Harischandra Mills

Last updated
Harischandra Mills PLC
Type Public
CSE:  HARI.N0000
ISIN LK0077N00004
Industry Food
FoundedJanuary 9, 1953;69 years ago (1953-01-09) in Matara, Sri Lanka
FounderC. A. Harischandra
Headquarters
Matara
,
Sri Lanka
Key people
  • M. A. Bastiansz (Chairman)
  • S. N. Samarasinghe (Managing Director)
RevenueIncrease2.svg LKR4,581 million (2022)
Increase2.svg LKR261 million (2022)
Increase2.svg LKR209 million (2022)
Total assets Increase2.svg LKR2,290 million (2022)
Total equity Increase2.svg LKR1,607 million (2022)
Owners
  • Senthilverl Holdings (Pvt) Ltd (26.46%)
  • U. De Silva (14.95%)
  • C. P. Rodrigo (14.53%)
  • R. K. Samarasinghe (14.07%)
  • T. Senthilverl (13.94%)
Number of employees
643 (2022)
Subsidiaries Harischandra Mills (Distributors) Ltd
Website harischandramills.com
Footnotes /references
[1]

Harischandra Mills PLC is a food processing company in Sri Lanka. The company was founded by C. A. Harischandra in 1943. Harischandra Mills pioneered the employee provident by setting up a fund in 1952, six years prior to the national Employees' Provident Fund. Harischandra Mills was incorporated in 1953 and was listed on the Colombo Stock Exchange in 1983. In the family's third generation, the company is still a family-managed business. The Harischandra brand is a household name and one of the 100 most valuable brands in Sri Lanka in 2022. The import ban on some agricultural products imposed by the government affected the company and the company had to respond with a drastic cut back of production.

Contents

History

C. A. Harischandra is the founder of Harischandra Mills. Harischandra was the fourth son of Canduda Arachchige Odiris de Silva, a wealthy businessman. [2] In 1938, Harischandra returned to his native Matara after graduating from the University of Colombo with a degree in Economics. He initially managed his father's cinema and printing press before deciding to start a business of his own. He founded Harischandra Mills in 1943 with a capital of LKR25,000 on a plot of land of 20 perches in Matara. The company commenced a provident fund in 1952 and it precedes the government instituted Employees' Provident Fund by six years. Harischandra Mills was incorporated as a limited liability company in 1953. In 1959, the company was converted into a public company and allocated 40% of its stocks to employees. Harischandra Mills was listed on the Colombo Stock Exchange in 1983. [3]

Operations

Harischandra Mills is still a family-managed company despite 41.17% public holding. [1] [4] S. N. Samarasinghe, the grandson of C. A. Harischandra is the managing director of the company. [5] Harischandra is a household name for coffee, noodles, Kurakkan flour and Ulundu flour. The company also has a sizeable market share in rice flour, laundry bar soap and blue soap. Since family businesses' success depends on a smooth transition of leadership, a study found the need for Harischanda Mills to have a solid succession plan. [4]

A study conducted on the impact of corporate social responsibilities of Harischandra Mills concluded that even though the company abide by environmental laws and regulations, the company does not engage in environmental conservation programmes. The released smoky air and wastewater have caused problems for the community. [6] Harischandra is one of the 100 most valuable brands in Sri Lanka. In 2022, the brand value of Harschandra is LKR1,254 million. [7] Harischandra Mills is placed 19th on the "second board" of LMD 100 rankings in the 2020/21 edition, an annual list of quoted companies in Sri Lanka by revenue. [8] In 2020, the import ban on several agricultural crops imposed by the government left Harischandra Mills with a scarcity of raw materials. As a result, the company slashed the production of Ulundu flour by 90%. [9]

See also

Related Research Articles

<span class="mw-page-title-main">Ceylinco Insurance</span> Sri Lankan conglomerate holding company

Ceylinco Insurance PLC is the largest private sector insurance company in Sri Lanka. The company is also engaged in the education and renewable energy sectors. The company offers both life insurance and all classes of general insurance. The company was incorporated in 1987 when the government ended its state monopoly over the insurance sector and the company was listed on the Colombo Stock Exchange the following year. Ceylinco Insurance is an LMD 100 company, an annual list of public companies in Sri Lanka by revenue and ranked 23rd in the 2020/21 edition.

