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MIRA
INFORM REPORT
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Report No. : |
493747 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
C I C HOLDINGS PLC |
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Registered Office : |
# 199, Kew
Road, Colombo 02 |
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Country : |
Sri Lanka |
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Financials (as on) : |
2017 |
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Date of Incorporation : |
12.05.1964 |
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Com. Reg. No.: |
PQ 88 |
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Legal Form : |
Public Quoted Company with Limited Liability |
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Line of Business : |
Importers and Distributors of Chemicals and Pharmaceutical Items & Holding company for C I C Group companies |
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No. of Employees : |
2000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.
In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.
Tourism has experienced strong growth during recent years following the resolution of the government's 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.
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Source
: CIA |
Company Profile
Basic Information
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a. |
Name of Subject of Inquiry |
C I C HOLDINGS PLC |
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b. |
Legal Form & Status |
Public Quoted Company with Limited Liability
(In Operation) |
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c. |
Chairman
Managing Director |
Mr Amarasekara Shiran Harsha Mr R Samantha Pradeep Samarawickrama |
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d. |
Primary Line of Business |
Importers and Distributors of Chemicals and
Pharmaceutical Items & Holding company for C I C Group companies |
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e. |
Principal Place of Business |
# 199, Kew
Road, Colombo 02 Sri Lanka. Tel. No: (00
94 11) 2328421 / 2359359 Fax. No: (00 94 11) 2446922 E-Mail: cicho@cic.lk /
info@cic.lk Web Site: http://www.cic.lk |
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f. |
Employees |
2000+ Approximately |
Company Details
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a. |
Registration
No |
PBS 465 |
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Date
of Registration |
12th May 1964 |
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b. |
Re-registration
No |
PQ 88 |
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Date
of Re-registration |
21st November 2007 |
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c. |
Registered
Office |
# 199, Kew Road, Colombo 02, Sri Lanka. |
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d. |
Director Board / Ownership As At 31st
December 2017 |
Amarasekara Shiran Harsha |
Director |
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Samantha Pradeep Samarawickrama Ranatunga |
Managing
Director |
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Captain Rusi Sohli |
Director |
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Enderby Steven Mark |
Director |
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S Fernando |
Director |
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M P Jayawardena |
Director |
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P R Saldin |
Director |
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e. |
Sated
Share Capital |
Ordinary Shares |
Non-Voting Class x |
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LKR 729,000,000.00 |
LKR 218,700,000.00 |
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f. |
No.
of Shares |
72,900,000 |
21,870,000 |
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g. |
Preferential
Shares |
NA |
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h. |
Nominal
Value of Share |
LKR 10.00 |
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i. |
Auditors |
K
P M G #
32 A, Sir Mohamed Macan Marcar Mawatha, P O Box 186, Colombo 03, Sri Lanka. |
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j. |
Company
Secretaries |
Ruwanpura Priyanthi De Silva # 81, Isipathana Mawatha, Colombo 05, Sri
Lanka. |
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k. |
Main
Bank/s |
Bank of Ceylon, Citi Bank, Commercial Bank,
Hatton National Bank PLC, Nations Trust Bank PLC, Peoples Bank, Standard
Chartered Bank, Seylan Bank PLC, |
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l. |
Present
Value / Share |
LKR 58.00 |
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m. |
All
time High All time Low |
LKR 325.00 LKR 22.75 |
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n. |
Public
Quoted Date |
1964 |
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Shareholders
- Refer Attached Document
FINANCIAL DETAILS
- Most recent available Financial Information Refer Attached Document
CURRENT INVESTIGATION
CIC
Nurturing Life
Company Logo
- History.
The subject company was initially formed on 24th June 1999
under N (PVS) 32935 under the Companies Act of Sri Lanka. The subject company
was subsequently Re-registered on 19th December 2008 under PV 10347 under the
Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.
NAME CHANGE : Chemical Industries Colombo PLC changed on
14th January 2011 to C I C
Holdings PLC
Caption
Chemical Industries (Colombo) Limited (initially a part of
Imperial Chemical Industries-UK), was incorporated in 1964 as a supplier of
high-quality chemical products for the local market. We are now known as CIC
Holdings PLC, one of Sri Lanka's leading conglomerates, and over the years have
become a household name through our many ventures.
