Current Tax - Total	0.8	2.1	3.2	2.3	1.3
Deferred Tax	-0.3	-0.2	-0.8	-0.4	-0.2
Deferred Tax - Total	-0.3	-0.2	-0.8	-0.4	-0.2
Other Tax	-1.9	0.0	0.0	0.0	1.0
Income Tax - Total	-1.4	1.9	2.5	2.0	2.2
Defined Benefit Plan - Gratuity	1.9	1.4	2.4	0.9	0.8
Defined Contribution Plan Cost-EPF	0.9	0.8	0.8	0.6	0.6
Defined Contribution Plan Cost-ETF	0.2	0.2	0.2	-	-
Total Pension Expense	3.1	2.4	3.4	1.5	1.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate	110.945	114.4	113	108.65	107.45
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Income Tax Refund	0.1	-	-	-	-
Raw Material	6.7	7.6	8.9	8.3	4.7
Consumables	0.1	0.0	0.3	0.2	0.2
Goods In Transit	0.2	0.4	0.1	0.3	0.1
Obsolete Inventories	-1.2	-1.2	-0.6	-0.3	-0.1
Trade Debtors	26.1	37.7	30.5	48.8	15.6
Doubtful Debts	-2.3	-0.9	-0.7	-1.0	-0.5
Loans to Employees	3.5	3.4	3.3	3.0	1.7
Other Receivable	3.3	2.1	0.6	1.4	2.7
Deposit/Pre-payment	17.2	19.5	17.3	14.8	5.1
Short Term Investments	5.6	-	28.3	13.5	10.5
Bank & Cash Balance	50.2	34.4	4.1	2.3	1.1
Total Current Assets	109.6	103.1	92.2	91.4	41.1
Freehold Drydock	9.7	-	10.3	10.6	10.8
Freehold Land	0.3	-	0.3	0.3	0.3
Road Ways	0.1	-	0.0	-	-
Buildings	6.4	-	6.4	5.7	3.0
Plant/Machinary/Equipment	22.8	-	16.5	14.3	13.5
Electrical Installation	2.2	-	1.8	1.8	1.6
Motor Vehicles	1.0	-	0.8	0.7	0.7
Inventory Items	0.3	-	0.3	0.3	0.3
Office Furniture & Fittings	2.2	-	1.9	1.8	1.6
Loose Tools	2.0	-	2.1	2.0	1.8
Boats/Launches	0.0	-	0.0	0.0	0.0
Leased Motor	0.0	-	0.0	0.0	0.0
Capital Work in Progress	0.5	-	0.4	0.4	1.0
Depreciation	-25.9	-	-21.8	-21.0	-19.7
Impairment of Assets	-1.1	-	0.0	-	-
Intangible Asset	0.2	0.2	0.1	0.0	-
Accumulated Amortisation	-0.1	-0.1	0.0	0.0	-
Property, Plant & Equipment, Net	-	18.0	-	-	-
Investment, Other	0.5	0.5	0.5	0.0	0.0
Deferred Taxation	0.7	0.4	0.2	0.0	-
Investment in Associates	-	-	0.0	-	-
Total Assets	131.3	122.0	111.9	108.2	56.0
Trade Creditors	16.9	14.5	10.6	7.6	4.6
Progress Bills	16.2	29.2	29.8	34.5	-
Provision for Warranty Claims	1.8	1.7	0.0	0.0	-
Accrued Epense	5.5	7.0	7.3	6.7	5.0
Other Payables	3.4	1.1	1.1	0.8	1.9
Short Term Loan/Overdraf	7.9	2.3	10.5	15.1	9.7
Current Portion Long Term Debt	0.2	0.5	0.6	0.4	0.6
Current Portion Lease	0.0	0.0	0.0	0.0	-
Tax Provision	0.0	2.8	3.1	3.0	1.8
Dividend Payable	0.1	0.1	0.1	0.1	0.0
Bank Over Daft	0.2	0.7	1.4	2.8	3.4
Total Current Liabilities	52.2	60.0	64.3	71.0	27.0
Long Term Loans	0.6	0.8	1.3	2.1	2.4
Financial Lease	-	-	0.0	0.0	-
Total Long Term Debt	0.6	0.8	1.3	2.1	2.4
Deferred Tax	0.0	0.0	0.0	0.6	1.0
Retirement Benefit	8.6	6.9	6.1	4.3	3.7
Minority Interest	0.3	0.3	0.2	0.2	0.2
Total Liabilities	61.7	68.0	72.0	78.2	34.2
Issued Capital	6.2	6.0	6.1	6.0	6.1
Exchange Fluctuation Reserve	0.1	0.1	0.1	0.1	-
Retained Profit	63.3	48.0	33.8	23.9	15.8
Total Equity	69.5	54.1	39.9	29.9	21.8
Total Liabilities & Shareholders' Equity	131.3	122.0	111.9	108.2	56.0
S/O-Common Stock	68.4	68.4	68.4	65.2	65.2
Total Common Shares Outstanding	68.4	68.4	68.4	65.2	65.2
Accumulated Intangible Amortisation	0.1	0.1	0.0	0.0	-
Full-Time Employees	1,673	1,646	1,662	1,642	-
Number of Common Shareholders	5,131	-	-	4,745	4,425
Long Term Debt Maturing with in 1 Yr.	0.2	0.5	0.6	0.4	0.6
Long Term Dedt Maturing with in 2 Yrs.	0.5	0.2	0.5	0.6	0.6
Long Term Debt Maturing with in 5 Yrs	0.0	0.6	0.7	1.0	1.3
Long Term Debt Remaining Matruity	0.0	0.0	0.1	0.5	0.5
Total Long Term Debt, Supplemental	0.8	1.3	1.9	2.5	2.9
Capital Lease Payments Due in 1 Year	0.0	0.0	0.0	0.0	0.0
Capital Lease Payments Due after 1 Year	0.0	0.0	0.0	0.0	0.0
Total Capital Leases	0.0	0.0	0.0	0.0	0.0
Accrued Benefit Liability- Pension	-8.6	-6.9	-6.1	-4.3	-
Net Assets Recognized on Balance Sheet	-8.6	-6.9	-6.1	-4.3	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Restated Normal 31-Dec-2007
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	113.05418	114.967315	108.350068	110.592705	103.960833
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Income Before Interest & Tax	17.1	19.0	14.4	12.0	8.7
Depreciation	2.3	3.1	1.9	1.6	1.5
Retirement Benefit Provision	1.9	1.4	2.4	0.9	0.8
Impairment of Property, Plant and Equipm	0.0	1.1	0.0	-	-
Amortisation of Intangible Assets	0.0	0.1	0.0	0.0	-
Bad Debts Provision	1.3	0.2	-0.3	0.5	-0.2
Unrealized Foreign Exchange	-0.2	1.1	1.0	1.0	1.4
Obsolete Inventories	0.0	0.6	0.3	0.1	-0.1
Fixed Asset Disposal	0.0	0.0	-0.1	-0.1	-0.1
Interest Income	-2.1	-	-	-	-
Dividend Income	0.0	-	-	-	-
Interest Expenses	0.5	-	-	-	-
Inventories	1.2	1.3	-0.9	-3.8	0.5
Accounts Receviable/Other	14.2	-11.6	14.2	-8.3	-0.3
Accounts Payable/Other	-11.2	5.3	1.1	3.6	1.7
Interest Paid	-0.5	-0.6	-0.7	-1.1	-1.0
Gratuity Paid	-0.4	-0.5	-0.3	-0.2	-0.2
Income Tax Paid	-1.8	-2.3	-3.1	-1.3	-0.6
Cash from Operating Activities	22.3	18.2	30.1	5.0	12.2
Capital Expenditures	-4.2	-5.6	-4.8	-3.6	-3.9
Sale of Fixed Assets	0.0	2.0	0.1	0.1	0.1
Short Term Investments	-5.5	-	-	-	-
Investments in Debentures	0.0	0.0	-0.5	0.0	-
Interest Received	2.1	2.2	2.1	1.1	0.5
Acquisition of Intangible Assets	0.0	0.0	-0.1	0.0	-
Dividends Received	0.0	-	-	-	-
Cash from Investing Activities	-7.6	-1.4	-3.2	-2.5	-3.3
Repayment of Loans	-0.5	-0.5	-0.6	-0.6	-0.5
Rapayment of Short-term Loans	-32.5	-49.1	-41.2	-36.1	-34.5
Loans Obtained During the Period	38.0	40.0	36.0	40.8	29.8
Repayment of Leases	0.0	0.0	0.0	0.0	0.0
Dividend Paid	-4.8	-4.1	-1.8	-1.8	-0.5
Cash from Financing Activities	0.2	-13.8	-7.6	2.4	-5.6
Net Change in Cash	14.9	3.1	19.2	4.9	3.2
Net Cash - Beginning Balance	34.1	30.5	13.1	7.9	5.2
Net Cash - Ending Balance	49.0	33.6	32.3	12.8	8.4
Cash Interest Paid	0.5	0.6	0.7	1.1	1.0
Cash Taxes Paid	1.8	2.3	3.1	1.3	0.6

