MIRA INFORM REPORT
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Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PIRAMAL GLASS CEYLON PLC |
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Registered Office : |
148, Maligawa Road, Borupana Ratmalana, |
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Country : |
Sri Lanka |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
17.05.1955 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture of hollow glass |
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No. of Employees : |
384 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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
Piramal Glass
Ceylon PLC
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Business
Description
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Piramal Glass Ceylon Plc, formerly Ceylon Glass Company PLC, is a Sri
Lanka-based company engaged in the manufacture and sale of glass containers. The
Company’s product categories include foods, beer, wine, agro, pharma,
aerated drinks, and cosmetics and perfumes. As of March 31, 2012, the
Company's parent entity was Piramal Glass Limited, which is incorporated in
India. For the nine months ended 31 December 2012, Piramal Glass Ceylon PLC
revenues increased 9% to LKR4.1B. Net income increased 5% to LKR620.7M.
Revenues reflect an increase in demand for the Company's products and
services due to favorable market conditions. Net income was partially offset
by Finance Cost increase of 15% to LKR195.4M (expense), Other Operating
Income decrease of 36% to LKR5.8M (income). |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Significant
Developments
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Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = LKR 112.5695
2 - Balance Sheet Item Exchange Rate: USD 1 = LKR 127.8033
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Piramal Glass
Ceylon PLC |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Mumbai |
India |
Containers and Packaging |
294.0 |
3,957 |
|
|
Subsidiary |
Ratmalana |
Sri Lanka |
Containers and Packaging |
45.5 |
384 |
|
|
Subsidiary |
Park Hills, MO |
United States |
Containers and Packaging |
|
|
|
|
Subsidiary |
Williamstown, NJ |
United States |
Construction - Supplies and Fixtures |
|
120 |
|
|
Subsidiary |
Flat River, MO |
United States |
Containers and Packaging |
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Executives Report
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.569538 |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
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|
Net Sales |
45.5 |
37.1 |
30.6 |
26.7 |
18.2 |
|
Revenue |
45.5 |
37.1 |
30.6 |
26.7 |
18.2 |
|
Total Revenue |
45.5 |
37.1 |
30.6 |
26.7 |
18.2 |
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|
|
|
|
|
|
Cost of Revenue |
32.2 |
25.8 |
22.7 |
21.3 |
14.1 |
|
Cost of Revenue, Total |
32.2 |
25.8 |
22.7 |
21.3 |
14.1 |
|
Gross Profit |
13.3 |
11.3 |
7.9 |
5.4 |
4.2 |
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|
|
|
|
|
|
Selling/General/Administrative Expense |
3.6 |
3.6 |
3.0 |
2.0 |
1.9 |
|
Labor & Related Expense |
0.4 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Advertising Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Selling/General/Administrative Expenses |
4.0 |
3.9 |
3.2 |
2.3 |
2.1 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Depreciation/Amortization |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Interest Income -
Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Income -
Operating |
1.2 |
-0.5 |
0.0 |
-0.1 |
0.0 |
|
Interest/Investment Income - Operating |
1.2 |
-0.5 |
0.0 |
-0.1 |
0.0 |
|
Interest Expense (Income) - Net Operating Total |
1.2 |
-0.5 |
0.0 |
-0.1 |
0.0 |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
-0.1 |
0.0 |
-0.5 |
0.0 |
|
Unusual Expense (Income) |
0.0 |
-0.1 |
0.0 |
-0.5 |
0.0 |
|
Other, Net |
-0.1 |
-0.1 |
- |
- |
- |
|
Other Operating Expenses, Total |
-0.1 |
-0.1 |
- |
- |
- |
|
Total Operating Expense |
37.3 |
29.1 |
26.1 |
23.1 |
16.3 |
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Operating Income |
8.2 |
8.0 |
4.5 |
3.6 |
1.9 |
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Interest Expense -
Non-Operating |
-2.0 |
-2.7 |
-5.1 |
-6.0 |
-1.5 |
|
Interest Expense, Net Non-Operating |
-2.0 |
-2.7 |
-5.1 |
-6.0 |
-1.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-2.0 |
-2.7 |
-5.1 |
-6.0 |
-1.5 |
|
Income Before Tax |
6.2 |
5.3 |
-0.5 |
-2.4 |
0.4 |
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Total Income Tax |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Income After Tax |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
Net Income |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
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Income Available to Common Excl Extraord Items |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
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Income Available to Common Incl Extraord Items |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
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Basic/Primary Weighted Average Shares |
950.1 |
950.1 |
950.1 |
950.1 |
755.1 |
|
Basic EPS Excl Extraord Items |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Basic/Primary EPS Incl Extraord Items |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
Diluted Weighted Average Shares |
950.1 |
950.1 |
950.1 |
950.1 |
755.1 |
|
Diluted EPS Excl Extraord Items |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Diluted EPS Incl Extraord Items |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
3.0 |
- |
- |
- |
0.2 |
|
Interest Expense, Supplemental |
2.0 |
2.7 |
5.1 |
6.0 |
1.5 |
|
Depreciation, Supplemental |
3.5 |
3.7 |
3.0 |
3.0 |
1.3 |
|
Total Special Items |
0.0 |
-0.1 |
0.0 |
-0.5 |
0.0 |
|
Normalized Income Before Tax |
6.2 |
5.2 |
-0.5 |
-2.9 |
0.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
-0.2 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.1 |
0.1 |
0.0 |
-0.2 |
0.1 |
|
Normalized Income After Tax |
6.1 |
5.1 |
-0.5 |
-2.7 |
0.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
6.1 |
5.1 |
-0.5 |
-2.7 |
0.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Diluted Normalized EPS |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Rental Expenses |
- |
0.1 |
0.0 |
- |
- |
|
Advertising Expense, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized EBIT |
9.3 |
7.4 |
4.6 |
3.1 |
1.9 |
|
Normalized EBITDA |
12.8 |
11.1 |
7.6 |
6.1 |
3.2 |
|
Current Tax - Domestic |
0.1 |
0.1 |
0.0 |
0.0 |
0.3 |
|
Current Tax - Other |
0.0 |
- |
0.0 |
0.0 |
-0.1 |
|
Current Tax - Total |
0.1 |
0.1 |
0.0 |
0.0 |
0.2 |
|
Deferred Tax - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Income Tax - Total |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Interest Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Service Cost - Domestic |
0.1 |
0.0 |
0.1 |
0.1 |
- |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
-0.1 |
0.0 |
- |
|
Other Pension, Net - Domestic |
