OSEA-Building Up Momentum...HC for Free!-BUY

1

YEAR END DEC (LKR mn) 2011 2012E 2013E 2014E

Current Price (LKR)

Revenue 2,500 1,700 6,600 7,900 14

EBIT 613 704 774 1,161 Target Price (LKR)

Net Profit after Tax 2,600 1,100 1,300 2,300 18.1

EPS (LKR) 3.14 1.30 1.58 2.76 Recommendation

EPS Growth (%) 155 -141 18 43 BUY

EPS (Net of Revaluation Gain) 0.62 0.67 0.72 1.24 Date

Recurrent EPS Growth (%) 15 8 6 73 19-Dec-12

DPS 0.30 0.20 0.24 0.41

Dividend Yield (%) 2.1 1.4 1.7 3.0

PER (x) 4 11 9 5

NAV/Share (LKR) 24.4 25.6 27.1 29.6

Discount to NAV (%) (74) (83) (93) (112)

OSEA’s flagship WTC in Colombo features 95% occupancy at c.LKR 270psf on

average rentals. OSEA’s Havelock City (HC) mixed development on 17 acres in

Colombo has recommenced, with a target completion date of 2016. CAL

expects 2012-15E revenue Cagr of 67%, with c.70% of revenue for 2013 and

2014 coming via HC apartment sales. This translates into a recurrent 2012-15E

EPS Cagr of c.24%. OSEA’s c.74% deep discount to NAV stands out compared

to the regional peer average of c.37% and local premium of 2%. CAL expects

the discount to NAV to shrink as HC development visibility increases and

apartment sales are booked starting 1H2013. CAL’s end-2013E target price for

OSEA is LKR 18.1 (+29%), based on WTC FY13E reversionary rentals (c.40%

discount to current NAV/share): BUY

Timely Entry: Grade-A Colombo commercial occupancies are c.95% and

majority owner occupied, while prime retail space is non-existent. Further,

there is an imminent over-supply of residential space, with 80%+ of new

apartments priced >LKR 25mn (vs. c.70% of demand is for units <LKR

25mn). HC’s units are priced c.LKR 25mn.

Conservative Growth Assumptions: CAL’s forecast assumes c.64% of phase

II and III apartments to be sold and a 44% occupancy rate of commercial

space end-2015 with stable rents assured. OSEA has already sold 50% of its

Phase II project.

Upside of c.29% Possible: OSEA’s 2011 revenues were LKR 2.5bn, which

CAL expects to decrease to LKR 1.7bn in 2012E due to revenue recognition

policies. However, 2013E revenues should grow by c.280% YoY, translating

to a recurrent EPS of LKR 0.72. CAL expects discount to NAV to shrink to

30% of 2013E WTC reversionary NAV as HC development visibility

increases and apartments sales are recognized starting 1H2013. CAL’s

target price is LKR 18.1 (+29%): BUY

CAL Securities

Level 5, “Millennium House”,

No.46/58, Nawam Mawatha,

Colombo 2

Tel: +94 11 231 7786

Email: [email protected]

Purasisi Jinadasa

Overseas Realty (Ceylon) PLC [OSEA.N0000]

BUILDING UP MOMENTUM…HC FOR FREE! – BUY

REFER p.15 FOR DISCLAIMER

Market Capitalization (LKR): 12bn

Market Capitalization (USD): 90mn

1-year avg. Daily T/O (USD): 11k

Free Float: 17%

1-year Price H/L (LKR): 14.9/10

2

- c.5% of Sri Lanka households can afford a c.LKR 25mn apartment at present income levels - The Colombo property market leans heavily towards residential - Over-supply of residential space imminent, particularly luxury units (>LKR 30mn) - However, under-supply of commercial space in Colombo is an opportunity (c.1.4mn A-grade

sq.ft. as of 2011) - Colombo modern retail space also needs to catch-up to residential growth (current c.450k

sq.ft.)