We were at the beginning a company that manufactured
locally produced paints and pipes used for agriculture. Our business expansions
have taken us into several key industries in the country. While a large part of
these are in the Agri Produce and Crop Solutions sectors, we also have a
presence in the Health & Personal Care, Livestock Solutions and Industrial
Solution sectors.
Our success owes itself to our drive to innovate and this
has enabled us to re-align and re-position ourselves in sectors that show high
growth. This has led us to venture into export markets, being a supplier of
Agri Produce such as rice, bananas, and fresh vegetables and some Industrial
and Crop solution products.
- Operational
Details.
General
The subject company, a large scale business conglomerate in
Sri Lanka is a company doing well in its business activities and segments. The
company has a very good reputation and is among the top 10 companies in Sri
Lanka. The company is a diversified entity with many business segments in
various industries mainly concentrating on the Agricultural sector of the
Island
Products & Services
* Fertilizers
* Animal
Feeds and Hatchery
* Vet
care Products
* Natural
Healthcare Products, Ayurveda Pharmaceuticals, Herbal Cosmetics &
Nutraceuticals, Baby care
* Polyethylene
Terephthalate Containers
* Agrochemicals
* Water
Treatment, Liquid Effluent Treatment & Purification of Water
* Managing
Agents-Plantations
* Writing
Instruments
* Paints
and Surface Coatings
* Repacking
and Ancillary Services to the Group
* Trading
in Computers, Peripherals and Services
* Resorts,
Farms etc..
Employees
2000+ Approximately
Export
Countries
Maldives,
Singapore, Middle East Countries
Import Countries
India,
UK, USA, China, Taiwan, Malaysia, Germany, France, Australia, New Zealand
Associate /
Subsidiary Companies
•Chemanex
PLC
•CIC
Agri Business (Pvt) Ltd
•CIC
Feeds (Pvt) Limited
•CIC
Vetcare (Pvt) Limited
•Link
Natural Products (Pvt) Limited
•CISCO
Speciality Packaging (Pvt) Limited
•CIC
Cropguard (Pvt) Limited
•CIC
Environmental Management Liquid (Pvt) Limited
•Crop
Management Services (Pvt) Limited
•Colombo
Industrial Agencies Limited
•CIC
Paints (Pvt) Limited
•Dev-Fern
(Pvt) Limited
•Software
& Management Services (Pvt) Ltd
Factory / Warehouse
and Sales Outlets
•Main
Stores, 469/12,Sirimavo Bandaranaike Mawatha, Colombo 14
•Ratmalana
Stores, No.4,Thelawala Road,Ratmalana
Personal Details of Key Persons
Director 1
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ITEM |
DETAIL |
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Name |
Amarasekara Shiran Harsha |
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ID Number |
632891717V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
15th October 1963 |
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Age |
54 |
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Address |
No. 3, Sarasvati Place, Colombo 07 |
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Director 2 |
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ITEM |
DETAIL |
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Name |
Captain Rusi Sohli |
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ID Number |
650933010V |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
02nd April 1965 |
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Age |
52 |
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Address |
NA |
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Director 3 |
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ITEM |
DETAIL |
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Name |
Enderby Steven Mark |
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ID Number |
505337631 |
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Nationality |
UK |
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Gender |
Male |
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Date of Birth |
NA |
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Age |
NA |
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Address |
NA |
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Director 4 |
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ITEM |
DETAIL |
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Name |
S P S Ranatunga |
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ID Number |
NA |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
NA |
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Age |
NA |
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Address |
NA |
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Director 5 |
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ITEM |
DETAIL |
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Name |
S Fernando |
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ID Number |
NA |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
NA |
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Age |
NA |
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Address |
NA |
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Director 6 |
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ITEM |
DETAIL |
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Name |
M P Jayawardena |
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ID Number |
NA |
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Nationality |
Sri Lankan |
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Gender |
Male |
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Date of Birth |
NA |
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Age |
NA |
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Address |
NA |
INFORMATION DENIED
Management Non Co-Operative - [Tel No.: (00 94 11) 2328421]
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.10 |
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1 |
INR 94.44 |
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Euro |
1 |
INR 79.59 |
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LKR |
1 |
INR 0.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
Gathered by : |
GAY |
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Analysis Done by
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NIY |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.