Retailer Rating

The Hapag-Lloyd delegation including, Capt. Prateek Gandhi – Director Operations, Hapag-Lloyd, Regional Office, Dubai,Mr. Faheem Mir – Manager - Operations, Hapag-Lloyd, Regional Office, Dubai,Mr. Lalith Witanachchi – Vice President, Hapag-Lloyd Lanka (Pvt) Ltd, Mr. Mindaka Dassanayake – General Manager, Hapag-Lloyd Lanka (Pvt) Ltd.,Mr. Rohan Ranasinghe – Terminal Operations Manager, Hapag-Lloyd AG and Mr. Iqram Cuttilan – Managing Director, Aitken Spence Shipping Ltd poses for a pic with SLPA’s Chairman -Admiral Sirimewan Ranasinghe and the Managing Director - Eng. Ganaka Hemachandra. SLPA's Vice Chairman - Eng. Herath M.P. Jayawardhana, Director (Operations) - Mrs. G. Zavia Miskin and Director (Marketing and BD) - Mr. H J K U Kumara are also present.

Jan 09, 2008 (LBO) – Rating agency Fitch assigned 'A (lka)' long term rating to Abans Private Limited in Sri Lanka with a stable outlook, the agency said Wednesday.

Abans, owned by the Pestonjee family, has not put forward a clear succession plan nor introduced independent directors to its board, the ratings agency says. The rating was given taking into account Abans' position as a retailer of consumer electronics and household appliances and the franchise for LG products in Sri Lanka, distributorships for other brands and its market share.

"However, the rating is constrained on account of its high reliance on foreign suppliers for the continuity of its business," Fitch says.

Its main brand, LG, accounts for 60 percent of Abans' revenues of which more than half is generated from the Western province.

"Although this concentration is somewhat concerning, Fitch notes that Abans' new distributorships have reduced this gradually over the last five years."

Last year, Abans' total revenue increased 26 percent to 10.5 billion rupees while operational profits reached one billion rupees, supported by volume growth of 10-15 percent in its main product c

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