MIRA INFORM REPORT

 

 

Report Date :

12.11.2013

 

IDENTIFICATION DETAILS

 

Name :

CIC HOLDINGS PLC

 

 

Formerly Known as:

CHEMICAL INDUSTRIES (COLOMBO) PLC

 

 

Registered Office :

199, Kew Road, Colombo 2 Colombo, 2

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

12.05.1964

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Subject is engaged in the business of merchandising and manufacturing.

 

 

No. of Employees :

2,191

 

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 :

Slow but Correct

 

 

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

 

 

 

Company name and address

 

CIC HOLDINGS PLC

 

199, Kew Road, Colombo 2

Colombo, 2

Sri Lanka

 

 

Tel:

94-11-2359359

Fax:

94-11-2446922

 

www.cic.lk

 

Employees:

2,191

Company Type:

Public Subsidiary

Corporate Family:

3 Companies

Ultimate Parent:

Paints & General Industries Limited

Traded:

Colombo (Sri Lanka) Stock Exchange:

CIC.N0000

Incorporation Date:

12-May-1964

Auditor:

KPMG Chartered Accountants (Zimbabwe)

Financials in:

USD (In Millions)

Fiscal Year End:

31-Mar-2013

Reporting Currency:

Sri Lanka Rupee

Annual Sales:

183.8  1

Net Income:

1.8

Total Assets:

228.2  2

Market Value:

37.9

 

(17-Oct-2013)

 

 

Business Description

 

CIC Holdings PLC, formerly Chemical Industries (Colombo) PLC, is engaged in the business of merchandising and manufacturing. It operates in six segments: construction, agriculture & livestock, industrial raw material, packaging material, consumer & pharmaceutical and others. As of March 31, 2012, its subsidiaries included Link Natural Products (Private) Limited, which was active in the manufacture of natural healthcare products, ayurvedic pharmaceuticals, herbal cosmetics and neutraceuticals; CIC Agri Business (Private) Limited, which was active in the importation, blending and marketing of fertilizers; CIC Feeds (Private) Limited, which was active in the manufacture of animal feeds and hatchery; and CISCO Speciality Packaging (Private) Limited, which was active in the manufacture of polyethylene terephthalate containers for domestic and export markets; among others. During the fiscal year ended March 31, 2012, the Company acquired Ceylinco Pharmaceuticals Limited. For the three months ended 30 June 2013, CIC Holdings PLC revenues increased 12% to LKR5.96B. Net loss increased from LKR25.1M to LKR75.3M. Revenues reflect Consumer & Pharmaceutical segment increase of 31% to LKR1.44B, Agricultural & Livestock Industy segment increase of 7% to LKR3.79B, Industrial Raw Material segment increase of 20% to LKR426.6M. Higher net loss reflects Others segment loss totaling LKR130K vs. income of LKR0K.

 

 

Industry

 

Industry

Agricultural Chemical Manufacturing

ANZSIC 2006:

1831 - Fertiliser Manufacturing

ISIC Rev 4:

2012 – Manufacture of fertilizers and nitrogen compounds

NACE Rev 2:

2015 – Manufacture of fertilisers and nitrogen compounds

NAICS 2012:

325314 - Fertilizer (Mixing Only) Manufacturing

UK SIC 2007:

2015 – Manufacture of fertilisers and nitrogen compounds

US SIC 1987:

2875 - Fertilizers, Mixing only

 

 

Key Executives

 

Name

Title

D. Nugawela

Chairman and Chief Executive Officer - Link Natural Products

P. S. C. Fernando

Group Finance Director, Company Secretary, Executive Director

P. L. C. S. D. Cooray

General Manager - Sales & Distribution

H. P. Halangoda

Divisional Director, HR, Legal and Logistics

Bentotage Robert Lakshman Fernando

Non-Executive Chairman of the Board

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Dividends

2

CIC Holdings PLC Declares Final Dividend

23-May-2013

 

* number of significant developments within the last 12 months

 

 

News

 

Title

Date

Peumi Pharmaceuticals credits success to 30-year partnership with CIC
DailyFT - Be Empowered (547 Words)

29-Oct-2013

Peumi Pharmaceuticals-CIC mark 30-year partnership
Sri Lanka Daily Mirror (Colombo, Sri Lanka) (336 Words)

21-Oct-2013

Top business leaders to steer 34th National Conference
Daily News (Colombo, Sri Lanka) (691 Words)

17-Oct-2013

Green Matter: green SAPs prove real suckers.
New Plastics (139 Words)

10-Oct-2013

Global Non-Electric Shavers Industry
PR Web (6340 Words)

9-Oct-2013

ADM joins with CIC Holdings and Chemanex on SAP venture
Nonwovens Industry (93 Words)

1-Oct-2013

 

 

Financial Summary

 

As of 30-Jun-2013

 

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.02

2.18

Quick Ratio (MRQ)

0.66

1.35

Debt to Equity (MRQ)

1.62

0.82

Sales 5 Year Growth

11.02

6.26

Net Profit Margin (TTM) %

0.24

10.56

Return on Assets (TTM) %

0.21

8.26

Return on Equity (TTM) %

2.41

22.07

 

 

Stock Snapshot

 

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

 

As of 17-Oct-2013

   Financials in: LKR

Recent Price

57.00

 

EPS

2.27

52 Week High

84.00

 

Price/Sales

0.21

52 Week Low

52.60

 

Dividend Rate

1.63

Avg. Volume (mil)

0.0068

 

Price/Earnings

65.30

Market Value (mil)

4,964.49

 

Price/Book

0.70

 

 

 

Beta

1.36

 

Price % Change

Rel S&P 500%

4 Week

7.34%

2.38%

13 Week

-8.51%

-8.37%

52 Week

-26.83%

-31.60%

Year to Date

-10.94%

-15.91%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = LKR 129.5767
2 - Balance Sheet Item Exchange Rate: USD 1 = LKR 126.7499

 

 

 

Corporate Overview

 

Location
199, Kew Road, Colombo 2
Colombo, 2
Sri Lanka

 

Tel:

94-11-2359359

Fax:

94-11-2446922

 

www.cic.lk

Quote Symbol - Exchange

CIC.N0000 - Colombo (Sri Lanka) Stock Exchange

Sales LKR(mil):

23,822.2

Assets LKR(mil):

28,928.9

Employees:

2,191

Fiscal Year End:

31-Mar-2013

 

Industry:

Chemical Manufacturing

Incorporation Date:

12-May-1964

Company Type:

Public Subsidiary

Quoted Status:

Quoted

Previous Name:

Chemical Industries (Colombo) PLC

 

Chief Executive Officer, Managing Director, Executive Director:

Samantha Pradeep Samarawickrema Ranatunga

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1831

-

Fertiliser Manufacturing

3101

-

Road and Bridge Construction

1841

-

Human Pharmaceutical and Medicinal Product Manufacturing

1919

-

Other Polymer Product Manufacturing

1916

-

Paint and Coatings Manufacturing

1832

-

Pesticide Manufacturing

0172

-

Poultry Farming (Eggs)

6240

-

Financial Asset Investing

1192

-

Prepared Animal and Bird Feed Manufacturing

 

ISIC Rev 4 Codes:

2012

-

Manufacture of fertilizers and nitrogen compounds

2022

-

Manufacture of paints, varnishes and similar coatings, printing ink and mastics

0146

-

Raising of poultry

642

-

Activities of holding companies

4210

-

Construction of roads and railways

2100

-

Manufacture of pharmaceuticals, medicinal chemical and botanical products

2021

-

Manufacture of pesticides and other agrochemical products

2220

-

Manufacture of plastics products

108

-

Manufacture of prepared animal feeds

 

NACE Rev 2 Codes:

2015

-

Manufacture of fertilisers and nitrogen compounds

0147

-

Raising of poultry

642

-

Activities of holding companies

2229

-

Manufacture of other plastic products

2120

-

Manufacture of pharmaceutical preparations

2030

-

Manufacture of paints, varnishes and similar coatings, printing ink and mastics

4211

-

Construction of roads and motorways

2020

-

Manufacture of pesticides and other agrochemical products

109

-

Manufacture of prepared animal feeds

 

NAICS 2012 Codes:

325314

-

Fertilizer (Mixing Only) Manufacturing

325320

-

Pesticide and Other Agricultural Chemical Manufacturing

112310

-

Chicken Egg Production

551112

-

Offices of Other Holding Companies

325510

-

Paint and Coating Manufacturing

237310

-

Highway, Street, and Bridge Construction

326199

-

All Other Plastics Product Manufacturing

325412

-

Pharmaceutical Preparation Manufacturing

311119

-

Other Animal Food Manufacturing

 

US SIC 1987:

2875

-

Fertilizers, Mixing only

2834

-

Pharmaceutical Preparations

0252

-

Chicken Eggs

6719

-

Offices of Holding Companies, Not Elsewhere Classified

1611

-

Highway and Street Construction, Except Elevated Highways

3089

-

Plastics Products, Not Elsewhere Classified

2048

-

Prepared Feed and Feed Ingredients for Animals and Fowls, Except Dogs and Cats

2851

-

Paints, Varnishes, Lacquers, Enamels, and Allied Products

2879

-

Pesticides and Agricultural Chemicals, Not Elsewhere Classified

 

UK SIC 2007:

2015

-

Manufacture of fertilisers and nitrogen compounds

109

-

Manufacture of prepared animal feeds

2229

-

Manufacture of other plastic products

20301

-

Manufacture of paints, varnishes and similar coatings, mastics and sealants

4211

-

Construction of roads and motorways

2120

-

Manufacture of pharmaceutical preparations

2020

-

Manufacture of pesticides and other agrochemical products

0147

-

Raising of poultry

642

-

Activities of holding companies

 

 

Business Description

 

CIC Holdings PLC, formerly Chemical Industries (Colombo) PLC, is engaged in the business of merchandising and manufacturing. It operates in six segments: construction, agriculture & livestock, industrial raw material, packaging material, consumer & pharmaceutical and others. As of March 31, 2012, its subsidiaries included Link Natural Products (Private) Limited, which was active in the manufacture of natural healthcare products, ayurvedic pharmaceuticals, herbal cosmetics and neutraceuticals; CIC Agri Business (Private) Limited, which was active in the importation, blending and marketing of fertilizers; CIC Feeds (Private) Limited, which was active in the manufacture of animal feeds and hatchery; and CISCO Speciality Packaging (Private) Limited, which was active in the manufacture of polyethylene terephthalate containers for domestic and export markets; among others. During the fiscal year ended March 31, 2012, the Company acquired Ceylinco Pharmaceuticals Limited. For the three months ended 30 June 2013, CIC Holdings PLC revenues increased 12% to LKR5.96B. Net loss increased from LKR25.1M to LKR75.3M. Revenues reflect Consumer & Pharmaceutical segment increase of 31% to LKR1.44B, Agricultural & Livestock Industy segment increase of 7% to LKR3.79B, Industrial Raw Material segment increase of 20% to LKR426.6M. Higher net loss reflects Others segment loss totaling LKR130K vs. income of LKR0K.

  •  

More Business Descriptions

Growing of seed paddy and vegetable seeds; processing, distribution and sale of key food products including rice, vegetables and chicken; sale of organic and inorganic fertilizers; distribution of pesticides; sale of agricultural machinery; retail trade in farm fresh food products; manufacture and sale of products for cosmetic use and body care

All Other Chemical Product and Preparation Manufacturing

 

 

Financial Data

 

Financials in:

LKR(mil)

 

Revenue:

23,822.2

Net Income:

230.9

Assets:

28,928.9

Long Term Debt:

1,000.3

 

Total Liabilities:

21,169.0

 

Working Capital:

2.1

 

 

 

Date of Financial Data:

31-Mar-2013

 

1 Year Growth

6.0%

-73.2%

10.8%

 

 

Market Data

 

Quote Symbol:

CIC.N0000

Exchange:

Colombo (Sri Lanka) Stock Exchange

Currency:

LKR

Stock Price:

57.0

Stock Price Date:

10-17-2013

52 Week Price Change %:

-26.8

Market Value (mil):

4,964,490.0

 

SEDOL:

6205199

ISIN:

LK0045N00001

 

Equity and Dept Distribution:

06/04, Scrip issue 1 shs. for every 8 shs. 03/06, Righ issue 1:1 (Voting shs. for Rs.62 & Non-voting for Rs.35) 05/06, 3 shs. for every 2 shs. 04/2007, Scrip Issue, 4 newshare for every 5 shares held.

 

 

Subsidiaries

 

Company

Percentage Owned

Country

Chemanex PLC

50.41%

SRI LANKA

Colombo Industrial Agencies Limited

83.06%

SRI LANKA

CIC Feeds (Private) Limited

82.44%

SRI LANKA

CIC Environmental Management Liquid (Private) Limited

51%

SRI LANKA

CIC Cropguard (Private) Limited

100%

SRI LANKA

Crop Management Services (Pvt) Ltd

100%

SRI LANKA

CIC Agri Businesses (Pvt) Ltd

50.76%

SRI LANKA

Ceylinco Pharmaceuticals Limited

82.35%

SRI LANKA

 

 

Shareholders

 

Major Shareholders

Paints & General Industries Limited (53.31%); Sri Lanka Insurance Corporation Limited - Life Fund (6.54%)

 

 

Key Corporate Relationships

 

Auditor:

KPMG Chartered Accountants (Zimbabwe)

Bank:

Bank of Ceylon, Citibank N.A., Commercial Bank of Ceylon PLC, Hatton National Bank PLC, Hongkong & Shanghai Banking Corp, Nations Trust Bank, People's Bank, Standard Chartered Bank

 

Auditor:

KPMG, KPMG Chartered Accountants (Zimbabwe)

 

 

Corporate Family      

 

Corporate Structure News:

Total Corporate Family Members: 3



 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Paints & General Industries Limited

Parent

 

 

 

 

 

CIC Holdings PLC

Subsidiary

Colombo

Sri Lanka

Agricultural Chemical Manufacturing

183.8

2,191

Chemanex PLC

Subsidiary

Colombo

Sri Lanka

Miscellaneous Chemical Manufacturing

7.2

217

 

 

Executives Report

Board of Directors

Name

Title

Function

Bentotage Robert Lakshman Fernando

 

Non-Executive Chairman of the Board

Chairman

Biography:

Mr. Bentotage Robert Lakshman Fernando is Non-Executive Chairman of the Board of CIC Holdings PLC. He was Chief Executive Officer of the Company until April 1, 2009. He joined the Board of Directors of the Company on April 1, 1980. Mr. Fernando also serves as Executive Chairman of CIC Group Companies and Non-Executive Chairman of Chemanex PLC, CIC Paints (Pvt) Limited, Deputy Chairman of the Commercial Bank of Ceylon PLC and Non-Executive Director of Commercial Development Company Limited, First Guardian Equities (Pvt) Limited, The Lighthouse Hotel PLC, Rainwear (Pvt) Limited and a number of other unlisted companies. He is Director of National Enterprise Development Authority and Trustee of the Employers’ Federation of Ceylon. Mr. Fernando is a Fellow of the Institute of Chartered Accountants of Sri Lanka.

D. Nugawela

 

Chairman and Chief Executive Officer - Link Natural Products

Chairman

 

Shiran Harsha Amarasekera

 

Non-Executive Independent Director

Director/Board Member

 

Biography:

Mr. Shiran Harsha Amarasekera has served as a Non-Executive Independent Director of CIC Holdings PLC since October 2005. He is an Attorney-at-Law by profession, specializing in commercial, banking and securities law. He serves as Independent Director on several Boards of public quoted companies and presently serves as Chairman of Asia Capital PLC and Independent Director of C.W. Mackie & Co. PLC, Keells Food Products PLC, Vallibel Power Erathna PLC, Connaissance Holdings PLC, and Amaya Leisure PLC.

Age: 48

E. Franklyn G. Amerasinghe

 

Non-Executive Independent Director

Director/Board Member

Reuters 

Biography:

Mr. E. F. G. Amerasinghe has been a Non-Executive Independent Director of CIC Holdings PLC since November 7, 2002. He is Former Director General of the Employers’ Federation of Ceylon and former Senior Employers’ Specialist of ILO. Mr. Amerasinghe also serves as Non-Executive Director of a number listed and unlisted companies including John Keells Holdings PLC. He is currently a Consultant on Human Resource Management and Industrial Relations to several organizations.

Education:

Ceylon University, B (Law)

Rajanayagam Nalliah Asirwatham

 

Director

Director/Board Member

 

Biography:

Mr. Rajanayagam Nalliah Asirwatham has served as a Director for CIC Holdings PLC since June 30, 2010. He has experience as a Member of the Institute of Chartered Accountants of Sri Lanka, and as a Patner and Country Head for KPMG Ford, Rhodes Thornton & Company. He also has experience as Chairman of the Bank of Ceylon.

Age: 70

R. S. Captain

 

Non-Executive Director

Director/Board Member

 

Biography:

Mr. R. S. Captain has been a Non-Executive Director of CIC Holdings PLC since March 10, 2008. Mr. Captain is an entrepreneur and investor in Sri Lankan corporate sector, bringing with him over 15 years’ business experience in a range of manufacturing sectors. He is Co-Founder of Asia Stock Brokers, Asia Capital, Dutch Lanka Trailers, Asia Siyaka and Asian Alliance. Mr. Captain was educated at the University of Miami, the United States.

