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» Enterprise Sri Lanka to give extra credit support for women, disabled soldiers
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» HUNA.N0000
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» Laughter the Best Medicine
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»  මෙරට විශාලම ආයෝජනය වන හම්බන්තොට වරායේ අවසන් ආයෝජන මුදල වරාය අතට බාර දෙයි
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» HHL.N0000 ( Hemas Holdings PLC)
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» මාස 02 කදී කොටස් වෙළෙඳපොළ සියයට 4 කින් කඩා වැටිලා
Tue Jun 19, 2018 8:31 pm by serene

» කිම් - ට්‍රම්ප් හමුව: දෙරටේ නායකයෝ සාකච්ඡා අරඹති
Sun Jun 17, 2018 10:55 am by Ethical Trader

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
Sat Jun 16, 2018 8:20 am by spw19721

» TPL.N0000 (TALAWAKALE PLANTATIONS )
Thu Jun 14, 2018 7:17 am by lanka

» සපත්තු පෙට්ටියකින් හමු වූ චීන මල් බඳුන පවුම් මිලියන 14 අලෙවි වේ
Wed Jun 13, 2018 12:03 pm by Ethical Trader

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
Wed Jun 13, 2018 11:47 am by Ethical Trader

» ලංකාවේ ඉපිද, බ්‍රිතාන්‍යයේ නගරාධිපති පදවියකට පත් වූ කරීමා
Tue Jun 12, 2018 3:19 pm by Ethical Trader

» KGAL.N0000 (Kegalle Plantation PLC)
Tue Jun 12, 2018 2:40 pm by Ethical Trader

» Where in the world is it easiest to get rich?
Tue Jun 12, 2018 7:53 am by CK

» "එළ හරකා - මී හරකා ආර්ථික ප්‍රතිපත්ති" සහ ඩොලරයට සාපේක්ෂව පහළ වැටෙන රුපියල
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Thu Jun 07, 2018 6:16 pm by sashimaal

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Thu Jun 07, 2018 6:00 pm by Ethical Trader

» KFP.N0000(Keels Food Products PLC)
Thu Jun 07, 2018 8:54 am by lanka

» Sri Lanka Port Authority profits up after China takeover of Hambantota
Wed Jun 06, 2018 5:58 pm by Ethical Trader

» Tax hike to trim profits of Sri Lankan life insurers: Fitch
Wed Jun 06, 2018 5:55 pm by Ethical Trader

» Rupee weakens, stocks gain 0.23-pct
Wed Jun 06, 2018 5:54 pm by Ethical Trader

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Tue Jun 05, 2018 6:50 pm by කිත්සිරි ද සිල්වා

» Sri Lanka finance ministry accounts qualified by Auditor General
Tue Jun 05, 2018 1:28 pm by Ethical Trader

» IFC invests US$2.5mn in Sri Lanka's PickMe
Tue Jun 05, 2018 1:22 pm by Ethical Trader

» Sri Lanka state banks most in need capital for Basel III, new risk identified
Tue Jun 05, 2018 1:21 pm by Ethical Trader

» Sri Lanka's ETI Finance able to settle small depositors if liquidated
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» Oil steady as extra U.S. supply balances strong demand
Mon Jun 04, 2018 3:59 pm by කිත්සිරි ද සිල්වා

» In the Meantime, Within Our Shores !
Mon Jun 04, 2018 3:32 pm by කිත්සිරි ද සිල්වා

» Cartoon of the day...
Mon Jun 04, 2018 11:47 am by nihal123

» SPEN.N0000
Sat Jun 02, 2018 6:19 pm by Ethical Trader

» තායිලන්තයෙන් අභ්‍යවකාශයට යන 'දූරියන්'
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» බන කියන පුංචි දරැවා
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Richard Pieris Debenture Issue

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Richard Pieris Debenture Issue

Post by Sriranga on Wed Mar 26, 2014 3:50 pm


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RAM assigns AA- to RPC ‘s proposed Rs 3.5 b debenture

Post by Sriranga on Mon Mar 31, 2014 2:29 am

RAM Ratings Lanka has reaffirmed respective long- and short-term corporate credit ratings of AA- and P1 to Richard Pieris and Company (RPC). Concurrently, the long-term AA- rating has been assigned to the Company’s proposed LKR 3.5 billion listed unsecured redeemable debentures (2014/2019).

Both the long-term ratings carry a stable outlook. Richard Pieris is a diversified conglomerate with wide ranging business interests including retail, plantations, rubber, tyre, plastics and services.

The ratings are upheld by the Group’s diversified business interests. Having started operations in rubber related operations over 80 years ago, the Group has diversified largely via organic growth. 

Richard Pieris is currently one of the largest conglomerates in Sri Lanka, involved in a wide range of industries that include retail, plantations, rubber, tyre, plastics and other services. Notably, diversification has limited the Group’s overall revenue volatility over the years. Further, the ratings are also upheld by the Group’s strong market positions in key businesses.

The Group enjoys strong market positions in several of its key businesses. The Group is the market leader in plastics, tyre and plantation industries while having significant presence in retail which are the core business segments of the Group.

The Group is able to leverage on its retail brand name “Arpico” which is well known locally. In addition, the Group’s debt-protection metrics are also deemed above average despite high gearing levels. Despite a higher gearing levels of 1.09 times by 9M FY March 2014 (FY Mar 2013: 0.94 times), its funds from operations (“FFO”) debt coverage clocked in at 0.29 times at 9M FY Mar 2014 declining from FY Mar 2013’s levels of 0.43 times. Meanwhile, the Group’s operating cash flow to debt coverage improved to 0.42 times as at end-December 2013.

While the Group’s planned capital expenditure is mainly driven by plantations and retail segments which is expected to increase the gearing levels going forward, the Group’s FFO debt coverage levels are expected to improve to 0.35 times. Short-term debts accounted for 58% of the Group’s borrowings as at 9M FY Mar 2014, whereas the ratio of its cash and cash equivalents to short-term debts only up to 0.82 times, which mitigates our concerns on the gearing levels of the Group. 
www.dailynews.lk

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Re: Richard Pieris Debenture Issue

Post by Sriranga on Wed Apr 16, 2014 1:57 pm


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