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	22.5	-32.60%	115.8	-11.74%	4.70%	11.33%
Operating Income1	4.7	39.85%	15.0	-5.27%	1.88%	12.72%
Income Available to Common Excl Extraord Items1	6.0	-8.92%	16.3	-13.30%	7.47%	23.67%
Basic EPS Excl Extraord Items1	0.09	-8.92%	0.24	-13.30%	7.47%	22.47%
Capital Expenditures2	5.1	19.16%	5.1	19.16%	2.21%	7.16%
Cash from Operating Activities2	-4.9	-	-4.9	-	-	-
Free Cash Flow	-9.8	-	-9.8	-	-	-
Total Assets3	128.1	0.20%	128.1	0.20%	4.89%	19.37%
Total Liabilities3	49.4	-17.88%	49.4	-17.88%	-11.57%	8.88%
Total Long Term Debt3	0.3	-40.59%	0.3	-40.59%	-37.63%	-32.14%
Employees3	-	-	1665	-1.77%	0.06%	-
Total Common Shares Outstanding3	68.4	0.00%	68.4	0.00%	0.00%	0.98%
1-ExchangeRate: LKR to USD Average for Period	111.791290	Â	110.556216	Â	Â	Â
2-ExchangeRate: LKR to USD Average for Period	110.556216	Â	110.556216	Â	Â	Â
3-ExchangeRate: LKR to USD Period End Date	113.900000	Â	113.900000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	18.05%	22.62%	26.03%	23.26%	24.80%
Operating Margin	12.91%	12.03%	16.21%	14.01%	15.01%
Pretax Margin	14.31%	13.30%	17.58%	15.44%	14.92%
Net Profit Margin	14.09%	14.34%	15.94%	13.03%	12.43%
Financial Strength
Current Ratio	2.59	2.10	1.72	1.43	1.29
Long Term Debt/Equity	0.00	0.01	0.02	0.03	0.07
Total Debt/Equity	0.05	0.13	0.08	0.34	0.68
Management Effectiveness
Return on Assets	12.42%	14.62%	16.21%	11.93%	12.41%
Return on Equity	21.62%	29.94%	40.24%	37.44%	39.34%
Efficiency
Receivables Turnover	3.19	3.51	3.12	2.35	2.28
Inventory Turnover	16.04	15.81	11.27	8.91	9.20
Asset Turnover	0.88	1.02	1.01	0.91	1.00

Market Valuation USD (mil)
P/E (TTM)	9.29	.	Enterprise Value2	114.6
Price/Sales (TTM)	1.31	.	Enterprise Value/Revenue (TTM)	1.02
Price/Book (MRQ)	1.87	.	Enterprise Value/EBITDA (TTM)	8.64
Market Cap as of 09-Mar-20121	138.1	.
1-ExchangeRate: LKR to USD on 9-Mar-2012	121.369995
2-ExchangeRate: LKR to USD on 31-Dec-2011	113.900000

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	2.59	2.10	1.72	1.43	1.29
Quick/Acid Test Ratio	1.93	1.66	1.28	1.03	0.96
Working Capital1	64.0	57.3	43.1	27.9	20.3
Long Term Debt/Equity	0.00	0.01	0.02	0.03	0.07
Total Debt/Equity	0.05	0.13	0.08	0.34	0.68
Long Term Debt/Total Capital	0.00	0.01	0.01	0.02	0.04
Total Debt/Total Capital	0.05	0.11	0.07	0.26	0.41
Payout Ratio	22.76%	26.31%	25.44%	32.96%	17.76%
Effective Tax Rate	1.19%	-8.10%	9.10%	15.50%	16.55%
Total Capital1	82.8	78.4	58.4	53.6	50.3
Efficiency
Asset Turnover	0.88	1.02	1.01	0.91	1.00
Inventory Turnover	16.04	15.81	11.27	8.91	9.20
Days In Inventory	22.76	23.09	32.39	40.95	39.67
Receivables Turnover	3.19	3.51	3.12	2.35	2.28
Days Receivables Outstanding	114.56	103.88	116.92	155.09	160.10
Revenue/Employee2	67,512	77,137	71,683	59,397	49,658
Operating Income/Employee2	8,717	9,280	11,623	8,323	7,451
EBITDA/Employee2	10,280	10,699	13,594	9,436	8,445
Profitability
Gross Margin	18.05%	22.62%	26.03%	23.26%	24.80%
Operating Margin	12.91%	12.03%	16.21%	14.01%	15.01%
EBITDA Margin	15.23%	13.87%	18.96%	15.89%	17.01%
EBIT Margin	12.91%	12.03%	16.21%	14.01%	15.01%
Pretax Margin	14.31%	13.30%	17.58%	15.44%	14.92%
Net Profit Margin	14.09%	14.34%	15.94%	13.03%	12.43%
COGS/Revenue	81.95%	77.38%	73.97%	76.74%	75.20%
SG&A Expense/Revenue	10.53%	11.16%	11.32%	11.98%	11.77%
Management Effectiveness
Return on Assets	12.42%	14.62%	16.21%	11.93%	12.41%
Return on Equity	21.62%	29.94%	40.24%	37.44%	39.34%
Valuation
Free Cash Flow/Share2	-0.14	0.27	0.19	0.35	0.02
Operating Cash Flow/Share 2	-0.07	0.33	0.27	0.42	0.08
1-ExchangeRate: LKR to USD Period End Date	113.9	110.945	114.4	113	108.65
2-ExchangeRate: LKR to USD Average for Period	113.9	110.945	114.4	113	108.65

Current Market Multiples
Market Cap/Earnings (TTM)	9.29
Market Cap/Equity (MRQ)	1.87
Market Cap/Revenue (TTM)	1.31
Market Cap/EBIT (TTM)	10.14
Market Cap/EBITDA (TTM)	8.62
Enterprise Value/Earnings (TTM)	7.24
Enterprise Value/Equity (MRQ)	1.46
Enterprise Value/Revenue (TTM)	1.02
Enterprise Value/EBIT (TTM)	7.90
Enterprise Value/EBITDA (TTM)	6.71

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	110.556216	113.05418	114.967315	108.350068	110.592705
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Revenue	115.9	128.3	117.4	103.0	80.1
Excise Tax Receipts	-0.1	0.0	0.0	0.0	0.0
Revenue	115.8	128.3	117.4	103.0	80.1
Total Revenue	115.8	128.3	117.4	103.0	80.1
Cost of Revenue	94.9	99.3	86.8	79.0	60.2
Cost of Revenue, Total	94.9	99.3	86.8	79.0	60.2
Gross Profit	20.9	29.0	30.6	23.9	19.9
Selling/General/Administrative Expense	12.2	14.3	13.3	12.3	9.4
Total Selling/General/Administrative Expenses	12.2	14.3	13.3	12.3	9.4
Investment Income - Operating	-4.0	0.5	-1.3	-1.8	-0.8
Interest/Investment Income - Operating	-4.0	0.5	-1.3	-1.8	-0.8
Interest Expense (Income) - Net Operating Total	-4.0	0.5	-1.3	-1.8	-0.8
Loss (Gain) on Sale of Assets - Operating	-1.6	-1.1	-0.9	-1.0	-0.9
Unusual Expense (Income)	-1.6	-1.1	-0.9	-1.0	-0.9
Other Operating Expense	-0.5	0.0	0.6	0.3	0.3
Other, Net	-0.1	-0.1	-0.1	-0.3	-0.2
Other Operating Expenses, Total	-0.7	-0.1	0.5	0.0	0.1
Total Operating Expense	100.9	112.9	98.4	88.5	68.1
Operating Income	15.0	15.4	19.0	14.4	12.0
Interest Expense - Non-Operating	-0.7	-0.5	-0.6	-0.7	-1.1
Interest Expense, Net Non-Operating	-0.7	-0.5	-0.6	-0.7	-1.1
Interest Income - Non-Operating	2.3	2.1	2.2	2.1	1.1
Interest/Investment Income - Non-Operating	2.3	2.1	2.2	2.1	1.1
Interest Income (Expense) - Net Non-Operating Total	1.6	1.6	1.6	1.5	-0.1
Other Non-Operating Income (Expense)	0.0	-	-	-	-
Other, Net	0.0	-	-	-	-
Income Before Tax	16.6	17.1	20.6	15.9	11.9
Total Income Tax	0.2	-1.4	1.9	2.5	2.0
Income After Tax	16.4	18.4	18.8	13.4	10.0
Minority Interest	-0.1	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	16.3	18.4	18.7	13.4	10.0
Net Income	16.3	18.4	18.7	13.4	10.0
Income Available to Common Excl Extraord Items	16.3	18.4	18.7	13.4	10.0
Income Available to Common Incl Extraord Items	16.3	18.4	18.7	13.4	10.0
Basic/Primary Weighted Average Shares	68.4	68.4	68.4	68.4	65.2
Basic EPS Excl Extraord Items	0.24	0.27	0.27	0.20	0.15
Basic/Primary EPS Incl Extraord Items	0.24	0.27	0.27	0.20	0.15
Diluted Net Income	16.3	18.4	18.7	13.4	10.0
Diluted Weighted Average Shares	68.4	68.4	68.4	68.4	65.2
Diluted EPS Excl Extraord Items	0.24	0.27	0.27	0.20	0.15
Diluted EPS Incl Extraord Items	0.24	0.27	0.27	0.20	0.15
Dividends per Share - Common Stock Primary Issue	0.05	0.07	0.07	0.06	0.03
Gross Dividends - Common Stock	-	-	-	4.4	1.8
Interest Expense, Supplemental	0.7	0.5	0.6	0.7	1.1
Depreciation, Supplemental	2.6	2.3	3.1	1.9	1.6
Total Special Items	-1.6	-1.1	-0.9	-1.0	-0.7
Normalized Income Before Tax	15.0	15.9	19.7	14.9	11.2
Effect of Special Items on Income Taxes	0.0	-0.4	-0.1	-0.2	-0.1
Inc Tax Ex Impact of Sp Items	0.2	-1.8	1.8	2.3	1.9
Normalized Income After Tax	14.8	17.7	17.9	12.6	9.4
Normalized Inc. Avail to Com.	14.7	17.7	17.9	12.6	9.3
Basic Normalized EPS	0.22	0.26	0.26	0.18	0.14
Diluted Normalized EPS	0.22	0.26	0.26	0.18	0.14
Amort of Intangibles, Supplemental	0.0	0.0	0.1	0.0	0.0
Advertising Expense, Supplemental	0.8	1.0	0.8	0.9	0.7
Normalized EBIT	9.4	14.8	16.8	11.6	10.5
Normalized EBITDA	12.1	17.2	20.0	13.5	12.1
Current Tax - Other	0.4	0.8	2.1	3.2	2.3
Current Tax - Total	0.4	0.8	2.1	3.2	2.3
Deferred Tax - Other	-0.4	-0.3	-0.2	-0.8	-0.4
Deferred Tax - Total	-0.4	-0.3	-0.2	-0.8	-0.4
Other Tax	0.2	-1.9	0.0	0.0	0.0
Income Tax - Total	0.2	-1.4	1.9	2.5	2.0
Defined Contribution Expense - Domestic	-	3.1	2.4	3.4	1.5
Total Pension Expense	-	3.1	2.4	3.4	1.5