- |
- |
- |
- |
0.1 |
|
Domestic Pension Plan Expense |
0.2 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
- |
- |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
0.2 |
0.1 |
0.2 |
0.3 |
0.2 |
|
Discount Rate - Domestic |
10.00% |
10.00% |
10.00% |
9.00% |
9.00% |
|
Compensation Rate - Domestic |
8.50% |
8.50% |
8.50% |
8.00% |
8.00% |
|
Total Plan Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Total Plan Service Cost |
0.1 |
0.0 |
0.1 |
0.1 |
- |
|
Total Plan Other Expense |
- |
- |
- |
- |
0.1 |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
127.803337 |
110.395 |
114.05 |
115.725 |
107.8 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
0.8 |
1.9 |
0.4 |
0.1 |
0.3 |
|
Cash and Short Term Investments |
0.8 |
1.9 |
0.4 |
0.1 |
0.3 |
|
Accounts Receivable -
Trade, Gross |
7.1 |
6.9 |
8.3 |
6.4 |
5.7 |
|
Provision for Doubtful
Accounts |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Trade Accounts Receivable - Net |
6.9 |
6.7 |
8.0 |
6.1 |
5.4 |
|
Other Receivables |
0.3 |
0.3 |
0.7 |
2.1 |
2.6 |
|
Total Receivables, Net |
7.2 |
7.0 |
8.7 |
8.1 |
8.0 |
|
Inventories - Finished Goods |
3.6 |
2.0 |
1.1 |
2.3 |
0.8 |
|
Inventories - Work In Progress |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Inventories - Raw Materials |
2.8 |
3.0 |
2.5 |
2.2 |
1.5 |
|
Inventories - Other |
2.6 |
2.3 |
1.8 |
2.1 |
2.0 |
|
LIFO Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Inventory |
9.0 |
7.3 |
5.6 |
6.6 |
4.3 |
|
Prepaid Expenses |
0.5 |
0.3 |
0.5 |
0.3 |
1.0 |
|
Total Current Assets |
17.4 |
16.5 |
15.1 |
15.1 |
13.6 |
|
|
|
|
|
|
|
|
Buildings |
11.0 |
12.4 |
11.9 |
11.6 |
12.0 |
|
Land/Improvements |
1.0 |
1.2 |
1.2 |
1.1 |
0.0 |
|
Machinery/Equipment |
35.7 |
40.6 |
38.1 |
35.4 |
31.0 |
|
Construction in
Progress |
0.3 |
0.2 |
0.0 |
0.0 |
1.8 |
|
Other
Property/Plant/Equipment |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Property/Plant/Equipment - Gross |
48.2 |
54.6 |
51.4 |
48.4 |
45.0 |
|
Accumulated Depreciation |
-17.8 |
-17.1 |
-12.9 |
-8.8 |
-6.5 |
|
Property/Plant/Equipment - Net |
35.6 |
43.5 |
44.3 |
45.4 |
45.1 |
|
Intangibles, Net |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
LT Investments - Other |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
53.2 |
60.2 |
59.6 |
60.7 |
58.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
3.4 |
2.7 |
2.4 |
2.3 |
3.9 |
|
Payable/Accrued |
1.5 |
1.8 |
1.4 |
1.3 |
1.0 |
|
Notes Payable/Short Term Debt |
6.4 |
7.1 |
9.3 |
10.0 |
6.8 |
|
Current Portion - Long Term Debt/Capital Leases |
4.8 |
3.9 |
7.4 |
8.4 |
4.7 |
|
Dividends Payable |
0.1 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Other Payables |
2.2 |
3.0 |
3.1 |
2.0 |
1.6 |
|
Other Current liabilities, Total |
2.3 |
3.1 |
3.2 |
2.1 |
1.7 |
|
Total Current Liabilities |
18.3 |
18.5 |
23.7 |
24.1 |
18.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
8.9 |
15.3 |
15.6 |
16.1 |
17.1 |
|
Capital Lease Obligations |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt |
8.9 |
15.3 |
15.6 |
16.1 |
17.1 |
|
Total Debt |
20.1 |
26.3 |
32.2 |
34.5 |
28.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Deferred Income Tax |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Pension Benefits - Underfunded |
0.8 |
0.9 |
0.8 |
0.7 |
0.7 |
|
Other Liabilities, Total |
0.8 |
0.9 |
0.8 |
0.7 |
0.7 |
|
Total Liabilities |
28.2 |
34.9 |
40.2 |
41.1 |
36.1 |
|
|
|
|
|
|
|
|
Common Stock |
11.9 |
13.8 |
13.4 |
13.2 |
14.2 |
|
Common Stock |
11.9 |
13.8 |
13.4 |
13.2 |
14.2 |
|
Retained Earnings (Accumulated Deficit) |