Education:

University of Miami

Steven Mark Enderby

 

Independent Non-Executive Director

Director/Board Member

 

Biography:

Mr. Steven Mark Enderby serves as Independent Non-Executive Director of CIC Holdings PLC since April 11, 2013. He has worked with Actis in UK, Ireland, Uganda, Swaziland, Sri Lanka and India. He has served on the Boards of various businesses in India and Sri Lanka, including John Keells Holdings, Lion Brewery and Punjab Tractors. He holds Bachelor of Science in Economics and Accounting from Queens University and Master of Development Studies from University of Melbourne. He is a Member of Chartered Institute of Management Accountants.

Education:

University of Melbourne, M
Queen's University, BS (Accounting and Economics)

P. S. C. Fernando

 

Group Finance Director, Company Secretary, Executive Director

Director/Board Member

 

Biography:

Mr. P. S. C. Fernando is the Group Finance Director, Company Secretary and Executive Director of CIC Holdings PLC. He was appointed to the Board on October 28, 2005. He is an Associate of the Chartered Institute of Management Accountants, the United Kingdom and serves as Non-Executive Director of a number of unlisted companies in the CIC Group. Mr. Fernando holds a Bachelor of Science degree in Physical Science from the University of Colombo.

Education:

University of Colombo, BS (Physical Sciences)

P. W. M. B. Buddhi Marambe

 

Non-Executive Independent Director

Director/Board Member

 

Biography:

Prof. P. W. M. B. Buddhi Marambe has served as a Non-Executive Independent Director of CIC Holdings PLC since June 30, 2009. He has experience as a Director of the Agriculture Education Unit (AEU) of the Faculty of Agriculture, University of Peradeniya. Being the former Dean of the Faculty of Agriculture and the former Head of the Department of Crop Science, Prof. Marambe has been involved in and contributed to the development of agricultural education, research and developmental programs at national and regional levels.

 

Executives

Name

Title

Function

D. Nugawela

 

Chairman and Chief Executive Officer - Link Natural Products

Chief Executive Officer

Samantha Pradeep Samarawickrema Ranatunga

 

Chief Executive Officer, Managing Director, Executive Director

Chief Executive Officer

Biography:

Mr. S. P. S. Ranatunga is Chief Executive Officer, Managing Director and Executive Director of CIC Holdings PLC. He was Chief Operating Officer and Executive Director of the Company since February 2005. He joined the Company’s Boards on May 21, 2002. Mr. Ranatunga also serves as Non-Executive Director of a number of unlisted companies in the CIC Group including CIC Paints (Pvt) Limited and Perfunova International Limited, India. He is Member of the Sri Lanka-Maldivian Business Council has and led Sri Lankan Chamber of Commerce delegate to South Africa and Dubai. Mr. Ranatunga holds a degree from the University of Delhi and a Masters in Business Administration from the United Kingdom.

Education:

Univerity of Warwick, M (Business Administration)
University of Delhi

P. L. C. S. D. Cooray

 

General Manager - Sales & Distribution

Division Head Executive

 

P. S. C. Fernando

 

Group Finance Director, Company Secretary, Executive Director

Division Head Executive

 

Biography:

Mr. P. S. C. Fernando is the Group Finance Director, Company Secretary and Executive Director of CIC Holdings PLC. He was appointed to the Board on October 28, 2005. He is an Associate of the Chartered Institute of Management Accountants, the United Kingdom and serves as Non-Executive Director of a number of unlisted companies in the CIC Group. Mr. Fernando holds a Bachelor of Science degree in Physical Science from the University of Colombo.

Education:

University of Colombo, BS (Physical Sciences)

Indika Gunawardena

 

General Manager - Crop Solutions

Division Head Executive

 

H. P. Halangoda

 

Divisional Director, HR, Legal and Logistics

Division Head Executive

 

Mahinda Preethiraj Jayawardena

 

Executive Director

Division Head Executive

 

Biography:

Mr. M. P. Jayawardena serves as an Executive Director of CIC Holdings PLC. He was appointed Alternate Director to the ICI Nominee Director on May 21, 2002 and Director of the Company on 25th October 2008. He is a Fellow of The Institute of Chartered Accountants of Sri Lanka and Certified Professional Managers and Managing Director of Chemanex PLC. He is also: Non-Executive Director of Keells Food Products PLC, Ram Rating (Lanka) Limited and a number of unlisted Companies in the CIC Group. He served in Zambia Consolidated Copper Mines Limited for 13 years in several senior positions including Head of Treasury. He is a Member of the Monetary Policy Consultative Committee of the Central Bank and the Senior Vice-Chairman of the Ceylon National Chamber of Industries.

D. A. Mutugala

 

Divisional Director, Industrial Chemical

Division Head Executive

 

C. P. Wegiriya

 

General Manager - CISCO Speciality Packaging

Division Head Executive

 

W. A. Assiriyage

 

Managing Director, CIC Cropguard

Managing Director

 

G. F. C. De Saram

 

Managing Director - Akzo Nobel Paints

Managing Director

 

K. B. Kotagama

 

Managing Director - CIC Agri Businesses

Managing Director

 

Education:

Asian Institute of Technology, M (Business Administration)
University of Peradeniya (Agriculture)

A. V. P. Silva

 

Managing Director - CIC Feeds

Managing Director

 

P. D.S. Ruwanpura

 

Chief Financial Officer

Finance Executive

 

 

 

Significant Developments

 

 

 

CIC Holdings PLC Declares Final Dividend

May 23, 2013


CIC Holdings PLC announced that it will pay a final dividend of LKR 1.60 per share for fiscal 2012/2013 on July 10, 2013. The ex-date is June 2, 2013.

CIC Holdings PLC to Pay FY 2012-2013 First Interim Dividend

Dec 04, 2012


CIC Holdings PLC announced that it is to pay LKR 0.63 per share as first interim dividend for fiscal year 2012-2013 on December 24, 2012. The ex-date is December 13, 2012. It paid LKR 0.80 per share as first interim dividend for fiscal year 2011-2012.

 

 

News

 

Peumi Pharmaceuticals credits success to 30-year partnership with CIC
DailyFT - Be Empowered (547 Words)

29-Oct-2013

Peumi Pharmaceuticals-CIC mark 30-year partnership
Sri Lanka Daily Mirror (Colombo, Sri Lanka) (336 Words)

21-Oct-2013

Top business leaders to steer 34th National Conference
Daily News (Colombo, Sri Lanka) (691 Words)

17-Oct-2013

Green Matter: green SAPs prove real suckers.
New Plastics (139 Words)

10-Oct-2013

Global Non-Electric Shavers Industry
PR Web (6340 Words)

09-Oct-2013

ADM joins with CIC Holdings and Chemanex on SAP venture
Nonwovens Industry (93 Words)

01-Oct-2013

Green Matter: Green SAPs prove real suckers
PlasticsToday.com (662 Words)

27-Sep-2013

News in brief: Asia: joint venture for bio superabsorbents plant.
ICIS Chemical Business (56 Words)

17-Sep-2013

Imperial Logistics secures distribution of Beyerskloof wines to Mozambique
Analytiqa (157 Words)

12-Sep-2013

Beyerskloof Wines for Mozambique [NEW]
Club of Mozambique (368 Words)

10-Sep-2013

Beyerskloof Wines for Mozambique
Biz Community (363 Words)

10-Sep-2013



        Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2013

Restated Normal
31-Mar-2013

Restated Normal
31-Mar-2012

Restated Normal
31-Mar-2011

Restated Normal
31-Mar-2010

Filed Currency

LKR

LKR

LKR

LKR

LKR

Exchange Rate (Period Average)

129.576728

112.569538

112.156148

115.030068

109.87627

Auditor

 

KPMG Chartered Accountants (Zimbabwe)

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

183.8

199.7

-

144.4

-

    Gross Revenue

-

-

187.9

-

143.0

    Excise Tax Receipts

-

-

-0.3

-

-0.3

Revenue

183.8

199.7

187.6

144.4

142.7

Total Revenue

183.8

199.7

187.6

144.4

142.7

 

 

 

 

 

 

    Cost of Revenue

139.9

149.8

144.8

115.2

114.4

Cost of Revenue, Total

139.9

149.8

144.8

115.2

114.4

Gross Profit

43.9

49.9

42.9

29.2

28.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

35.1

35.1

27.9

19.9

19.3

Total Selling/General/Administrative Expenses

35.1

35.1

27.9

19.9

19.3

        Interest Income - Operating

-

-

-0.4

-0.8

-0.9

        Investment Income - Operating

0.0

0.2

-0.2

-0.5

-1.1

    Interest/Investment Income - Operating

0.0

0.2

-0.7

-1.3

-2.0

Interest Expense (Income) - Net Operating Total

0.0

0.2

-0.7

-1.3

-2.0

    Impairment-Assets Held for Use

0.0

-0.1

0.0

-

0.3

    Loss (Gain) on Sale of Assets - Operating

-0.2

-0.4

-0.3

-0.1

-0.1

    Other Unusual Expense (Income)

-

-

-

-

0.0

Unusual Expense (Income)