<span class="mw-page-title-main">C T Holdings</span>

C T Holdings PLC, formerly known as Ceylon Theatres Limited, is one of the largest conglomerate companies in Sri Lanka. The company is incorporated in 1928 by Chittampalam A. Gardiner and quoted on the Colombo Stock Exchange ever since. In 2019, Brand Finance ranked C T Holdings eighth amongst the most valuable conglomerates in Sri Lanka with a brand value of LKR18,981 million. C T Holdings also ranked eighth in the LMD 100, a list of leading listed companies in Sri Lanka by the business magazine, LMD.

<span class="mw-page-title-main">Singer (Sri Lanka)</span>

Singer PLC is a Sri Lankan holding company engaged in retailing and wholesale marketing home appliances and furniture. The company is also taking part in financial services and manufacturing businesses. The company is listed on the Colombo Stock Exchange since 1981 and in 2017, the Sri Lankan conglomerate, Hayleys acquired the majority of the shares. Singer is ranked 17th in the LMD 100, an annual list of listed companies in Sri Lanka by revenue, in 2020/21 edition. Brand Finance ranked the company 15th most valuable brand in Sri Lanka in its annual list of top 100 brands.

<span class="mw-page-title-main">Overseas Realty</span>

Overseas Realty (Ceylon) PLC is the largest listed real estate company in Sri Lanka. The company is the developer and the proprietor of World Trade Center Colombo and Havelock City. The company was incorporated in 1980 and was listed on the Colombo Stock Exchange in 1982. The company is ranked amongst the LMD 100, moving 17 positions up to number 76 for the fiscal year 2019/20.

L B Finance PLC sometimes spelt LB Finance, is a Sri Lankan non-bank financial institution. The company is incorporated in 1971 and initially, the majority of shares were held by Lewis Brown & Company. The company was listed on the Colombo Stock Exchange in 1997. In 2003, Dhammika Perera acquired the company and became a subsidiary of Vallibel One. Currently, the company is one of the components of the S&P Sri Lanka 20 Index. Brand Finance ranked the company 24th in the 100 most valuable brands in Sri Lanka. The company placed 39th in the LMD 100 for the financial year 2019/20.

<span class="mw-page-title-main">Royal Ceramics</span>

Royal Ceramics Lanka PLC branded as Rocell, is a Sri Lankan holding company and is also engaged in manufacturing ceramic tiles and bath ware. The company was founded in 1990 and in 1994, it was listed on the Colombo Stock Exchange. The company is one of the constituents of the S&P Sri Lanka 20 Index. LMD, a Sri Lankan business magazine placed the company 38th in the LMD 100, a list of leading listed companies in Sri Lanka. Brand Finance ranked 74th amongst the 100 most valuable brands in Sri Lanka.

<span class="mw-page-title-main">CIC Holdings</span>

CIC Holdings PLC is a Sri Lankan conglomerate holding company engaged in merchandising and manufacturing chemical products. The company was incorporated in 1964 and listed on the Colombo Stock Exchange in the same year. Initially, the company was a part of Imperial Chemical Industries and prior to 2011, was known as Chemical Industries (Colombo) PLC. The company ranked 41st in LMD 100, an annual list of leading listed companies in Sri Lanka. The company also ranked 31st in Business Today's Top 40 for 2020–21 financial year.

<span class="mw-page-title-main">Lankem Ceylon</span>

Lankem Ceylon PLC is a chemicals, paints and consumer goods manufacturing company in Sri Lanka. The company also engaged in the hospitality industry by owning and operating resorts in Sri Lanka. The company is incorporated in 1964 by Royal Dutch Shell and listed on the Colombo Stock Exchange in 1970. Brand Finance ranked the company 88th most valuable brand in Sri Lanka. The company ranked 61st in LMD 100, an annual list of quoted companies by revenue in the financial year 2019–20.

<span class="mw-page-title-main">Sunshine Holdings</span> Sri Lankan conglomerate holding company

Sunshine Holdings PLC is a Sri Lankan conglomerate holding company that is engaged in the healthcare, consumer goods and agribusiness sectors. Sunshine Holdings was incorporated on 16 June 1973, and listed on the Colombo Stock Exchange in 1983. Sunshine Holdings ranked 45th in LMD 100, a list of quoted companies in Sri Lanka by revenue in the 2020/21 edition.

<span class="mw-page-title-main">Diesel & Motor Engineering</span> Sri Lankan conglomerate company

Diesel & Motor Engineering PLC, commonly abbreviated as DIMO, is a Sri Lankan conglomerate company. The company engaged in vehicle sales, after-sales services, retail, construction and logistics solutions and agriculture sectors. The company was founded in 1939 and was listed on the Colombo Stock Exchange in 1964. DIMO is one of the LMD 100 companies, a list of quoted companies in Sri Lanka by revenue and ranked 39th in the 2020/21 edition.