7.7 |
5.4 |
0.2 |
0.7 |
3.4 |
|
Unrealized Gain (Loss) |
5.4 |
6.0 |
5.8 |
5.8 |
5.3 |
|
Total Equity |
25.0 |
25.3 |
19.4 |
19.7 |
22.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
53.2 |
60.2 |
59.6 |
60.7 |
58.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
950.1 |
950.1 |
950.1 |
950.1 |
950.1 |
|
Total Common Shares Outstanding |
950.1 |
950.1 |
950.1 |
950.1 |
950.1 |
|
Employees |
- |
- |
384 |
369 |
475 |
|
Number of Common Shareholders |
- |
- |
11,391 |
11,742 |
11,422 |
|
Total Long Term Debt, Supplemental |
20.1 |
26.3 |
32.2 |
34.4 |
28.6 |
|
Long Term Debt Maturing within 1 Year |
11.2 |
11.0 |
16.7 |
18.4 |
11.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
8.9 |
15.3 |
15.6 |
16.1 |
17.1 |
|
Total Capital Leases, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 1 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Discount Rate - Domestic |
10.00% |
10.00% |
10.00% |
9.00% |
9.00% |
|
Compensation Rate - Domestic |
8.50% |
8.50% |
8.50% |
8.00% |
8.00% |
|
Accrued Liabilities - Domestic |
-0.8 |
-0.9 |
-0.8 |
-0.7 |
-0.7 |
|
Net Assets Recognized on Balance Sheet |
-0.8 |
-0.9 |
-0.8 |
-0.7 |
-0.7 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.569538 |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
6.2 |
5.3 |
-0.5 |
-2.4 |
0.4 |
|
Depreciation |
3.5 |
3.7 |
3.0 |
3.0 |
1.3 |
|
Depreciation/Depletion |
3.5 |
3.7 |
3.0 |
3.0 |
1.3 |
|
Amortization of Intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Amortization |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Unusual Items |
0.0 |
-0.1 |
0.0 |
-0.4 |
0.1 |
|
Other Non-Cash Items |
3.4 |
2.6 |
5.1 |
6.1 |
1.6 |
|
Non-Cash Items |
3.4 |
2.5 |
5.1 |
5.8 |
1.7 |
|
Inventories |
-3.0 |
-1.5 |
0.2 |
-2.6 |
-0.9 |
|
Accounts Payable |
-0.9 |
2.3 |
0.7 |
-0.1 |
1.9 |
|
Other Operating Cash Flow |
-2.1 |
-2.9 |
-5.1 |
-6.1 |
-2.2 |
|
Changes in Working Capital |
-6.1 |
-2.1 |
-4.2 |
-8.9 |
-1.2 |
|
Cash from Operating Activities |
7.1 |
9.4 |
3.3 |
-2.5 |
2.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.2 |
-1.5 |
-0.4 |
-6.0 |
-29.7 |
|
Capital Expenditures |
-1.2 |
-1.5 |
-0.4 |
-6.0 |
-29.7 |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.0 |
0.4 |
0.0 |
|
Other Investing Cash Flow |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
0.1 |
0.1 |
0.0 |
0.4 |
0.0 |
|
Cash from Investing Activities |
-1.1 |
-1.4 |
-0.4 |
-5.6 |
-29.6 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-2.5 |
0.0 |
0.0 |
-0.2 |
-0.7 |
|
Total Cash Dividends Paid |
-2.5 |
0.0 |
0.0 |
-0.2 |
-0.7 |
|
Sale/Issuance of
Common |
- |
- |
- |
0.0 |
6.8 |
|
Common Stock, Net |
- |
- |
- |
0.0 |
6.8 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
6.8 |
|
Long Term Debt Issued |
29.7 |
19.4 |
48.2 |
29.3 |
24.9 |
|
Long Term Debt
Reduction |
-32.2 |
-26.1 |
-50.5 |
-21.1 |
-5.8 |
|
Long Term Debt, Net |
-2.5 |
-6.7 |
-2.3 |
8.3 |
19.1 |
|
Issuance (Retirement) of Debt, Net |
-2.5 |
-6.7 |
-2.3 |
8.3 |
19.1 |
|
Cash from Financing Activities |
-4.9 |
-6.7 |
-2.3 |
8.1 |
25.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
1.0 |
1.3 |
0.6 |
-0.1 |
-2.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
-0.6 |
-1.9 |
-2.4 |
-2.5 |
-0.2 |
|
Net Cash - Ending Balance |
0.4 |
-0.6 |
-1.8 |
-2.6 |
-2.5 |
|
Cash Interest Paid |
2.0 |
2.7 |
5.1 |
6.0 |
1.5 |
|
Cash Taxes Paid |
- |
0.1 |
0.1 |
0.1 |
0.7 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate (Period
Average) |
112.569538 |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Local Sales |
