MIRA INFORM REPORT

 

 

Report No. :

322337

Report Date :

21.05.2015

 

IDENTIFICATION DETAILS

 

Name :

RICHARD PIERIS EXPORTS PLC

 

 

Registered Office :

310, High Level Road, Nawinna, Maharagama

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.06.1983

 

 

Com. Reg. No.:

PQ 147

 

 

Legal Form :

Limited Liability Public Company

 

 

Line of Business :

Subject is Manufacture and export of rubber based products and manufacture of fillers for the rubber industry

 

 

No. of Employee :               

300 (Richard Pieris Group approx. 30,000)

 

 

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 :

No complaints

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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. 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. 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, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

 

Source : CIA

GENERAL

 

Basic information at a glance

     

a.

Name of Subject of Inquiry

:

 

RICHARD PIERIS EXPORTS PLC

 

b.

Legal Form  & Status

:

A quoted Limited Liability Public Company, incorporated under the Companies Act No.17 of 1982 (In Operation)

c.

Chairman 

:

Dr Sena Yaddehige

d.

Primary Line of Business

:

Manufacture and export of rubber based products and manufacture of fillers for the rubber industry

e.

Head Office

:

 

 # 310, High Level Road,

Nawinna,

Maharagama

 

Tel. No: (00 94 11) 431 0500/ 483 4150 / 483 4155

Fax No: (00 94 11) 223 6914

 

E-Mail: info@arpicorubber.com

               rpe@arpico.com

 

f.

Factory

:

 

# 10, Raja Mawatha,

Ekala,

Ja Ela.

 

Tel. No: (00 94 11) 483 4150

Fax. No:(00 94 11) 223 6914

 

g.

No. of Employees

:

Approximately 300 (Richard Pieris Group approx. 30,000)

           

 

COMPANY DETAILS 

 

Registration and Shareholder Details

 

a.

 

Registration No

:

N (PBS) 59

Date of Registration

:

30th June 1983

b,

Re-registration No

:

PQ 147

Date of Re-registration

:

12th May 2008

c.

Registered Office

:

# 310, High Level Road, Nawinna, Maharagama

d.

Board of Directors

As At

14th July 2014

:

Dr Sena Yaddehige

Chairman/Managing Director

J. H. P. Ratnayeke

  Director

Shaminda Yaddehige

Director

Sunil Shantha Gotabhaya Liyanage

Director

W.J.V. Praxidus Perera

Director

W. Rukmal Abeysirigunawardena

Director

Kumar Abeysinghe

Director

L.M. Keerthi Tillekeratne

Director

Anjelo Maharajah Patrick

Director

e.

Total No. of Issued Shares

:

  11,163,745

f.

Stated Capital

:

Rs. 220,262,000.00

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007.

 

 

COMPANY DETAILS

 

Registration and Shareholder Details -  (Cont/d….)

 

h.

 

Major Share Holders

As At

31st March 2014

 

(Total No. of Shareholders-1,443)

:

Major Share Holders

No. of

Shares

Richard Pieris and Company PLC

8,959,997

Trading Partners ( Pvt) Ltd

317,119

T R L Holdings(Pvt) Ltd

220,000

T.R.L. Perera

190,000

D.F.G. Dalpethado

186,924

Employees Trust Fund Board

123,309

M.M. Fuad

58,689

Kalday Private Limited

53,399

i.

Auditors

:

M/s. Kreston MNS & Company

# 181 3/1, Union Place, Colombo 02

j.

Lawyers

:

M/s. Paul Ratnayeke Associates

k.

Company Secretaries

:

Richard Pieris Group Services (Pvt) Ltd

# 310, High Level Road, Nawinna, Maharagama

l.

Bankers

:

Hongkong & Shanghai Banking Corporation Limited, Hatton National Bank, Sampath Bank, Bank of Ceylon, People’s Bank, National Development Bank, State Bank of India

 

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

New Picture

 

 

 

 

FINANCIAL DETAILS

 

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

 

New Picture (1)

 

 

CURRENT INVESTIGATION

 

 Company Logo                                                          

New Picture (1)

                                                    

·         History.

 

The Subject Company RICHARD PIERIS EXPORTS PLC is a Public Limited                               Liability Company incorporated on 30th June 1983 under the registration number N (PBS)   

                  59 and then the company has been re-registered on 12th May 2008 under the registration  

                  Number PQ 147.

 

With the introduction of the new company’s Act No. 7 of 2007 on 3rd of May 2007, the abbreviation of the suffix in the company’s name has been changed from ‘LTD’ to ‘PLC’. Accordingly RICHARD PIERIS EXPORTS LTD has been re-named as “RICHARD PIERIS EXPORTS PLC” from the date.

 

                  The Parent Company of the subject Company is RICHARD PIERIS & COMPANY PLC.

 

RICHARD PIERIS EXPORTS PLC’s Subsidiary Companies are:

 

* Richard Pieris Natural Foams Limited

* Arpico Natural Latexfoams (Pvt) Ltd

* Micro Minerals (Pvt) Ltd

 

Associate Company – Arpitalian Compact Soles (Pvt) Ltd

 

 

Location

 

The Subject Company’s Head Office is located at the client # 310, High Level Road, Nawinna, Maharagama, approx. 15 kilo meters from Colombo.

 

                  Richard Pieris Export PLC  is in a   Land with 640 Perches and the Building with Sq.Ft

                  73190. The Market value estimated as Rs. 209 million.

 

 

Operational Details.

 

General

                  The subject company primary line of business is Manufacture and export of rubber based products and manufacture of fillers for the rubber industry

 

Products

                  Industry Mat, Sports & Leisure Mats, Fire Retardant Mat, Food Service Mats, Entrance Mat,  

                 Crutch Tips, Agricultural Mat, Shoe Soles, Playground Mat, Pillow, Mattress, of rubber mats,  

                     Jar sealing rings and small moulded products

rubber_1 rubber_3
shoe_soleimage
 

 

 

 

 

 

 


                 

 

 Products are marketed through their Group’s supermarkets and franchise dealers island wide.

 

Export Countries

 

                  Europe, USA and Asia, Pacific regions

Australia, Austria, Bangladesh, Canada, Czech Republic, France, Germany, Hongkong, India, Indonesia, Israel, Italy, Japan, Kuwait, Netherlands, New Zealand, Nigeria, Norway, Pakistan, Peru, Singapore, Spain, South Africa, South Korea, Sweden, Taiwan, Turkey, UAE, UK, USA, Vietnam  

 

Customer : Richard Capris

 

Supplier : Multi Form Exports

 

 

No of Employees

 

                 Approximately 300 (Richard Pieris Group approx.30, 000)

 

 

Trade references

 

The subject company (Group) is a well known business conglomerate in Sri Lanka.

 

 

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.

 

 

INFORMATION PARTED BY

 

Name :

Madam Shanika

Designation :

Accountant

Contact No.:

009411-4310500

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.87

UK Pound

1

Rs.98.89

Euro

1

Rs.70.73

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

 

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.