|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
AGALAWATTE PLANTATION LIMITED |
|
|
|
|
Registered Office : |
10 Gnanartha Pradeepa Mawatha, Colombo 8 Colombo, 8 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.06.1992 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Subject engaged in the cultivation, production, processing and sale of tea, rubber and oil palm, as well as selected non-crop diversification initiatives |
|
|
|
|
No. of Employees : |
8,102 |
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 : |
Satisfactory |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka continues to experience strong economic growth
following the end of the 26-year conflict with the Liberation Tigers of Tamil
Eelam (LTTE). The government has been pursuing large-scale reconstruction and
development projects in its efforts to spur growth in war-torn and
disadvantaged areas, develop small and medium enterprises and increase
agricultural productivity. The government's high debt payments and bloated
civil service have contributed to historically high budget deficits, but fiscal
consolidation efforts and strong GDP growth in recent years have helped bring
down the government's fiscal deficit. However, low tax revenues are a major
concern. The 2008-09 global financial crisis and recession exposed Sri Lanka's
economic vulnerabilities and nearly caused a balance of payments crisis. Growth
slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and
an IMF agreement, resulting in two straight years of 8% growth in 2010-11.
Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and
weak global demand affected exports and trade. In early 2012, Sri Lanka floated
the rupee, resulting in a sharp depreciation, and took steps to curb imports. A
large trade deficit remains a concern. Strong remittances from Sri Lankan
workers abroad have helped to offset the trade deficit.
Source
: CIA
Agalawatte
Plantation Limited
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Business
Description
|
Agalawatte Plantations PLC is a Sri Lanka-based company engaged in the
cultivation, production, processing and sale of tea, rubber and oil palm, as
well as selected non-crop diversification initiatives. As of December 31,
2011, the Company's parent undertaking and managing entity was Mackwoods
Plantations (Pvt) Ltd., while its ultimate parent undertaking and controlling
party was Mackwoods (Pvt) Ltd. As of the same date, the Company's wholly
owned subsidiary was Mackply Industries (Pvt) Ltd, which was involved in the
production and sale of plywood products. The Company also had investment in
one jointly controlled entity, AEN Palm Oil Processing (Pvt) Ltd., as well as
two associates, namely Mackwoods Rubber Products (Pvt) Ltd. and Taprospa
Resorts (Pvt) Ltd. For the nine months ended 30 September 2012, Agalawatte
Plantation Limited revenues decreased 14% to LKR1.86B. Net income decreased
23% to LKR120.3M. Revenues reflect Rubber segment decrease of 39% to
