MIRA INFORM REPORT

 

 

Report Date :

11.01.2014

 

IDENTIFICATION DETAILS

 

Name :

INTERMART PRINTERS (PVT) LTD

 

 

Formerly Known as: 

MILLENIUM PRINTERS (PVT) LTD

 

 

Registered Office :

# 20, Hyde Park Corner, Colombo – 2

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

19.07.1999

 

 

Com. Reg. No.:

PV 12389

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Engaged in Printing of cartons, books, leaflets, calendars, posters, Brochures, Corporate Annual Reports, Magazines and catalogues.

 

 

No. of Employees :

Approximately 150

 

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

GENERAL

Basic information at a glance

     

Name of Subject of Inquiry

:

INTERMART PRINTERS (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company    (In operation)

Managing Director

:

W. A. Athula Silva

Primary Line of Business

:

Printing and Packaging

Head Office

&

Places of Business

 

:

 

# 20, Hyde Park Corners,

Colombo -2

Sri Lanka.

 

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

Fax No: (00 94 11) 230 4596

 

E mail : info@intermart.lk

Factory

:

 

No.112, Pattiwila Road,

Kelaniya,

Sri Lnka.

 

Tel. No: (00 94 11)  488 7234 /35 /36

               (00 94 11)  433 3000

 

Fax No: (00 94 11)  474 1684

 

No. of Employees

:

Approximately 150

 

          

COMPANY DETAILS 

Registration and Shareholder Details

 

Registration No

:

N (PVS) 24105

Date of Registration

 

19th July 1999

Re-registration No

:

PV 12389

Date of Re-registration

 

19th  March 2009

Registered Office

:

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

Board Of Directors

As At

14th  January  2013

:

W. A. Athula Silva

Managing Director

S. A. Gunawardena

Director

C. P. Gunawardena

Director

A. Giritharan

Director

N. R. Kalupahana

Director

Issued Share Capital

:

Rs.         28,000,000.00

Nominal Value of Share

:

Rs.                       10.00

Major Share Holders

As At

14th January 2013

:

 Share Holders

No of Shears

W. A. Athula Silva

500,000

S. A. Gunawardena

500,000

C. P. Gunawardena (Ms)

500,000

A. Giritharan

500,000

N. R. Kalupahana

100,000

A. Sukumaran

200,000

Intermart Consolidated (Pvt) Ltd

500,000

Secretaries

:

C. P. Gunawardena (Ms)

Auditors

:

Jayasinghe & Company

Bankers

:

Hatton National Bank PLC, HSBC, Commercial Bank PLC, Bank of Ceylon

 

 

FINANCIAL DETAILS

Most recent available Financial Information

 

Income Statement as at 31st March

  

 

Year ended

31st March 2012

Rs. Cts.

Year ended

31st March 2011

Rs.

A

Revenue

:

240,007,679.16

401,906,619

B

 Cost of Sales

:

(186,809,908.26)

(301,310,180)

C

Gross Profit

:

53,197,770.90

100,596,439

D

Other Income

 

1,540,870.79

1,154,850

E

Profit Before Operating Expenses

 

54,738,641.69

101,751,289

E

Administration Expenses

:

(31,666,431.83)

(30,879,175)

F

Distribution Expenses

:

(6,867,746.64)

(8,366,304)

G

Other Operating Expenses

 

(1,033,993.01)

(10,365,024)

H

Profit/(Loss) from  Operating activities

:

15,170,470.21

52,140,786

I

Financing Expenses

:

(9,713,143.74)

(8,923,433)

J

Net Profit / (Loss) before Tax

:

5,457,326.47

43,217,352

K

Income Tax (expenses)                                                                                                                  

:

(668,864.60)

(10,267,659)

L

Net Profit / (Loss) After Tax:

:

4,788,461.87

32,949,693

 

Balance Sheet as at 31st march

                                                                 

 

Year ended

31st March 2012

Rs. Cts.

Year ended

31st March 2011

Rs.

a)

Non-current Assets

:

71,394,007.67

88,063,224

b)

Current Assets

:

248,992,441.22

256,885,072

c)

Current Liability

:

45,440,077.30

45,033,295

d)

Non-current liability

:

5,331,216.80

4,851,141

e)

Total Liabilities

:

50,771,294.10

49,884,436

f)

Total Assets

:

320,386,448.89

344,948,296

g)

 

Net Worth

 

:

269,615,154.79

                             295,063,860

 

                                                                 

CURRENT INVESTIGATION                      

 

·         History.

                   The Subject Company INTERMART PRINTERS (PVT) LTD is a Private Limited   liability Company

          incorporated on 19th July 1999 under registration number N (PVS) 24105 and the company was re-     

registered on 19th March 2009 under registration number PV 12389, in terms of companies Act #7  of 2007.

 

The subject company has been initially registered as MILLENIUM PRINTERS (PVT) LTD and name of the company was changed to INTERMART PRINTERS (PVT) LTD on 01st April 2003.

 

Note:

The word “Printing” in the client given subject name should be corrected read as “Printers”.

 

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

 

·         Location.

 

The Subject Company is located at the client # 20, Hyde Park Corner, Colombo – 2, Sri Lanka. The Factory address is #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 printing and packaging

 

Products

Printing of cartons, books, leaflets, calendars, posters, Brochures, Corporate Annual Reports, Magazines and catalogues.

 

 

Box boards cartons           Brochures                            Company annual reports

      

 

Subject claims to have obtained the following certifications:

 

 

 

Importing Countries

 Raw materials, such as papers, boards, printing ink imported from India, China

 

Employees

                  Approximately 150

 

 

Directors’ Details

01)

Name

W. A. Athula Silva

ID Number

451441850 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

23rd May 1945

Age

67 Years

 

 

02)

Name

S. A. Gunawardena

ID Number

481663539 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

14th June 1948

Age

64 Years

 

03)

Name

C. P. Gunawardena

ID Number

566081089 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

17th April 1956

Age

56 Years

 

04)

Name

A. Giritharan

ID Number

660081089 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

08th January 1966

Age

46 Years

 

05)

Name

N. R. Kalupahana

ID Number

430710435 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

11th March 1943

Age

69 Years

 

·         Financial Data

Financials for the years 2011 and 2012 are attached.

 

·         Trade references

                   Sri Lanka Association of Printers

                   Akbar Brothers (PVT) Ltd.

                   Finlays Tea Solutions Colombo (Pvt) Ltd

                   MJF Teas (Pvt) Ltd

                   Fonterra Brands Lanka (Pvt) Ltd

                 

·         Credit Recommendations

                    Since no financial information has been forthcoming from the company, it is not possible to comment  on the merits or otherwise of the company.

 

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.

 

ANALYSIS & RATING

Appraisal and Rating of Subject Company

 Rating:

a) Business Scale        

Medium

b) Business Trend

Growing

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Competitive

                                   

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.