MIRA INFORM REPORT

Report No. :	499357
Report Date :	29.03.2018

IDENTIFICATION DETAILS

Name :	ARPITECH (PVT) LTD
Registered Office :	# 310, High Level Road, Nawinna, Maharagama
Country :	Sri Lanka
Date of Incorporation :	28.06.2006
Com. Reg. No.:	PV 7746
Legal Form :	Private, Limited Liability Company (In Operation)
Line of Business :	Manufactures Exporters and Wholesale/Retailers of Mattresses
No. of Employees :	Not available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Sri Lanka	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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.

Source : CIA

COMPANY PROFILE

Basic Information

Name of Subject of Inquiry	ARPITECH (PVT) LTD
Legal Form & Status	Private, Limited Liability Company (In Operation)
Chairman	Dr Sena Yaddehige
Primary Line of Business	Manufactures Exporters and Wholesale/Retailers of Mattresses
Principal Place of Business	# 310, High Level Road, Nawinna, Maharagama, Sri Lanka.
	Super Centers &	+94 (0) 776412886 / +94 (0)
	Showrooms:	770489131
	Dealers Island	+94 (0) 772310794 / +94 (0)
	wide:	772538658
	Institutional Sales:	+94 (0) 777006019
	E-mail:	nalinda.c@arpico.com /
		janaka.p@arpico.com
Employees	NA

Company Details

Registration No	N(PVS)46801
Date of Registration	28^th June 2006
Re-registration No	PV 7746
Date of Re-registration	25^th September 2008
Registered Office	# 310, High Level Road, Nawinna, Maharagama, Sri Lanka.
	Dr Sena Yaddehige	Director
Director Board / Ownership As At 08^th November 2017	Sunil Shantha Gotabhaya Liyanage	Director
	Lalith Chandrasiri Wijeyesinghe	Director
	Shaminda Yaddehige	Director
	Pinchadewage Arunapriya Shantha	Director
	Bodiyabaduge Shiron Adrian Perera	Director
Stated Share Capital	LKR 35,000,020.00
No. of Shares	3,500,002
Preferential Shares	NA
Nominal Value of Share	LKR 10.00
Auditors	M/S Kreston MNS & Co. Chartered Accountants # 50/2, Sir James Peiris Mawatha, Colombo 02, Sri Lanka.
Company Secretaries	Richard Pieris Group Services (Pvt) Ltd # 310, High Level Road, Nawinna, Maharagama, Sri Lanka.
Main Bank/s	Bank of Ceylon Commercial Bank of Ceylon PLC Deutsche Bank A G DFCC Bank PLC DFCC Vardhana Bank Limited Hatton National Bank PLC Hongkong & Shanghai Banking Corporation PLC Indian Bank Nations Trust Bank PLC NDB Bank PLC PABC Bank PLC People's Bank Sampath Bank PLC Seylan Bank PLC Standard Chartered Bank State Bank of India

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Richard Pieris & Company PLC	3,500,002

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

Company Logo

• History.

The subject company was initially formed on 28^th June 2006 under N(PVS) 46801 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 25^th September 2008 under PV 7746 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Arpico Flexifoam (Pvt) Ltd having been amalgamated with Arpitech (Pvt) Ltd on 28^th June 2011

Caption

Richard Pieris Group of Companies has been in business for over 80 years and is recognized as the pioneer of the Sri Lankan Rubber products manufacturing industry. In 1992 the company pursued a new strategy of reorganizing the organizational structure of its manufacturing divisions and independent Strategic Business Units (SBU) with full operational autonomy was formed.

The main strength of the Company is its brand name ARPICO which has become a household name in Sri Lanka. This has earned the Company the trust and reputation of Consumers islandwide. Quality is considered important in every aspect and this is being given utmost priority. Special focus is given to improving productivity and reducing costs.

Arpitech (Pvt) Ltd - Arpico the pioneer in Polyurethane foam mattresses has more than 80 years corporate history and a trusted brand name providing high quality products with innovative experiential value of comfortable sleep with durability and variety of mattresses to suit all segments. Arpico is Sri Lanka's No. 1 PU foam manufacturer who was first to be awarded the ISO 9001:2008 standard and also possesses the SLS standard for the Arpifoam. The range consists of top range Spring Mattresses, Foam mattresses and Pillows range.

• Operational Details.

General

The subject company a fully owned subsidiary of "Richard Pieris & Company PLC" is among the leading Matres manufactures in the Island. The company under the Arpico or Richard Pieris & Company is a well reputed entury with the main company into many operations such as a Supermarket Chain, PVC items, Plastic Items

Products & Services

Spring Mattress, Foam Mattress, Cushions, Pillows, Sheets

Employees

NA

Export Countries

India, Maldives

Import Countries

NA

Associate / Subsidiary Companies

Richard Pieris & Company PLC

Factory / Warehouse and Sales Outlets

Owned

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Dr Sena Yaddehige
ID Number	050199019
Nationality	British
Gender	Male
Date of Birth	NA
Local Address	Crescat Residencies, APT 22, Steuart Place, Colombo 03, Sri Lanka.
Address	Le Neuf Chemin Street Saviours Guernsey United Kingdom
Director 2
ITEM	DETAIL
Name	Sunil Shantha Gotabhaya Liyanage
ID Number	492235210V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10.08.1949
Age	68
Address	# 40, Bellantara Road, Nedimala, Dehiwala, Sri Lanka.
Director 3
ITEM	DETAIL
Name	Lalith Chandrasiri Wijeyesinghe
ID Number	620412821V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10.02.1962
Age	55
Address	# 567 D1, Nugegoda Road, Thalawathugoda, Sri Lanka.

Director 4

ITEM	DETAIL
Name	Shaminda Yaddehige
ID Number	GBR 050199016
Nationality	British
Gender	Male
Date of Birth	NA
Local Address	Crescat Residencies, APT 22, Steuart Place, Colombo 03, Sri Lanka.
Address	Le Neuf Chemin Street Saviours Guernsey United Kingdom
Director 5
ITEM	DETAIL
Name	Pinchadewage Arunapriya Shantha
ID Number	642440160V
Nationality	Sri Lankan
Gender	Male
Date of Birth	31.08.1964
Age	53
Address	# 729D, Medawala Road, Erawwala, Pannipitiya, Sri Lanka.
Director 6
ITEM	DETAIL
Name	Bodiyabaduge Shiron Adrian Perera
ID Number	662510700V
Nationality	Sri Lankan
Gender	Male
Date of Birth	07.09.1966
Age	51
Address	# 29B, Asoka Mawatha, Sirimal Uyana, Ratmalana, Sri Lanka.

INFORMATION DENIED BY

Name :	Mr. Mangala
Designation :	Credit controller
Contact No.:	+94-0778395476
Date :	28.03.2018

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
LKR	1	INR 0.42

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.