LKR237.7M, Others segment decrease of 15% to LKR43.8M. Net income also
reflects Interest Expenses increase of 89% to LKR109.9M (expense), Other
Income, Net decrease of 81% to LKR10.4M (income). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
7310 - Research and experimental development on
natural sciences and engineering |
|
NAICS 2002: |
54171 - Research and Development in the Physical,
Engineering, and Life Sciences |
|
UK SIC 2003: |
7310 - Research and experimental development on
natural sciences and engineering |
|
UK SIC 2007: |
7219 - Other research and experimental development
on natural sciences and engineering |
|
US SIC 1987: |
Key Executives
|
Significant Developments
|
Financial Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = LKR 127.5522
2 - Balance Sheet Item Exchange Rate: USD 1 = LKR 126.93
|
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Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
127.552182 |
110.556216 |
113.05418 |
114.967315 |
108.350068 |
|
Auditor |
|
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
- |
25.0 |
20.3 |
13.4 |
18.4 |
|
Revenue |
- |
25.0 |
20.3 |
13.4 |
18.4 |
|
Total Revenue |
- |
25.0 |
20.3 |
13.4 |
18.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
- |
21.1 |
15.0 |
12.3 |
15.1 |
|
Cost of Revenue, Total |
- |
21.1 |
15.0 |
12.3 |
15.1 |
|
Gross Profit |
- |
3.9 |
5.3 |
1.1 |
3.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
- |
2.5 |
2.7 |
1.3 |
1.7 |
|
Total Selling/General/Administrative Expenses |
- |
2.5 |
2.7 |
1.3 |
1.7 |
|
Other, Net |
- |
-0.2 |
-0.3 |
-0.3 |
-0.5 |
|
Other Operating Expenses, Total |
- |
-0.2 |
-0.3 |
-0.3 |
-0.5 |
|
Total Operating Expense |
- |
23.4 |
17.4 |
13.2 |
16.3 |
|
|
|
|
|
|
|
|
Operating Income |
- |
1.7 |
2.9 |
0.2 |
2.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
-1.3 |
-2.5 |
-2.0 |
-1.9 |
|
Interest Capitalized -
Non-Operating |
- |
0.3 |
0.5 |
0.5 |
0.5 |
|
Interest Expense, Net Non-Operating |
- |
-0.9 |
-2.1 |
-1.5 |
-1.5 |
|
Interest Income -
Non-Operating |
- |
0.3 |
0.2 |
- |
- |
|
Investment Income - Non-Operating |
- |
0.7 |
0.4 |
0.2 |
0.0 |
|
Interest/Investment Income - Non-Operating |
- |
0.9 |
0.6 |
0.2 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
0.0 |
-1.5 |
-1.2 |
-1.4 |
|
Income Before Tax |
- |
1.7 |
1.5 |
-1.1 |
0.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
- |
0.2 |
0.0 |
0.0 |
0.0 |
|
Income After Tax |
- |
1.4 |
1.5 |
-1.1 |
0.7 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
- |
1.4 |
1.5 |
-1.1 |
0.7 |
|
Net Income |
- |
1.4 |
1.5 |
-1.1 |
0.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
- |
1.4 |
1.5 |
-1.1 |
0.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
- |
1.4 |
1.5 |
-1.1 |
0.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
- |
25.0 |
25.0 |
25.0 |
25.0 |
|
Basic EPS Excl Extraord Items |
- |
0.06 |
0.06 |
-0.04 |
0.03 |
|
Basic/Primary EPS Incl Extraord Items |
- |
0.06 |
0.06 |
-0.04 |