<span class="mw-page-title-main">Brown and Company</span> Sri Lankan conglomerate holding company

Brown and Company PLC, sometimes called Browns Group, is a conglomerate holding company in Sri Lanka. The company was founded by James Brown, a 25-year-old engineer and mechanic from London who arrived in Ceylon in 1872. In 1892, the company was incorporated and in 1991 the company became a listed company on the Colombo Stock Exchange. The company was included in S&P Sri Lanka 20 Index in June 2021. Brown and Company is one of the LMD 100 companies, an annual list of Sri Lankan listed companies by revenue, having ranked 42nd in the 2020/21 edition.

<span class="mw-page-title-main">Janashakthi Insurance</span> Insurance company in Sri Lanka

Janashakthi Insurance PLC is an insurance company in Sri Lanka. The company was incorporated in 1992 and its operations were commenced in 1994. Janashakthi Insurance became the first company to specialise in life insurance in Sri Lanka. Janashakthi Insurance became a public company when the company was listed on the Colombo Stock Exchange in 2008. The company was a constituent of the S&P Sri Lanka 20 Index in 2016. Janashakthi Insurance is ranked 85th in LMD 100, an annual list of listed companies by revenue in Sri Lanka. Janashakthi Insurance is known for its long-term patronage of sports, especially cricket.

<span class="mw-page-title-main">Swadeshi Industrial Works</span> Personal care products manufacturing company in Sri Lanka

The Swadeshi Industrial Works PLC is a personal care products manufacturing company in Sri Lanka. The company became the first local soap manufacturing company when the company was incorporated in 1941. Swadeshi is a listed company on the Colombo Stock Exchange. Brand Finance calculated Swadeshi Industrial Works' brand value to be LKR543 million in 2022 and ranks the company as 85th most valuable brand in Sri Lanka.

<span class="mw-page-title-main">HDFC Bank of Sri Lanka</span> Specialised bank in Sri Lanka

The Housing Development Finance Corporation Bank of Sri Lanka PLC, commonly abbreviated as HDFC Bank of Sri Lanka PLC, is a specialised housing bank in Sri Lanka. The bank commenced operations in 1984 as a building society. Through successive acts in the Parliament of Sri Lanka over the years, the bank transformed into a state-owned enterprise, then a specialised bank and a listed company on the Colombo Stock Exchange in 2005. Since widening its scope of business in 2011, the bank established itself as a supporter of small and medium-sized enterprises. The government of Sri Lanka holds 51% of the bank's stocks, mainly through the National Housing Development Authority. HDFC Bank is one of the LMD 100 companies in Sri Lanka. The bank ranked 78th in the 2020/21 edition. Brand Finance calculated the brand value of HDFC Bank to be LKR763 million in 2022. Due to the effects of the Sri Lankan economic crisis, Fitch Ratings placed the bank along with twelve other Sri Lankan banks on Rating Watch Negative.

<span class="mw-page-title-main">Ceylon Grain Elevators</span> Animal feed manufacturing company in Sri Lanka

Ceylon Grain Elevators PLC is an animal feed manufacturing company in Sri Lanka. The company was incorporated in 1982 as a result of an agreement between the Government of Sri Lanka and Prima Limited of Singapore. The company was listed on the Colombo Stock Exchange in 1984. Singapore-based, Prima Limited holds a controlling stake in the company's stocks. Ceylon Grain Elevators is part of the Prima Group in Sri Lanka. The company is ranked 50th in LMD 100, an annual list of listed companies in Sri Lanka by revenue.

<span class="mw-page-title-main">Asiri Hospital Holdings</span> Healthcare company in Sri Lanka

Asiri Hospital Holdings PLC, doing business as Asiri Health, is the largest private healthcare provider in Sri Lanka. The company commenced operations in 1986 and was listed on the Colombo Stock Exchange in the same year. Asiri Hospitals operate six hospitals and collectively has over an 800-bed capacity. Softlogic Holdings is the parent company of Asiri Hospitals group. Asiri Hospital Holdings ranked 57th in the LMD 100, an annual list of listed companies by revenue, in the 2020/21 edition.