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	3 Months	3 Months	6 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Restated Special 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	111.79129	109.807957	110.303251	110.713077	111.478925
Net Sales	22.5	31.8	61.6	29.5	33.5
Revenue	22.5	31.8	61.6	29.5	33.5
Total Revenue	22.5	31.8	61.6	29.5	33.5
Cost of Revenue	19.6	26.1	49.3	21.2	26.6
Cost of Revenue, Total	19.6	26.1	49.3	21.2	26.6
Gross Profit	3.0	5.7	12.3	8.3	7.0
Selling/General/Administrative Expense	1.0	3.3	7.9	4.3	3.3
Total Selling/General/Administrative Expenses	1.0	3.3	7.9	4.3	3.3
Other Operating Expense	-0.5	0.2	-0.3	0.0	0.6
Other, Net	-2.3	-1.9	-1.5	-0.4	-0.3
Other Operating Expenses, Total	-2.8	-1.7	-1.8	-0.4	0.3
Total Operating Expense	17.8	27.7	55.4	25.1	30.2
Operating Income	4.7	4.1	6.2	4.4	3.4
Interest Income (Expense) - Net Non-Operating	0.5	0.4	0.6	0.3	0.7
Interest Income (Expense) - Net Non-Operating Total	0.5	0.4	0.6	0.3	0.7
Income Before Tax	5.3	4.5	6.8	4.7	4.0
Total Income Tax	-0.8	0.4	0.6	0.4	-2.6
Income After Tax	6.0	4.2	6.2	4.2	6.7
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	6.0	4.1	6.1	4.2	6.6
Net Income	6.0	4.1	6.1	4.2	6.6
Income Available to Common Excl Extraord Items	6.0	4.1	6.1	4.2	6.6
Income Available to Common Incl Extraord Items	6.0	4.1	6.1	4.2	6.6
Basic/Primary Weighted Average Shares	68.4	68.4	68.4	68.4	68.4
Basic EPS Excl Extraord Items	0.09	0.06	0.09	0.06	0.10
Basic/Primary EPS Incl Extraord Items	0.09	0.06	0.09	0.06	0.10
Diluted Net Income	6.0	4.1	6.1	4.2	6.6
Diluted Weighted Average Shares	68.4	68.4	68.4	68.4	68.4
Diluted EPS Excl Extraord Items	0.09	0.06	0.09	0.06	0.10
Diluted EPS Incl Extraord Items	0.09	0.06	0.09	0.06	0.10
Dividends per Share - Common Stock Primary Issue	0.05	0.00	0.00	0.00	0.07
Gross Dividends - Common Stock	-	0.0	0.0	0.0	-
Depreciation, Supplemental	0.6	0.7	1.3	0.6	0.8
Normalized Income Before Tax	5.3	4.5	6.8	4.7	4.0
Inc Tax Ex Impact of Sp Items	-0.8	0.4	0.6	0.4	-2.6
Normalized Income After Tax	6.0	4.2	6.2	4.2	6.7
Normalized Inc. Avail to Com.	6.0	4.1	6.1	4.2	6.6
Basic Normalized EPS	0.09	0.06	0.09	0.06	0.10
Diluted Normalized EPS	0.09	0.06	0.09	0.06	0.10
Reported Gross Profit	-	18.0	-	-	-
Normalized EBIT	4.7	4.1	6.2	4.4	3.4
Normalized EBITDA	5.4	4.8	7.4	5.0	4.2

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate	113.9	110.945	114.4	113	108.65
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	36.0	50.2	34.4	4.1	2.3
Short Term Investments	1.0	5.6	-	28.3	13.5
Cash and Short Term Investments	36.9	55.7	34.4	32.4	15.8
Accounts Receivable - Trade, Gross	32.3	26.1	37.7	30.5	48.8
Provision for Doubtful Accounts	-2.9	-2.3	-0.9	-0.7	-1.0
Trade Accounts Receivable - Net	29.4	23.9	36.8	29.8	47.8
Other Receivables	11.2	6.9	5.5	3.9	4.4
Total Receivables, Net	40.5	30.8	42.3	33.7	52.2
Inventories - Raw Materials	6.2	6.7	7.6	8.9	8.3
Inventories - Other	0.3	0.3	0.4	0.4	0.5
LIFO Reserve	-0.6	-1.2	-1.2	-0.6	-0.3
Total Inventory	5.9	5.8	6.8	8.8	8.5
Other Current Assets	20.8	17.2	19.5	17.3	14.8
Other Current Assets, Total	20.8	17.2	19.5	17.3	14.8
Total Current Assets	104.2	109.6	103.1	92.2	91.4
Buildings	6.3	6.4	-	6.4	5.7
Land/Improvements	0.4	0.3	-	0.3	0.3
Machinery/Equipment	31.9	30.2	-	23.1	20.5
Construction in Progress	0.8	0.5	-	0.4	0.4
Leases	0.0	0.0	-	0.0	0.0
Other Property/Plant/Equipment	9.8	10.0	-	10.6	10.9
Property/Plant/Equipment - Gross	49.3	47.5	-	40.8	37.9
Accumulated Depreciation	-26.9	-27.0	-	-21.8	-21.0
Property/Plant/Equipment - Net	22.4	20.5	18.0	19.0	16.8
Intangibles - Gross	0.2	0.2	0.2	0.1	0.0
Accumulated Intangible Amortization	-0.2	-0.1	-0.1	0.0	0.0
Intangibles, Net	0.0	0.1	0.1	0.0	0.0
LT Investment - Affiliate Companies	-	-	-	0.0	-
LT Investments - Other	0.5	0.5	0.5	0.5	0.0
Long Term Investments	0.5	0.5	0.5	0.5	0.0
Deferred Income Tax - Long Term Asset	1.1	0.7	0.4	0.2	0.0
Other Long Term Assets, Total	1.1	0.7	0.4	0.2	0.0
Total Assets	128.1	131.3	122.0	111.9	108.2
Accounts Payable	15.6	16.9	14.5	10.6	7.6
Accrued Expenses	3.5	5.5	7.0	7.3	6.7
Notes Payable/Short Term Debt	3.5	8.1	3.0	11.8	17.8
Current Portion - Long Term Debt/Capital Leases	0.2	0.2	0.5	0.6	0.4
Dividends Payable	0.1	0.1	0.1	0.1	0.1
Income Taxes Payable	0.6	0.0	2.8	3.1	3.0
Other Payables	15.8	19.6	30.3	30.9	35.3
Other Current Liabilities	1.0	1.8	1.7	0.0	0.0
Other Current liabilities, Total	17.5	21.5	34.9	34.1	38.5
Total Current Liabilities	40.2	52.2	60.0	64.3	71.0
Long Term Debt	0.3	0.6	0.8	1.3	2.1
Capital Lease Obligations	-	-	-	0.0	0.0
Total Long Term Debt	0.3	0.6	0.8	1.3	2.1
Total Debt	4.0	8.9	4.3	13.7	20.4
Deferred Income Tax - LT Liability	0.0	0.0	0.0	0.0	0.6
Deferred Income Tax	0.0	0.0	0.0	0.0	0.6
Minority Interest	0.3	0.3	0.3	0.2	0.2
Pension Benefits - Underfunded	8.5	8.6	6.9	6.1	4.3
Other Liabilities, Total	8.5	8.6	6.9	6.1	4.3
Total Liabilities	49.4	61.7	68.0	72.0	78.2
Common Stock	6.0	6.2	6.0	6.1	6.0
Common Stock	6.0	6.2	6.0	6.1	6.0
Retained Earnings (Accumulated Deficit)	72.7	63.3	48.0	33.8	23.9
Translation Adjustment	0.0	0.1	0.1	0.1	0.1
Other Equity, Total	0.0	0.1	0.1	0.1	0.1
Total Equity	78.7	69.5	54.1	39.9	29.9
Total Liabilities & Shareholders’ Equity	128.1	131.3	122.0	111.9	108.2
Shares Outstanding - Common Stock Primary Issue	68.4	68.4	68.4	68.4	65.2
Total Common Shares Outstanding	68.4	68.4	68.4	68.4	65.2
Employees	1,665	1,695	1,646	1,662	1,642
Number of Common Shareholders	5,191	5,131	-	-	4,745
Accumulated Intangible Amort, Suppl.	0.2	0.1	0.1	0.0	0.0
Total Long Term Debt, Supplemental	0.5	0.8	1.3	1.9	2.5
Long Term Debt Maturing within 1 Year	0.2	0.2	0.5	0.6	0.4
Long Term Debt Maturing in Year 2	0.3	0.5	0.2	0.5	0.6
Long Term Debt Maturing in Year 3	-	0.0	0.2	0.2	0.3
Long Term Debt Maturing in Year 4	-	0.0	0.2	0.2	0.3
Long Term Debt Maturing in Year 5	-	0.0	0.2	0.2	0.3
Long Term Debt Maturing in 2-3 Years	0.3	0.5	0.4	0.7	0.9
Long Term Debt Maturing in 4-5 Years	-	0.0	0.4	0.5	0.7
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.1	0.5
Total Capital Leases, Supplemental	0.0	0.0	0.0	0.0	0.0
Capital Lease Payments Due in Year 1	0.0	0.0	0.0	0.0	0.0
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Accrued Liabilities - Domestic	-8.5	-8.6	-6.9	-6.1	-4.3
Net Assets Recognized on Balance Sheet	-8.5	-8.6	-6.9	-6.1	-4.3