-0.2

-0.5

-0.3

-0.1

0.2

    Other, Net

-0.8

-0.7

-1.0

-2.7

-0.4

Other Operating Expenses, Total

-0.8

-0.7

-1.0

-2.7

-0.4

Total Operating Expense

174.1

183.8

170.7

130.9

131.4

 

 

 

 

 

 

Operating Income

9.7

15.9

16.9

13.5

11.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-12.1

-6.1

-4.5

-6.0

-6.7

    Interest Expense, Net Non-Operating

-12.1

-6.1

-4.5

-6.0

-6.7

        Interest Income - Non-Operating

0.5

0.4

-

-

-

        Investment Income - Non-Operating

3.9

2.1

2.1

1.8

2.4

    Interest/Investment Income - Non-Operating

4.5

2.4

2.1

1.8

2.4

Interest Income (Expense) - Net Non-Operating Total

-7.6

-3.7

-2.4

-4.1

-4.3

Income Before Tax

2.1

12.2

14.5

9.4

7.1

 

 

 

 

 

 

Total Income Tax

0.7

3.1

4.2

3.1

2.5

Income After Tax

1.4

9.1

10.4

6.3

4.5

 

 

 

 

 

 

    Minority Interest

0.4

-1.4

-2.1

-1.4

-0.6

Net Income Before Extraord Items

1.8

7.7

8.3

5.0

3.9

    Discontinued Operations

-

-

-

0.2

-0.2

Total Extraord Items

-

-

-

0.2

-0.2

Net Income

1.8

7.7

8.3

5.1

3.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

1.8

7.7

8.3

5.0

3.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

1.8

7.7

8.3

5.1

3.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

94.8

94.8

94.8

94.8

94.8

Basic EPS Excl Extraord Items

0.02

0.08

0.09

0.05

0.04

Basic/Primary EPS Incl Extraord Items

0.02

0.08

0.09

0.05

0.04

Dilution Adjustment

-

-

-

-

0.0

Diluted Net Income

1.8

7.7

8.3

5.1

3.7

Diluted Weighted Average Shares

94.8

94.8

94.8

94.8

94.8

Diluted EPS Excl Extraord Items

0.02

0.08

0.09

0.05

0.04

Diluted EPS Incl Extraord Items

0.02

0.08

0.09

0.05

0.04

Dividends per Share - Common Stock Primary Issue

0.01

0.03

0.02

0.01

0.01

Dividends per Share - Common Stock Issue 2

0.01

0.03

0.02

0.01

0.01

Gross Dividends - Common Stock

1.6

-

1.8

1.2

1.3

Interest Expense, Supplemental

12.1

6.1

4.5

6.0

6.7

Depreciation, Supplemental

5.3

5.1

3.7

2.9

2.6

Total Special Items

-0.2

-0.5

-0.3

-0.1

0.2

Normalized Income Before Tax

1.9

11.7

14.2

9.3

7.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.1

-0.1

-0.1

0.0

0.1

Inc Tax Ex Impact of Sp Items

0.6

3.0

4.1

3.1

2.6

Normalized Income After Tax

1.3

8.7

10.1

6.2

4.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.7

7.3

8.0

4.9

4.0

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.08

0.08

0.05

0.04

Diluted Normalized EPS

0.02

0.08

0.08

0.05

0.04

Normalized EBIT

9.5

15.6

16.0

12.1

9.5

Normalized EBITDA

14.9

20.7

19.6

15.0

12.0

    Current Tax - Local

-

-

4.4

3.0

2.6

    Current Tax - Other

-

-

-

0.0

0.1

    Current Tax - Total

1.0

3.2

-

-

-

Current Tax - Total

1.0

3.2

4.4

3.0

2.7

    Deferred Tax - Other

-

-

-0.2

0.1

-0.1

    Deferred Tax - Total

-0.3

-0.1

-

-

-

Deferred Tax - Total

-0.3

-0.1

-0.2

0.1

-0.1

Income Tax - Total

0.7

3.1

4.2

3.1

2.5

Interest Cost - Domestic

0.3

0.3

0.2

0.2

-

Service Cost - Domestic

0.4

0.5

0.3

0.2

-

Prior Service Cost - Domestic

0.0

0.0

0.0

-

-

Actuarial Gains and Losses - Domestic

0.3

0.0

0.2

0.1

-

Domestic Pension Plan Expense

0.9

0.7

0.7

0.5

-

Other Post-Retirement, Net

-

-

-

0.5

0.5

Post-Retirement Plan Expense

-

-

-

0.5

0.5

Defined Contribution Expense - Domestic

1.0

1.1

0.8

0.7

0.6

Total Pension Expense

2.0

1.8

1.5

1.7

1.1

Discount Rate - Domestic

10.50%

10.50%

10.50%

12.00%

12.00%

Compensation Rate - Domestic

10.00%

10.00%

10.00%

11.00%

11.00%

Total Plan Interest Cost

0.3

0.3

0.2

0.2

-

Total Plan Service Cost

0.4

0.5

0.3

0.2

-

Total Plan Other Expense

-

-

-

0.5

0.5

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

UpdateType/Date

Updated Normal
31-Mar-2013

Restated Normal
31-Mar-2013

Restated Normal
31-Mar-2012

Restated Normal
31-Mar-2011

Updated Normal
31-Mar-2009

Filed Currency

LKR

LKR

LKR

LKR

LKR

Exchange Rate

126.749941

127.803337

110.395

114.05

115.725

Auditor

 

KPMG Chartered Accountants (Zimbabwe)

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

8.0

5.1

6.0

6.1

6.6

    Short Term Investments

0.6

0.6

0.6

0.2

-

Cash and Short Term Investments

8.6

5.7

6.7

6.4

6.6

        Accounts Receivable - Trade, Gross

42.2

36.8

42.4

34.5

38.0

        Provision for Doubtful Accounts

-2.7

-3.3

-2.9

-2.1

-2.0

    Trade Accounts Receivable - Net

39.4

33.5

39.4

32.4

35.9

    Notes Receivable - Short Term

0.4

0.4

-

-

-

    Other Receivables

50.4

53.7

30.1

20.2

7.5

Total Receivables, Net

90.3

87.7

69.5

52.6

43.4

    Inventories - Finished Goods

21.5

19.4

16.6

10.4

10.3

    Inventories - Work In Progress

1.7

1.3

2.1

1.2

1.1

    Inventories - Raw Materials

13.9

13.3

15.7

13.3

15.9

    Inventories - Other

5.8

4.8

2.0

8.9

1.1

Total Inventory

43.0

38.8

36.5

33.9

28.4

    Discontinued Operations - Current Asset

0.9

0.6

0.7

0.8

0.7

Other Current Assets, Total

0.9

0.6

0.7

0.8

0.7

Total Current Assets

142.9

132.8

113.4

93.6

79.1

 

 

 

 

 

 

        Buildings

20.7

18.5

20.0

16.1

14.8

        Machinery/Equipment

35.9

30.8

30.7

24.7

20.9

        Construction in Progress

8.5

4.2

1.8

0.8

0.5

        Leases

-

-

9.9

6.0

4.6

        Other Property/Plant/Equipment

12.8

11.2

0.6

0.4

0.3

    Property/Plant/Equipment - Gross

77.8

64.6

63.0

47.9

41.0

    Accumulated Depreciation

-23.2

-18.0

-19.0

-16.6

-13.9

Property/Plant/Equipment - Net

77.5

63.5

60.0

40.5

36.2

    Goodwill - Gross

1.2

1.2

0.9

0.7

0.4

    Accumulated Goodwill Amortization

-0.3

-0.3

-0.3

-0.3

-0.3

Goodwill, Net

0.9

1.0

0.6

0.4

0.2

Intangibles, Net

0.3

0.3

0.3

0.3

0.3

    LT Investment - Affiliate Companies

6.2

5.5

5.6

4.3

4.3

    LT Investments - Other

0.2

0.8

0.9

1.3

0.4

Long Term Investments

6.4

6.4

6.6

5.5

4.6

    Deferred Income Tax - Long Term Asset

0.1

0.3

0.2

0.3

0.2

    Restricted Cash - Long Term

0.1

0.1

0.1

0.1

0.0

Other Long Term Assets, Total

0.3

0.4

0.4

0.4

0.2

Total Assets

228.2

204.3

181.1

140.8

120.5

 

 

 

 

 

 

Accounts Payable

35.7

45.4

43.1

42.4

25.1

Payable/Accrued

5.7

5.0

5.7

3.3

3.1

Notes Payable/Short Term Debt

76.8

58.0

10.9

10.5

18.5

Current Portion - Long Term Debt/Capital Leases

11.1

7.1

33.3

19.5

16.1

    Income Taxes Payable

0.3

0.6

1.4

1.0

1.0

    Other Payables

10.4

7.0

-

-

-

Other Current liabilities, Total

10.7

7.6

1.4

1.0

1.0

Total Current Liabilities

140.0

123.1

94.4

76.6

63.8

 