- OSEA’s HC residential development to come in before the down-turn in demand - Assuming 10% down and no interim payments, the HC project is feasible on a 1.5x interest

coverage ratio - CAL sees potential +29% upside to LKR 18.1 by end 2013 based on WTC reversionary

rentals - Alternatively, using a target regional peer discount to NAV generates +23% price increase to

LKR 17.2 by end-2013 - Havelock City development to drive a c.67% 2012-15E revenue CAGR… - …based on conservative apartment sales (64% of phase II and III units sold by 2015E) - Higher margins are also likely if mismatches arise between sales and completion of

construction - Havelock City commercial and retail space to provide stability post 2015 - Although current rental yields are low (c.2% in 2011)… - …adjusted yield can expand to c.5% by 2013E - OSEA is down c.71% from its all-time high of LKR 24

- APPENDIX 1 – Reversionary Rental Yield Scenario Analysis (1.5x interest coverage ratio) - APPENDIX 2 – Income Statement - APPENDIX 3 – Balance Sheet - APPENDIX 4 – Cash Flow Statement

I. Over-supply of residential properties imminent, but

opportunity remains for commercial developments

II. HC comes in priced right for residential and timed

right for commercial

III. Appendices

3

I. OVER-SUPPLY OF RESIDENTIAL PROPERTIES IMMINENT, BUT

OPPORTUNITY REMAINS FOR COMMERCIAL DEVELOPMENTS

507 1,242

4,122

24,077

-

5,000

10,000

15,000

20,000

25,000

30,000

40% 40% 20% Top 5%

Ap

artm

en

t V

alu

e (

LKR

Th

sd)

Sri Lanka Population

Apartment Affordability Based on Income

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

1 4 7 10 13 16 19 22 25

LKR

Th

sd

Loan Period (in Years)

Monthly income of 200k Monthly income of 400k

Monthly income of 600k

Max loan: LKR 5.9mn

Max loan: LKR 11.7mn

Max loan: LKR 17.6mn

Source: CAL Estimates and Statistical and Census Department

c.5% of Sri Lanka households can afford a c.LKR 25mn

apartment at present income levels

c.5% of Sri Lanka households can afford an apartment >LKR 25mn based on a minimum down-payment of 30% of property value and c.USD 2,400/capita GDP Currently, c.70% of demand is for apartments within the

LKR 25mn range

Regular Bank Terms: - Maximum of 40% of household monthly income considered for installments - Loan interest rate is 16% fixed p.a. - Total loan is capped at 70% of property value

4

-

1

2

3

4

5

6

7

8

9

10

Commercial Space Retail Residential

Mill

ion

s sq

.ft.

Avg. sq.ft.=980

Avg. sq.ft.=91k Avg. sq.ft.=281k

9

4

-

2

4

6

8

10

12

14

Mill

ion

s sq

.ft.

Estimated Additional Space by 2015

Current Residential Space

The Colombo property market leans heavily towards

residential

Over-supply of residential space imminent, particularly

luxury units (>LKR 30mn)

The residential property market taken into consideration includes only apartments, while retail space consists of mall space. Opportunity remains to develop retail and commercial space to match the increase in residential property

Over the next few years, 80%+ of new units will be priced above LKR 30mn, leading to an over-supply. The ramp-up in apartment supply will require uptake by foreigners

Source: Company Reports and CAL Estimates

5

1.4

3.6

-

1

2

3

4

5

6

Commercial Space

Mill

ion

s sq

.ft.

A-Grade Rest

453k

644k

Current Additional Space by 2016

LKR/sq.ft.

Avg. Cost 200

Avg. Rent 270

Avg. Yield on New

Developments

7%

Occupancy rates of commercial space in Colombo is c.95% and majority is

owner dominated

However, under-supply of commercial space in Colombo is

an opportunity (c.1.4mn A-grade sq.ft. as of 2011)

Colombo modern retail space also needs to catch-up to

residential growth (current c.450k sq.ft.)

The additional space that we anticipate includes the Havelock City, Mustafa and Liberty shopping complexes. Total retail space within Colombo environs may increase by 42% in 2016 CAL expects real GDP/capita to reach

c.USD 3,000 in 2016

Expected real

GDP/Capita:

c.USD 3,000

Real

GDP/Capita:

c.USD 2,400


6

II. HC COMES IN PRICED RIGHT FOR RESIDENTIAL AND TIMED RIGHT

FOR COMMERCIAL

14% 26% 46% 64%

-

200

400

600

800

1,000

1,200

2011 2012E 2013E 2014E 2015E

Yearly Demand

Yearly Havelock City Units Sold and Cumulative %

Yearly Apartment Supply

(6)