0.03 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
- |
1.4 |
1.5 |
-1.1 |
0.7 |
|
Diluted Weighted Average Shares |
- |
25.0 |
25.0 |
25.0 |
25.0 |
|
Diluted EPS Excl Extraord Items |
- |
0.06 |
0.06 |
-0.04 |
0.03 |
|
Diluted EPS Incl Extraord Items |
- |
0.06 |
0.06 |
-0.04 |
0.03 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.02 |
0.02 |
0.00 |
0.02 |
|
Gross Dividends - Common Stock |
- |
0.6 |
0.6 |
0.0 |
0.5 |
|
Interest Expense, Supplemental |
- |
1.0 |
2.0 |
1.5 |
1.5 |
|
Interest Capitalized, Supplemental |
- |
-0.3 |
-0.5 |
-0.5 |
-0.5 |
|
Depreciation, Supplemental |
- |
0.8 |
0.7 |
0.7 |
0.6 |
|
Normalized Income Before Tax |
- |
1.7 |
1.5 |
-1.1 |
0.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
- |
0.2 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Tax |
- |
1.4 |
1.5 |
-1.1 |
0.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
1.4 |
1.5 |
-1.1 |
0.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
0.06 |
0.06 |
-0.04 |
0.03 |
|
Diluted Normalized EPS |
- |
0.06 |
0.06 |
-0.04 |
0.03 |
|
Amort of Intangibles, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized EBIT |
- |
1.7 |
2.9 |
0.2 |
2.1 |
|
Normalized EBITDA |
- |
2.6 |
3.7 |
0.9 |
2.8 |
|
Other Pension, Net - Domestic |
- |
1.3 |
0.4 |
0.6 |
0.1 |
|
Domestic Pension Plan Expense |
- |
1.3 |
0.4 |
0.6 |
0.1 |
|
Defined Contribution Expense - Domestic |
- |
0.9 |
1.0 |
0.6 |
0.6 |
|
Total Pension Expense |
- |
2.2 |
1.4 |
1.2 |
0.7 |
|
Discount Rate - Domestic |
- |
11.00% |
- |
11.50% |
11.50% |
|
Compensation Rate - Domestic |
- |
15.00% |
- |
15.00% |
10.00% |
|
Total Plan Other Expense |
- |
1.3 |
0.4 |
0.6 |
0.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
126.93 |
113.9 |
110.945 |
114.4 |
113 |
|
Auditor |
|
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
- |
1.7 |
0.2 |
0.0 |
0.5 |
|
Cash and Short Term Investments |
- |
1.7 |
0.2 |
0.0 |
0.5 |
|
Trade Accounts Receivable - Net |
- |
4.6 |
3.3 |
0.7 |
0.5 |
|
Other Receivables |
- |
- |
- |
1.4 |
0.6 |
|
Total Receivables, Net |
- |
4.6 |
3.3 |
2.1 |
1.1 |
|
Inventories - Finished Goods |
- |
1.8 |
1.8 |
1.4 |
1.1 |
|
Inventories - Raw Materials |
- |
0.2 |
0.2 |
0.2 |
0.3 |
|
Inventories - Other |
- |
0.4 |
0.3 |
0.3 |
0.3 |
|
Total Inventory |
- |
2.4 |
2.4 |
2.0 |
1.7 |
|
Total Current Assets |
- |
8.8 |
5.9 |
4.1 |
3.3 |
|
|
|
|
|
|
|
|
Buildings |
- |
4.0 |
4.3 |
3.6 |
3.6 |
|
Land/Improvements |
- |
2.6 |
1.2 |
3.4 |
2.8 |
|
Machinery/Equipment |
- |
2.3 |
1.4 |
2.7 |
2.7 |
|
Construction in
Progress |
- |
0.0 |
- |
1.0 |
1.3 |
|
Natural Resources |
- |
14.9 |
13.8 |
12.5 |
11.6 |
|
Property/Plant/Equipment - Gross |
- |
23.8 |
20.6 |
23.2 |
22.0 |
|
Accumulated Depreciation |
- |
-4.3 |
- |
-3.8 |
-3.5 |
|
Property/Plant/Equipment - Net |
- |
19.5 |
20.8 |
19.4 |
18.5 |
|
Intangibles - Gross |
- |
2.5 |
2.5 |
2.4 |
2.5 |
|
Accumulated Intangible Amortization |
- |
-0.9 |
-0.9 |
-0.8 |
-0.8 |
|
Intangibles, Net |
- |
1.6 |
1.6 |
1.6 |
1.7 |
|