 

 

 

 

 

    Long Term Debt

7.9

5.1

3.2

3.6

3.9

    Capital Lease Obligations

-

-

2.3

0.7

0.2

Total Long Term Debt

7.9

5.1

5.5

4.3

4.1

Total Debt

95.8

70.2

49.7

34.3

38.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

2.2

2.6

2.8

1.7

1.5

Deferred Income Tax

2.2

2.6

2.8

1.7

1.5

Minority Interest

13.0

13.2

14.7

11.6

9.5

    Pension Benefits - Underfunded

3.7

2.9

2.8

2.3

2.1

    Other Long Term Liabilities

0.2

0.2

0.1

0.1

0.0

Other Liabilities, Total

4.0

3.1

2.9

2.3

2.2

Total Liabilities

167.0

147.1

120.3

96.6

81.1

 

 

 

 

 

 

    Common Stock

8.0

7.9

9.1

8.8

8.2

Common Stock

8.0

7.9

9.1

8.8

8.2

Additional Paid-In Capital

13.4

9.6

14.1

5.5

0.5

Retained Earnings (Accumulated Deficit)

39.9

39.7

37.6

29.9

25.9

Unrealized Gain (Loss)

-

-

-

-

4.7

Total Equity

61.2

57.2

60.8

44.2

39.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

228.2

204.3

181.1

140.8

120.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

72.9

72.9

72.9

72.9

72.9

    Shares Outstanding - Common Stock Issue 2

21.9

21.9

21.9

21.9

21.9

Total Common Shares Outstanding

94.8

94.8

94.8

94.8

94.8

Treasury Shares - Common Stock Primary Issue

0.0

0.0

-

-

-

Treasury Shares - Common Issue 2

0.0

0.0

-

-

-

Employees

2,191

2,203

1,890

1,555

1,527

Number of Common Shareholders

2,728

-

2,807

3,006

3,138

Accumulated Goodwill Amortization Suppl.

0.3

0.3

0.3

0.3

0.3

Total Long Term Debt, Supplemental

-

-

6.8

-

-

Long Term Debt Maturing within 1 Year

-

-

3.6

-

-

Long Term Debt Matur. in Year 6 & Beyond

-

-

3.2

-

-

Total Capital Leases, Supplemental

2.9

3.3

3.1

1.0

0.3

Capital Lease Payments Due in Year 1

1.0

0.9

0.8

0.3

0.1

Cap. Lease Pymts. Due in Year 6 & Beyond

1.8

2.4

2.3

0.7

0.2

Post-Retirement Obligation

3.7

2.9

2.8

2.3

2.1

Funded Status - Post-Retirement

-3.7

-2.9

-2.8

-2.3

-2.1

Total Funded Status

-3.7

-2.9

-2.8

-2.3

-2.1

Discount Rate - Domestic

10.50%

10.50%

10.50%

12.00%

12.00%

Compensation Rate - Domestic

10.00%

10.00%

10.00%

11.00%

11.00%

Accrued Liabilities - Post-Retirement

-3.7

-2.9

-2.8

-2.3

-2.1

Net Assets Recognized on Balance Sheet

-3.7

-2.9

-2.8

-2.3

-2.1

Total Plan Obligations

3.7

2.9

2.8

2.3

2.1

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2013

Restated Normal
31-Mar-2013

Reclassified Normal
31-Mar-2012

Reclassified Normal
31-Mar-2011

Reclassified Normal
31-Mar-2010

Filed Currency

LKR

LKR

LKR

LKR

LKR

Exchange Rate (Period Average)

129.576728

112.569538

112.156148

115.030068

109.87627

Auditor

 

KPMG Chartered Accountants (Zimbabwe)

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

KPMG LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

9.7

15.9

16.9

13.5

11.3

    Depreciation

5.3

5.1

3.7

2.9

2.6

Depreciation/Depletion

5.3

5.1

3.7

2.9

2.6

    Discontinued Operations

-

-

-

0.2

-0.3

    Unusual Items

-0.2

-0.5

-0.5

-0.6

-2.0

    Other Non-Cash Items

1.8

2.6

2.0

1.6

7.3

Non-Cash Items

1.6

2.1

1.6

1.3

5.1

    Accounts Receivable

-3.0

-33.3

-16.2

-8.7

-9.8

    Inventories

-4.1

-7.8

-1.8

-5.6

-9.1

    Accounts Payable

-5.9

16.5

1.7

17.7

-0.3

    Other Operating Cash Flow

-11.5

-10.3

-8.5

-9.5

-9.4

Changes in Working Capital

-24.4

-34.8

-24.8

-6.1

-28.5

Cash from Operating Activities

-7.8

-11.6

-2.7

11.7

-9.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-14.3

-16.5

-8.0

-5.9

-4.4

    Purchase/Acquisition of Intangibles

-

-

-

0.0

-0.3

Capital Expenditures

-14.3

-16.5

-8.0

-5.9

-4.7

    Acquisition of Business

-0.2

-0.1

0.0

-0.4

-0.6

    Sale of Business

-

-

0.0

-

5.5

    Sale of Fixed Assets

1.3

1.3

0.6

0.7

0.3

    Sale/Maturity of Investment

0.0

0.0

0.1

0.8

1.5

    Investment, Net

0.1

-0.2

-1.0

-1.0

-0.1

    Other Investing Cash Flow

1.5

0.6

0.8

1.2

0.8

Other Investing Cash Flow Items, Total

2.7

1.7

0.5

1.3

7.5

Cash from Investing Activities

-11.6

-14.8

-7.5

-4.6

2.8

 

 

 

 

 

 

    Cash Dividends Paid - Common

-1.6

-3.0

-1.8

-1.2

-1.3

Total Cash Dividends Paid

-1.6

-3.0

-1.8

-1.2

-1.3

        Long Term Debt Issued

27.4

8.2

4.1

3.9

5.6

        Long Term Debt Reduction

-21.5

-6.0

-4.2

-5.6

-5.1

    Long Term Debt, Net

6.0

2.2

-0.1

-1.7

0.5

Issuance (Retirement) of Debt, Net

6.0

2.2

-0.1

-1.7

0.5

Cash from Financing Activities

4.3

-0.8

-1.9

-2.9

-0.8

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.4

-0.1

-0.2

0.2

Net Change in Cash

-15.1

-26.9

-12.1

3.9

-7.4

 

 

 

 

 

 

Net Cash - Beginning Balance

-52.2

-33.2

-21.2

-24.5

-18.3

Net Cash - Ending Balance

-67.2

-60.0

-33.3

-20.6

-25.7

Cash Interest Paid

9.9

6.2

4.5

6.0

6.7

Cash Taxes Paid

1.5

3.9

3.8

3.2

2.6

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2013

Restated Normal
31-Mar-2013

Restated Normal
31-Mar-2012

Restated Normal
31-Mar-2011

Restated Normal
31-Mar-2010

Filed Currency

LKR

LKR

LKR

LKR

LKR

Exchange Rate (Period Average)

129.576728

112.569538

112.156148

115.030068

109.87627

Auditor

 

KPMG Chartered Accountants (Zimbabwe)

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

-

-

187.9

-

143.0

    Excise Duty

-

-

-0.3

-

-0.3

    Revenue

183.8

199.7

-

144.4

-

Total Revenue

183.8

199.7

187.6

144.4

142.7

 

 

 

 

 

 

    Amortization of Negative Goodwill, Net

0.0

0.0

-

-

-

    Cost of Sales

139.9

149.8

144.8

115.2

114.4

    FV Adjustments on Investment Property

0.0

0.0

-

-

-

    Dividend Income- Quoted

0.0

-0.1

-0.1

0.0

-0.1

    Amortization of Negative Goodwill

-

-

-

-

0.0

    Interest Income

-

-

-0.4

-0.8

-0.9

    Gain on Disposal of Investment

0.0

0.0

-0.1

-0.1

-2.2

    Gain on Changes in Biological Assets

-0.1

-0.1

-

-

-

    Gain on Disposal of Fixed Assets

-0.1

-0.4

-0.1

-0.1

-0.1

    Gain on Disposal of AFS Assets

-0.1

0.0

-0.2

-

-

    Net gain on foreign currency translation

-

-

-0.2

-0.5

0.0

    Rent Income

-0.3

-0.2

-

-

-

    Unclaimed Dividend Written Back

0.0

0.0

-

-

-

    Sundry Income

-0.5

-0.5

-

-

-

    Grant Amortised

0.0

0.0

-

-

-

    Other Operating Income

-

-

-1.0

-2.7

-0.4

    Distribution Expenses

17.2

17.4

13.3

9.9

8.2

    Administrative Expenses

17.9

17.7

14.6

9.9

11.1

    Impairment of Goodwill

0.1

0.0

-

-

0.3

    Foreign Currency Translation, Net

-

-

0.0

-

1.2

    Impairment Loss on Plant & Machinery

0.0

0.0

0.0

-

-

    Provision for Diminution in Value of Inv

0.0

0.2

0.1

0.0

0.0

Total Operating Expense

174.1

183.8

170.7

130.9

131.4

 