(4)

(2)

-

2

4

6

8

10

12

14

2012E 2013E 2014E 2015E 2016E

LK

R M

illio

ns

Revenue IS CashFlow In ApartmentsCashFlow Out Apartments Cashflow Out CommercialCashflow In Commercial CF End of Period

Estimated Project Cashflows without Debt

OSEA’s HC residential development to come in before the

down-turn in demand

CAL expects demand for apartments to decline through 2015, as the majority of apartments below LKR 25mn come into the market (includes HC) HC has already sold 50% of the units under construction in its Phase II project (c.109 apartments) and we expect c.26% of units from its Phase II and III projects to be sold by end-2013 (c.200

apartments)

Assuming 10% down and no interim payments, the HC

project is feasible on a 1.5x interest coverage ratio

CAL assumes a 10% down payment, revenue recognition once 25% of construction is complete and no further interim payments till apartment hand-over (2014E for Phase II and 2016E for Phase III). OSEA can fund the project with a 1.5x interest coverage ratio on FY11 sustainable NOI of c.LKR 712mn (resulting debt of c.LKR 8.2bn and D/E of 40/60). OSEA’s 3Q2012 debt was c.LKR 2.3bn (D/E 12%) OSEA has c.LKR 1.8bn in cash and has the ability to draw low-cost funding

from its parent


7

LKR thsd 2011 2012E 2013E WTC

Leasable Area 583 583 583

Average psf 190 200 270

Yearly Revenue 1,063,392 1,329,240 1,794,474

Discount Factor 7% 7% 7%

Property Value 16,359,877 20,449,846 7,607,292

-Net Debt (999,744) (1,053,741) (7,729,291)

NAV/Share 18.2 23.0 23.6

Current Share Price LKR 14

Discount to NAV -30% -64% -68%

COMPANY COUNTRY - CURRENCY

NAV SHARE PRICE

(DISCOUNT)/PREMIUM TO NAV

Overseas Realty SL - LKR 23.5 14.0 (68%)

Asian Hotels & Properties SL - LKR 33.8 79.0 57%

AVERAGE (11%)

Agile Property Holdings HK - HKD 6.7 10.5 36%

Franshion Properties (China) Ltd HK - HKD 3.0 2.7 (10%)

Cheung Kong Holdings Ltd HK - HKD 138.6 116.7 (19%)

AVERAGE 2%

Hongkong Land Holdings Limited SG - USD 10.8 6.5 (66%)

Bukit Sembawang Estates Ltd SG - SGD 4.2 5.8 27%

Chip Eng Seng Corporation Ltd SG - SGD 0.6 0.5 (30%)

CapitaLand Ltd SG - SGD 3.5 3.5 0%

AVERAGE (17%)

PEER AVERAGE (8%)

Amcorp Properties Bhd MAL - RM 1.1 0.5 (139%)

Country Heights Holdings BHD MAL - RM 2.7 1.0 (167%)

Eastern & Oriental Bhd MAL - RM 1.2 1.6 27%

AVERAGE (93%)

Anant Raj Industries Ltd IND - RS 126.8 101.1 (25%)

Housing Development & Infrastructure Ltd IND - RS 239.5 114.5 (109%)

AVERAGE (67%)

REGIONAL AVERAGE (37%)

CAL sees potential +29% upside to LKR 18.1 by end 2013

based on WTC reversionary rentals

Alternatively, using a target regional peer discount to NAV

generates +23% price increase to LKR 17.2 by end-2013

A reversion to the peer average should provide a 1-year share price upside of 56% (LKR 21.8). A more conservative regional reversion should provide a 1-year share price upside of 23% (LKR 17.2).