LT Investment - Affiliate Companies |
- |
0.6 |
0.1 |
0.1 |
0.1 |
|
LT Investments - Other |
- |
1.0 |
0.8 |
0.5 |
0.3 |
|
Long Term Investments |
- |
1.6 |
0.8 |
0.6 |
0.4 |
|
Total Assets |
- |
31.4 |
29.2 |
25.8 |
23.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
6.6 |
7.6 |
3.8 |
2.1 |
|
Notes Payable/Short Term Debt |
- |
1.6 |
1.6 |
2.2 |
1.8 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
3.3 |
2.3 |
1.3 |
1.9 |
|
Dividends Payable |
- |
0.0 |
0.0 |
0.1 |
0.0 |
|
Other Payables |
- |
- |
- |
1.5 |
1.2 |
|
Other Current liabilities, Total |
- |
0.0 |
0.0 |
1.6 |
1.2 |
|
Total Current Liabilities |
- |
11.5 |
11.5 |
8.9 |
6.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
4.5 |
5.0 |
6.1 |
5.2 |
|
Capital Lease Obligations |
- |
2.4 |
2.2 |
2.2 |
2.2 |
|
Total Long Term Debt |
- |
6.9 |
7.2 |
8.3 |
7.4 |
|
Total Debt |
- |
11.8 |
11.0 |
11.8 |
11.1 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
- |
4.1 |
3.1 |
2.8 |
2.4 |
|
Other Long Term Liabilities |
- |
0.6 |
0.6 |
0.6 |
0.5 |
|
Other Liabilities, Total |
- |
4.7 |
3.8 |
3.5 |
2.9 |
|
Total Liabilities |
- |
23.1 |
22.4 |
20.7 |
17.2 |
|
|
|
|
|
|
|
|
Common Stock |
- |
2.2 |
2.3 |
2.2 |
2.2 |
|
Common Stock |
- |
2.2 |
2.3 |
2.2 |
2.2 |
|
Retained Earnings (Accumulated Deficit) |
- |
6.1 |
4.5 |
2.9 |
4.5 |
|
Total Equity |
- |
8.3 |
6.7 |
5.1 |
6.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
31.4 |
29.2 |
25.8 |
23.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
- |
25.0 |
25.0 |
25.0 |
25.0 |
|
Total Common Shares Outstanding |
- |
25.0 |
25.0 |
25.0 |
25.0 |
|
Employees |
- |
- |
8,102 |
8,006 |
8,229 |
|
Number of Common Shareholders |
- |
11,042 |
- |
11,546 |
11,227 |
|
Accumulated Intangible Amort, Suppl. |
- |
0.9 |
0.9 |
0.8 |
0.8 |
|
Deferred Revenue - Long Term |
- |
0.6 |
0.6 |
0.6 |
0.5 |
|
Total Capital Leases, Supplemental |
- |
0.5 |
0.1 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 1 |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.4 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
- |
2.3 |
2.4 |
2.3 |
2.3 |
|
Operating Lease Payments Due in Year 1 |
- |
0.3 |
0.2 |
0.2 |
0.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
2.0 |
2.2 |
2.1 |
2.2 |
|
Discount Rate - Domestic |
- |
11.00% |
- |
11.50% |
11.50% |
|
Compensation Rate - Domestic |
- |
15.00% |
- |
15.00% |
10.00% |
|
Accrued Liabilities - Domestic |
- |
-4.1 |
- |
-2.8 |
-2.4 |
|
Net Assets Recognized on Balance Sheet |
- |
-4.1 |
- |
-2.8 |
-2.4 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified Normal
|
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
127.552182 |
110.556216 |
113.05418 |
114.967315 |
108.350068 |
|
Auditor |
|
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
- |
1.7 |
1.5 |
-1.1 |
0.7 |
|
Depreciation |
- |
0.9 |
0.8 |
0.8 |
0.7 |
|
Depreciation/Depletion |
- |
0.9 |
0.8 |
0.8 |
0.7 |
|
Equity in Net Earnings (Loss) |
- |
-0.7 |
-0.4 |
-0.2 |
0.0 |
|
Other Non-Cash Items |
- |
2.0 |
2.2 |
2.0 |