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Reclassified Normal 31-Dec-2011
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate	113.9	110.2	109.5	110.395	110.945
Cash	36.0	32.6	36.8	55.4	50.2
Short Term Investments	1.0	3.3	4.8	6.2	5.6
Cash and Short Term Investments	36.9	35.9	41.6	61.6	55.7
Trade Accounts Receivable - Net	61.4	78.6	61.9	64.2	47.9
Other Receivables	0.0	0.0	0.0	0.0	0.1
Total Receivables, Net	61.4	78.6	61.9	64.2	48.0
Total Inventory	5.9	4.2	9.2	4.3	5.8
Total Current Assets	104.2	118.7	112.6	130.1	109.6
Property/Plant/Equipment - Net	22.4	22.1	21.8	21.1	20.5
Intangibles, Net	0.0	0.0	0.0	0.1	0.1
LT Investments - Other	0.5	1.4	1.3	1.6	0.5
Long Term Investments	0.5	1.4	1.3	1.6	0.5
Deferred Income Tax - Long Term Asset	1.1	0.7	0.7	0.7	0.7
Other Long Term Assets	0.0	0.0	0.0	0.0	0.0
Other Long Term Assets, Total	1.1	0.7	0.7	0.7	0.7
Total Assets	128.1	142.9	136.5	153.5	131.3
Accounts Payable	-	0.0	0.0	0.0	-
Payable/Accrued	35.8	45.4	42.3	57.2	43.8
Notes Payable/Short Term Debt	3.7	10.9	11.7	14.7	8.3
Dividends Payable	0.1	0.4	0.4	2.6	0.1
Income Taxes Payable	0.6	0.7	0.3	-	-
Other Current liabilities, Total	0.7	1.1	0.7	2.6	0.1
Total Current Liabilities	40.2	57.4	54.7	74.5	52.2
Long Term Debt	0.3	0.3	0.5	0.4	0.6
Total Long Term Debt	0.3	0.3	0.5	0.4	0.6
Total Debt	4.0	11.3	12.2	15.2	8.9
Deferred Income Tax - LT Liability	0.0	-	-	-	0.0
Deferred Income Tax	0.0	-	-	-	0.0
Minority Interest	0.3	0.3	0.3	0.3	0.3
Pension Benefits - Underfunded	8.5	9.4	9.3	9.0	8.6
Other Liabilities, Total	8.5	9.4	9.3	9.0	8.6
Total Liabilities	49.4	67.4	64.8	84.3	61.7
Common Stock	6.0	6.2	6.2	6.2	6.2
Common Stock	6.0	6.2	6.2	6.2	6.2
Retained Earnings (Accumulated Deficit)	72.7	69.2	65.4	63.0	63.3
Translation Adjustment	0.0	-	-	-	0.1
Other Equity, Total	0.0	-	-	-	0.1
Total Equity	78.7	75.4	71.7	69.2	69.5
Total Liabilities & Shareholders’ Equity	128.1	142.9	136.5	153.5	131.3
Shares Outstanding - Common Stock Primary Issue	68.4	68.4	68.4	68.4	68.4
Total Common Shares Outstanding	68.4	68.4	68.4	68.4	68.4
Accrued Liabilities - Domestic	-8.5	-9.4	-9.3	-9.0	-8.6
Net Assets Recognized on Balance Sheet	-8.5	-9.4	-9.3	-9.0	-8.6

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	110.556216	113.05418	114.967315	108.350068	110.592705
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	16.6	17.1	19.0	14.4	12.0
Depreciation	2.6	2.3	3.1	1.9	1.6
Depreciation/Depletion	2.6	2.3	3.1	1.9	1.6
Amortization of Intangibles	0.0	0.0	0.1	0.0	0.0
Amortization	0.0	0.0	0.1	0.0	0.0
Unusual Items	-0.2	0.0	1.1	-0.1	-0.1
Other Non-Cash Items	2.3	3.0	2.7	3.1	2.4
Non-Cash Items	2.1	2.9	3.7	3.1	2.4
Accounts Receivable	-15.8	14.2	-11.6	14.2	-8.3
Inventories	-0.2	1.2	1.9	-0.6	-3.7
Accounts Payable	-7.1	-11.2	5.3	1.1	3.6
Other Operating Cash Flow	-3.1	-4.3	-3.4	-4.1	-2.6
Changes in Working Capital	-26.3	-0.1	-7.8	10.7	-11.0
Cash from Operating Activities	-4.9	22.3	18.2	30.1	5.0
Purchase of Fixed Assets	-5.1	-4.2	-5.6	-4.8	-3.6
Purchase/Acquisition of Intangibles	0.0	0.0	0.0	-0.1	0.0
Capital Expenditures	-5.1	-4.2	-5.6	-4.9	-3.6
Sale of Fixed Assets	0.2	0.0	2.0	0.1	0.1
Sale/Maturity of Investment	4.6	0.0	-	-	-
Investment, Net	0.0	-5.5	-	-	-
Purchase of Investments	-	0.0	0.0	-0.5	0.0
Other Investing Cash Flow	2.3	2.1	2.2	2.1	1.1
Other Investing Cash Flow Items, Total	7.1	-3.4	4.2	1.7	1.1
Cash from Investing Activities	2.0	-7.6	-1.4	-3.2	-2.5
Cash Dividends Paid - Common	-4.9	-4.8	-4.1	-1.8	-1.8
Total Cash Dividends Paid	-4.9	-4.8	-4.1	-1.8	-1.8
Short Term Debt Reduction	-44.7	-32.5	-49.1	-41.2	-36.1
Short Term Debt, Net	-44.7	-32.5	-49.1	-41.2	-36.1
Long Term Debt Issued	39.3	38.0	40.0	36.0	40.8
Long Term Debt Reduction	-0.2	-0.5	-0.6	-0.6	-0.6
Long Term Debt, Net	39.1	37.6	39.4	35.4	40.3
Issuance (Retirement) of Debt, Net	-5.6	5.0	-9.7	-5.8	4.2
Cash from Financing Activities	-10.5	0.2	-13.8	-7.6	2.4
Net Change in Cash	-13.5	14.9	3.1	19.2	4.9
Net Cash - Beginning Balance	50.1	34.1	30.5	13.1	7.9
Net Cash - Ending Balance	36.6	49.0	33.6	32.3	12.8
Cash Interest Paid	0.7	0.5	0.6	0.7	1.1
Cash Taxes Paid	-0.1	1.8	2.3	3.1	1.3

