MIRA INFORM REPORT

 

 

Report Date :

10.01.2014

 

IDENTIFICATION DETAILS

 

Name :

INTERMART EXPORTS (PVT) LTD

 

 

Registered Office :

# 20,Hyde Park Corners, Colombo -2

 

 

Country :

Sri Lanka.

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

28.09.2006  

 

 

Com. Reg. No.:

PV 12343

 

 

Legal Form :

Private Limited Liability Company   

 

 

Line of Business :

Manufacture & Export of Printing on board, paper, flexible film offset

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

a.

Name of Subject of Inquiry

:

 

INTERMART EXPORTS (PVT) LTD

 

 b.

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

c.

Chairman

:

W. A. Athula Silva

d.

Primary Line of Business

:

 

Manufacture & Export of Printing on board, paper, flexible film offset

 

e.

Head Office

&

Place of Business

 

:

 

# 20,Hyde Park Corners,

Colombo -2

Sri Lanka.

 

Tel. No: (00 94 11) 233 2188 / 244 6415

Fax. No: (00 94 11) 230 4596

 

E-mail: info@intermart.lk 

 

Factory

:

 

# 112, Pattiwila Road,

Kelaniya,

Sri Lnka.

 

Tel. No: (00 94 11) 488 7234 - 6

Fax. No: (00 94 11) 474

 

f.

No. of Employees

:

Not Disclosed

 

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 47972

Date of Registration

 

28th  September 2006

b.

Re-registration No

:

PV 12343

Date of Re-registration

 

18th  March 2009

c.

Registered Office

:

# 20, Hyde Park Corner, Colombo – 2, Sri Lanka.

d.

Board Of Directors

As At

14th January 2013

:

W. A. Athula Silva

Chairman

S. A. Gunawardena

Director

C. Priyadarshani

Director

A. Giritharan

Director

N. R. Kalupahana

Director

 

Registration and Shareholder Details Count….

 

f.

Issued Share Capital

:

Rs.         40,000,000.00

g.

Nominal Value of Share

:

Rs.                       10.00

h.

Share Holders

As At

14th January 2013

:

 Share Holders

No of Shears

W. A. Athula Silva

250,000

S. A. Gunawardena

250,000

C. Priyadarshani

300,000

A. Giritharan

700,000

Intermart Printers (Pvt) Ltd

1,500,000

Intermart Consolidated (Pvt) Ltd

900,000

N.R. Kalupahana

100,000

i.

Secretaries

:

C. P. Gunawardena

j.

Auditors

:

Jayasinghe & Company

k.

Bankers

:

 

Commercial Bank, Hatton National Bank, HSBC

 

 

 

Director’s Details

 

1)

Name

W. A. Athula Silva

ID Number

451441850 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd May 1945

Age

68 Years

Address

No.27/6A, Park Lane, Rajagiriya, Sri lanaka

 

2)

Name

S. A. Gunawardena

ID Number

481663539 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th June 1948

Age

65 Years

Address

No.146/6A, Dutugamunu Street, Kohuwala Sri lanaka

 

 

3)

Name

C. Priyadarshani

ID Number

566081970 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

17th April 1956

Age

57 Years

Address

No.146/6A, Dutugamunu Street, Kohuwala Sri lanaka

 

 

4)

Name

A. Giritharan

ID Number

660081089 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

08th January 1966

Age

47 Years

Address

No.297 1/1, George R. De Silva Mawatha, Colombo – 13,  Sri lanaka

 

 

5)

Name

N. R. Kalupahana

ID Number

430710435 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th March 1943

Age

70 Years

Address

No.21, Sagara Lane, 02, Moratuwa, Sri lanaka

 

 

FINANCIAL DETAILS 

 

Most recent available Financial Information

 

      Income Statement as at 31st March (All Amounts Are In Sri Lanka Rupees)

 

 

Year Ended

31st March 2012

Rs.

Year Ended

31st March 2011

Rs.

A

Revenue

:

761,625,225.11

510,593,432

B

 Cost of Sales

:

(574,040,903.03)

(366,820,057)

C

Gross Profit

:

187,584,322.07

143,773,374

D

Other Income

 

1,472,993.66

279,326

E

Profit Before

 

189,057,315.74

144,052,701

E

Administration Expenses

:

(15,373,125.10)

(7,301,293)

F

Distribution Expenses

:

(10,441,755.07)

(4,280,360)

G

Other Operating Expenses

 

(6,831,488.35)

(4,954,383)

H

Profit Loss From Activities

 

156,410,947.22

127,786,655

G

Financing (cost)/Income

:

(13,998,130.40)

(9,888,513)

H

Net Profit / (Loss) before Tax

:

142,412,816.82

117,898,152

I

Income Tax (expenses)/  

Release                                                                                                                   

:

(41,367.14)

-

J

Net Profit / (Loss) After Tax:

:

142,371,449.67

117,898,152

 

 

FINANCIAL DETAILS - Most recent available Financial Information (Cont/d….)

 

Balance Sheet as at 31st March (All Amounts Are In Sri Lanka Rupees)

                                                           

 

Year Ended

31st March 2012

Rs.

Year Ended

31st March 2011

Rs.

a)

Non-current Assets

:

328,494,735.62

302,521,807

b)

Current Assets

:

378,399,373.82

231,283,648

c)

Current Liability

:

290,691,085.82

269,330,391

d)

Non-current liability

:

119,656,891.62

110,300,382

e)

Total Liabilities

:

410,347,977.44

379,630,773

f)

Total Assets

:

706,894,109.44

533,805,455

g)

 

Net Worth

 

:

296,546,132

154,174,682

                                                                

 

CURRENT INVESTIGATION                      

 

History.

 

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

 

There are two other companies in the Intermart Group such as; “Intermart Consolidated (Pvt) Ltd” and “Intermart Printers (Pvt) Ltd

 

Location.

 

The Subject Company’s head office is located at the client # 20, Hyde Park Corner, Colombo – 2, Sri Lanka. Factory of the Subject Company is located at No.112, Pattiwila Road, Kelaniya, a business cum residential area on the Colombo-Kandy Highway 1, approx. 15 kilo meters  north-east of Colombo city.

 

 

Operations Details.

 

General

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

 

Products

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

 

Country

India, China.

 

Employees

Not Disclosed.

 

 

Financial Data

 

Obtained from company

 

 

Trade references

 

Not Available

 

 

Credit Recommendations

 

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.18

UK Pound

1

Rs.102.31

Euro

1

Rs.84.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.