1.5 |
|
Non-Cash Items |
- |
1.3 |
1.8 |
1.8 |
1.5 |
|
Accounts Receivable |
- |
-1.5 |
-1.1 |
-1.0 |
0.5 |
|
Inventories |
- |
-0.1 |
-0.4 |
-0.3 |
0.9 |
|
Accounts Payable |
- |
-0.7 |
2.4 |
2.2 |
-0.5 |
|
Other Operating Cash Flow |
- |
-1.2 |
-1.7 |
-1.4 |
-1.7 |
|
Changes in Working Capital |
- |
-3.5 |
-0.8 |
-0.4 |
-0.7 |
|
Cash from Operating Activities |
- |
0.3 |
3.2 |
1.1 |
2.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-0.2 |
-0.2 |
-0.4 |
-3.4 |
|
Capital Expenditures |
- |
-0.2 |
-0.2 |
-0.4 |
-3.4 |
|
Purchase of Investments |
- |
- |
- |
- |
0.0 |
|
Other Investing Cash Flow |
- |
-2.0 |
-1.3 |
-1.5 |
-1.3 |
|
Other Investing Cash Flow Items, Total |
- |
-2.0 |
-1.3 |
-1.5 |
-1.3 |
|
Cash from Investing Activities |
- |
-2.2 |
-1.5 |
-1.9 |
-4.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
-0.1 |
-0.6 |
-0.2 |
-0.1 |
|
Financing Cash Flow Items |
- |
-0.1 |
-0.6 |
-0.2 |
-0.1 |
|
Cash Dividends Paid - Common |
- |
-0.5 |
0.0 |
-0.3 |
- |
|
Total Cash Dividends Paid |
- |
-0.5 |
0.0 |
-0.3 |
- |
|
Long Term Debt Issued |
- |
5.5 |
1.2 |
1.4 |
2.5 |
|
Long Term Debt
Reduction |
- |
-1.5 |
-1.5 |
-1.0 |
-1.2 |
|
Long Term Debt, Net |
- |
4.1 |
-0.3 |
0.4 |
1.2 |
|
Issuance (Retirement) of Debt, Net |
- |
4.1 |
-0.3 |
0.4 |
1.2 |
|
Cash from Financing Activities |
- |
3.4 |
-0.9 |
-0.1 |
1.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
- |
1.6 |
0.8 |
-0.8 |
-1.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
-1.4 |
-2.2 |
-1.3 |
0.0 |
|
Net Cash - Ending Balance |
- |
0.2 |
-1.4 |
-2.1 |
-1.4 |
|
Cash Interest Paid |
- |
0.9 |
1.6 |
1.2 |
1.2 |
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
110.556216 |
113.05418 |
114.967315 |
108.350068 |
110.592705 |
|
Auditor |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
25.0 |
20.3 |
13.4 |
18.4 |
17.8 |
|
Total Revenue |
25.0 |
20.3 |
13.4 |
18.4 |
17.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
21.1 |
15.0 |
12.3 |
15.1 |
13.9 |
|
Other Income |
-0.2 |
-0.3 |
-0.3 |
-0.5 |
-0.2 |
|
Selling & Distribution Expenses |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Administration expenses |
1.6 |
1.4 |
1.2 |
0.9 |
0.9 |
|
Managing Agent's fee |
0.8 |
1.2 |
0.0 |
0.7 |
0.7 |
|
Amortization of Negative Goodwill |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
23.4 |
17.4 |
13.2 |
16.3 |
15.3 |
|
|
|
|
|
|
|
|
Interest Expense |
-1.0 |
-2.0 |
-2.0 |
-1.9 |
-1.3 |
|
Interest Income |
0.3 |
0.2 |
- |
- |
- |
|
Interest on Government Lease |
-0.3 |
-0.5 |
- |
- |
- |
|
Interest Capitalized |
0.3 |
0.5 |
0.5 |
0.5 |
0.3 |
|
controlled entity Share of profit / (los |
0.7 |
0.3 |
0.2 |
0.1 |
0.0 |
|
Share of Profit in Associate Comany |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Taxes |
1.7 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income After Taxes |
1.4 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
1.4 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
Net Income |