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	110.556216	110.138673	110.303251	110.713077	113.05418
Net Income/Starting Line	16.6	10.2	6.2	4.3	17.1
Depreciation	2.6	2.0	1.3	0.6	2.3
Depreciation/Depletion	2.6	2.0	1.3	0.6	2.3
Amortization of Intangibles	0.0	-	-	-	0.0
Amortization	0.0	-	-	-	0.0
Unusual Items	-0.2	-0.2	-	-	0.0
Other Non-Cash Items	2.3	1.8	0.5	0.4	3.0
Non-Cash Items	2.1	1.6	0.5	0.4	2.9
Accounts Receivable	-15.8	-35.3	-14.7	-16.0	14.2
Inventories	-0.2	1.3	-2.9	1.6	1.2
Prepaid Expenses	-	-	-	0.0	-
Accounts Payable	-7.1	-2.1	-0.7	17.9	-11.2
Other Assets & Liabilities, Net	-	0.0	0.0	0.0	-
Other Operating Cash Flow	-3.1	-1.9	-1.6	-0.9	-4.3
Changes in Working Capital	-26.3	-38.0	-19.8	2.5	-0.1
Cash from Operating Activities	-4.9	-24.1	-11.9	7.8	22.3
Purchase of Fixed Assets	-5.1	-4.4	-2.3	-1.1	-4.2
Purchase/Acquisition of Intangibles	0.0	-	-	-	0.0
Capital Expenditures	-5.1	-4.4	-2.3	-1.1	-4.2
Sale of Fixed Assets	0.2	-	-	-	0.0
Sale/Maturity of Investment	4.6	1.5	-	-	-
Purchase of Investments	-	-	-5.0	-6.8	-5.5
Other Investing Cash Flow	2.3	1.6	1.0	0.4	2.1
Other Investing Cash Flow Items, Total	7.1	3.1	-4.0	-6.3	-3.4
Cash from Investing Activities	2.0	-1.3	-6.3	-7.5	-7.6
Cash Dividends Paid - Common	-4.9	-4.7	4.7	4.9	-4.8
Total Cash Dividends Paid	-4.9	-4.7	4.7	4.9	-4.8
Short Term Debt Reduction	-44.7	-34.2	-	-	-32.5
Short Term Debt, Net	-44.7	-34.2	-	-	-32.5
Long Term Debt Issued	39.3	35.9	-	-	38.0
Long Term Debt Reduction	-0.2	-0.2	-0.1	-0.1	-0.5
Long Term Debt, Net	39.1	35.7	-0.1	-0.1	37.6
Issuance (Retirement) of Debt, Net	-5.6	1.5	-0.1	-0.1	5.0
Cash from Financing Activities	-10.5	-3.2	4.6	4.8	0.2
Net Change in Cash	-13.5	-28.7	-13.6	5.2	14.9
Net Cash - Beginning Balance	50.1	50.3	50.2	50.0	34.1
Net Cash - Ending Balance	36.6	21.6	36.7	55.2	49.0
Cash Interest Paid	0.7	0.5	0.3	0.1	0.5
Cash Taxes Paid	-0.1	0.8	0.2	0.3	1.8

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Restated Normal 31-Dec-2007
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	113.05418	114.967315	108.350068	110.592705	103.960833
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Turnover	-	-	-	-	72.0
Shiprepair	37.3	58.5	55.8	42.4	-
Ship Building	84.6	49.1	39.4	32.4	-
Heavy Engineering	4.5	8.0	1.0	1.8	-
Offshore Engineering	-	0.0	5.2	2.4	-
Material Sales	1.9	1.7	1.6	1.2	-
Tax/Defence Levy	0.0	0.0	0.0	0.0	0.0
Total Revenue	128.3	117.4	103.0	80.1	72.0
Cost of Sales	99.3	86.8	79.0	60.2	57.0
Exchange Differences	0.5	-1.3	-1.8	-0.8	-1.1
Sale of Steel Scrap	-1.1	-0.9	-0.9	-0.8	-0.7
Miscellaneous Income	-0.1	-0.1	-0.3	-0.2	-0.2
Sale of Fixed Assets	0.0	0.0	-0.1	-0.1	-0.1
Distribution Costs	0.2	0.1	0.2	0.1	0.1
Administrative Expenses	14.1	13.2	12.1	9.3	8.2
Dividend income	0.0	-	-	-	-
Other Operating Expenses	0.0	0.6	0.3	0.3	0.1
Total Operating Expense	112.9	98.4	88.5	68.1	63.3
Interest Costs	-0.5	-0.6	-0.7	-1.1	-1.0
Interest Income	2.1	2.2	2.1	1.1	0.5
Net Income Before Taxes	17.1	20.6	15.9	11.9	8.2
Provision for Income Taxes	-1.4	1.9	2.5	2.0	2.2
Net Income After Taxes	18.4	18.8	13.4	10.0	6.0
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	18.4	18.7	13.4	10.0	6.0
Net Income	18.4	18.7	13.4	10.0	6.0
Income Available to Com Excl ExtraOrd	18.4	18.7	13.4	10.0	6.0
Income Available to Com Incl ExtraOrd	18.4	18.7	13.4	10.0	6.0
Basic Weighted Average Shares	68.4	68.4	68.4	65.2	65.2
Basic EPS Excluding ExtraOrdinary Items	0.27	0.27	0.20	0.15	0.09
Basic EPS Including ExtraOrdinary Item	0.27	0.27	0.20	0.15	0.09
Diluted Net Income	18.4	18.7	13.4	10.0	6.0
Diluted Weighted Average Shares	68.4	68.4	68.4	65.2	65.2
Diluted EPS Excluding ExtraOrd Items	0.27	0.27	0.20	0.15	0.09
Diluted EPS Including ExtraOrd Items	0.27	0.27	0.20	0.15	0.09
DPS-Common Stock	-	0.07	0.06	0.03	0.03
Gross Dividends - Common Stock	-	-	4.4	1.8	1.9
Normalized Income Before Taxes	15.9	19.7	14.9	11.2	7.4
Inc Tax Ex Impact of Sp Items	-1.8	1.8	2.3	1.9	2.0
Normalized Income After Taxes	17.7	17.9	12.6	9.4	5.5
Normalized Inc. Avail to Com.	17.7	17.9	12.6	9.3	5.4
Basic Normalized EPS	0.26	0.26	0.18	0.14	0.08
Diluted Normalized EPS	0.26	0.26	0.18	0.14	0.08
Interest Expense	0.5	0.6	0.7	1.1	1.0
Advertising Expenses	1.0	0.8	0.9	0.7	0.6
Depreciation	2.3	3.1	1.9	1.6	1.5
Amortisation of Intangible Assets	0.0	0.1	0.0	0.0	-
Current Tax	0.8	2.1	3.2	2.3	1.3
Current Tax - Total	0.8	2.1	3.2	2.3	1.3
Deferred Tax	-0.3	-0.2	-0.8	-0.4	-0.2
Deferred Tax - Total	-0.3	-0.2	-0.8	-0.4	-0.2
Other Tax	-1.9	0.0	0.0	0.0	1.0
Income Tax - Total	-1.4	1.9	2.5	2.0	2.2
Defined Benefit Plan - Gratuity	1.9	1.4	2.4	0.9	0.8
Defined Contribution Plan Cost-EPF	0.9	0.8	0.8	0.6	0.6
Defined Contribution Plan Cost-ETF	0.2	0.2	0.2	-	-
Total Pension Expense	3.1	2.4	3.4	1.5	1.3

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	6 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Restated Special 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Reclassified Normal 30-Sep-2011
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	109.807957	110.303251	110.713077	111.478925	112.662419
Revenue	31.8	61.6	29.5	33.5	42.8
Total Revenue	31.8	61.6	29.5	33.5	42.8
Cost of Sales	26.1	49.3	21.2	26.6	32.2
Other Operating Income	-1.9	-1.5	-0.4	-0.3	-0.5
Distribution Costs	0.1	0.1	0.1	0.1	0.1
Administrative Expenses	3.3	7.8	4.3	3.2	4.4
Other Operating Expenses	0.2	-0.3	0.0	0.6	-0.7
Total Operating Expense	27.7	55.4	25.1	30.2	35.5
Interest Costs	0.4	0.6	0.3	0.7	0.3
Net Income Before Taxes	4.5	6.8	4.7	4.0	7.7
Provision for Income Taxes	0.4	0.6	0.4	-2.6	0.6
Net Income After Taxes	4.2	6.2	4.2	6.7	7.1
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	4.1	6.1	4.2	6.6	7.1
Net Income	4.1	6.1	4.2	6.6	7.1
Income Available to Com Excl ExtraOrd	4.1	6.1	4.2	6.6	7.1
Income Available to Com Incl ExtraOrd	4.1	6.1	4.2	6.6	7.1
Basic Weighted Average Shares	68.4	68.4	68.4	68.4	68.4
Basic EPS Excluding ExtraOrdinary Items	0.06	0.09	0.06	0.10	0.10
Basic EPS Including ExtraOrdinary Item	0.06	0.09	0.06	0.10	0.10
Diluted Net Income	4.1	6.1	4.2	6.6	7.1
Diluted Weighted Average Shares	68.4	68.4	68.4	68.4	68.4
Diluted EPS Excluding ExtraOrd Items	0.06	0.09	0.06	0.10	0.10
Diluted EPS Including ExtraOrd Items	0.06	0.09	0.06	0.10	0.10
DPS-Common Stock	0.00	0.00	0.00	-	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	-	0.0
Normalized Income Before Taxes	4.5	6.8	4.7	4.0	7.7
Inc Tax Ex Impact of Sp Items	0.4	0.6	0.4	-2.6	0.6
Normalized Income After Taxes	4.2	6.2	4.2	6.7	7.1
Normalized Inc. Avail to Com.	4.1	6.1	4.2	6.6	7.1
Basic Normalized EPS	0.06	0.09	0.06	0.10	0.10
Diluted Normalized EPS	0.06	0.09	0.06	0.10	0.10
Depreciation	0.7	1.3	0.6	0.8	0.4
GROSS PROFIT	18.0	-	-	-	10.6