34.6 |
28.2 |
20.5 |
22.9 |
16.4 |
|
Export Sales |
10.9 |
9.0 |
10.1 |
3.9 |
1.8 |
|
Total Revenue |
45.5 |
37.1 |
30.6 |
26.7 |
18.2 |
|
|
|
|
|
|
|
|
Cost of Sales |
32.2 |
25.8 |
22.7 |
21.3 |
14.1 |
|
Distribution Expenses |
0.7 |
0.9 |
0.9 |
0.6 |
0.4 |
|
Advertising Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Administraitve Expenses |
2.9 |
2.7 |
2.1 |
1.3 |
1.5 |
|
Directors Fees and Emoluments |
0.4 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Depreciation(1) |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Defined Benefit Plan Costs -Gratuity |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Defined Contribution Plan Costs - EPF & |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Exchange (Gain) / Loss |
1.2 |
-0.5 |
0.0 |
-0.1 |
0.0 |
|
Gain on Sales of Fixed Assets |
0.0 |
-0.1 |
0.0 |
-0.5 |
0.0 |
|
Other Operating Income |
-0.1 |
-0.1 |
- |
- |
- |
|
Income from Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation |
- |
- |
- |
- |
0.1 |
|
Total Operating Expense |
37.3 |
29.1 |
26.1 |
23.1 |
16.3 |
|
|
|
|
|
|
|
|
Finance Cost |
-2.0 |
-2.7 |
-5.1 |
-6.0 |
-1.5 |
|
Net Income Before Taxes |
6.2 |
5.3 |
-0.5 |
-2.4 |
0.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Net Income After Taxes |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
Net Income |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
950.1 |
950.1 |
950.1 |
950.1 |
755.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Basic EPS Including ExtraOrdinary Items |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
6.1 |
5.2 |
-0.5 |
-2.4 |
0.3 |
|
Diluted Weighted Average Shares |
950.1 |
950.1 |
950.1 |
950.1 |
755.1 |
|
Diluted EPS Excluding ExtraOrd Items |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Diluted EPS Including ExtraOrd Items |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
3.0 |
- |
- |
- |
0.2 |
|
Normalized Income Before Taxes |
6.2 |
5.2 |
-0.5 |
-2.9 |
0.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.1 |
0.1 |
0.0 |
-0.2 |
0.1 |
|
Normalized Income After Taxes |
6.1 |
5.1 |
-0.5 |
-2.7 |
0.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
6.1 |
5.1 |
-0.5 |
-2.7 |
0.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Diluted Normalized EPS |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Interest Expenses |
2.0 |
2.7 |
5.1 |
6.0 |
1.5 |
|
Amortisation of Leasehold Property |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation |
3.5 |
3.7 |
3.0 |
3.0 |
1.3 |
|
Advertising Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Rental Expense, Supplemental |
- |
0.1 |
0.0 |
- |
- |
|
Domestic |
0.1 |
0.1 |
0.0 |
0.0 |
0.3 |
|
Provision |
0.0 |
- |
0.0 |
0.0 |
-0.1 |
|
Current Tax - Total |
0.1 |
0.1 |
0.0 |
0.0 |
0.2 |
|
Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Income Tax - Total |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Defined Benefit Plan Costs -Gratuity |
- |
- |
- |
- |
0.1 |
|
Service Cost - Domestic |
0.1 |
0.0 |
0.1 |
0.1 |
- |
|
Interest Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
-0.1 |
0.0 |
- |
|
Domestic Pension Plan Expense |
0.2 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Defined Contribution Plan Costs - EPF |
- |
- |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
0.2 |
0.1 |
0.2 |
0.3 |
0.2 |
|
Discount rate |
10.00% |
10.00% |
10.00% |
9.00% |
9.00% |
|
Compensation rate |
8.50% |
8.50% |
8.50% |
8.00% |
8.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate |
127.803337 |
110.395 |
114.05 |
115.725 |