1.4 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
1.4 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1.4 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
25.0 |
25.0 |
25.0 |
25.0 |
25.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.06 |
0.06 |
-0.04 |
0.03 |
0.06 |
|
Basic EPS Including ExtraOrdinary Items |
0.06 |
0.06 |
-0.04 |
0.03 |
0.06 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
1.4 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
Diluted Weighted Average Shares |
25.0 |
25.0 |
25.0 |
25.0 |
25.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.06 |
0.06 |
-0.04 |
0.03 |
0.06 |
|
Diluted EPS Including ExtraOrd Items |
0.06 |
0.06 |
-0.04 |
0.03 |
0.06 |
|
DPS-Common Stock |
0.02 |
0.02 |
0.00 |
0.02 |
0.02 |
|
Gross Dividends - Common Stock |
0.6 |
0.6 |
0.0 |
0.5 |
0.5 |
|
Normalized Income Before Taxes |
1.7 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
1.4 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.4 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.06 |
-0.04 |
0.03 |
0.06 |
|
Diluted Normalized EPS |
0.06 |
0.06 |
-0.04 |
0.03 |
0.06 |
|
Depreciation |
0.8 |
0.7 |
0.7 |
0.6 |
0.6 |
|
Interest Expenses |
1.0 |
2.0 |
1.5 |
1.5 |
1.0 |
|
Interest Capitalized |
-0.3 |
-0.5 |
-0.5 |
-0.5 |
-0.3 |
|
Amortisation of Negative Goodwill |
- |
- |
- |
- |
0.0 |
|
Amortisation of Intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Defined Contribution Plans - Gratuity |
1.3 |
0.4 |
0.6 |
0.1 |
- |
|
Domestic Pension Plan Expense |
1.3 |
0.4 |
0.6 |
0.1 |
- |
|
Defined Contribution Plans Cost - EPF |
0.9 |
1.0 |
0.6 |
0.6 |
- |
|
Total Pension Expense |
2.2 |
1.4 |
1.2 |
0.7 |
- |
|
Discount Rate - Pension |
11.00% |
- |
11.50% |
11.50% |
- |
|
Compensation Rate - Pension |
15.00% |
- |
15.00% |
10.00% |
- |
|
|
|
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 |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
113.9 |
110.945 |
114.4 |
113 |
108.65 |
|
Auditor |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Harvested Crops |
1.8 |
1.8 |
1.4 |
1.1 |
2.2 |
|
Input Materials |
0.2 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Growing Crop Nurseries |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Others |
0.3 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Short Term Investments/ Deposits |
1.6 |
0.2 |
- |
- |
- |
|
Trade & other receivables |
4.6 |
3.3 |
0.7 |
0.5 |
1.0 |
|
Advance Tax Paid |
- |
- |
0.2 |
0.2 |
0.3 |
|
Other Debtors |
- |
- |
1.2 |
0.3 |
0.5 |
|
Cash and cash equivalents |
0.1 |
0.0 |
0.0 |
0.5 |
0.4 |
|
Total Current Assets |
8.8 |
5.9 |
4.1 |
3.3 |
4.8 |
|
|
|
|
|
|
|
|
Free Hold Land |
0.0 |
1.2 |
1.2 |
1.2 |
0.0 |
|
Leasehold Rights |
2.5 |
2.5 |
2.4 |
2.5 |
2.6 |
|
Amortization |
-0.9 |
-0.9 |
-0.8 |
-0.8 |
-0.8 |
|
Land & Building |
2.6 |
- |
2.2 |
1.6 |
0.8 |
|
Plant & Machinery |
0.9 |
- |
0.9 |
0.9 |
0.9 |
|
Motor Vehicles |
0.7 |
- |
0.7 |
0.7 |
0.6 |
|
Sanitation, Water & Electricity |
0.3 |
- |
0.3 |
0.3 |
0.3 |
|