 

 

 

 

 

    Interest Income

0.5

0.4

-

-

-

    IE on Capital Financing, Gross

-12.1

-6.1

-

-

-

    Financing Costs

-

-

-4.5

-6.0

-6.7

    Foreign Exchange Gain/Loss

-0.1

-0.7

-

-

-

    Foreign Exchange Gain

1.7

0.3

-

-

-

    Share of profit of equity accounted inve

2.3

2.5

2.1

1.8

2.4

Net Income Before Taxes

2.1

12.2

14.5

9.4

7.1

 

 

 

 

 

 

Provision for Income Taxes

0.7

3.1

4.2

3.1

2.5

Net Income After Taxes

1.4

9.1

10.4

6.3

4.5

 

 

 

 

 

 

    Minority Interest

0.4

-1.4

-2.1

-1.4

-0.6

Net Income Before Extra. Items

1.8

7.7

8.3

5.0

3.9

    Discontinued Operations

-

-

-

0.2

-0.2

Net Income

1.8

7.7

8.3

5.1

3.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

1.8

7.7

8.3

5.0

3.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

1.8

7.7

8.3

5.1

3.7

 

 

 

 

 

 

Basic Weighted Average Shares

94.8

94.8

94.8

94.8

94.8

Basic EPS Excluding ExtraOrdinary Items

0.02

0.08

0.09

0.05

0.04

Basic EPS Including ExtraOrdinary Items

0.02

0.08

0.09

0.05

0.04

Dilution Adjustment

-

-

-

-

0.0

Diluted Net Income

1.8

7.7

8.3

5.1

3.7

Diluted Weighted Average Shares

94.8

94.8

94.8

94.8

94.8

Diluted EPS Excluding ExtraOrd Items

0.02

0.08

0.09

0.05

0.04

Diluted EPS Including ExtraOrd Items

0.02

0.08

0.09

0.05

0.04

DPS-Fully Paid Ord. Shrs

0.01

0.03

0.02

0.01

0.01

DPS-Ordinary Shares

0.01

0.03

0.02

0.01

0.01

Gross Dividends - Common Stock

1.6

-

1.8

1.2

1.3

Normalized Income Before Taxes

1.9

11.7

14.2

9.3

7.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.6

3.0

4.1

3.1

2.6

Normalized Income After Taxes

1.3

8.7

10.1

6.2

4.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.7

7.3

8.0

4.9

4.0

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.08

0.08

0.05

0.04

Diluted Normalized EPS

0.02

0.08

0.08

0.05

0.04

BC - Depreciation of Fixed Assets

5.3

5.1

-

-

-

Depreciation

-

-

3.7

2.9

2.6

IE on Capital Financing, Gross

12.1

6.1

-

-

-

Interest Expenses

-

-

4.5

6.0

6.7

    Current Tax - Total

1.0

3.2

-

-

-

    Current Tax

-

-

4.4

3.0

2.6

    Under Provided in Prior years

-

-

-

0.0

0.1

    Irrecoverable ESC

-

-

-

0.0

0.0

Current Tax - Total

1.0

3.2

4.4

3.0

2.7

    Deferred Tax - Total

-0.3

-0.1

-

-

-

    Deferred Tax

-

-

-0.2

0.1

-0.1

    Adjustment due to Change in Tax Rate

-

-

-

0.0

-

Deferred Tax - Total

-0.3

-0.1

-0.2

0.1

-0.1

Income Tax - Total

0.7

3.1

4.2

3.1

2.5

Service Cost - Domestic

0.4

0.5

0.3

0.2

-

Interest Cost - Domestic

0.3

0.3

0.2

0.2

-

Actuarial Gains and Losses - Domestic

0.3

0.0

0.2

0.1

-

Previous Year Provision

0.0

0.0

0.0

-

-

Domestic Pension Plan Expense

0.9

0.7

0.7

0.5

-

Retirement Benefits

-

-

-

0.5

0.5

Post-Retirement Plan Expense

-

-

-

0.5

0.5

Defined Contibution Plan - ETF

0.2

0.2

0.2

0.1

0.1

Defined Contibution Plan - EPF

0.8

0.9

0.6

0.6

0.5

Total Pension Expense

2.0

1.8

1.5

1.7

1.1

Discount Rate

10.50%

10.50%

10.50%

12.00%

12.00%

Salary Rate

10.00%

10.00%

10.00%

11.00%

11.00%

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

UpdateType/Date

Updated Normal
31-Mar-2013

Restated Normal
31-Mar-2013

Restated Normal
31-Mar-2012

Restated Normal
31-Mar-2011

Updated Normal
31-Mar-2009

Filed Currency

LKR

LKR

LKR

LKR

LKR

Exchange Rate

126.749941

127.803337

110.395

114.05

115.725

Auditor

 

KPMG Chartered Accountants (Zimbabwe)

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Other current financial assets

0.6

0.6

0.6

0.2

-

    Raw Materials & Consumables

13.9

13.3

14.5

12.4

15.2

    Biological Assets

-

-

1.3

0.9

0.7

    Work in Progress

1.7

1.3

2.1

1.2

1.1

    Finished Goods

21.5

19.4

16.6

10.4

10.3

    Biological Assets

3.6

2.8

-

-

-

    Goods in Transit

2.5

2.1

2.1

8.9

1.1

    Provision for Inventories

-0.2

0.0

-0.1

-

-

    Trade Receivables

41.6

36.0

41.3

33.4

36.5

    Bills Receivable

0.6

0.8

1.0

1.0

1.5

    Doubt Full Accounts

-2.7

-3.3

-2.9

-2.1

-2.0

    Income Tax Receivables, Net/Gross

0.8

0.4

-

-

-

    Other Receivables, Net

49.6

53.3

-

-

-

    Other Receivables

-

-

30.1

20.2

7.5

    Assets classified as held for sale

0.9

0.6

0.7

0.8

0.7

    Cash and short term deposits

8.0

5.1

6.0

6.1

6.6

    Loans to Employees

0.4

0.4

-

-

-

Total Current Assets

142.9

132.8

113.4

93.6

79.1

 

 

 

 

 

 

    Other non-current financial asset Curren

0.0

0.0

-

-

-

    Investment Property, Gross

0.1

0.8

-

-

-

    Acc Depr Investment Property

0.0

0.0

-

-

-

    Investment Property

-

-

0.9

0.7

-

    Land

22.2

16.2

15.3

8.7

8.5

    Buildings

20.7

18.5

20.0

16.1

14.8

    Plant & Machinery

19.3

16.9

18.8

14.8

12.9

    Equipment

7.5

6.5

6.1

5.3

4.1

    Computer Equipment

1.9

1.6

1.7

1.6

1.4

    Furniture & Fittings

0.8

0.7

0.6

0.4

0.3

    Motor Vehicles

7.1

5.8

4.1

3.0

2.5

    Leasehold

-

-

9.9

6.0

4.6

    Acc Dep Buildings

-2.7

-2.0

-

-

-

    Acc Depr Land under Capital Lease

-0.2

-0.2

-

-

-

    Acc Depr Buildings under Capital Lease

-1.2

-1.0

-

-

-

    Acc Depr Plant & Machinery

-6.9

-5.7

-

-

-

    Acc Depr/Imp PPE under Capital Lease

0.0

0.0

-

-

-

    Acc Depr Equipment

-4.3

-3.5

-

-

-

    Acc Depr Equipment under Capital Lease

0.0

0.0

-

-

-

    Acc Depr Computer Equipment

-1.6

-1.4

-

-

-

    Acc Depr/Imp PPE under Capital Lease

0.0

0.0

-

-

-

    Acc Depr/Imp Other Tangible Fixed Assets

-0.4

-0.3

-

-

-

    Acc Depr/Imp PPE under Capital Lease

0.0

0.0

-

-

-

    Acc Depr Motor Vehicles

-3.3

-2.3

-

-

-

    Acc Depr Motor Vehicles under Capital Le

-2.6

-1.7

-

-

-

    Accumulated Deperciation

-

-

-19.0

-16.6

-13.9

    Capital work-in-progress

8.5

4.2

1.8

0.8

0.5

    Deposit on Leasehold Property

0.1

0.1

0.1

0.1

0.0

    Biological assets

0.7

0.6

0.7

0.5

0.5

    Goodwill, Gross

1.2

1.2

0.9

0.7

0.4

    Accumulated Impairment

-0.3

-0.3

-0.3

-0.3

-0.3

    Intangible Assets

0.3

0.3

0.3

0.3

0.3

    Investments in Subs.