CAL expects discount to NAV to shrink as visibility of the HC development increases and sales are booked


OSEA’s discount to

NAV in 2011 was

c.30%. Maintaining a

30% discount,

price/share could

adjust to LKR 18.1

(+29%) end-2013E,

based solely on

WTC reversionary

rent potential

8

847k

1,196k

1,768k 2,084k

3,440k

1,588k

487k

4,682k 5,728k

4,424k

57k 49k 127k 130k 135k

0%

20%

40%

60%

80%

100%

120%

2011 2012E 2013E 2014E 2015E

Rental Income Sale of Apartments Other Services

rEPS: 0.62 0.67 0.72 1.24 1.30

0%

10%

20%

30%

40%

50%

60%

70%

0

20

40

60

80

100

120

140

160

180

2012E 2013E 2014E 2015E

Apartments Sold (LHS) % of Total Apartments Sold (Phase II & III)

…based on conservative apartment sales (64% of phase II

and III units sold by 2015E)

Havelock City development to drive a c.67% 2012-15E

revenue CAGR…

50% of Phase II apartments are already sold. CAL expects 64% of total apartments being constructed in Phase II and III (c.498) to be sold by

2015

2012E recurrent

EPS is LKR 0.67

and should grow by

c.7% in 2013E to

LKR 0.72 (CAGR of

33% over 2012-15E)

CAL expects c.70% of revenue to come from apartment sales in 2013 and 2014 2015E total revenue should be flat YoY, as OSEA’s revenue mix shifts from a dependency on apartment sales to a steadier rental

income base


*rEPS: Recurrent Earnings/Share

9

555

737

923 931

1,235

1,836

2,256

29%

43%

37%

54%

19%

23%

28%

0%

10%

20%

30%

40%

50%

60%

-

500

1,000

1,500

2,000

2,500

2009 2010 2011 2012E 2013E 2014E 2015E

LKR

(Th

sd)

Gross Profit GP Margin

847

1,196

1,768

2,084

3,440

89% 90% 95% 98% 98%

44%

-10%

10%

30%

50%

70%

90%

110%

130%

150%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011 2012E 2013E 2014E 2015E

LKR

(Th

sd)

Rental Income (LHS) Occupancy at WTC Combined Occupancy at HC

Havelock City commercial and retail space to provide

stability post 2015

Rental income should start growing starting 2015 as HC’s commercial and retail space comes into the market (44% estimated combined occupancy by end-2015)

CAL has assumed conservative cost assumptions due to upcoming sales of apartments. However, higher GP margins may be likely if mismatches arise between when an apartment is constructed and sold (e.g. 2010 and

2012E)

Higher margins are also likely if mismatches arise between

sales and completion of construction


10

1.7% 2.4% 3.5% 4.1%

6.4%

11.2%

0.7% 0.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

FY2011 FY2012E FY2013E FY2014E FY2015E FY2016E

Initial Yield (MV Adjusted) Reversionary Yield Increment

1.7% 2.4% 3.5% 4.1%

6.4%

11.2%

1.6% 1.4%

1.3% 1.2%

1.8%

2.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

FY2011 FY2012E FY2013E FY2014E FY2015E FY2016E

Initial Yield (MV Adjusted) Reversionary Yield Increment


Although current rental yields are low (c.2% in 2011)…

…adjusted yield can expand to c.5% by 2013E

CAL has assumed a conservative c.40% in direct costs, resulting in a yield of 2.8% in 2012E at current market values, due to the lack of debt Post-2014, CAL expects a significant uplift in yields due to HC’s commercial and

retail space

At current market values, OSEA’s 2011 sustainable NOI is c.LKR 712mn. Assuming OSEA maintains an interest coverage ratio of 1.5x going forward, yields can top 5% in 2013E (operating costs maintained at 40% of pro

forma rent)

11

60

65

70

75

80

85

90

95

100

105

110

12/16/2011 4/16/2012 8/16/2012 12/16/2012

Ind

ex

Bas

e=1

00

ASI OSEA

Market Cap (USD): 90mn 1 Year Avg. Daily T/O (USD): 11k 1 Year Price H/L (LKR): 14.9/10 Free Float: 17% Current Price (LKR): 14

OSEA is down c.71% from its all time high of LKR 24

CAL expects lost interest in OSEA to fade away once visibility of its HC development project increases Wider interest should commence during 2H2013 as a result of recognizing sales of apartments which

occurred during 2012


12

III. APPENDICES

Rental Revenue in 2013E

LKR (thsd)