Equipment |
0.3 |
- |
0.8 |
0.8 |
0.3 |
|
Others |
0.1 |
1.4 |
0.1 |
0.1 |
0.1 |
|
Capital Work-in-Progress |
0.0 |
- |
1.0 |
1.3 |
0.8 |
|
Depreciation |
-2.0 |
- |
-1.8 |
-1.6 |
-1.6 |
|
Improvements to Land |
0.1 |
- |
0.1 |
0.1 |
- |
|
Other Vested Assets |
0.0 |
- |
0.0 |
0.0 |
- |
|
Mature Plantations |
2.5 |
4.3 |
2.5 |
0.6 |
- |
|
Immature Plantations |
0.0 |
- |
0.0 |
1.9 |
- |
|
Buildings(1) |
0.4 |
- |
0.4 |
0.4 |
- |
|
Machinery |
0.1 |
- |
0.1 |
0.1 |
- |
|
Depreciation(2) |
-1.9 |
- |
-1.7 |
-1.6 |
- |
|
on finance lease (other than bare land)) |
- |
- |
- |
- |
1.7 |
|
Buildings |
0.0 |
- |
0.1 |
0.1 |
- |
|
Plant & Machinery |
0.1 |
- |
0.2 |
0.2 |
- |
|
Motor Vehicles |
0.7 |
- |
0.1 |
0.1 |
- |
|
Equipment |
0.0 |
- |
- |
- |
- |
|
Depreciation(1) |
-0.4 |
- |
-0.3 |
-0.2 |
- |
|
Other Leased Assets |
- |
0.1 |
- |
- |
0.2 |
|
Immature/Mature plantations |
14.9 |
13.8 |
12.5 |
11.6 |
11.1 |
|
Associate |
0.6 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Investment- Others |
1.0 |
0.8 |
0.5 |
0.3 |
0.2 |
|
Total Assets |
31.4 |
29.2 |
25.8 |
23.9 |
22.1 |
|
|
|
|
|
|
|
|
Employee Related Payables |
- |
- |
1.0 |
0.4 |
0.6 |
|
Mnaging Agents's Fees Payable |
- |
- |
0.5 |
0.7 |
0.6 |
|
Trade and other payables |
6.6 |
7.6 |
3.8 |
2.1 |
2.4 |
|
Dividends |
0.0 |
0.0 |
0.1 |
0.0 |
- |
|
ST Borrowings |
3.3 |
2.3 |
1.1 |
1.7 |
- |
|
Finance Leaes |
- |
- |
0.2 |
0.2 |
- |
|
Short term borrowings |
- |
- |
- |
- |
1.3 |
|
Bank Overdraft |
1.6 |
1.6 |
2.2 |
1.8 |
0.4 |
|
Total Current Liabilities |
11.5 |
11.5 |
8.9 |
6.9 |
5.3 |
|
|
|
|
|
|
|
|
Obligation under finance & operating lea |
2.4 |
2.2 |
2.2 |
2.2 |
2.4 |
|
Long Term Borrowings |
4.5 |
5.0 |
6.1 |
5.2 |
4.7 |
|
Total Long Term Debt |
6.9 |
7.2 |
8.3 |
7.4 |
7.1 |
|
|
|
|
|
|
|
|
Retirement Benefit Obligations |
4.1 |
3.1 |
2.8 |
2.4 |
2.5 |
|
Deferred Income |
0.6 |
0.6 |
0.6 |
0.5 |
0.5 |
|
Negative Goodwill |
- |
- |
- |
- |
0.0 |
|
Total Liabilities |
23.1 |
22.4 |
20.7 |
17.2 |
15.4 |
|
|
|
|
|
|
|
|
Stated capital (25,000,000 Shares)) |
2.2 |
2.3 |
2.2 |
2.2 |
2.3 |
|
General Reserve |
4.1 |
3.7 |
3.0 |
3.1 |
2.7 |
|
Profit and loss account |
2.0 |
0.8 |
-0.1 |
1.4 |
1.7 |
|
Total Equity |
8.3 |
6.7 |
5.1 |
6.7 |
6.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
31.4 |
29.2 |
25.8 |
23.9 |
22.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
25.0 |
25.0 |
25.0 |
25.0 |
25.0 |
|
Total Common Shares Outstanding |
25.0 |
25.0 |
25.0 |
25.0 |
25.0 |
|
Amortization of Intangibles |
0.9 |
0.9 |
0.8 |
0.8 |
0.8 |
|
Deferred Income |
0.6 |
0.6 |
0.6 |
0.5 |
0.5 |
|
Employees |
- |
8,102 |
8,006 |
8,229 |
8,330 |
|
No. of Shareholders |
11,042 |
- |
11,546 |
11,227 |
11,033 |
|
Finance Leasee Payable Within 1 Year |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Finance Leasee- Remaining |
0.4 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Interest Cost |
- |
- |
- |
- |
0.0 |
|
Total Capital Leases, Supplemental |