107.8 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Bank Balances |
0.8 |
1.9 |
0.4 |
0.1 |
0.3 |
|
Raw Materials |
2.8 |
3.0 |
2.5 |
2.2 |
1.5 |
|
Work-in-Process |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Finished Goods |
3.6 |
2.0 |
1.1 |
2.3 |
0.8 |
|
Consumables |
2.6 |
2.3 |
1.8 |
2.1 |
1.9 |
|
Goods in Transit |
- |
- |
- |
0.0 |
0.1 |
|
Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Trade Debtors |
7.1 |
6.9 |
8.3 |
6.4 |
5.7 |
|
Provision |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
|
Other Debtors |
0.0 |
0.0 |
0.4 |
1.8 |
2.3 |
|
Prepayments |
0.5 |
0.3 |
0.5 |
0.3 |
1.0 |
|
Loans to Company Officers |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Income Tax Receivables |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Total Current Assets |
17.4 |
16.5 |
15.1 |
15.1 |
13.6 |
|
|
|
|
|
|
|
|
Buildings |
10.3 |
11.6 |
11.1 |
10.8 |
10.9 |
|
Plant and Machinery |
11.9 |
13.3 |
12.6 |
13.3 |
10.1 |
|
Electric Power |
5.2 |
5.9 |
5.7 |
5.3 |
3.7 |
|
Furnance |
6.1 |
7.1 |
6.9 |
6.7 |
6.5 |
|
Motor Vehicles |
0.3 |
0.4 |
0.5 |
0.4 |
0.5 |
|
Tools & Implements |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Office Equipments |
1.0 |
1.1 |
0.9 |
1.1 |
1.0 |
|
Gas Station |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Land |
1.0 |
1.2 |
1.2 |
1.1 |
0.0 |
|
Building |
0.7 |
0.8 |
0.8 |
0.8 |
1.1 |
|
Plant & Equipments |
6.8 |
7.9 |
7.6 |
7.5 |
8.0 |
|
Electrical Power Installation |
0.8 |
0.9 |
0.9 |
0.8 |
0.9 |
|
Moulds & Neckring Equipments |
3.6 |
3.8 |
3.0 |
- |
- |
|
Plant & Machinery |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Construction in Progress |
0.3 |
0.2 |
0.0 |
0.0 |
1.8 |
|
Depreciation |
-17.8 |
-17.1 |
-12.9 |
-8.8 |
-6.5 |
|
Investment Property |
5.2 |
6.0 |
5.8 |
5.8 |
6.5 |
|
Leasehold Land-Finance Lease |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Long Term Investment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
53.2 |
60.2 |
59.6 |
60.7 |
58.9 |
|
|
|
|
|
|
|
|
Accounts Payables |
2.9 |
2.4 |
2.3 |
2.2 |
3.5 |
|
Related Party |
0.5 |
0.2 |
0.1 |
0.1 |
0.5 |
|
Payables Others |
2.2 |
3.0 |
3.1 |
2.0 |
1.6 |
|
Sundry Creditors including Accrued Expen |
1.5 |
1.8 |
1.4 |
1.3 |
1.0 |
|
Dividend Payable |
0.1 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Finance Leases |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Syndicated Project |
3.1 |
2.6 |
6.1 |
7.2 |
4.7 |
|
Project Loan |
1.7 |
1.3 |
1.3 |
1.2 |
0.0 |
|
Short Term Loans |
6.0 |
4.6 |
7.0 |
7.4 |
4.0 |
|
Bank Overdrafts |
0.4 |
2.4 |
2.2 |
2.6 |
2.8 |
|
Total Current Liabilities |
18.3 |
18.5 |
23.7 |
24.1 |
18.1 |
|
|
|
|
|
|
|
|
Finance Leases |
- |
- |
0.0 |
0.0 |
0.0 |
|
Syndicated Project |
8.9 |
12.6 |
11.6 |
11.0 |
14.8 |
|
Project Loan |
- |
2.7 |
4.0 |
5.1 |
2.3 |
|
Total Long Term Debt |
8.9 |
15.3 |
15.6 |
16.1 |
17.1 |
|
|
|
|
|
|
|
|
Deferred Tax |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Retirement Benefits |
0.8 |
0.9 |
0.8 |
0.7 |
0.7 |
|
Total Liabilities |
28.2 |
34.9 |
40.2 |
41.1 |
36.1 |
|
|
|
|
|
|
|
|
Share Capital |
11.9 |
13.8 |
13.4 |
13.2 |
14.2 |
|
Revaluation Reserve |
5.4 |
6.0 |
5.8 |
5.8 |
5.3 |
|
General Reserve |
- |
0.2 |
0.2 |
0.2 |
0.2 |
|
Accumulated Profits |
7.7 |
5.2 |
0.0 |
0.5 |
3.2 |
|
Total Equity |
25.0 |
25.3 |
19.4 |
19.7 |
22.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
53.2 |
60.2 |
59.6 |
60.7 |
58.9 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
950.1 |
950.1 |
950.1 |
950.1 |
950.1 |
|
Total Common Shares Outstanding |
950.1 |
950.1 |
950.1 |