<span class="mw-page-title-main">ACL Cables</span> Cable manufacturing company in Sri Lanka

ACL Cables PLC is a cable manufacturing company in Sri Lanka. ACL Cables manufactures and sells power cables, conductors, armoured cables and telephone cables. The company was established in 1962 as Associated Cables, a subsidiary of Associated Motorways. The company was publicly quoted in 1976. In 1980, the company moved out of Associated Motorways Group and was renamed ACL Cables in 1990. ACL Cables is one of the LMD 100 companies in Sri Lanka.

<span class="mw-page-title-main">LAUGFS Gas</span> Energy company in Sri Lanka

LAUGFS Gas PLC is a liquefied petroleum gas (LPG) company based in Sri Lanka. The company commenced operations in 2001 and in 2010, was listed on the Colombo Stock Exchange following an initial public offering. LAUGFS Gas expanded its operations to Bangladesh and the United Arab Emirates. In 2019, the company opened an LPG terminal at the Hambantota International Port, the largest of its kind in South Asia. LAUGFS Gas is ranked 33rd in LMD 100, an annual list of Sri Lankan listed companies by revenue. The Sri Lankan economic crisis heavily affected the operations of the company. Difficulties in securing foreign exchange have resulted in the disruption of LPG imports, shortages in the market and long queues. The company controls a number of subsidiaries but divested its Bangladesh operations in November 2022.

<span class="mw-page-title-main">E. B. Creasy & Company</span> Conglomerate company in Sri Lanka

E. B. Creasy & Company PLC is a conglomerate holding company in Sri Lanka. The company was founded in 1878. E. B. Creasy acquired Darley Butler & Company, another one of the oldest companies in Sri Lanka in 1967. The company went public in 1968 and was listed on the Colombo Stock Exchange. E. B. Creasy & Company is one of the largest conglomerates in Sri Lanka with a brand value of LKR1,538 million in 2019. The company was ranked 71st in LMD 100, an annual list of quoted companies in Sri Lanka in 2019.

<span class="mw-page-title-main">Renuka Holdings</span> Conglomerate company in Sri Lanka

Renuka Holdings PLC, also called Renuka Group, is a conglomerate company in Sri Lanka. Ceylonese businessman Alfred Thambiyah laid the foundations of the Renuka Group by acquiring the Crago Boat Dispatch Company in 1936 and establishing Renuka Hotel, named after his youngest daughter Indu Renuka in 1969. Indu Renuka Rajiyah founded Renuka Enterprises in 1975, and Renuka Holdings in 1979 marked the formal beginning of the group. Renuka Holdings went public in 2008 and following the listing on the Colombo Stock Exchange, the company pursued a growth strategy. Renuka Holdings is one of the LMD 100 companies in Sri Lanka and also one of the 20 largest conglomerates in Sri Lanka.

References

  1. 1 2 "Annual Report 2021/22" (PDF). cse.lk. Harischandra Mills PLC. Retrieved 26 December 2022.
  2. ↑ Perera, Quintus (1 January 2012). "Harischandra – paving the way for today's modern business giants to grow". The Sunday Times . Wijeya Newspapers . Retrieved 27 December 2022.
  3. ↑ Sirimanna, Bandula (2 November 2008). "New food products from Harischandra Mills amidst record sales". The Sunday Times. Wijeya Newspapers. Retrieved 27 December 2022.
  4. 1 2 Wijayasinghe, Chandi (2017). Case story on leadership transformation & patterning organizational performance of Harischandra Mills PLC (PDF). University of Kelaniya. ISBN   978-955-704-047-9 . Retrieved 27 December 2022.
  5. ↑ Dissanayake, Aditha (8 December 2004). "Legend of the Southern Philanthropist and Entrepreneur - C.A Harischandra". Daily News . Associated Newspapers of Ceylon Limited . Retrieved 27 December 2022.
  6. ↑ Nanayakkara, Mummullage Sanjeewani (2010). Socio-economic impacts of Corporate Social Responsibility practices in Sri Lankan domestic manufacturing companies:(with reference to Harischandra Mills PLC, Matara, Sri Lanka) (PDF). University of Agder. pp. 68–69. Retrieved 27 December 2022.
  7. ↑ "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. 2022. p. 15. Retrieved 27 December 2022.
  8. ↑ "Second Board". LMD 100. Media Services Pvt Ltd. 2022. p. 140. Retrieved 27 December 2022.
  9. ↑ "We reduced our production by 90% due to lack of raw materials – MD, Harischandra Mills". adaderana.lk. Ada Derana. 3 July 2020. Retrieved 27 December 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.