MIRA INFORM REPORT

 

 

Report No. :

304016

Report Date :

05.02.2015

 

IDENTIFICATION DETAILS

 

Name :

LALAN C M (PVT) LIMITED

 

 

Registered Office :

# 18, Nawala Road,Nugegoda

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

29.06.2006

 

 

Com. Reg. No.:

PV 9568

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import, Manufacture & Supply of Plastic Bottles, Contract, Manufacture of Detergents and Cleaning Liquids

 

 

No. of Employee :

Approx, 7,500 (Group)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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. However, low tax revenues are a major 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

:

  LALAN C M (PVT) LIMITED

b.

Legal Form  & Status

:

Private Limited Liability Company (In Operation)

c.

CEO 

:

L. Prabath Hapangama

d.

Primary Line of Business

:

Import, Manufacture & Supply of Plastic Bottles, Contract, Manufacture of Detergents and Cleaning Liquids

e.

Head office

 

:

 

# 18, Nawala Road,

Nugegoda,

Sri Lanka.

 

Tel. No: (00 94 11) 431 1200 / 282 0585 / 282 0579

Fax No: (00 94 11) 431 1222

f.

Factory

 

:

 

Kamburagalla Watta,

Attanagalla,

Sri Lanka

 

Tel. No: (00 94 33) 228 2901

f.

No. of Employees

:

Approx, 7,500 (Group)

 

                       

COMPANY DETAILS 

 

- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 46787

Date of Registration

:

29th June 2006

b.

Registration No

:

PV 9568

Date of Registration

:

21st November 2008

c.

Registered Office

:

# 18, Nawala Road,Nugegoda

d.

Board of Directors

As at

14th  October 2014

:

L. Prabash Hapangama

Managing Director

J. Prasad Hapangama

Director

f.

Issued Share Capital

:

Rs.       7,000,000.00

Number of Shares

 

700,000

g.

Nominal Value of Share

:

Not applicable vide Companies Act #7 of 2007            

h.

 

Share Holders

As at

14th  October 2014

:

Share Holders

No. of

Shares

L. Prabash Hapangama

69,999

J. Prasad Hapangama

1

i.

Auditors

:

Gunasekara Rathnayake & Company

#65/3, Chittampalam A, Gardiner Mawatha, Colombo 02

j.

Company Secretaries

:

Business Management Consultants (Pvt) ltd,

#127, 2nd Floor, Grandpass Road, Colombo 14.

k.

Bankers

:

Standard Chartered Bank

 

 

FINANCIAL DETAILS

 

- Most recent available Financial Information

 

(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.

 

The Subject Company LALAN C M (PVT) LIMITED is a Private    Limited   liability Company incorporated on 29th June 2006 –under registration number N (PVS) 46787 and company was re-registered on 21st November 2008 under registration number PV 9568.

 

The subject company is a member company of the Lalan Group

 

Lalan Group of companies is having about 23 companies including 3 in UK, covering  

Various sectors/industries.

 

  • Location.

 

The Subject Company head office is located at # 18, Nawala Road, Nugegoda. Factory of the Subject Company located at client Kamburagalla Watta, Attanagalla, Sri Lanka

 

 

  • Operational Details.

 

General

The subject company’s primary line of business Import, Manufacture & Supply of Plastic Bottles

The subject company also Manufacture Detergents and Cleaning Liquids on contract basis for customers.

 

Products

Plastic Bottles

 

Employees

Approx, 7,500 (Group)

 

 

  • Directors Details

 

Name

L. Prabash Hapangama

ID Number

590173428 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

17th January 1959

Age

55 Years

Address

No.26 / 2, Dharmapala Mawatha, Madiwela, Kotte.

 

02)

Name

J. Prasad Hapangama

ID Number

610880134 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

28th March 1961

Age

53 Years

Address

No.251/4, Dharmapala Mawatha, Colombo – 07.

 

 

  • Trade references

 

The subject company did not provide any trade reference referrals

 

  • 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 denied

 

Tel No.: 009411 4311200 (Reception)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.68

UK Pound

1

Rs.93.53

Euro

1

Rs.70.75

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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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