950.1 |
950.1 |
|
Full-Time Employees |
- |
- |
384 |
369 |
475 |
|
Shareholders |
- |
- |
11,391 |
11,742 |
11,422 |
|
Long Term Debt Maturing within 1 Year |
11.2 |
11.0 |
16.7 |
18.4 |
11.5 |
|
Long Term Debt Maturing within 1 Year |
8.9 |
15.3 |
15.6 |
16.1 |
17.1 |
|
Total Long Term Debt, Supplemental |
20.1 |
26.3 |
32.2 |
34.4 |
28.6 |
|
Finance Lease Maturing within 1 Year |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Finance Lease Maturing thereafter Years |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Discount rate |
10.00% |
10.00% |
10.00% |
9.00% |
9.00% |
|
Compensation rate |
8.50% |
8.50% |
8.50% |
8.00% |
8.00% |
|
Retirement Benefits |
-0.8 |
-0.9 |
-0.8 |
-0.7 |
-0.7 |
|
Net Assets Recognized on Balance Sheet |
-0.8 |
-0.9 |
-0.8 |
-0.7 |
-0.7 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
LKR |
LKR |
LKR |
LKR |
LKR |
|
Exchange Rate
(Period Average) |
112.569538 |
112.156148 |
115.030068 |
109.87627 |
110.372295 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
6.2 |
5.3 |
-0.5 |
-2.4 |
0.4 |
|
Depreciation |
3.5 |
3.7 |
3.0 |
3.0 |
1.3 |
|
Dividends Unclaimed Written Back |
0.0 |
-0.1 |
- |
- |
- |
|
Amortisation of Leasehold Property |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Gain on Sale of Fixed Assets |
0.0 |
-0.1 |
0.0 |
-0.5 |
0.0 |
|
Work-in-progress / Asset write off |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Provision for Retirement Benefit Obliati |
0.2 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Investment Income |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Exchange Difference Adjustment |
1.4 |
-0.3 |
0.0 |
- |
- |
|
Finance Cost |
2.0 |
2.7 |
5.1 |
6.0 |
1.5 |
|
(Increase)/Decrease in Inventories |
-3.0 |
-1.5 |
0.2 |
-2.6 |
-0.9 |
|
(Increase)/Decrease in Trade and Other R |
-1.6 |
2.1 |
-0.6 |
0.3 |
-1.0 |
|
Increase/(Decrease) in Trade and Other P |
0.7 |
0.2 |
1.3 |
-0.4 |
2.9 |
|
Retirement Benefit Obliations Costs Paid |
-0.1 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Interest Paid |
-2.0 |
-2.7 |
-5.1 |
-6.0 |
-1.5 |
|
Income Tax Paid |
- |
-0.1 |
-0.1 |
-0.1 |
-0.7 |
|
Cash from Operating Activities |
7.1 |
9.4 |
3.3 |
-2.5 |
2.2 |
|
|
|
|
|
|
|
|
Cash Flow from investing Activities Acq |
-1.2 |
-1.5 |
-0.4 |
-6.0 |
-29.7 |
|
Proceeds from Sales of Property, Plant a |
0.0 |
0.1 |
0.0 |
0.4 |
0.0 |
|
Interest Received |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
afdjustment |
- |
- |
- |
- |
0.0 |
|
Dividend Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-1.1 |
-1.4 |
-0.4 |
-5.6 |
-29.6 |
|
|
|
|
|
|
|
|
Repayment of Bank Loans |
-32.2 |
-26.1 |
-50.5 |
-21.0 |
-5.1 |
|
Cash Flow from Financing Activities Pro |
29.7 |
19.4 |
48.2 |
29.3 |
24.9 |
|
Proceeds from Rights Issue |
- |
- |
- |
0.0 |
6.8 |
|
Redemption of Debentures |
- |
- |
- |
0.0 |
-0.6 |
|
Principal Payment under Finance Lease Li |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends Paid |
-2.5 |
0.0 |
0.0 |
-0.2 |
-0.7 |
|
Cash from Financing Activities |
-4.9 |
-6.7 |
-2.3 |
8.1 |
25.1 |
|
|
|
|
|
|
|
|
Net Change in Cash |
1.0 |
1.3 |
0.6 |
-0.1 |
-2.3 |
|
|
|
|
|
|
|
|
Cash and Cash equivalent at the beginnin |
-0.6 |
-1.9 |
-2.4 |
-2.5 |
-0.2 |
|
Cash and Cash equivalent at the end of t |
0.4 |
-0.6 |
-1.8 |
-2.6 |
-2.5 |
|
Cash Interest Paid |
2.0 |
2.7 |
5.1 |
6.0 |
1.5 |
|
Cash Taxes Paid |
- |
0.1 |
0.1 |
0.1 |
0.7 |
|
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.91.14 |
|
Euro |
1 |
Rs.77.97 |
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.