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate	110.945	114.4	113	108.65	107.45
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Income Tax Refund	0.1	-	-	-	-
Raw Material	6.7	7.6	8.9	8.3	4.7
Consumables	0.1	0.0	0.3	0.2	0.2
Goods In Transit	0.2	0.4	0.1	0.3	0.1
Obsolete Inventories	-1.2	-1.2	-0.6	-0.3	-0.1
Trade Debtors	26.1	37.7	30.5	48.8	15.6
Doubtful Debts	-2.3	-0.9	-0.7	-1.0	-0.5
Loans to Employees	3.5	3.4	3.3	3.0	1.7
Other Receivable	3.3	2.1	0.6	1.4	2.7
Deposit/Pre-payment	17.2	19.5	17.3	14.8	5.1
Short Term Investments	5.6	-	28.3	13.5	10.5
Bank & Cash Balance	50.2	34.4	4.1	2.3	1.1
Total Current Assets	109.6	103.1	92.2	91.4	41.1
Freehold Drydock	9.7	-	10.3	10.6	10.8
Freehold Land	0.3	-	0.3	0.3	0.3
Road Ways	0.1	-	0.0	-	-
Buildings	6.4	-	6.4	5.7	3.0
Plant/Machinary/Equipment	22.8	-	16.5	14.3	13.5
Electrical Installation	2.2	-	1.8	1.8	1.6
Motor Vehicles	1.0	-	0.8	0.7	0.7
Inventory Items	0.3	-	0.3	0.3	0.3
Office Furniture & Fittings	2.2	-	1.9	1.8	1.6
Loose Tools	2.0	-	2.1	2.0	1.8
Boats/Launches	0.0	-	0.0	0.0	0.0
Leased Motor	0.0	-	0.0	0.0	0.0
Capital Work in Progress	0.5	-	0.4	0.4	1.0
Depreciation	-25.9	-	-21.8	-21.0	-19.7
Impairment of Assets	-1.1	-	0.0	-	-
Intangible Asset	0.2	0.2	0.1	0.0	-
Accumulated Amortisation	-0.1	-0.1	0.0	0.0	-
Property, Plant & Equipment, Net	-	18.0	-	-	-
Investment, Other	0.5	0.5	0.5	0.0	0.0
Deferred Taxation	0.7	0.4	0.2	0.0	-
Investment in Associates	-	-	0.0	-	-
Total Assets	131.3	122.0	111.9	108.2	56.0
Trade Creditors	16.9	14.5	10.6	7.6	4.6
Progress Bills	16.2	29.2	29.8	34.5	-
Provision for Warranty Claims	1.8	1.7	0.0	0.0	-
Accrued Epense	5.5	7.0	7.3	6.7	5.0
Other Payables	3.4	1.1	1.1	0.8	1.9
Short Term Loan/Overdraf	7.9	2.3	10.5	15.1	9.7
Current Portion Long Term Debt	0.2	0.5	0.6	0.4	0.6
Current Portion Lease	0.0	0.0	0.0	0.0	-
Tax Provision	0.0	2.8	3.1	3.0	1.8
Dividend Payable	0.1	0.1	0.1	0.1	0.0
Bank Over Daft	0.2	0.7	1.4	2.8	3.4
Total Current Liabilities	52.2	60.0	64.3	71.0	27.0
Long Term Loans	0.6	0.8	1.3	2.1	2.4
Financial Lease	-	-	0.0	0.0	-
Total Long Term Debt	0.6	0.8	1.3	2.1	2.4
Deferred Tax	0.0	0.0	0.0	0.6	1.0
Retirement Benefit	8.6	6.9	6.1	4.3	3.7
Minority Interest	0.3	0.3	0.2	0.2	0.2
Total Liabilities	61.7	68.0	72.0	78.2	34.2
Issued Capital	6.2	6.0	6.1	6.0	6.1
Exchange Fluctuation Reserve	0.1	0.1	0.1	0.1	-
Retained Profit	63.3	48.0	33.8	23.9	15.8
Total Equity	69.5	54.1	39.9	29.9	21.8
Total Liabilities & Shareholders' Equity	131.3	122.0	111.9	108.2	56.0
S/O-Common Stock	68.4	68.4	68.4	65.2	65.2
Total Common Shares Outstanding	68.4	68.4	68.4	65.2	65.2
Accumulated Intangible Amortisation	0.1	0.1	0.0	0.0	-
Full-Time Employees	1,673	1,646	1,662	1,642	-
Number of Common Shareholders	5,131	-	-	4,745	4,425
Long Term Debt Maturing with in 1 Yr.	0.2	0.5	0.6	0.4	0.6
Long Term Dedt Maturing with in 2 Yrs.	0.5	0.2	0.5	0.6	0.6
Long Term Debt Maturing with in 5 Yrs	0.0	0.6	0.7	1.0	1.3
Long Term Debt Remaining Matruity	0.0	0.0	0.1	0.5	0.5
Total Long Term Debt, Supplemental	0.8	1.3	1.9	2.5	2.9
Capital Lease Payments Due in 1 Year	0.0	0.0	0.0	0.0	0.0
Capital Lease Payments Due after 1 Year	0.0	0.0	0.0	0.0	0.0
Total Capital Leases	0.0	0.0	0.0	0.0	0.0
Accrued Benefit Liability- Pension	-8.6	-6.9	-6.1	-4.3	-
Net Assets Recognized on Balance Sheet	-8.6	-6.9	-6.1	-4.3	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Reclassified Normal 30-Sep-2011	Updated Normal 30-Sep-2010
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate	110.2	109.5	110.395	110.945	111.95
Inventroies	4.2	9.2	4.3	5.8	6.9
Trade Debtors & Other Receivables	78.6	61.9	64.2	47.9	63.0
Due from Related parties	0.0	0.0	0.0	0.0	0.0
Income Tax Refund	0.0	0.0	0.0	0.1	-
Short Term Investment	3.3	4.8	6.2	5.6	-
Bank & Cash Balance	32.6	36.8	55.4	50.2	45.0
Total Current Assets	118.7	112.6	130.1	109.6	115.0
Property, Plant & Equipment	22.1	21.8	21.1	20.5	18.7
Intangible Assets	0.0	0.0	0.1	0.1	0.1
Investment, Other	1.4	1.3	1.6	0.5	1.1
Deferred Taxation	0.7	0.7	0.7	0.7	0.5
Investment In Subsidiaries	0.0	0.0	0.0	0.0	-
Total Assets	142.9	136.5	153.5	131.3	135.3
Payable/Accrued	45.4	42.3	57.2	43.8	48.9
Due to Subsidiaries	0.0	0.0	0.0	0.0	-
Interest Bearing Borrowings	10.4	9.6	10.8	8.1	10.8
Tax Provision	0.7	0.3	-	-	3.1
Dividend Payable	0.4	0.4	2.6	0.1	0.2
Bank Overdrafts	0.5	2.1	4.0	0.2	1.6
Total Current Liabilities	57.4	54.7	74.5	52.2	64.5
Long Term Loans	0.3	0.5	0.4	0.6	0.6
Total Long Term Debt	0.3	0.5	0.4	0.6	0.6
Deferred Tax	-	-	-	-	0.0
Retirement Benefit Obligations	9.4	9.3	9.0	8.6	7.6
Minority Interest	0.3	0.3	0.3	0.3	0.3
Total Liabilities	67.4	64.8	84.3	61.7	73.0
Issued Capital	6.2	6.2	6.2	6.2	6.1
Retained Profit	69.2	65.4	63.0	63.4	56.2
Total Equity	75.4	71.7	69.2	69.5	62.3
Total Liabilities & Shareholders' Equity	142.9	136.5	153.5	131.3	135.3
S/O-Common Stock	68.4	68.4	68.4	68.4	68.4
Total Common Shares Outstanding	68.4	68.4	68.4	68.4	68.4
Accrued Benefit Liability- Pension	-9.4	-9.3	-9.0	-8.6	-
Net Assets Recognized on Balance Sheet	-9.4	-9.3	-9.0	-8.6	-