0.0

0.0

-

-

-

    Investment in equity accounted investees

6.2

5.5

5.6

4.3

4.3

    Other Investments

-

-

0.0

0.5

0.4

    Deferred Tax Assets

0.1

0.3

0.2

0.3

0.2

    Land under Capital Lease, Gross

1.8

1.8

-

-

-

    Buildings under Capital Lease, Gross

4.9

4.0

-

-

-

    Plant & Machinery under Capital Lease, G

0.0

0.0

-

-

-

    Equipment under Capital Lease, Gross

0.1

0.1

-

-

-

    PPE under Capital Lease, Gross

0.0

0.0

-

-

-

    PPE under Capital Lease, Gross

0.0

0.0

-

-

-

    Motor Vehicles under Capital Lease, Gros

5.2

4.6

-

-

-

Total Assets

228.2

204.3

181.1

140.8

120.5

 

 

 

 

 

 

    Bills Payable

35.7

45.4

-

-

-

    Trade Payables

-

-

43.1

42.4

25.1

    Long Term Loans

11.1

7.1

-

-

-

    Bank Loans

-

-

29.0

16.5

16.1

    Curr. Portion/Interest-Bearing Borrowing

-

-

3.6

2.7

-

    Finance Lease

-

-

0.8

0.3

0.1

    Income Tax Payable

0.3

0.6

1.4

1.0

1.0

    Accruals and Other Payables

5.7

5.0

5.7

3.3

3.1

    Bank Overdraft

30.7

19.5

10.9

10.5

18.5

    Other Payables

10.4

7.0

-

-

-

    ST Loans

46.1

38.5

-

-

-

Total Current Liabilities

140.0

123.1

94.4

76.6

63.8

 

 

 

 

 

 

    Loans and Borrowings

7.9

5.1

-

-

-

    Long Term Loans and Borrowings

-

-

3.2

3.6

3.9

    Finance Leasse

-

-

2.3

0.7

0.2

Total Long Term Debt

7.9

5.1

5.5

4.3

4.1

 

 

 

 

 

 

    Retirement benefit obligations

3.7

2.9

2.8

2.3

2.1

    Grants

0.2

0.2

0.1

0.1

0.0

    Deferred tax liabilities Current liabili

2.2

2.6

2.8

1.7

1.5

    Non controlling interest

13.0

13.2

14.7

11.6

9.5

Total Liabilities

167.0

147.1

120.3

96.6

81.1

 

 

 

 

 

 

    Stated capital

8.0

7.9

9.1

8.8

8.2

    Share Premium

-

-

-

-

0.5

    Capital Reserves

13.4

9.6

14.1

5.5

-

    Revaluation Reserve

-

-

-

-

4.7

    Reserve on Scrip Issue

-

-

-

-

0.3

    Revenue Reserves

39.9

39.7

37.6

29.9

7.6

    Retained Earnings

-

-

-

-

18.0

Total Equity

61.2

57.2

60.8

44.2

39.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

228.2

204.3

181.1

140.8

120.5

 

 

 

 

 

 

    S/O-Fully Paid Ord. Shrs

72.9

72.9

72.9

72.9

72.9

    S/O-Ordinary Shares

21.9

21.9

21.9

21.9

21.9

Total Common Shares Outstanding

94.8

94.8

94.8

94.8

94.8

T/S-Fully Paid Ord. Shrs

0.0

0.0

-

-

-

T/S-Ordinary Shares

0.0

0.0

-

-

-

Accumulated Impairment

0.3

0.3

-

-

-

Accumulated Goodwill Amortisation

-

-

0.3

0.3

0.3

Full-Time Employees

2,191

2,203

1,890

1,555

1,527

Shareholders

2,728

-

2,807

3,006

3,138

Long Term Debt Maturing within 1 Year

-

-

3.6

-

-

Long Term Debt - Remaining Maturities

-

-

3.2

-

-

Total Long Term Debt, Supplemental

-

-

6.8

-

-

Capital Lease Payment with in 1 Yr.

1.0

0.9

0.8

0.3

0.1

Capital Lease Remaining Maturity

1.8

2.4

2.3

0.7

0.2

Total Capital Leases, Supplemental

2.9

3.3

3.1

1.0

0.3

Projected Benefit Obligation - Post-Ret.

3.7

2.9

2.8

2.3

2.1

Funded Status - Post-Retirement

-3.7

-2.9

-2.8

-2.3

-2.1

Total Funded Status

-3.7

-2.9

-2.8

-2.3

-2.1

Discount Rate

10.50%

10.50%

10.50%

12.00%

12.00%

Salary Rate

10.00%

10.00%

10.00%

11.00%

11.00%

Accrued Benefit Liability - Post-Ret.

-3.7

-2.9

-2.8

-2.3

-2.1

Net Assets Recognized on Balance Sheet

-3.7

-2.9

-2.8

-2.3

-2.1

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Mar-2013

Restated Normal
31-Mar-2013

Reclassified Normal
31-Mar-2012

Reclassified Normal
31-Mar-2011

Reclassified Normal
31-Mar-2010

Filed Currency

LKR

LKR

LKR

LKR

LKR

Exchange Rate (Period Average)

129.576728

112.569538

112.156148

115.030068

109.87627

Auditor

 

KPMG Chartered Accountants (Zimbabwe)

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

KPMG Ford Rhodes Thornton & Company

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

9.7

15.9

16.9

13.5

11.3

    Depreciation

5.3

5.1

3.7

2.9

2.6

    Dividend Income

0.0

-0.1

-

-

-

    Unreal G/L from FV adj of inv. property

0.0

0.0

-

-

-

    Negative Goodwill on Acquisition of Subs

0.0

0.0

-

-

-

    Provisions for Diminution in Value of In

0.0

0.2

-

-

-

    Impairment Loss n trade Receivable

0.7

1.8

-

-

-

    Provisions for written Down Value of In

0.4

0.3

-

-

-

    Net Gain/Loss on translation of Foreign

0.0

-0.3

-

-

-

    Exchange Difference Arsing on Transl.

-

-

0.0

-

-

    Capital Work-in-Progress Expensed

0.0

0.0

0.0

-

-

    Impairment Loss on Plant and Machinery

0.0

0.0

0.0

-

-

    Depreciation on investment property

0.0

0.0

0.0

0.0

-

    Discontinued Operations

-

-

-

0.2

-0.3

    Sale of Fixed Asset Net

-0.1

-0.4

-0.1

-0.4

-

    Gain/Loss on Disposal of Assets

-0.1

0.0

-0.2

0.0

-0.1

    (Gain) /loss on disposal of biological a

-

-

-

-

0.0

    Gain on Disposal of Subsidiary

0.0

0.0

0.0

-

-0.9

    (Gain) /loss on disposal of long term in

0.0

0.0

-0.1

-0.1

-1.3

    Provision for Retiring Gratuity

0.7

0.7

0.7

0.5

0.5

    Goodwill Written off/Impairment of Goodw

-

-

-

-

0.3

    Amortisation of deposit paid for leaseho

0.0

0.0

0.0

0.0

0.0

    Amortisation of Surplus Acquisition

-

-

0.0

0.0

0.0

    Reversal of Prov. for Investments

-

-

-

0.0

0.0

    Prov. for Bad Debts

-

-

1.2

1.0

1.0

    Prov. for Stock Losses

-

-

0.3

0.6

4.8

    Provision for Diminution in Value of Inv

-

-

0.1

-

-

    Impairment of Goodwill

0.1

0.0

-

-

-

    Changes in F.V. in Biological Assets

-0.1

-0.1

-0.1

-0.1

0.0

    Grants Amortised

0.0

0.0

0.0

0.0

0.0

    Unclaimed dividend written back

0.0

0.0

0.0

-

-

    Dividends received

-

-

-0.1

0.0

-0.1

    Translation of Foreign Currency

-

-

-0.2

-0.5

1.2

    crease)/decrease in trade and other rece

-3.0

-33.3

-16.2

-8.7

-9.8

    crease)/decrease in inventories

-4.1

-7.8

-1.8

-5.6

-9.1

    Increase/ (decrease) in trade and other

-5.9

16.5

1.7

17.7

-0.3

    Net interest paid

-9.9

-6.2

-4.5

-6.0

-6.7

    Retirement benefit costs paid

-0.2

-0.2

-0.2

-0.4

-0.1

    Income Tax Paid

-1.5

-3.9

-3.8

-3.2

-2.6

Cash from Operating Activities

-7.8

-11.6

-2.7

11.7

-9.5

 

 

 

 

 

 