1,591,100

1,679,495

1,767,889

1,856,284

1,949,098

Dir

ect

Co

sts

% o

f

Re

nta

l

20% 5.7% 6.0% 6.3% 6.7% 7.0%

30% 5.0% 5.3% 5.6% 5.8% 6.1%

40% 4.3% 4.5% 4.8% 5.0% 5.2%

50% 3.6% 3.8% 4.0% 4.2% 4.4%

60% 2.9% 3.0% 3.2% 3.3% 3.5%

LKR thsd 2011 2012E 2013E 2014E 2015E

Rental Income 847,121 1,196,316 1,767,889 2,084,248 3,439,932

Sale of Apartments 1,587,516 487,143 4,682,477 5,728,031 4,424,443

Other Services 56,627 48,568 126,990 130,113 134,904

Total Revenue 2,491,264 1,732,027 6,577,356 7,942,392 7,999,279

Direct Operating Expenses & Cost of Apartment Sales

(1,568,368) (800,614) (5,342,519) (6,106,171) (5,743,749)

Gross Profit 922,896 931,413 1,234,837 1,836,222 2,255,530

Fair Value Gain on Investment Property

2,122,860 528,000 731,035 1,288,632 1,492,470

Administration Expenses (236,102) (173,203) (394,641) (555,967) (479,957)

Marketing & Promotional Expenses

(73,946) (53,878) (65,774) (119,136) (79,993)

Finance Costs (109,290) (422,436) (141,416) (279,646) (296,732)

Finance Income 105,782 389,829 86,111 336,659 (104,671)

Profit Before Tax 2,732,200 1,199,726 1,450,152 2,506,762 2,786,647

Income Tax Expense (25,257) (10,363) (14,420) (12,534) (21,905)

Profit After Tax for the Year

2,706,943 1,189,362 1,435,732 2,494,229 2,764,742

Minority Interest (60,018) (92,770) (100,501) (162,125) (179,708)

Profit 2,646,924 1,096,592 1,335,231 2,332,104 2,585,034

EPS 3.14 1.30 1.58 2.76 3.06

Recurrent EPS 0.62 0.67 0.72 1.24 1.30

APPENDIX 2 – Income Statement


APPENDIX 1 – Reversionary Rental Yield Scenario Analysis (1.5x

interest coverage ratio)

CAL has maintained direct costs at c.40%; however, continuous reduction in costs can improve yields

to +6% in 2013E

13

LKR thsd 2011 2012E 2013E 2014E 2015E

ASSETS

Non-Current Assets

Investment Property 17,884,033 18,412,033 19,143,069 20,431,700 21,924,171

PP&E 394,912 440,878 506,763 600,358 732,482

Intangible Assets 25,709 22,127 18,545 14,964 11,382

Investments in Subsidiaries - - - - -

Current Assets

Inventories 3,167,476 4,191,505 5,393,432 10,881,078 16,158,544

Trade and Other Receivables 1,517,096 1,575,685 10,239,937 4,994,363 11,605,596

Amounts due from Related Parties 24,999 24,999 24,999 24,999 24,999

Income Tax Recoverable - - - - -

Short term Investments 315,261 315,261 315,261 315,261 315,261

Cash Balances 1,881,603 4,552,271 757,952 5,330,420 -1,688,608

TOTAL ASSETS 25,211,088 29,534,760 36,399,958 42,593,143 49,083,826

EQUITY AND LIABILITIES

Equity Holders

Stated Capital 10,186,085 10,186,085 10,186,085 10,186,085 10,186,085

Revaluation Reserve 164,664 164,664 164,664 164,664 164,664

Retained Earnings 9,266,061 10,198,164 11,333,110 13,315,399 15,254,174

Minority Interest 963,129 1,055,899 1,156,400 1,318,525 1,498,233

Non-Current Liabilities

Interest Bearing Loans and Borrowings 245,817 2,975,817 5,710,413 6,022,134 8,914,592

Non-interest Bearing Loans - - - - -

Post-employment Benefit Liability 23,128 25,925 29,061 32,576 36,516

Current Liabilities

Trade and Other Payables 615,262 1,116,905 2,122,948 2,375,139 2,646,108

Rental and Customer Deposits 1,088,412 991,504 2,697,210 3,244,424 3,791,089

Amounts due to Related Parties 9,442 9,442 9,442 9,442 9,442

Interest Bearing Loans and Borrowings 2,635,530 2,635,530 2,780,004 5,564,604 5,926,329