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Restated Normal 31-Dec-2007
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	113.05418	114.967315	108.350068	110.592705	103.960833
Auditor	KPMG Ford Rhodes Thornton & Company	KPMG Ford Rhodes Thornton & Company	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.	KPMG, Ford, Rhodes, Thornton & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Income Before Interest & Tax	17.1	19.0	14.4	12.0	8.7
Depreciation	2.3	3.1	1.9	1.6	1.5
Retirement Benefit Provision	1.9	1.4	2.4	0.9	0.8
Impairment of Property, Plant and Equipm	0.0	1.1	0.0	-	-
Amortisation of Intangible Assets	0.0	0.1	0.0	0.0	-
Bad Debts Provision	1.3	0.2	-0.3	0.5	-0.2
Unrealized Foreign Exchange	-0.2	1.1	1.0	1.0	1.4
Obsolete Inventories	0.0	0.6	0.3	0.1	-0.1
Fixed Asset Disposal	0.0	0.0	-0.1	-0.1	-0.1
Interest Income	-2.1	-	-	-	-
Dividend Income	0.0	-	-	-	-
Interest Expenses	0.5	-	-	-	-
Inventories	1.2	1.3	-0.9	-3.8	0.5
Accounts Receviable/Other	14.2	-11.6	14.2	-8.3	-0.3
Accounts Payable/Other	-11.2	5.3	1.1	3.6	1.7
Interest Paid	-0.5	-0.6	-0.7	-1.1	-1.0
Gratuity Paid	-0.4	-0.5	-0.3	-0.2	-0.2
Income Tax Paid	-1.8	-2.3	-3.1	-1.3	-0.6
Cash from Operating Activities	22.3	18.2	30.1	5.0	12.2
Capital Expenditures	-4.2	-5.6	-4.8	-3.6	-3.9
Sale of Fixed Assets	0.0	2.0	0.1	0.1	0.1
Short Term Investments	-5.5	-	-	-	-
Investments in Debentures	0.0	0.0	-0.5	0.0	-
Interest Received	2.1	2.2	2.1	1.1	0.5
Acquisition of Intangible Assets	0.0	0.0	-0.1	0.0	-
Dividends Received	0.0	-	-	-	-
Cash from Investing Activities	-7.6	-1.4	-3.2	-2.5	-3.3
Repayment of Loans	-0.5	-0.5	-0.6	-0.6	-0.5
Rapayment of Short-term Loans	-32.5	-49.1	-41.2	-36.1	-34.5
Loans Obtained During the Period	38.0	40.0	36.0	40.8	29.8
Repayment of Leases	0.0	0.0	0.0	0.0	0.0
Dividend Paid	-4.8	-4.1	-1.8	-1.8	-0.5
Cash from Financing Activities	0.2	-13.8	-7.6	2.4	-5.6
Net Change in Cash	14.9	3.1	19.2	4.9	3.2
Net Cash - Beginning Balance	34.1	30.5	13.1	7.9	5.2
Net Cash - Ending Balance	49.0	33.6	32.3	12.8	8.4
Cash Interest Paid	0.5	0.6	0.7	1.1	1.0
Cash Taxes Paid	1.8	2.3	3.1	1.3	0.6

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Reclassified Normal 30-Sep-2011
Filed Currency	LKR	LKR	LKR	LKR	LKR
Exchange Rate (Period Average)	110.138673	110.303251	110.713077	113.05418	113.587782
Income Before Interest & Tax	10.2	6.2	4.3	17.1	12.0
Depreciation	2.0	1.3	0.6	2.3	1.5
( Write back ) / Provision for Obsolete	0.3	-0.3	-	-	0.0
( Write back ) / Provision for Bad and d	-	0.3	-	-	-
Retirement Benefit Provision	1.3	0.5	0.4	1.9	0.9
Impairment of Property, Plant and Equipm	-	-	-	0.0	-
Amortisation of Intangible Assets	-	-	-	0.0	-
Bad Debts Provision	0.1	-	0.0	1.3	0.2
Unrealized Foreign Exchange	-	-	-	-0.2	-
Obsolete Inventories	-	-	-	0.0	-
Profit (/Loss) on disposal of fixed asse	-0.2	-	-	0.0	0.0
Interest Income	-	-	-	-2.1	-
Dividend Income	-	-	-	0.0	-
Interest Expenses	-	-	-	0.5	-
Inventories	1.3	-2.9	1.6	1.2	0.0
Accounts Receviable/Other	-35.3	-14.7	-16.0	14.2	-8.4
Deposit/Pre-payment	-	-	0.0	-	-
Subsidiaries Balances	0.0	0.0	0.0	-	0.0
Accounts Payable/Other	-2.1	-0.7	17.9	-11.2	2.9
Interest paid	-0.5	-0.3	-0.1	-0.5	-0.4
Gratuity Paid	-0.6	-1.0	-0.5	-0.4	-0.4
Income tax paid	-0.8	-0.2	-0.3	-1.8	-1.4
Cash from Operating Activities	-24.1	-11.9	7.8	22.3	7.0
Capital Expenditures	-4.4	-2.3	-1.1	-4.2	-1.8
Proceeds from disposal of property , pla	-	-	-	0.0	-
Interest Received	1.6	1.0	0.4	2.1	1.2
Investments	1.5	-	-	-	-
Investment in Debentues	-	-	-	0.0	-
Investments	-	-5.0	-6.8	-5.5	-0.5
Acquistion of Intangible Assets	-	-	-	0.0	-
Dividends Received	0.0	-	-	0.0	0.0
Cash from Investing Activities	-1.3	-6.3	-7.5	-7.6	-1.0
Repayment of Loans	-0.2	-0.1	-0.1	-0.5	-0.5
Repayment of Short-term Loans	-34.2	-	-	-32.5	-28.3
Issue of Loans	-	-	-	38.0	-
Repayment of Leases	-	-	-	0.0	-
Short term Loans obtained during the per	35.9	-	-	-	36.5
Dividend paid	-4.7	4.7	4.9	-4.8	-4.8
Cash from Financing Activities	-3.2	4.6	4.8	0.2	2.9
Net Change in Cash	-28.7	-13.6	5.2	14.9	8.9
Net Cash - Beginning Balance	50.3	50.2	50.0	34.1	33.9
Net Cash - Ending Balance	21.6	36.7	55.2	49.0	42.8
Cash Interest Paid	0.5	0.3	0.1	0.5	0.4
Cash Taxes Paid	0.8	0.2	0.3	1.8	1.4

