MIRA INFORM REPORT

Report No. :	350863
Report Date :	07.12.2015

IDENTIFICATION DETAILS

Name :	ADAMJEE LUKMANJEE & SONS (PVT) LTD
Registered Office :	# 140/ 5, M. Vincent Perera Mw (Grandpass Road), Colombo-14,
Country :	Sri Lanka
Date of Incorporation :	31.03.1953
Com. Reg. No.:	PV 16637
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Coconut Oil.
No. of Employees :	200 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Sri Lanka	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka continues to experience strong economic growth following the end of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit, but low tax revenues remain a concern. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

Source : CIA

GENERAL - Basic information at a glance

a.	Name of Subject of Inquiry	:	ADAMJEE LUKMANJEE & SONS (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	M. Adamjee Lukmanjee
d.	Primary Line of Business	:	Manufacturers and Exporters of Coconut Oil.
e.	Head Office & Factory	:	# 140/ 5, M. Vincent Perera Mw (Grandpass Road), Colombo-14, Sri Lanka. Tel: (00 94 11) 244 5421 Fax: (00 94 11) 244 5426 E-mail : adamjee@adamjeelukmanjee.com
f.	No. of Employees	:	Approximately 200

COMPANY DETAILS - Registration and Shareholder Details

a.	Registration No	:	PVS 1265
	Date of Registration	:	31^st March 1953
b.	Re-Registration No	:	PV 16637
	Date of Re-registration	:	29^th September 2009
c.	Registered Office	:	# 140/ 5, Grandpass Road, Colombo-14, Sri Lanka.
d.	Board of Directors As at 14^th October 2015	:	Murtaza Adamjee Lukmanjee	Managing Director
			Khuzaima Taiyabbhai Gulamhusein	Director
			Chitrani Manisha Samarajeewa (Ms)	Director
			Zuleikha Adamjee Lukmanjee ( Ms) (Nominee Director of Mr. M.A. Lukmanjee)	Director
			Quaizaar Shabbir Hussain Rehmanjee (Non Executive Director)	Director
f.	Issued Share Capital	:	Rs. 2,000,000.00
	No. of Shares	:	200,000
g.	Nominal Value of Share	:	Not applicable/declared vide Companies Act #7 of 2007

h.	Share Holders As at 14^th October 2015	:	Share Holders	No. of Shares
			Murtaza Adamjee Lukmanjee	124,000
			Khuzaima Taiyabbhai Gulamhusein	55,000
			Zuleikha Adamjee Lukmanjee (Ms)	1,000
			Khuzaima Murtaza	10,000
			Khuzaima Munira (Ms)	10,000
i.	Auditors	:	M/s. Kreston M. N. S. & Co. #50/2, Sir James Pieris Mawatha, Colombo 2
j.	Company Secretaries	:	Em En Es (Assignments) (Pvt) Ltd, #50/2, Sir James Pieris Mawatha, Colombo 2
k.	Bankers	:	Hatton National Bank Ltd, Standard Chartered Bank, Bank Of Ceylon

FINANCIAL DETAILS - Most recent available Financial Information

The company has declined to provide information on its finances.

(Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity)

CURRENT INVESTIGATION

· History.

Company Logo

The Subject Company ADAMJEE LUKMANJEE AND SONS (PVT) LTD is a Private Limited liability Company incorporated on 31^st March 1953 under registration number PVS 1265 and then the company was re-registered on 29^th October 2009 under registration number PV 16637

Subject is having an Associate Company named ADAMJEE LUKMANJEE (PVT) LTD.

· Location.

The Subject Company is located at the client # 140/ 5, M. Vincent Perera Mw (Grandpass Road), Colombo-14.

.

Their Office, Warehousing Complex and the Processing Plant is strategically located in the heart of Colombo, the commercial hub of Sri Lanka, within a 2 km radius to the main Port.

Their business premises houses an office premise and warehouse complex of approximately 50,000 Sq.Ft and manufacturing facility for expelling of Coconut oil.

· Operational Details.

General

The subject company primary line of business is Manufacturer and Exporter of Coconut Oil, Copra & Desiccated Coconut and thereby consistently maintained its position as the largest Exporter of all Coconut Kernel products combined with affiliate manufacturing/export facilities in Bangladesh.

The oil mill with a capacity of 50 MT per day is predominantly crushing the Island's best quality milling copra to produce an edible quality "White Coconut Oil", which is oil with unique fragrance of natural pure Coconut oil. It does not undergo any further chemical or physical refining.

It is exported under the brand Double Palm Brand which is renowned in the market where it has a long term presence. The oil is used as cosmetic oil for hair and skin application as well as edible cooking oil. It can be categorized as virgin oil (Pure Virgin Coconut Oil).

Products

Coconut Oil, Copra, Desiccated Coconut, Spices and Coconut cream. Tropical Vegetables & Fruits etc.

Brands: “N-Joy”, “Aryaa”

Export Countries

USA, Argentina, Bangladesh…. etc.

Employees

Approximately 200 employees.

Directors’ Details

01)

Name	Murtaza Adamjee Lukmanjee
ID Number	703140122 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	09th November 1970
Age	44 Years
Address	#171/6, New Bullers Road, Colombo 4

02)

Name	Khuzaima Taiyabbhai Gulamhusein
ID Number	481780462 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	26th June 1948
Age	66 Years
Address	#22/1, Alfred Place, Colombo 03

03)

Name	Chitrani Manisha Samarajeewa
ID Number	588280268 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	23rd November 1958
Age	56 Years
Address	#15/2, Gomes Path, Off De Fonseka Road, Colombo 05

04)

Name	Zuleikha Adamjee Lukmanjee
ID Number	465952474 V
Nationality	Sri Lankan
Gender	Female
Date of Birth	04^th April 1949
Age	69 Years
Address	#171/6, New Bullers Road, Colombo 4

05)

Name	Quaizaar Shabbir Hussain Adamally Rehmanjee
ID Number	74139272 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18 May 1974
Age	40 Years
Address	#68, 37^th Lane, Colombo 06

· Trade references

Ceylon Chamber of Commerce

National Chamber of Commerce

National Chamber of Exporters of Sri Lanka

Federation of Chambers of Commerce and Industry of Sri Lanka

Spice and Allied Products Traders Association

Coconut Product Traders Association

Exporters Association of Sri Lanka

This is a well known company in Sri Lanka

· Credit Recommendations

Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

Contact No: (00 94 11) 244 5421

Email: adamjee@adamjeelukmanjee.com

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.84
UK Pound	1	Rs.101.04
Euro	1	Rs.73.05
LKR	1	Rs.0.47

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	SPA
Analysis Done by :	KAS
Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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