0.5 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Payable Within 1 Year |
0.3 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Remaining Maturities |
2.0 |
2.2 |
2.1 |
2.2 |
2.4 |
|
Total Operating Leases, Supplemental |
2.3 |
2.4 |
2.3 |
2.3 |
2.4 |
|
Discount Rate - Pension |
11.00% |
- |
11.50% |
11.50% |
- |
|
Compensation Rate - Pension |
15.00% |
- |
15.00% |
10.00% |
- |
|
Liability - Pension |
-4.1 |
- |
-2.8 |
-2.4 |
- |
|
Net Assets Recognized on Balance Sheet |
-4.1 |
- |
-2.8 |
-2.4 |
- |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
110.556216 |
113.05418 |
114.967315 |
108.350068 |
110.592705 |
|
Auditor |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
Hulugalle
Samarsinghe & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
1.7 |
1.5 |
-1.1 |
0.7 |
1.6 |
|
Depreciation |
0.9 |
0.8 |
0.8 |
0.7 |
0.6 |
|
Interest & Govt. Lease rental |
0.9 |
2.1 |
1.5 |
1.5 |
1.0 |
|
Associate company results |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Jointly controlled entity results |
-0.7 |
-0.3 |
-0.2 |
-0.1 |
0.0 |
|
Interest Income |
-0.3 |
-0.2 |
- |
- |
- |
|
Provision for Defined Benefit Plan Cost |
1.3 |
0.4 |
0.6 |
0.1 |
0.9 |
|
Amortization of Negative Godwill |
- |
- |
- |
- |
0.0 |
|
Amortisation of grants |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
crease) / decrease in inventories |
-0.1 |
-0.4 |
-0.3 |
0.9 |
-1.3 |
|
crease) / decrease in receivables |
-1.5 |
-1.1 |
-1.0 |
0.5 |
-0.2 |
|
Increase / (decrease) in payables) |
-0.7 |
2.4 |
2.2 |
-0.5 |
0.3 |
|
Interest Paid |
-0.9 |
-1.6 |
-1.2 |
-1.2 |
-0.9 |
|
Defined Benefit Plan Cost Paid |
-0.3 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Dividend Paid |
- |
- |
- |
-0.5 |
-0.3 |
|
Cash from Operating Activities |
0.3 |
3.2 |
1.1 |
2.1 |
1.5 |
|
|
|
|
|
|
|
|
Investments in Plantation Assets |
-2.0 |
-1.3 |
-1.5 |
-1.3 |
-1.1 |
|
Purchase of other property, plant & equi |
-0.2 |
-0.2 |
-0.4 |
-3.4 |
-0.8 |
|
Investments in Shares & Short term depos |
- |
- |
- |
0.0 |
- |
|
Investment in Joint Venture |
- |
- |
- |
- |
0.0 |
|
Dividend Received |
- |
0.0 |
- |
- |
0.0 |
|
Cash from Investing Activities |
-2.2 |
-1.5 |
-1.9 |
-4.6 |
-1.9 |
|
|
|
|
|
|
|
|
Proceeds from loans |
5.5 |
1.2 |
1.4 |
2.5 |
2.5 |
|
Interest Received |
0.1 |
0.2 |
- |
- |
- |
|
Repayment of loans |
-1.5 |
-1.5 |
-1.0 |
-1.2 |
-1.1 |
|
Government Lease Rentals Paid |
-0.2 |
-0.5 |
- |
- |
- |
|
Lease Rentals Paid |
-0.1 |
-0.3 |
-0.4 |
-0.2 |
-0.4 |
|
Dividend Paid |
-0.5 |
0.0 |
-0.3 |
- |
- |
|
Capital grant received |
0.0 |
0.0 |
0.2 |
0.1 |
0.1 |
|
Cash from Financing Activities |
3.4 |
-0.9 |
-0.1 |
1.1 |
1.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
1.6 |
0.8 |
-0.8 |
-1.4 |
0.7 |
|
|
|
|
|
|
|
|
Net Cash- Beginning Balance |
-1.4 |
-2.2 |
-1.3 |
0.0 |
-0.7 |
|
Net Cash- Ending Balance |
0.2 |
-1.4 |
-2.1 |
-1.4 |
0.0 |
|
Cash Interest Paid |
0.9 |
1.6 |
1.2 |
1.2 |
0.9 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.