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
India	39.0	33.6 %	72.4	56.4 %	60.4	51.5 %	58.5	56.8 %	49.5	61.8 %
Canada	-	-	0.0	0 %	0.4	0.4 %	0.0	0 %	-	-
Ethiopia	-	-	0.0	0 %	1.1	0.9 %	0.0	0 %	-	-
Korea	0.6	0.6 %	1.8	1.4 %	3.8	3.2 %	0.9	0.9 %	0.0	0 %
Maldives	1.4	1.2 %	2.5	2 %	0.9	0.7 %	1.8	1.7 %	12.1	15.2 %
Srilanka	12.2	10.5 %	9.6	7.4 %	7.1	6.1 %	12.8	12.4 %	9.2	11.5 %
Netherlands	0.0	0 %	2.0	1.6 %	0.8	0.7 %	0.3	0.3 %	0.0	0 %
Singapore	12.5	10.8 %	30.2	23.5 %	40.3	34.3 %	22.2	21.6 %	2.3	2.9 %
Japan	0.3	0.3 %	1.3	1 %	0.2	0.1 %	2.0	2 %	0.3	0.4 %
United Kingdom	-	-	-	-	0.0	0 %	0.9	0.8 %	0.0	0 %
Germany	0.5	0.4 %	0.7	0.6 %	0.2	0.2 %	0.7	0.7 %	0.0	0 %
Greece	1.6	1.3 %	0.7	0.6 %	0.1	0.1 %	0.6	0.6 %	0.0	0 %
Belgium	0.2	0.1 %	0.0	0 %	-	-	-	-	-	-
Philippines	-	-	-	-	0.0	0 %	1.2	1.2 %	0.0	0 %
Hong Kong	0.0	0 %	0.0	0 %	0.1	0.1 %	0.3	0.2 %	0.3	0.4 %
United States	0.3	0.3 %	0.1	0.1 %	0.5	0.4 %	0.0	0 %	0.3	0.4 %
Taiwan	-	-	0.0	0 %	0.2	0.1 %	0.1	0.1 %	0.5	0.7 %
China	0.7	0.6 %	0.0	0 %	-	-	0.0	0 %	1.0	1.2 %
Iran	-	-	-	-	-	-	0.0	0 %	0.6	0.7 %
Israel	-	-	-	-	-	-	0.0	0 %	0.6	0.8 %
United Arab Emirates	0.3	0.2 %	-	-	-	-	0.0	0 %	1.6	2 %
Other Asian Countries	-	-	1.4	1.1 %	1.5	1.3 %	0.7	0.7 %	1.6	1.9 %
Jordan	-	-	-	-	-	-	-	-	0.0	0 %
Cyprus	-	-	-	-	-	-	-	-	0.0	0 %
Bangladesh	0.2	0.1 %	-	-	-	-	0.0	0 %	0.0	0 %
Egypt	0.0	0 %	1.3	1 %	-	-	-	-	-	-
Thailand	0.5	0.4 %	0.0	0 %	-	-	-	-	-	-
Other Foreign	0.3	0.2 %	-	-	-	-	-	-	-	-
Samoa	45.4	39.2 %	4.3	3.3 %	-	-	-	-	-	-
Segment Total	115.9	100 %	128.3	100 %	117.4	100 %	103.0	100 %	80.1	100 %
Intersegment Revenue	-	-	-	-	-	-	-	-	-4.7	-5.9 %
Consolidated Total	115.9	100 %	128.3	100 %	117.4	100 %	103.0	100 %	80.1	100 %
Exchange Rate: LKR to USD	110.556216		113.054180		114.967315		108.350068		110.592705
Total Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
India	39.0	33.6 %	72.4	56.4 %	60.4	51.5 %	58.5	56.8 %	49.5	61.8 %
Canada	-	-	0.0	0 %	0.4	0.4 %	0.0	0 %	-	-
Ethiopia	-	-	0.0	0 %	1.1	0.9 %	0.0	0 %	-	-
Korea	0.6	0.6 %	1.8	1.4 %	3.8	3.2 %	0.9	0.9 %	0.0	0 %
Maldives	1.4	1.2 %	2.5	2 %	0.9	0.7 %	1.8	1.7 %	12.1	15.2 %
Srilanka	12.2	10.5 %	9.6	7.4 %	7.1	6.1 %	12.8	12.4 %	9.2	11.5 %
Netherlands	0.0	0 %	2.0	1.6 %	0.8	0.7 %	0.3	0.3 %	0.0	0 %
Singapore	12.5	10.8 %	30.2	23.5 %	40.3	34.3 %	22.2	21.6 %	2.3	2.9 %
Japan	0.3	0.3 %	1.3	1 %	0.2	0.1 %	2.0	2 %	0.3	0.4 %
United Kingdom	-	-	-	-	0.0	0 %	0.9	0.8 %	0.0	0 %
Germany	0.5	0.4 %	0.7	0.6 %	0.2	0.2 %	0.7	0.7 %	0.0	0 %
Greece	1.6	1.3 %	0.7	0.6 %	0.1	0.1 %	0.6	0.6 %	0.0	0 %
Belgium	0.2	0.1 %	0.0	0 %	-	-	-	-	-	-
Philippines	-	-	-	-	0.0	0 %	1.2	1.2 %	0.0	0 %
Hong Kong	0.0	0 %	0.0	0 %	0.1	0.1 %	0.3	0.2 %	0.3	0.4 %
United States	0.3	0.3 %	0.1	0.1 %	0.5	0.4 %	0.0	0 %	0.3	0.4 %
Taiwan	-	-	0.0	0 %	0.2	0.1 %	0.1	0.1 %	0.5	0.7 %
China	0.7	0.6 %	0.0	0 %	-	-	0.0	0 %	1.0	1.2 %
Iran	-	-	-	-	-	-	0.0	0 %	0.6	0.7 %
Israel	-	-	-	-	-	-	0.0	0 %	0.6	0.8 %
United Arab Emirates	0.3	0.2 %	-	-	-	-	0.0	0 %	1.6	2 %
Other Asian Countries	-	-	1.4	1.1 %	1.5	1.3 %	0.7	0.7 %	1.6	1.9 %
Jordan	-	-	-	-	-	-	-	-	0.0	0 %
Cyprus	-	-	-	-	-	-	-	-	0.0	0 %
Bangladesh	0.2	0.1 %	-	-	-	-	0.0	0 %	0.0	0 %
Egypt	0.0	0 %	1.3	1 %	-	-	-	-	-	-
Thailand	0.5	0.4 %	0.0	0 %	-	-	-	-	-	-
Other Foreign	0.3	0.2 %	-	-	-	-	-	-	-	-
Samoa	45.4	39.2 %	4.3	3.3 %	-	-	-	-	-	-
Segment Total	115.9	100 %	128.3	100 %	117.4	100 %	103.0	100 %	80.1	100 %
Intersegment Revenue	-	-	-	-	-	-	-	-	-4.7	-5.9 %
Consolidated Total	115.9	100 %	128.3	100 %	117.4	100 %	103.0	100 %	80.1	100 %
Exchange Rate: LKR to USD	110.556216		113.054180		114.967315		108.350068		110.592705

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-11		31-Dec-10				31-Dec-09			31-Dec-08				31-Dec-07
Ship Repair	39.9	34.4 %	37.3		29.1 %		58.5		49.9 %	55.8		54.2 %		42.4		52.9 %
Ship Building	69.5	60 %	84.6		65.9 %		49.1		41.9 %	39.4		38.3 %		32.4		40.4 %
Heavy Engineering	4.0	3.5 %	4.5		3.5 %		8.0		6.8 %	1.0		0.9 %		1.8		2.3 %
Offshore Engineering	-	-	-		-		0.0		0 %	5.2		5 %		2.4		3 %
Material Sales	2.5	2.2 %	1.9		1.5 %		1.7		1.5 %	1.6		1.6 %		1.2		1.5 %
Tax / Intercompany Eliminations	-0.1	-0.1 %	0.0		0 %		0.0		0 %	0.0		0 %		0.0		0 %
Segment Total	115.8	100 %	128.3		100 %		117.4		100 %	103.0		100 %		80.1		100 %
Consolidated Total	115.8	100 %	128.3		100 %		117.4		100 %	103.0		100 %		80.1		100 %
Exchange Rate: LKR to USD	110.556216		113.054180				114.967315			108.350068				110.592705
Intersegment Revenue USD (mil)
				31-Dec-11				31-Dec-10					31-Dec-09
Ship Repair				12.6		60.3 %		12.6			43.3 %		24.6		80.6 %
Ship Building				6.0		28.6 %		14.0			48.2 %		4.5		14.9 %
Heavy Engineering				2.0		9.8 %		2.2			7.6 %		1.1		3.7 %
Material Sales				0.3		1.3 %		0.3			1 %		0.3		0.9 %
Segment Total				20.9		100 %		29.0			100 %		30.6		100 %
Consolidated Total				20.9		100 %		29.0			100 %		30.6		100 %
Exchange Rate: LKR to USD				110.556216				113.054180					114.967315

Total Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Ship Repair	52.5	38.4 %	49.9	31.7 %	83.2	56.2 %	55.8	54.2 %	42.4	52.9 %
Ship Building	75.5	55.2 %	98.6	62.7 %	53.7	36.3 %	39.4	38.3 %	32.4	40.4 %
Heavy Engineering	6.1	4.4 %	6.7	4.3 %	9.2	6.2 %	1.0	0.9 %	1.8	2.3 %
Offshore Engineering	-	-	-	-	0.0	0 %	5.2	5 %	2.4	3 %
Material Sales	2.8	2 %	2.2	1.4 %	2.0	1.3 %	1.6	1.6 %	1.2	1.5 %
Tax / Intercompany Eliminations	-0.1	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Segment Total	136.7	100 %	157.3	100 %	148.0	100 %	103.0	100 %	80.1	100 %
Consolidated Total	136.7	100 %	157.3	100 %	148.0	100 %	103.0	100 %	80.1	100 %
Exchange Rate: LKR to USD	110.556216		113.054180		114.967315		108.350068		110.592705

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10
Ship Repair	7.3	32.3 %	10.6	33.5 %	10.9	33.9 %	11.0	37.5 %	8.7	26 %
Ship Building	14.3	63.1 %	19.4	61.1 %	18.7	58.1 %	17.2	58.4 %	23.8	70.9 %
Heavy Engineering	0.1	0.6 %	1.1	3.5 %	2.0	6.3 %	0.8	2.6 %	0.7	2 %
Offshore Engineering	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Material Sales	0.9	4 %	0.6	1.9 %	0.5	1.6 %	0.5	1.5 %	0.3	1 %
Segment Total	22.6	100 %	31.8	100 %	32.2	100 %	29.5	100 %	33.6	100 %
Intercompany Eliminations	-0.1	-0.3 %	-	-	-	-	-	-	0.0	-0.1 %
Consolidated Total	22.5	99.7 %	31.8	100 %	32.2	100 %	29.5	100 %	33.5	99.9 %
Exchange Rate: LKR to USD	111.791290		109.807957		109.896774		110.713077		111.478925
Total Revenue USD (mil)
	31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10
Ship Repair	7.3	32.3 %	10.6	33.5 %	10.9	33.9 %	11.0	37.5 %	8.7	26 %
Ship Building	14.3	63.1 %	19.4	61.1 %	18.7	58.1 %	17.2	58.4 %	23.8	70.9 %
Heavy Engineering	0.1	0.6 %	1.1	3.5 %	2.0	6.3 %	0.8	2.6 %	0.7	2 %
Offshore Engineering	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Material Sales	0.9	4 %	0.6	1.9 %	0.5	1.6 %	0.5	1.5 %	0.3	1 %
Segment Total	22.6	100 %	31.8	100 %	32.2	100 %	29.5	100 %	33.6	100 %
Intercompany Eliminations	-0.1	-0.3 %	-	-	-	-	-	-	0.0	-0.1 %
Consolidated Total	22.5	99.7 %	31.8	100 %	32.2	100 %	29.5	100 %	33.5	99.9 %
Exchange Rate: LKR to USD	111.791290		109.807957		109.896774		110.713077		111.478925

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.59
UK Pound	1	Rs.80.34
Euro	1	Rs.67.14

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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