    Investment in Subsidiary

-0.2

-0.1

-

-

-

    Additions to investment property

0.0

0.0

0.0

0.0

-

    Addition to property, plant & equipment

-13.6

-16.3

-7.8

-5.9

-4.3

    Proceeds from disposal of property, plan

0.2

1.1

0.2

0.6

0.3

    Addition to biological assets

-0.7

-0.2

-0.1

0.0

-0.1

    Disposal of Subsidiary

-

-

0.0

-

5.5

    Proceeds from disposal of investments

0.0

0.0

0.1

0.7

1.5

    Deposit on leasehold property

0.0

0.0

-

-

-

    Dividend received from equity accounted

1.6

1.5

1.4

1.7

1.5

    Proceeds/Disposal of Assest Held

0.4

0.0

0.3

0.0

-

    Pay. of nonrefundb. dep on leasehold pro

-

-

-

-0.1

0.0

    Dividend received from other companies

0.0

0.1

0.1

0.0

0.1

    Increase in intangible assets

-

-

-

0.0

-0.3

    Short-Term Investments

0.0

-0.3

0.0

-

-

    Investments in Susidiary

-

-

-0.5

0.0

0.0

    Acquisition of Subsidiary

-

-

0.0

-0.4

-0.6

    Other investments

0.0

0.0

-0.5

-1.0

0.0

    Grant received

0.1

0.2

0.0

-

-

    Proceeds from sale of biological assets

0.7

0.2

0.1

0.1

0.0

    Subsidiary dividends to non-controlling

-0.2

-1.0

-0.6

-0.4

-0.8

    Investment by Minority in Subsidiary

-

-

-

0.1

0.0

Cash from Investing Activities

-11.6

-14.8

-7.5

-4.6

2.8

 

 

 

 

 

 

    Dividend paid

-1.6

-3.0

-1.8

-1.2

-1.3

    Proceeds from long-term borrowings

27.4

8.2

-

-

-

    Long term loans received

-

-

4.1

3.9

5.6

    Repayments of long-term borrowings

-20.4

-5.0

-

-

-

    Long term loans repaid

-

-

-3.8

-5.3

-5.1

    Capital payment on finance lease

-1.1

-1.0

-0.4

-0.3

-

Cash from Financing Activities

4.3

-0.8

-1.9

-2.9

-0.8

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.4

-0.1

-0.2

0.2

Net Change in Cash

-15.1

-26.9

-12.1

3.9

-7.4

 

 

 

 

 

 

Cash & Equivalents - Beginning

-52.2

-33.2

-21.2

-24.5

-18.3

Cash & Equivalents - End

-67.2

-60.0

-33.3

-20.6

-25.7

    Cash Interest Paid

9.9

6.2

4.5

6.0

6.7

    Cash Taxes Paid

1.5

3.9

3.8

3.2

2.6

 

 

Financial Health

 

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2013

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

47.0

12.47%

183.8

5.98%

12.77%

11.02%

Operating Income1 (?)

3.0

48.39%

9.7

-29.45%

-6.77%

-0.16%

Income Available to Common Excl Extraord Items1 (?)

-0.6

-

1.8

-73.24%

-26.08%

-15.54%

Basic EPS Excl Extraord Items1 (?)

-0.01

-

0.02

-73.24%

-26.08%

-15.54%

Capital Expenditures2 (?)

2.5

0.10%

14.3

0.18%

39.65%

12.89%

Cash from Operating Activities2 (?)

-2.5

-

-7.8

-

-

-

Free Cash Flow (?)

-4.8

-

-22.6

-

-

-

Total Assets3 (?)

223.8

10.65%

228.2

10.78%

21.68%

19.07%

Total Liabilities3 (?)

164.9

12.77%

167.0

12.60%

24.33%

22.14%

Total Long Term Debt3 (?)

8.2

24.52%

7.9

53.51%

26.65%

12.94%

Employees3 (?)

-

-

2191

-0.54%

12.11%

7.76%

Total Common Shares Outstanding3 (?)

94.8

0.00%

94.8

0.00%

0.00%

0.00%

1-ExchangeRate: LKR to USD Average for Period

126.730335

 

129.576728

 

 

 

2-ExchangeRate: LKR to USD Average for Period

126.730335

 

129.576728

 

 

 

3-ExchangeRate: LKR to USD Period End Date

130.599793

 

126.749941

 

 

 

Key Ratios

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Profitability

Gross Margin (?)

23.88%

24.99%

22.84%

20.25%

19.86%

Operating Margin (?)

5.30%

7.96%

9.02%

9.38%

7.95%

Pretax Margin (?)

1.16%

6.11%

7.75%

6.52%

4.95%

Net Profit Margin (?)

0.97%

3.84%

4.40%

3.44%

2.75%

Financial Strength

Current Ratio (?)

1.02

1.08

1.20

1.22

1.24

Long Term Debt/Equity (?)

0.13

0.09

0.09

0.10

0.11

Total Debt/Equity (?)

1.57

1.23

0.82

0.78

0.98

Management Effectiveness

Return on Assets (?)

0.67%

4.43%

6.45%

4.85%

3.83%

Return on Equity (?)

3.06%

12.30%

15.76%

11.91%

9.74%

Efficiency

Receivables Turnover (?)

2.10

2.38

3.08

3.02

3.47

Inventory Turnover (?)

3.48

3.75

4.11

3.70

4.12

Asset Turnover (?)

0.87

0.97

1.17

1.11

1.21

Market Valuation USD (mil)

P/E (TTM) (?)

54.74

.

Enterprise Value2 (?)

139.1

Price/Sales (TTM) (?)

0.20

.

Enterprise Value/Revenue (TTM) (?)

0.74

Price/Book (MRQ) (?)

0.70

.

Enterprise Value/EBITDA (TTM) (?)

8.72

Market Cap as of 17-Oct-20131 (?)

37.9

.

 

 

1-ExchangeRate: LKR to USD on 17-Oct-2013

131.149949

 

 

 

2-ExchangeRate: LKR to USD on 30-Jun-2013

130.599793

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

 

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

 



 

 

31-Mar-2013

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

Financial Strength

Current Ratio (?)

1.02

1.08

1.20

1.22

1.24

Quick/Acid Test Ratio (?)

0.71

0.76

0.81

0.77

0.78

Working Capital1 (?)

2.9

9.7

19.0

17.0

15.3

Long Term Debt/Equity (?)

0.13

0.09

0.09

0.10

0.11

Total Debt/Equity (?)

1.57

1.23

0.82

0.78

0.98

Long Term Debt/Total Capital (?)

0.05

0.04

0.05

0.06

0.05

Total Debt/Total Capital (?)

0.61

0.55

0.45

0.44

0.50

Payout Ratio (?)

66.89%

35.14%

28.13%

24.87%

32.96%

Effective Tax Rate (?)

33.30%

25.75%

28.64%

32.88%

35.85%

Total Capital1 (?)

157.0

127.5

110.5

78.5

78.1

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.87

0.97

1.17

1.11

1.21

Inventory Turnover (?)

3.48

3.75

4.11

3.70

4.12

Days In Inventory (?)

104.81

97.36

88.74

98.52

88.51

Receivables Turnover (?)

2.10

2.38

3.08

3.02

3.47

Days Receivables Outstanding (?)

173.55

153.27

118.51

121.05

105.23

Revenue/Employee2 (?)

85,781

79,833

100,866

93,660

88,755

Operating Income/Employee2 (?)

4,547

6,357

9,102

8,787

7,055

EBITDA/Employee2 (?)

7,037

8,416

11,078

10,659

8,648

 

 

 

 

 

 

Profitability

Gross Margin (?)

23.88%

24.99%

22.84%

20.25%

19.86%

Operating Margin (?)

5.30%

7.96%

9.02%

9.38%

7.95%

EBITDA Margin (?)

8.20%

10.54%

10.98%

11.38%

9.74%

EBIT Margin (?)

5.30%

7.96%

9.02%

9.38%

7.95%

Pretax Margin (?)

1.16%

6.11%

7.75%

6.52%

4.95%

Net Profit Margin (?)

0.97%

3.84%

4.40%

3.44%

2.75%

COGS/Revenue (?)

76.12%

75.01%

77.16%

79.75%

80.14%

SG&A Expense/Revenue (?)

19.11%

17.56%

14.85%

13.77%

13.51%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

0.67%

4.43%

6.45%

4.85%

3.83%

Return on Equity (?)

3.06%

12.30%

15.76%

11.91%

9.74%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

-0.24

-0.26

-0.11

0.06

-0.14

Operating Cash Flow/Share 2 (?)

-0.08

-0.11

-0.03

0.12

-0.10

1-ExchangeRate: LKR to USD Period End Date

126.749941

127.803337

110.395

114.05

115.725

2-ExchangeRate: LKR to USD Average for Period

126.749941

127.803337

110.395

114.05

115.725

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

50.30

Market Cap/Equity (MRQ) (?)

0.65

Market Cap/Revenue (TTM) (?)

0.20

Market Cap/EBIT (TTM) (?)

3.60

Market Cap/EBITDA (TTM) (?)

2.39

Enterprise Value/Earnings (TTM) (?)

184.01

Enterprise Value/Equity (MRQ) (?)

2.36

Enterprise Value/Revenue (TTM) (?)

0.74

Enterprise Value/EBIT (TTM) (?)

13.19

Enterprise Value/EBITDA (TTM) (?)

8.72


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.30

UK Pound

1

Rs.101.36

Euro

1

Rs.84.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.