Rainco (Pvt) Limited

Rainco (Private) Limited Rating Placed on Notice of Withdrawal

Rating action

ICRA Lanka Limited has placed the Issuer rating of [SL]D (pronounced SL D1) assigned to Rainco (Pvt) Ltd (“Rainco”/ “the Company”) on Notice of Withdrawal for 30 days. The withdrawal is at the request of the Company and the rating would be withdrawn at the end of the withdrawal notice period. 

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://www.icralanka.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. Currently, 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:


Disclaimer
ICRA Logo

Subsidiary of ICRA Limited

CORPORATE OFFICE
Level10, East Tower, World Trade Center, Colombo 01, Sri Lanka
Tel:+94 11 4339907;Fax:+94112333307 Email:info@icralanka.com; Website:www.icralanka.com

© Copyright, 2019 ICRA Lanka Limited. All Rights Reserved.
Contents may be used freely with due acknowledgement to ICRA Lanka.

ICRA Lanka ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on ICRA Lanka ratings outstanding. All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.