Non-interest Bearing Loans 844 - - - -

Income Tax Payable 10,335 10,335 10,335 10,335 10,335

Dividends Payable 2,380 164,489 200,285 349,816 646,259

TOTAL EQUITY AND LIABILITIES 25,211,088 29,534,760 36,399,958 42,593,143 49,083,826

APPENDIX 3 – Balance Sheet


14

LKR thsd 2011 2012E 2013E 2014E

Cash Flow from Operating Activities

Net Profit/loss Before Tax 2,732,200 1,199,726 1,450,152 2,506,762

Adjustments:

Depreciation Charge 10,871 9,967 10,792 11,700

Depreciation Capitalized 2,587 - - -

Amortization of Intangible Assets 5,508 4,740 4,740 4,740

Post-Employment Benefit Expense 4,767 5,344 5,990 6,715

Exchange (Gains)/Losses 39,815 337,243 136,500 275,730

Finance Cost 109,290 422,436 141,416 279,646

Finance Income (105,782) (389,829) (86,111) (336,659)

(Profit)/Loss on Sale of PP&E (3,508) - - -

Fair Value (Gain)/Loss on Investment Property

(2,122,860)

(528,000)

(731,035)

(1,288,632)

Operating Profit/(Loss) before WC Changes 672,888 1,061,627 932,445 1,460,004

(Increase)/Decrease in Amounts due from Related Parties 27,668 - - -

(Increase)/Decrease in Trade and Other Receivables (270,187) (58,589) (8,664,252) 5,245,574

Increase/(Decrease) in Rental and Customer Deposits 614,566 (96,908) 1,705,706 547,214

(Increase)/Decrease in Inventories 813,644 (1,024,029) (1,201,927) (5,487,646)

Increase/(Decrease) in Trade and Other Payables (200,266) 501,643 1,006,043 252,190

Increase/(Decrease) in Amounts due to Related Parties 97 - - -

Cash Generated from/(Used in) Operations 1,658,410 383,744 (6,221,985) 2,017,337

Income Tax Paid (13,504) (10,363) (14,420) (12,534)

Finance Cost Paid (109,290) (422,436) (141,416) (279,646)

Defined Benefit Plan Cost Paid (2,272) (2,547) (2,855) (3,200)

Net Cash Generated from/(Used in) Operating Activities 1,533,345 (51,602) (6,380,676) 1,721,957

Cash Flow from Investing Activities

Proceeds from Sale of PP&E 3,508 - - -

Acquisition of Intangible Assets (1,346) (1,159) (1,159) (1,159)

Acquisition of PP&E (148,986) (59,538) (81,533) (111,975)

Acquisition of Investment - - - -

Investment in Short term Deposits (315,261) (315,261) (315,261) (315,261)

Finance Income 105,782 389,829 86,111 336,659

Net Cash from/(Used) in Investing Activities (356,303) 13,872 (311,841) (91,736)

Cash Flow from Financing Activities

Repayment of Interest Bearing Loans and Borrowings (50,004) (2,635,534) (2,780,004) (5,564,604)

Loans Obtained - 5,514,600 5,876,325 8,818,787

Repayment of Non-interest Bearing Loans and Borrowings (1,125) (844) - -

Dividends Paid (252,479) (164,489) (200,285) (349,816)

Net Cash Flow from Financing Activities (303,608) 2,713,733 2,896,036 2,904,368

Net Increase/(Decrease) in Cash and Cash Equivalents 873,434 2,676,004 (3,796,481) 4,534,589

Cash and Cash Equivalent at the Beginning of the Year 1,008,168 1,881,603 4,557,606 761,126

Cash and Cash Equivalent at the End of the Year 1,881,603 4,557,606 761,126 5,295,715

APPENDIX 4 – Cash Flow Statement


15

This document has been prepared and issued on the basis of publicly available information, internally developed

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warrant its completeness or accuracy. Opinions and estimates given constitute a judgment as of the date of the

material and are subject to change without notice. This report is not intended as an offer or solicitation for the

purchase or sale of any financial instrument. The recipient of this report must make their own independent

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DISCLAIMER

16

Contacts

Research Team

Tel No: +94 11 231 7777 (General)


Purasisi Jinadasa

Tel No: +94 11 231 7786


Udeeshan Jonas

Tel No: +94 11 231 7746


Reshan Wediwardana


Irandi Panditha


Dushan De Silva


Date post:	28-Apr-2015
Category:	Documents
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