ICRA Lanka Withdraws Rating of Rainco (Private) Limited
ICRA Lanka Limited has withdrawn the Issuer rating of [SL]D (pronounced SL D1) assigned to Rainco (Pvt) Ltd (“Rainco”/ “the Company”). The withdrawal is at the request of the Company and in accordance with ICRA Lanka’s Withdrawal and Suspension Policy.
Analytical approach: The withdrawal is based on ICRA Lanka’s Policy on withdrawal and suspension of Credit Rating and the rating is based on ICRA Lanka’s issuer rating methodology, as indicated below.
Links to applicable criteria: https://icralanka.wpengine.com/issuer-rating-methodology/
About the Company:
Rainco is a manufacturing, marketing and distribution company with a growing global presence in the weather protection and lifestyle product industries. Rainco is a household name in the Sri Lankan umbrella market and the group’s business portfolio has expanded to include mosquito nets, raincoats, baby care products, socks and shoe polish. The Company runs a streamlined and backward-integrated operation from its headquarters in Colombo, a workforce of over 1,200, a dealer network of over 12,000, and exporting to countries such as Maldives, Sweden, France and Africa.
Rainco is the recognized brand, face and distribution-arm of the business and now handles the umbrella manufacturing operations as well, after the recent merger of Sri Lanka Umbrella Industries with itself. In the recent past, the group, with Avarna Ventures (Pvt) Ltd diversified their business into new business segments, including, outdoor and indoor furniture solutions, outdoor shades, window blinds, home accessories, tea packaging products, Indoor and outdoor flooring, wall facades, watches & accessories (including the exclusive rights for Casio Watch), and other related businesses.
Rating history for last three years:
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